Terms and Conditions
Credy.in (“Credy”, “we”, “us” or “our”) is a web portal (“Site” or “Website”) which brings together borrowers who need money (“Borrowers”) and lenders(“Lenders”). Credy is an attempt to create a safe and trustworthy community for the mutual financial benefit of all. In this process, Credy is merely participating as an intermediary, by facilitating transactions between borrowers and lenders. Credy does not borrow or lend through this website, and does not own any loans on its balance sheet.
The user (“user”, “you”, “your” or “yourself”) of this Website declares and agrees that the user is a natural / legal person who is a major by age. Persons who cannot enter into legally binding contract in accordance with the provisions of the Indian Contract Act, 1872, including person of unsound mind and un-discharged insolvents etc. are not entitled to use the Website. Notwithstanding the foregoing, if you are below the age of eighteen (18) years, please read through these Terms and Conditions with your parent or legal guardian, and in such a case these Terms and Conditions shall be deemed to be a contract between Credy and your legal guardian or parent and to the extent permissible under applicable laws, enforceable against you.
The user should be Indian and should have Indian Citizenship status. The user should also have a valid savings bank account and identity proof. The user is allowed to utilize the services of the Website in accordance with the Terms and Conditions detailed hereinafter.
To access and use the services and certain features of the Website, you are required to register yourself by providing true, accurate, up-to-date and complete information about yourself. You shall not have more than one active account (“Account”) on the Website. Additionally, you are prohibited from selling, trading, or otherwise transferring your Account to another person.
Acceptance of Terms and Conditions
The Terms and Conditions (“Terms and Conditions” or “Agreement”) specified herein govern the use of Website and services (“Services”) provided by us to the visitors, guest users or registered users of the Website, and describe the terms on which Credy offers You access to the Website and such other services as are incidental and ancillary thereto. The user agrees and undertakes to abide by the terms and conditions of the loan agreement without prejudice to the Terms and Conditions specified herein. Further, the loan agreement shall be read in conjugation to this Agreement and any terms of usage in contradiction to this Agreement shall be interpreted by Credy in a manner so as not to be prejudicial to any of its interests and obligations.
We at Credy are committed to providing best and transparent experience to our users and expect the users to abide by all applicable laws and regulations in use of the Site and Services. The user agrees that sometimes there can be some interruptions in service or events that are beyond Credy’s control and Credy would not be held responsible for any loss of data while transmitting information on the internet. Credy will try to keep the site accessible 24 hours per day, 7 days per week, but it may be unavailable from time to time for any reason including, but not limited to, routine maintenance. The user agrees that access to the site may be interrupted, suspended or terminated from time to time. The user also agrees that Credy shall have the right at any time to change or discontinue any aspect or feature on the site, including, but not limited to, content, hours of availability and equipment needed for access or use.
We reserve the right, at any time, at our sole discretion, to change or otherwise modify the Terms and Conditions without prior permission from you or providing notice to you. You agree to periodically check the Terms and Conditions and stay updated on its requirements, and your continued access or use of this Website signifies your acceptance of the updated or modified Terms and Conditions.
In order to avail the services that are provided by Credy, the user will have to provide personal and financial details in order to get enlisted as a borrower. The user agrees to provide Credy with accurate personal and financial information. Any information that Credy collects will not be disclosed to a third party unless required by law, or if the user has consented to such a disclosure. However, by sharing the personal and financial information, the user agrees to allow Credy to share this information with it’s partners, affiliates, and employees.
In the event you register as a user by creating an Account in order to avail of the Services provided by the Website, you will be responsible for maintaining the confidentiality and security of the Account Information, and are fully responsible for all activities that occur under your Account. We will not be liable for any damages resulting from use of this Website by anyone, or for any loss or damage caused by disclosure of information by other parties.
Cancellation by Credy
Credy reserves the right, at its own discretion, to cancel any loan transaction between borrower and lender for any reason. Credy also reserves the right to ask for additional verification documents apart from, and not limited to, the information collected as part of loan approval process.
Credy has complete right to refuse use of the Services offered at the Website to new users or to terminate access granted to existing users at any time for any reason without liability. All provisions relating to disclaimer of warranties, limitation of liability and remedies and damages contained in these Terms and Conditions shall survive termination.
Limitations of Liability
Credy, its partners, employees, officers, agents, licensors and affiliates are in any event not responsible for any default in return of money that is borrowed from the lender and the lender shall have exclusive right to initiate proceedings against the defaulter borrower. Credy does provide the necessary information and support to the lender. However, lender shall not make any claim against Credy. The user agrees that the credibility of a lender or a borrower is based on the information that is provided to Credy, and that Credy has followed best practices to verify its authenticity. Credy, its partners, employees or any of its affiliates make no warranties about the accuracy, reliability or completeness of any content, information, software, text, links or communication provided through its site. Credy assumes no liability whatsoever for any monetary or any other damage suffered by the user on account of delay, failure, or corruption of data or information transmitted in connection with the use of the site. The user agrees that Credy and its partners, affiliates, and employees shall not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including, but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses. The user further with immediate effect waives any right which had accrued to him from using the website to initiate any legal action against Credy.
The user agrees to indemnify and hold Credy and its partners, employees, officers, agents, licensors and affiliates, harmless from any loss, liability, claim or demand, including reasonable attorney fees, arising out of or related to your breach of this Agreement, or your violation of any law or the rights of a third party including but not limited to breach of any warranties, representations or undertakings or in relation to the non-fulfillment of any of your obligations under this Agreement, or arising out of violation of any applicable laws, regulations including but not limited to Intellectual Property Rights, payment of statutory dues and taxes, claim of libel, defamation, violation of rights of privacy or publicity, loss of service by other subscribers and infringement of intellectual property or other rights. This clause shall survive the expiry or termination of this Agreement.
- You acknowledge that Credy is not engaged in borrowing any money from any member of the website.
- You acknowledge that Credy in no manner warrants or guarantees the performance of a lender or service provider that is providing services through the website of Credy.
- You acknowledge that the Credy in no manner warrants and guarantees that the grantor of loan or the recipient of loan has provided all the information on this website which is true and correct including his address, phone numbers etc.
- You acknowledge that Credy will not be liable for any losses that may be caused directly or indirectly by circumstances beyond our reasonable control or on account of our good faith decisions or actions. Credy is not responsible, and shall have no liability, for any incorrect or inaccurate information or documents submitted by the users, or damages suffered by you in connection with the use of the website or any damage suffered in the event of default or misrepresentation by any other user of the website.
We are committed to creating a healthy environment of capital transfer. This means that we take seriously acts of deliberate default, fraud and/or providing misleading information. With these in mind, we impose the following restrictions on activities on our platforms. These are over and above the legal terms and conditions listed above.
- Borrowing for activities/enterprises that indulge in or encourage illegal activities is not allowed
- Borrowing purely for purposes of temporary credit enhancement, which can mislead stakeholders involved in your pursuits (credit related or otherwise) at or other than Credy.in is not allowed.
- Assignment: You cannot assign or otherwise transfer the Agreements, or any rights granted hereunder or any obligations, to any third party and any such assignment or transfer or purported assignment or transfer shall be void ab initio. Credy shall have right to transfer Your Account and Account Information, rights and/or obligations under the Agreement to a third party who purchases Credy business as conducted under the Website. Credy may inform You of such assignment or transfer in accordance with the notice requirements under the Agreement.
- Severability and Waiver: If, for any reason, any provision of these Terms are deemed invalid by a court of competent jurisdiction, that provision shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties as reflected by that provision, and the remainder of the Agreement shall continue in full force and effect. Any failure by Credy to assert any right or provision under this Agreement shall not constitute a waiver of such right or provision.
- Force Majeure: If performance of any service or obligation under these Terms and Conditions is prevented, restricted, delayed or interfered with by reason of labor disputes, strikes, acts of God, utility or communication failures, embargo or any law, order, proclamation, regulation, ordinance, demand or requirement having legal effect of any government or any judicial authority or representative of any such government, or any other act whatsoever, which are beyond the reasonable control of Credy or its third partie affiliates performing such services as sub-contractor to Credy and could not have been prevented by reasonable precautions, then Credy shall be excused from such performance to the extent of and during the period of such Force Majeure Event. Credy shall exercise all reasonable commercial efforts to continue to perform its obligations hereunder.
- Grievance Officer: In compliance with Information Technology Act, 2000 and the rules made thereunder, the Grievance Officer of Credy for the purpose of this Agreement shall be Harshit Vaishnav with email address: firstname.lastname@example.org. Credy may change the aforesaid details from time to time.
Credit Information DisclosureCredy shall access your Credit Information as your authorized representative and Credy shall use the Credit Information for limited End Use Purpose consisting of and in relation to the services proposed to be availed by you from Credy.
The relationship between you and Credy shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of Bangalore.
“Business Day” means a day (other than a public holiday) on which banks are open for general business in Mumbai.
“Credit Information Report” means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by Experian.
“Credit Score” means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
“CICRA” shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
BY AGREEING TO THE TERMS AND CONDITIONS ON ANY WORKFLOW STEP YOU COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH CREDY IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.