Terms and Conditions

(LAST UPDATED: 27/05/2021)

These terms and conditions (“Terms”) govern the use of our digital lending platform - mobile application called the “NIRA - Instant Personal Loan App” (“App”, which expression shall include future releases of the application) and website at https://nirafinance.com/ (“Website”). For the purpose of these Terms, the App and the Website shall be collectively referred to as the “Platform”. Please read these Terms in conjunction with our privacy policy available at https://nirafinance.com/privacy-policy (“Privacy Policy”).

1. CONTACT DETAILS

The Platform is made available to “you”, an end user of the Platform, by Shuhari Tech Ventures Private Limited (“NIRA”, “we”, or “us”). We are a private limited company registered in India under company identification number U93090KA2017PTC101406 and have our registered office at No. 2024, 2nd Floor, UrbanVault, 16th Main Road, HAL 2nd Stage, Indiranagar, Bengaluru - 560008.
In order to address any questions or grievances that you may have regarding the use of the Services, please contact our grievance officer.
Name: Goutham R
Email Address: goutham.r@nirafinance.com
WhatsApp: +91 95136 22391
Address: No. 2024, 2nd Floor, UrbanVault, 16th Main Road, HAL 2nd Stage, Indiranagar, Bengaluru - 560008

2. ELIGIBILITY

You may use our Platform if you are at least 18 years old and are eligible to enter into a contract under the Indian Contract Act, 1872.

The Services are provided solely in accordance with Indian Laws. We do not represent that the content available on or through our Platform is appropriate for use or is available in other jurisdictions.

3. CHANGES TO THE TERMS AND THE PLATFORM

We may amend these Terms from time to time. Every time you use our Platform, please check these Terms to ensure you understand the terms that apply to you. These terms were most recently updated on 27-05-2021.

We may update and change our Platform from time to time to reflect changes to our Users’ needs and our business priorities. We will try to give you reasonable notice of any major changes.

4. SUSPENSION OR WITHDRAWAL OF OUR PLATFORM

We do not guarantee that our Platform, or any content on it, will always be available or be uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of our Platform for business, legal and operational reasons. We will try to give you reasonable notice of any such suspension or withdrawal. We shall not be liable for any such addition, modification, suspension or discontinuation of the Services.

5. SERVICES

(a) The Platform enables you to obtain loans and other credit facilities (“Credit Facilities”) by connecting you to banks, non-banking financial companies or “NBFCs”, and other approved lending institutions (collectively, “Lenders”), based on our preliminary evaluation of your credit worthiness.

(b) Access to Credit Facilities is subject to various criteria determined by the Lenders, including but not limited to the credit policies of the Lenders, your credit bureau report, successful completion of the KYC process prescribed by the relevant Lenders, among other things.

(c) Based on the consent provided by you, the Platform tracks, organises, and analyses your Transaction Information to present to you various credit products. We may share the Transaction Information with our affiliates and Lenders to which you hereby consent. “Transaction Information” means information that is contained in text messages (in case you are using our App) sent by providers of services and/or products (including but not limited to financial institutions, mobile carriers, and utility companies) to your mobile telephone number(s) in connection with one or more transactions across multiple financial accounts (including purchase, payments, billing information and service notifications related thereto) and includes, without limitation: i) your phone number; ii) your email address; iii) masked card data (only to the extent that such card data is disclosed in such messages); and iv) information relating to the transaction in question, including identity of the service or product and the price or fee paid or payable in respect thereof.

(d) You hereby consent to NIRA using your Transaction Information to identify and obtain Credit Facilities that are appropriate for you, for which we may charge you a facilitation fee.

(e) The services described in this Section 8 collectively constitute the “Services”. Please note that we may from time to time modify existing products, features, or services, or otherwise introduce new features or services on or through the Platform. The term “Services” shall include any modification to existing, as well as any new features, products, or services.

(f) You may not uninstall the App or deactivate your account on the Platform prior to the repayment of your Credit Facility in full. In the event that you uninstall the App or deactivate your account on the Platform at any point prior to the full repayment of your Credit Facility, such an act will not extinguish your responsibilities under the agreement you have with your Lender, and you shall continue to be liable to pay all loan amounts due as per the Credit Facility availed.

6. PROFILE CREATION

(a) To access certain features of the Platform, you are required to create a profile (“Profile”) on the Platform. To create a Profile, you must provide us with your email address and phone number, which we will use to authenticate your identity by generating a one-time-password.

(b) To use the Platform and avail Services, and subject to our Privacy Policy, you are (where feasible), required to allow us to access your location data, transactional SMSs, contacts, installed applications, storage, and such other device data that we may require to provide you with our Services. If you revoke any of our permissions on the Platform, you may not be able to avail the Services.

(c) Additionally, you will be required to provide us with the following details including: i) gender; ii) your name as provided in the PAN card; iii) date of birth; iv) current address; v) education qualification; and vi) PAN number.

(d) You agree to receive communications from us regarding: (i) information relating to transactions recorded on the Platform; (ii) requests for payment; (iii) information about us and the Services; (iv) promotional offers and services from us and our third-party partners; and (v) any other matter in relation to the Services.

7. KYC

(a) You may be required to undertake certain know-your-customer (“KYC”) processes with us in order to avail the Services. In this regard, we may (or under the instructions of our Lenders) require you to upload documents and information (“KYC Documents”) that may be necessary to ascertain your eligibility to avail the Credit Facility.

(b) You authorise us, and any third-party service provider we may engage with, to process KYC Documents and ascertain your eligibility. Any processing that we undertake shall be in accordance with our Privacy Policy. You agree that such processing may be subject to additional terms of service in the event a third-party processes information under this clause. Further, in the event any additional information, data, or documentation (collectively, “Additional Information”) is required to determine eligibility, you agree to share such Additional Information promptly upon request, and further authorise us to process such Additional Information.

(c) We collect and process your information in accordance with our Privacy Policy (either for ourselves or on behalf of our Lenders) to enable you to set up your Profile, complete KYC processes or to provide such information to our Lenders as may be necessary to avail the Credit Facility. You agree and warrant to provide true, complete, and up-to-date KYC Documents and Additional Information. If the information provided by you, in our sole discretion, is unreliable or appears to be fraudulent or deficient, then you shall not be eligible to apply for a Credit Facility using the Platform. If we discover any deficiency in the information provided by you on a later date, then we may terminate the account you hold with us.

8. NACH MANDATE

Should you avail a Credit Facility, subject to the terms and conditions agreed upon with the Lender, you may be required to create a NACH mandate on the Platform over the account details that you have provided to us. Please note that the grant of a Credit Facility is conditional on you granting a NACH mandate. Should you cancel the NACH mandate while the Credit Facilities are still outstanding, you will be required to provide us with an acceptable alternate repayment instrument (which may include without limitation, NACH or UPI based E-Mandates).

9. THIRD PARTY SERVICES

(a) The Services may include services, content, documents, and information owned by, licensed to, or otherwise made available by a third-party including, but not limited to the Lenders (“Third-Party Services”) or contain links to Third-Party Services. You understand and acknowledge that Third-Party Services are the responsibility of the third-party that created or provided it and acknowledge that use of such Third-Party Services is solely at your own risk.

(b) We make no representations and exclude all warranties and liabilities arising out of or pertaining to such Third-Party Services, including their accuracy or completeness. Should you avail a Third-Party Service, you shall be governed and bound by the terms and conditions and privacy policy of the third-parties providing the Third Party Services. Further, all intellectual property rights in and to Third-Party Services are the property of the respective third-parties.

10. PAYMENT TERMS

We reserve the right to charge such fees as we may determine, in our sole discretion from time to time, to provide you with the Services and issue an invoice accordingly. All payments for our fees shall be paid by you upfront via credit card, debit card or any other payment method specified by us or deducted from the Credit Facility sanctioned to you.

11. YOUR RESPONSIBILITIES

(a) You represent and warrant that all information that you provide on the Platform or in relation to the Services is complete, true, and correct on the date of agreeing to these Terms and shall continue to be complete, true, and correct while you avail the Services. Should any information that you provide change during the existence of these Terms, you undertake to immediately bring such change to our notice. We do not accept any responsibility or liability for any loss or damage that you may suffer or incur if any information, documentation, material, or data provided to avail the Services is incorrect, incomplete, inaccurate, or misleading, or if you fail to disclose any material fact.

(b) You shall extend all cooperation to us, in our defence of any proceedings that may be initiated against us due to a breach of your obligations or covenants under these Terms.

(c) You shall not use the Services in any manner except as expressly permitted in these Terms. Without limiting the generality of the preceding sentence, you may not:

(i) infringe any proprietary rights, including but not limited to copyrights, patents, trademarks, or trade secrets, of any party;
(ii) except as may be provided hereunder, copy, display, distribute, modify, publish, reproduce, store, transmit, post, translate, create any derivative works from, or license the Services;
(iii) use the Services to transmit any data or send or upload any material that contains viruses, trojan horses, worms, timebombs, keystroke loggers, spyware, adware, or any other harmful programmes or similar computer code designed to adversely affect the operation of any computer software or hardware;
(iv) use any robot, spider, other automated device, or manual process to monitor or copy the Platform or Services or any portion thereof;
(v) engage in the systematic retrieval of content from the Platform to create or compile, directly or indirectly, a collection, compilation, database or directory;
(vi) use the Services in any unlawful manner, for fraudulent or malicious activities, or in any manner inconsistent with these Terms; or
(vii) violate applicable laws in any manner.

12. OUR INTELLECTUAL PROPERTY

(a) All rights, title, and interest in and to the Platform and Services, including all intellectual property rights arising out of the Platform and Services, are owned by or otherwise licensed to us. Subject to compliance with these Terms, we grant you a non-exclusive, non-transferable, non-sub licensable, royalty-free, revocable, and limited licence to use the App in accordance with these Terms and its written instructions issued from time to time.

(b) We may request you to submit suggestions and other feedback, including bug reports, relating to the Services from time to time (“Feedback”). We may freely use, copy, disclose, publish, display, distribute, and exploit the Feedback we receive from you, without any payment of royalty, acknowledgement, prior consent, or any other form of restriction arising out of your intellectual property rights.

(c) Except as stated in these Terms, nothing in these Terms should be construed as conferring any right in or license to our or any third-party’s intellectual rights.

13. REGULATORY CHANGES

You acknowledge and agree that we may have to modify the Services to comply with the applicable laws. As a result of this, you may be unable to access or use all or any part of the Services. We shall not be liable to you for such inability to use the Services pursuant to our compliance with the applicable laws.

14. TERM AND TERMINATION

(a) These Terms shall remain in effect unless terminated in accordance with the terms hereunder. Notwithstanding anything to the contrary in these Terms, any other terms, or any other communication between you and us, we may terminate your use of the Platform at any time with or without notice, and for or without any reasons, with absolutely no liability to you.

(b) Upon termination - i) the Services will “time-out”; ii) you shall not be eligible to avail any features of the Services; and iii) these Terms shall terminate, except for those clauses that expressly or are intended to survive termination or expiry.

(d) In case you have not availed any Credit Facility through us, or have repaid the loan amount in full, and do not wish to continue using our Services, and/or wish to deactivate your account, and/or unsubscribe from the mailing lists, you may do so by contacting us at support@nirafinance.com .

15. DISCLAIMERS AND WARRANTIES

(a) We own, operate, and maintain a technology platform, and are not a financial institution under the Companies Act, 2013 or the Banking Regulation Act, 1949 or any other laws for the time being in force in India.

(b) We are not a Lender and do not provide any loans or Credit Facilities. We have contractual relationships with Lenders pursuant to which such Lenders offer Credit Facilities to the users of the Platform. Any Credit Facility made available to you by any Lender shall be governed by the terms and conditions agreed between you and the Lender, and we shall not be a party to the same.

(c) We, along with our directors, officers, employees, and agents shall not be responsible in any manner whatsoever for the rejection of your Credit Facility application or other refusal by the Lenders of the Credit Facility with or without reason. We are not obliged to inform you of reasons for such refusal/rejection.

(d) To the fullest extent permissible under the applicable law, NIRA, and any of NIRA’s third-party partners, licensors, and suppliers, disclaim all warranties, statutory, express or implied, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, satisfactory quality, accuracy, title and non-infringement, compatibility, applicability, usability, appropriateness, and any warranty that may arise out of course of performance, course of dealing, or usage of trade. No advice or information, whether oral or written, obtained by you through the Platform will constitute or create any representation or warranty not expressly stated herein.

(e) You acknowledge and agree that the use of the Services is at your sole risk. The Platform including any data, information, third party software, reference sites, services, or software made available in conjunction with or through the Platform are provided on an “as is” and “as available” basis and without warranties or representations of any kind either express or implied. We and any of our third-party suppliers, licensors, and partners do not warrant that the data, software, functions, or any other information offered on or through the Platform will be uninterrupted or free of errors, viruses or other harmful components and do not warrant that any of the foregoing will be corrected.

(f) You hereby accept full responsibility for any consequences that may arise from your use of the Services, and expressly agree and acknowledge that we shall have absolutely no liability with respect to the same.

(g) To the fullest extent permissible by law, we, our affiliates, and our related parties each disclaim all liability to you for any loss or damage arising out of or due to:

(i) your use of, inability to use, or availability or unavailability of the Services, including any Third Party Services;
(ii) the occurrence or existence of any defect, interruption, or delays in the operation or transmission of information to, from, or through the Services, communications failure, theft, destruction or unauthorised access to our records, programmes, services, server, or other infrastructure relating to the Services; or
(iii) the failure of the Services to remain operational for any period of time.

(h) Notwithstanding anything to the contrary contained herein, neither we nor any of our affiliates or related parties shall have any liability to you or any third party for any indirect, incidental, special, or consequential damages or any loss of revenue or profits arising under, directly or indirectly, or relating, in any manner whatsoever, to these Terms or the Services. To the maximum extent permitted by law, you agree to waive, release, discharge, and hold harmless us, our affiliated and subsidiary companies, our parent companies, and each of their directors, officers, employees, and agents, from any and all claims, losses, damages, liabilities, expenses and causes of action arising out of the Services.

16. LIMITATION OF LIABILITY

In no event shall we, our officers, directors and employees, or our contractors, agents, licensors, partners, or suppliers be liable to you for any direct, special, indirect, incidental, consequential, punitive, reliance, or exemplary damages (including without limitation lost business opportunities, lost revenues, or loss of anticipated profits or any other pecuniary or non-pecuniary loss or damage of any nature whatsoever, including but not limited to abuse or breach of data), even if we or an authorised representative have been advised of the possibility of such damages, arising out of or relating to (i) these Terms, (ii) the Services, (iii) your use or inability to use the Services; or (iv) any other interactions with another user in connection with the Services. If the foregoing limitation is not enforceable, the maximum liability of NIRA shall be limited to the fee paid by you to avail the Services.

17. INDEMNITY

You shall indemnify, defend at our option, and hold us, our parent companies, subsidiaries, affiliates, and their officers, associates successors, assigns, licensors, employees, directors, agents, and representatives, harmless from and against any claim, demand, lawsuits, judicial proceeding, losses, liabilities, damages and costs (including, without limitation, from all damages, liabilities, settlements, costs and attorneys’ fees) due to or arising out of your access to the Services, use of the Services, violation of these Terms or any infringement by any third party who may use your account with us.

18. CONSENT TO USE DATA

(a) You agree that we may in accordance with our Privacy Policy collect and use your information and technical data and related information.

(b) In addition to any consent you may give pursuant to the Privacy Policy, you hereby consent to: (a) Lenders retrieving your credit score from credit information companies for the purpose of evaluating your eligibility for a Credit Facility; (b) Lenders sharing your credit score with us in order to recommend appropriate credit products to you on the Platform; and (c) us sharing the Transaction Information with our Affiliates and Lenders.

(c) We may use information and data pertaining to your use of the Services for analytics, trendsʼ identification, and purposes of statistics to further enhance the effectiveness and efficiency of the Platform.

19. JURISDICTION, GOVERNING LAWS, AND DISPUTE RESOLUTION

(a) These Terms shall be governed by and construed and enforced in accordance with the laws of India. Subject to other provisions in this clause, courts in Bengaluru shall have exclusive jurisdiction over all issues arising out of these Terms or the use of the Services.

(b) Any controversies, conflicts, disputes, or differences arising out of these Terms shall be resolved by arbitration in Bengaluru in accordance with the Arbitration and Conciliation Act, 1996 for the time being in force, which is deemed to be incorporated by reference in this clause. The tribunal shall consist of 1 (one) arbitrator appointed by us. The language of the arbitration shall be English. The parties to the arbitration shall keep the arbitration confidential and not disclose to any person, other than on a need to know basis or to legal advisors, unless required to do so by law. The decision of the arbitrator shall be final and binding on all the parties hereto. Each party to the arbitration shall bear its own costs with respect to any dispute.

20. MISCELLANEOUS PROVISIONS

(a) Severability - If any provision of these Terms is determined by any court or other competent authority to be unlawful or unenforceable, the other provisions of these Terms will continue to be in effect. If any unlawful or unenforceable provision would be lawful or enforceable if part of it were deleted, that part will be deemed to be deleted, and the rest of the provision will continue to be in effect (unless that would contradict the clear intention of the clause, in which case the entirety of the relevant provision will be deemed to be deleted).

(b) Assignment - You shall not licence, sell, transfer or assign your rights, obligations, or covenants under these Terms in any manner without our prior written consent. We may grant or withhold this consent in its sole discretion and subject to any conditions it deems appropriate. We may assign its rights to any of its affiliates, subsidiaries, or parent companies, or to any successor in interest of any business associated with the Services without any prior notice to you.

(c) Notices - All notices, requests, demands, and determinations for us under these Terms (other than routine operational communications) shall be sent to support@nirafinance.com .

(d) Third Party Rights - No third party shall have any rights to enforce any Terms contained herein.

(e) Translations – We may provide you with translated versions of these Terms solely to assist you with understanding these Terms in greater detail. The English version of these Terms shall be controlling in all respects. In the event of any inconsistency between the English version of these Terms and any translated version, the terms of the English version shall prevail.