Terms and Conditions
Terms & Conditions for Usage of Digital Payment Option
PLEASE READ THE TERMS AND CONDITIONS VERY CAREFULLY,
- The borrower/customer (“you”) are advised to read the terms and conditions before usage of online payment mode.
- Usage of this payment gateway for payment of an Equated Monthly Instalment (“EMI”), Fees and Other charges is optional. Credit Wise Capital Limited (“CWCPL”) shall not be responsible for any loss/ damages/liability if any, suffered by the borrower/customer in the process of use of this payment gateway.
- This facility shall be used for Equated Monthly Instalment (“EMI”), Fees and Other charges.
- All the payments made would be adjusted against the EMI due and payable.
- The CWCPL web site also contains links to other Web Sites. The linked web sites are not under the control of CWCPL directly and the CWCPL is not responsible for the Linked web site, including without limitation to any link contained in a Linked web site, or any changes or updates to a Linked web site.
- CWCPL is providing these links to customer only as a convenience, and the inclusion of any link does not imply endorsement by CWCPL of the web site or any association with its operators.
- The online payment through the Payment Gateway is not from the CWCPL server and that you are going to a third party web site for the same (“Service Provider Website”), the Service Provider may collect information directly from you. When you provide additional information to the Service Provider directly, then the use of your personal information is governed by such Service Provider’s applicable privacy policy, terms & conditions, and other documents. CWCPL shall not bear any responsibility for it. You are advised to read the terms and conditions of the Service provider’s Website before its usage. CWCPL is not responsible for, shall have no liability for and disclaims all warranties whatsoever, expressed or implied, related to the Service Provider Website, including without limitation to any warranties related to performance, security, stability, or non-infringement of title of the Service Provider Website (including site content) or any controls downloaded from the Service Provider Website. CWCPL shall not be held responsible for any damages the User may suffer as a result of using the third-party web site.
- Any payment made erroneously by you or any erroneous transfer shall be subject to Refund and Cancellation terms.
- CWCPL has taken proper care and precaution to make the customer(s)/borrower(s) information secure/reliable. CWCPL shall not be held responsible for any liability that may arise out of any such error in the information. The information of the borrower/customer are extracted from the application and details submitted by the borrower/customer.
- It will be the sole responsibility of the User to ensure that the use of name and password are kept confidential and not disclosed to any third party, including any representative of the CWCPL, or its agents and shall take all possible care to prevent discovery of the password by any person.
- CWCPL may suspend services on the web site for any customer at its sole discretion without assigning any reason whatsoever. In such event user shall contact CWCPL offices for any clarification.
Terms & Conditions for Using Account Aggregators
If you (“User”) avail services of the account aggregator and enable Credit Wise Capital Private Limited (“CWC”) to connect you with an account aggregator (“Account Aggregator”) for the purpose of creating your account with the Account Aggregator of your choice, the following Terms are applicable to you.
An Account Aggregator is an entity regulated by the Reserve Bank of India with an NBFC-AA license that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the account aggregator network. The Account Aggregator ecosystem (“AA Ecosystem”) allows the User to create accounts with Account Aggregators of their choice for the purpose of sharing financial information from a variety of entities that hold financial information with CWC. This streamlines the process and allows transfer of data from financial entities in a secure and efficient manner. All information shared shall always be with the consent of the User as obtained by the Account Aggregator.
By using and selecting an Account Aggregator in our WhatsApp or App onboarding journey for the purpose of sharing your information, you affirm that these Terms are legal and binding on you. You represent and warrant that You have full legal capacity and authority to agree and bind yourself to these Terms.
1. AA Architecture
The WhatsApp or App allows the User to select an Account Aggregator of their choice from the list of Account Aggregators with whom CWC has entered into agreements with. At present CWC has agreements with the following Account Aggregators:
a. FinSec AA Solutions Private Limited (“One Money”)
CWC may modify this list from time to time as and when CWC enters into agreements with new Account Aggregators.
On selection of the Account Aggregator, the User shall be directed to a fresh page where the User is required to link their bank account to the AA Ecosystem for the purpose of creating an account with such Account Aggregator. On doing so, the User shall also be bound by the terms and conditions and privacy policy of the Account Aggregator in relation to transfer of data through the Account Aggregator to the CWC. The terms and conditions of the Account Aggregator shall be available on the website of the Account Aggregator. On creation of the account with the Account Aggregator, the User shall direct the Account Aggregator to obtain and share the User’s data with the CWC by issuing consent for the same.
2. User Data
The Account Aggregators shall share the User’s bank profile and transaction data with the CWC in the manner as set out in the consent artifact provided by the User to the Account Aggregator.
The User agrees that the consent submitted under the consent architecture permits the CWC to underwrite and undertake analytics using the data received from the Account Aggregator.
Kindly note that the loan monitoring consent will only be used post loan disbursal
3. Disclaimers
To the fullest extent permissible by law, CWC and our affiliates, and related parties each disclaim all liability towards 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 Account Aggregators services; or (ii) any information provided to the Account Aggregator; or (iii) the occurrence or existence of any defect, interruption, or delays in the operation or transmission of information to, from, or through the AA Ecosystem; (iv) any security breach that occurs on the AA Ecosystem that is not directly attributable to CWC or (v) any acts or omissions of the Account Aggregators.
The User agrees and understands that opening an account and sharing data through the Account Aggregator is a voluntary process and is not mandated by CWC. The CWC still retains the sole right to determine whether the User is eligible to receive a two-wheeler loan as per their internal underwriting process. The CWC’s determination of the User’s eligibility shall be final and binding on the User.
Notwithstanding anything to the contrary contained herein, neither CWC 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 any breach by the Account Aggregators.
You shall indemnify and hold CWC, our affiliates, and their officers, employees, directors, agents, and representatives, harmless from and against any claim, demand, lawsuits, judicial proceeding, losses, liabilities, damages, and costs (including, without limitation, all damages, liabilities, settlements, and attorneys’ fees) arising out of or due to Your access to or use of the AA Ecosystem, or any infringement of these Terms.