CASHe Privacy & Policy

NOTICE: Grant of Loan is expressly conditioned on Borrower’s assent to these Terms and Conditions (“T&C”). Any acceptance of Lender’s loan facility is expressly limited to these T&C. No document uploaded or document solely signed by Borrower shall modify these T&C. The Lender may amend the T&C after prior notification to the Borrower and such amended T&C will thereupon apply to the Borrower.

If the visitor to the CASHe is a minor i.e. under the age of 18 years, he/she shall not register on CASHe Mobile Application and Application and shall not transact or use CASHe. As a minor, if a visitor wishes to use or transact on CASHe, such use or transaction may be made only by their parents/ legal guardian who have registered and have an online account with CASHe in their name. All monetary transactions shall be made by the parents/ legal guardians themselves. The parents/ legal guardians shall be financially responsible for access of the mobile application and for repayments of Loan availed by their children below 18 years of age. Lender reserves the right to terminate any loan application in the event of breach of any of the T&C as are set out herein.

These T&C are to be read and understood in conjunction with the User Terms and Conditions, the KYC Policy, Privacy Policy and Fair Practice Code and any other policy as may be displayed on the Website from time to time.

This document is an electronic record in terms of the Information Technology Act, 2000 and Rules there under, as applicable and the provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000 from time to time. This electronic record is generated by a computer system and does not require any physical or digital signatures.

By clicking on the ACCEPT button at the bottom of this page, you irrevocably and unconditionally accept the T&C for grant of Loan and these T&C will become a legally binding contract between the Lender and Yourself as the Borrower.

1 Definitions

“Amounts Due” shall mean the principal Loan Amount together with Interest and Delayed Interest and other amounts due and payable by Borrower to Lender in terms of these T&C;

“Applicable Law” shall mean any Indian statute, law, acts of the state legislature or Indian Parliament, regulation, ordinance, rule, judgment, order, decree, bye-laws, clearances, directives, guidelines, policy requirement, or any governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration having the force of law in India of any of the foregoing, by any government authority having jurisdiction over the matter in question, whether in effect as of the date of this Contract or thereafter, and includes any laws, notification, circulars, ordinances, byelaws, rules whatsoever.

“Borrower” shall mean any individual who avails a Loan through the CASHe.

“Business Day” means the days on which the Lender is open for business during normal business hours.

“CASHe Crown” shall mean Reward Program, offering certain benefits to CASHe Customers satisfying specified criteria. The benefits & criteria are slotted separately for each variant of CASHe Crown Reward Programme viz: CASHe Gold, CASHe Platinum and CASHe Diamond.

“CASHe Mobile Application” shall mean the proprietary mobile application known as/to be known as CASHe

“Contract” shall include these T&C, various Policies of Lender and User Terms and Conditions as may be amended and modified from time to time.

“Disbursement” means any and every amount advanced to, and borrowed by, the Borrower under the Loan.

“Date of Disbursement” shall mean the date when Lender disburses or gives instruction to his bank for remittance of Loan Amount to Borrower irrespective of whether the Loan Amount is credited to the account of the Borrower on such date;

“Default”means non-payment of Loan Amount and/or any amount due to Vender.

“Due Date” means in respect of any amount payable under any Loan, the date on which such amounts falls due in terms of the contract; and if such date falls on a day which is not a Business Day, on the immediately preceding Business Day.

“Loan” or “Loan Amount” shall mean the facility availed by the Borrower and sanctioned by the Lender, from time to time.

“Lender” shall mean Bhanix Finance and Investment Limited (Herein after referred as “Lending NBFC”), and where the Loan is assigned shall mean any entity to whom the Loan is assigned by Lender.

“Material Adverse Effect” with respect to any Person, means a material adverse effect:

(i) on such Person’s assets, business, operations, property, liabilities, condition (financial or otherwise) or prospects; or

(ii) on the ability of such Person to comply with its obligations under this Contract.

“T&C” shall mean these Terms and Conditions.

“Term” shall mean the term of the Loan which is 90 (Ninety), 180 (One Hundred Eighty), 270 (Two Hundred and Seventy), 1 year (360) days and 1.5 years (540) days or as may be communicated to borrower from the Date of Disbursement and /or maybe suffixed to CASHe e.g. CASHe 90 (for 90 days), CASHe 180 (for 180 days), CASHe 270 (for 270 days), CASHe 1 year (for 360 days) and CASHe 1.5 years (for 540 days) .The final decision on Terms and Loan amount will be of Lender.

“Persons” shall mean an individual, and shall include legal representatives, administrators, executors, heirs, their respective successors and permitted assigns.

“Policies” include but not be limited to Know Your Customer Policy, User Terms and Conditions, Privacy Policy of the Lender displayed on the CASHe Website.

“Registered Account” or “Account” shall mean the account of the Borrower registered with CASHe.

“Social Loan Quotient” or “SLQ” shall have the meaning ascribed to it in clause 2.5 of these T&C.

“Website” shall mean and include the CASHe Mobile Application, the internet resource www.cashe.co.in, and any other media platform through which the CASHe application, software and platform is run. The terms “Website” and “CASHe” are used interchangeably in these T&C.

2. Registered Account and Social Loan Quotient

2.1 Registered Account:In order to avail a Loan through CASHe, the Borrower is required to register himself with CASHe. The registration can be done only through a valid Facebook, LinkedIn or Google identity. The CASHe mobile application runs on Android and iOS phones and Borrower shall ensure to not close or uninstall or disable or discontinue the CASHe mobile application so long as Loan Account is not fully repaid, once he has availed of a Loan hereunder. Borrower is required to register with CASHe only once against which he will receive a Unique Customer Number. Once Borrower is registered with CASHe, he can apply and avail loans from CASHe from time to time without having to register again. If any of the Borrower’s profile details change, i.e. Employer, Salary, Address, Contact Details, Bank Account Details etc., the Borrower must notify CASHe immediately.

2.2 The eligibility criteria for registration with CASHe is as below:

• • Borrower should be above the age of 18;
  • Borrower should be in employment;
  • Borrower should hold a valid bank account in his own name;
  • Borrower should have a valid Google, LinkedIn account and/or Facebook account.
  • Borrower should have PAN No, PAN Card, Officially Valid Documents (OVD) as prescribed by Reserve Bank of India which includes passport, driving licence, the Voter’s Identity Card issued by Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government, letter issued by the National Population Register containing details of name and address.

2.3 The Borrower will have to provide basic details and documents as stipulated in the Registered Account opening page in order to be duly registered with CASHe. The documents required to be submitted to the Lender will be in accordance with the Know Your Customer Policy of the Lender displayed on the Website from time to time. Any change in basic details and documents provided by the Borrower should be intimated.

2.4 Based on the documents and details provided, the Borrower’s eligibility will be calculated, and Borrower will be informed of his eligibility and providing all required documents and details. It may be possible that in certain cases, the eligibility assessment may take longer than expected due to Borrower’s profile being incomplete, or requisite documents are not being provided or additional information, documents are required to establish the credibility of the Borrower.

2.5 Social Loan Quotient: Borrower acknowledges that the Social Loan Quotient (SLQ) is a proprietary credit rating score of CASHe to let customers to borrow money whenever they need it through Lender using CASHe Technology. The SLQ is an evaluation of the Borrower’s social presence on the basis of, but not limited to, details provided, mobile data, Facebook and/or LinkedIn, his employment history, and other parameters. Essentially, it determines how the Borrower is likely to pay back the Loan amounts due to the Lender. The Borrower can be prevented from applying for Loan in absence of SLQ or adequate SLQ, at the discretion of Lender.

2.6 The Borrower consents that he shall accept eligibility criteria including SLQ arrived at by the Lender/third party agency commissioned by the Lender. The Lender or third party agency shall not be liable under any circumstances to share the computation or details or basis of arriving at the eligibility criteria including SLQ.

2.7 The Lender reserves the sole right and discretion to approve your application without having the need to provide any reasons for the same. Lender reserves the sole right to accept or reject a loan application, if the Borrower/customer does not fit the criteria set out by Lender.

3. Facility

3.1 The Loan that can be availed by the Borrower in multiple of Rs.1,000/- ranges between Rs. 1,000/- to Rs. 4,00,000/- depending on the SLQ of the Borrower and options chosen by the borrower and at the absolute discretion of Lender.

3.2 The Borrower has to fill an online application on the CASHe app confirming the amount of Loan that he seeks to avail. Having provided all documents and details required by Lender, Borrower shall receive an intimation confirming amount of Loan that the Borrower is eligible to receive. Thereafter, the Loan Amount will be disbursed to the Borrower’s Bank Account, as per latest Bank Statement uploaded by borrower.

3.3 The Lender may but shall not be obliged to make a Disbursement unless –

1. Borrower has duly filled the application form pertaining to Loan on the CASHe;
2. Borrower has provided all documents and details required by CASHe; to the satisfaction of Lender.
3. The SLQ of the Borrower is as per the eligibility criteria of the Lender;
4. The Borrower has electronically provided and confirmed the promissory note/ acknowledgement of debt and has accepted these T&C and Policies hereunder;
5. Borrower has not committed breach of any provision of this Contract and no Event of Default, or event which after a lapse of time or notice is capable of becoming an Event of Default, has occurred;
6. there is no occurrence of a Material Adverse Effect on the Borrower;
7. the Borrower has fulfilled all other conditions as may be specified by the Lender from time to time.

3.4 A Disbursement shall be disbursed to, or on behalf of, the Borrower as may be decided by the Lender. A Disbursement made on behalf of the Borrower(s) shall be deemed to be a borrowing by the Borrower.

3.5 Borrower can avail of Loan under one Registered Account within the upper limit of Rs. 4,00,000. The Loan shall not be revolving. Each Loan availed by Borrower shall be distinct and separate and in multiples of Rs. 1,000/-.

3.6 The Borrower shall use the loan amount for the purpose stated at the time of loan application and shall under no circumstances use the Loan Amount for any unlawful, speculative and/or capital market use and/or antisocial purposes and/or purchase of gold/gold bullions/gold coin/gold jewellery/gold exchanges traded funds/gold mutual funds. In the event that personal loan availed by the Borrower(s) from the Lender has been used for purposes as prohibited above or mentioned in the loan agreement, the Lender shall be entitled to do all such acts, things that is required or may deem necessary to comply with its policies, including but not limited to liquidating Borrower(s), holding investments at that time. Further all cost and expenses incurred by the Lender as a result thereof will bear by the Borrower(s).

3.7 Notwithstanding anything stated above or elsewhere in this Contract, it is expressly agreed by the Borrower that the Lender shall not be bound to continue the Loan or make any Disbursement, and the Lender may, in its sole and exclusive discretion, at any time, without assigning any reason, decline to make a Disbursement or otherwise discontinue the Loan consequently recalling the entire Loan, which decision shall be binding on, and shall not be questioned by, the Borrower, and the Lender shall not be liable for any damages or other consequences to the Borrower or any other Person by reason thereof.

3.8 Notwithstanding anything contained herein, it is clarified that the Borrower shall repay the loan amount and amounts due to the Lender forthwith on demand. Unless the demand is made by the Lender, the Borrower shall repay the Loan on the Due Date.

4. Procedure for Drawdown and Disbursement

4.1 As stated in clause 3.2 above, once the Borrower receives the intimation regarding his eligibility from CASHe, he has to choosethe amount of Loan that he wishes to avail (“Disbursement Request”). Thereafter the Loan Amount will be disbursed to the Borrower’s bank account while registering his account along with uploading of latest Bank Statement reflecting salary credit. At no point of time shall Lender be responsible for any loss caused due to Borrower having provided erroneous bank details and/or Bank Statement.

4.2 The SLQ and offer to avail Loan shall be available to the Borrower at the discretion of Lender for a period of 90 (Ninety) days from date of intimation received by Borrower. If Borrower fails to log-in and make the Disbursement Request within 90 (Ninety) days of receiving intimation from CASHe, the offer shall lapse and Borrower will have to make a fresh request for Loan with CASHe.

4.3 Notwithstanding anything contained hereinabove, the Lender may at its sole and absolute discretion allow or disallow Disbursement of any Loan. Borrower agrees that the Lender’s decision whether to allow or disallow Disbursement of Loan shall be final and binding and Borrower shall have no right under law, to contest the Lender’s decision.

5. Suspension or Cancellation by Lender

5.1 The Lender may, by notice to the Borrower, suspend the right of the Borrower to Disbursements or cancel the undisbursed portion of the Loan Amount in whole or in part:

1. if any Event of Default has occurred and is continuing or if the Event of Default is, in the reasonable opinion of Lender, imminent; or
2. if any event or condition has occurred which has or can be reasonably expected to have a Material Adverse Effect on the Borrower; or
3. if the total Loan Amount is not disbursed within the time period stipulated herein.

5.2 Upon the giving such notice as specified in clause 5.1, the right of the Borrower to any further Loan or disbursement shall be suspended or cancelled, as the case may be. The exercise by the Lender of its right of suspension shall not preclude Lender from exercising its right of cancellation, either for the same or any other reason specified in clause 5.1 and shall not limit any other provision of these T&C and Policies. Upon any cancellation the Borrower shall, subject to clause 5.3, pay to Lender all fees and other amounts accrued (whether or not then due and payable) under this Contract up to the date of cancellation.

5.3 In the case of partial cancellation of the Loan pursuant to clause 5.1, interest on the amount then outstanding on the Loan remains payable as provided in clause 6 (Interest).

6. Interest

6.1 Rate of Interest charged by the Lender is fixed in nature. The following are rate of interest:

• 2.50 % flat per month (Equivalent reducing balance interest rate 3.71% per EMI) of the Loan amount for Tenure of 90 days.
• 2.40 % flat per month (Equivalent reducing balance interest rate 3.98% per EMI) of the Loan amount for tenure of 180 days.
• 2.25 % flat per month (Equivalent reducing balance interest rate 3.86% per EMI) of the Loan amount for tenure of 270 days
• 2.25 % flat per month (Equivalent reducing balance interest rate 3.88% per EMI) of the Loan amount for tenure of CASHe 1 year (360 days).
• 2.25 % flat per month (Equivalent reducing balance interest rate 3.85% per EMI) of the Loan amount for tenure of CASHe 1.5 years (540 days).
• The processing fee and applicable charges for all loan products will be deducted at source. The Applicable Interest will be levied across the tenure of the loan for all products.
• If Borrower availing CASHe Loan, fails to repay the EMI of Loan on due date, then 5 days grace period will be offered from
  the due date of instalment. If the Borrower fails to repay the loan within the grace period, then 3% per month (36.5% p.a.) from the due date of instalment, including grace period will be charged as delayed interest and will continue till full and final payment.
• Lender is free to offer concession in Interest payment and/or Processing Fee, at its own discretion.
• The Interest levied by the Lender may vary with the interest levied by other Lenders. The Borrowers should compare the
  rate of interest before accepting loan.

Processing Fees, Commission and Other Payments:

The Borrower shall be liable to pay the Lender processing fee plus GST, for each category of loan products e.g. 90, 180, 270, 1 year (360), 1.5 years (540) days loan period, as per slabs given below (“Processing Fee”). Lender reserves the right to change the amount of
Processing Fee at any time.

*The aforesaid Processing fee will be applicable both for new and repeat loan products.
*Processing Fee means charged/levied by the Lender to the Borrower against the processing of loan, which the Borrower will pay to the Lender.
The processing fees levied by the Lender may vary with the processing fees levied by other Lenders. The Borrowers should compare the processing fees before accepting loan.

*GST, as applicable from time to time shall be levied/recovered

• On Processing fees
• Pre-closure Charges, if any.
• At present GST is applicable as : (i) For Borrower from Maharashtra – CGST @ 9% and SGST @ 9% on Processing Fees
  (ii) Other Borrowers – IGST @18% on Processing Fees

1. 2. The interest shall be calculated from the date of disbursement of the loan. The date of disbursement shall be deemed to be the date when the Lender provides instructions to its Banker for transfer of loan Amount to the Borrower.
   3. The determination of interest by Lender, from time to time, shall be final and conclusive and shall be binding upon the Borrower.
   4. Any applicable interest tax, as applicable, shall be payable by the Borrower.
   5. The Borrower shall, if so, required by the Lender, ECS Mandate or RTGS or NEFT Mandate to the Lender for the due payment of the loan along with Interest on the Loan thereon.

   6.2 Variation of Interest Rate

   1. The Lender shall have at its absolute discretion the right to vary the rate of Interest/ commission/ other charges (including Delayed Interest Rates) applicable to the Loan from time to time.
   2. It is clarified that such variation shall be effective from the date of such variation in the books of the Lender and not from the date of notice/receipt of notice by the Borrower.

   6.3 Delayed Interest for Default period

   1. The Lender shall levy a Delayed Interest at 3% per month (36.50% p.a.) after the due date (including extensions) as stated in Clause
      6.1.
   2. The Borrower acknowledges that the rates of Interest and of Delayed Interest agreed to by the Borrower are reasonable and the rates of Delayed Interest represent pre-estimates of losses and damages expected to be incurred by the Lender due to the nonpayment of dues by the Borrower on or before the Due Date. The Borrower acknowledges that the Loan is a commercial transaction and specifically waives any defence under usury or other Applicable Laws relating to or restricting interest.

   6.4 CASHe Crown’s Reward:

   • CASHe Silver is entry level.
   • CASHe Gold, with prompt repayment value of Rs. 3,00,000
   • CASHe Platinum, with prompt repayment value of Rs. 6,00,000
   • CASHe Diamond, with prompt repayment value of Rs. 10,00,000

Notes: Benefit of either reduction in Rate of Interest OR
Increase in Loan Eligibility can be opted. Both benefits are not available for same Loan Transaction.

1) Any defaulter shall not be eligible to avail benefits under CASHe Crown and defaulter will immediately loose CASHe Crown classification.

2) CASHe Crown offer is entirely at discretion of Lender .

7. Repayment and Pre-Payment

7.1 Repayment

1. 1. Borrower shall repay the Amounts Due through any one of the following methods:

(a) Net Banking Payment to the Bank Account of Lender: as will be communicated by SMS and/or email registered with loan application.

(b) )Cash or Cheque to be deposited into the Lender’s Bank Account, in exceptional cases, when Borrowers Bank is unable to execute Net Banking Transaction

(c) UPI payment through VPA account registered with CASHe app.

1. In case of any change in Bank Details, Borrower will receive an SMS and/or email. with details of Lender Bank Account in which Amounts Due are to be deposited.
2. Borrower is required to mail Repayment details to Lender at support@bhanix.in or by uploading payment details into the mobile application.
3. If any payment under these T&C is required to be made on or before a day which is not a Business Day or within a day which is not a Business Day or within a period which ends on a day which is not a Business Day, then the Borrower shall be required to make the payment on the immediately preceding Business Day.
4. Lender will intimate Borrower through SMS and/or email regarding Due Date of Repayment of Amounts Due. However, Lender assumes no obligation to provide such intimation to the Borrower. The Borrower agrees that it shall be entirely its responsibility to ensure prompt payment of the Amounts Due on the Due Dates.
5. Repayment of the Facility is to be made by the Borrower on or before the Due Date at the end of Term of Loan.
6. The Lender shall be entitled to recalculate/ re-compute the Amounts Due if the Lender varies the interest rate and/or upon the occurrence of any event which in the opinion of the Lender necessitates a re- computation/ recalculation of the same.
7. The Borrower shall electronically confirm and provide a promissory note for due repayment of the Amounts Due and in addition if so required by Lender, give post-dated cheques or ECS Mandate, RTGS Mandate, NEFT requests drawn in favour of Lender or such instruments for payment as may be prescribed by the Lender for the due repayment of the Amounts Due. Such ECS Mandate or cheques shall be deemed to have been given for adequate consideration already received by the Borrower and shall not absolve the Borrower from his liability to pay the said sums hereunder until the cheque or the ECS Instruction is duly realized. The Borrower shall maintain adequate balance for realisation of the cheques or the ECS Instructions on their Due Dates for payment.
8. The first tranche of repayment must be from the Borrowers’ KYC Compliant Bank Account.

7.2 Prepayment

Notwithstanding the above, if the Borrower wishes to repay any Loan Amount or Amounts Due or part thereof before its Due Date, the Borrower may do so and send the payment details to support@bhanix.in. However, Borrower acknowledges that interest deducted at source for the entire 90 / 180 /270/ one year(360)/ 1.5 year(540) days (as applicable) Term of the Loan as stated in Clause 6.1, will not be reduced or refunded in case of prepayment of the Loan. The Borrower may, on such terms and conditions as may be imposed by the Lender, be entitled to prepay any Loan Amount or Amounts Due or part thereof before its Due Date.

7.3 Recall by the Lender

1. i. Lender reserves the right to recall, any cash disbursed to Borrower for failure to disclose materially valuable information to determine credit profile. If Borrower has provided false or misleading information, Lender will call for the Loan Amount/Amounts Due to be repaid within 24 (twenty four) hours, following which Borrower will be deemed to have committed an Event of Default and Consequences of Event of Default shall follow.
2. ii. Notwithstanding anything contained elsewhere in these T&C or any Policies, Lender shall be entitled to, in its sole and absolute discretion, and without assigning any reason, recall the Loan Amount or Amounts Due or any part thereof by giving to the Borrower 3 (three) Business Days’ notice in writing or such longer notice period as may be mandatorily required under Applicable Law, in such event, the Borrower shall be liable to repay / pay the same to the Lender within 3 (three) Business Days of receiving such notice. Upon expiry of the period of notice, the entire Amounts Due shall immediately stand repayable by the Borrower to the Lender.

8. Eligibility, Commission and other Payments

8.1 Eligibility for the Loan :

– CASHe 90 days – 110% of net monthly income. Minimum is Rs. 12000 and maximum not exceeding Rs. 110000 (Subject to repayment of previous loan (if any) on or before due date) and minimum salary should be Rs. 15,000.

– CASHe 180 days – 210% of net monthly income. Minimum is Rs. 25000 and maximum not exceeding Rs. 210000 and for Diamond borrower, limit will be 252% and minimum salary should be Rs. 22,000.

– CASHe 270 days- 310% of net monthly salary. Minimum is Rs. 50000 and maximum not exceeding Rs.258000 and minimum salary should be Rs. 25000

– CASHe 1 year- 400% of net monthly salary. Minimum is Rs. 75000 and maximum not exceeding Rs. 300000 and minimum salary should be Rs. 50000.

– CASHe 1.5 year- 500% of net monthly salary. Minimum is Rs. 125000 and maximum not exceeding Rs. 400000 and minimum salary should be Rs. 50000.

[ Note. The above Eligibility and terms are entirely at discretion of Lender]
In the case of 90 days products, the Borrower can apply for auto-repeat and for CASHe 180 days, 270 days and one year loan, the Borrower can’t go for auto-repeat of Loan.

8.2 The Borrower shall be solely liable to bear and pay to the Lender all costs, charges and expenses incurred by the Lender in connection with this Contract, any other documents including but not limited to all costs, charges and expenses incurred for enforcing any provision thereof or recovering any amount payable by the Borrower, all costs of creation, enforcement, realization (or attempted enforcement and realization) of any Amounts Due, including stamp duties (including penalties thereof), all document charges, legal fees, holding costs, registration charges and court fees; any bank charges and charges for dishonoured cheques; and the Borrower shall pay the same to the Lender forthwith on (and in any event within 3 (three) Business Days) of demand by the Lender. In any such cases, the Borrower shall be blacklisted, and no further Loan sanction or Disbursement Request shall be entertained by the Lender.

8.3 The Borrower agrees that he is liable to pay the stamp duty, other fees as applicable on all the documents/ instruments executed by and between the parties or any of them pursuant to the Loan granted by the Lender to the Borrower including but not limited to the Contract and keep the Lender indemnified against all loss, costs, charges and expenses that may be suffered or incurred by the Lender by way of any direct or indirect taxes such as service tax, transaction tax, stamp duty or other fees of any nature.

8.4 Additionally, the Borrower shall also be liable to make payment of all costs, charges, expenses including interest and penalty, if any, payable as a result of non-payment or payment of deficient stamp duty on any of the aforesaid documents, including but not limited to this Contract and all legal costs as between the attorney and clients on a full indemnity basis.

8.5 Payment of Taxes

1. Tax on Interest/ Commission: The Borrower shall be liable to pay tax on the interest/ commission payable on the Amounts Due under the said Loans at the prevailing rate(s). The Borrower shall bear and pay any increase in the rate of tax. Where the Lender is required to pay any tax either in pursuance of a general statute or specific order of the Government or other statutory authority relation to only the Lender, the Borrower agrees, declares, confirms and affirms that any increase in the rate of interest/ commission effected by the Lender as a sequel to such statute will be binding on the Borrower and become payable from the date it becomes effective on the Lender

Tax on Processing Fee: Borrower shall be liable to pay GST on the processing fee payable by the Borrower to the Lender for the processing of Application of Loan.

1. All payments of whatever nature (whether by way of principal interest or otherwise) shall be made to the Lender immediately, i.e. clear funds on the day on which they are due, without right of set off or counterclaim or deduction and free and net of all taxes, imposts and levies of any nature whatsoever, by whomsoever imposed, both present and future. All payments shall be made to the place specified by Lender and shall be so paid as to enable the Lender to realize the sum on or before the Due Date. The payment shall be deemed to have been made only on realisation and credit for payment shall be given only on realisation.

9. Representations and Warranties

9.1 The Borrower hereby declares, assures, agrees, represents and warrants prior to and upon acceptance of these T&C and at the time of disbursement/ availing of the Loan that:

1. The details and description of the Borrower provided at the time of Account opening is accurate.
2. The Borrower is competent to contract under The Indian Contract Act, 1872.
3. Any declarations and information which has been or which may hereafter be provided by the Borrower to the Lender in relation to the Loan, including in the application form for the Loan and in relation to any other Loan availed of by the Borrower from the Lender or any other Persons, is true and accurate and complete in all respects and is not misleading in letter or spirit whether by reason of omission to state a material fact or otherwise.
4. The Persons, if any, availing of and operating the Loan and each disbursement for and on behalf of the Borrower are and will be duly authorised by the Borrower to do so.
5. The Borrower is fully empowered to enter into this Contract and to perform his obligations hereunder, and these T&C and Policies are duly accepted by the Borrower, and constitute legal, valid and binding obligations of the Borrower enforceable against him.
6. No proceedings have been initiated and no events have occurred in connection with insolvency, bankruptcy, liquidation protection against creditors or declaration as a relief undertaking or other similar matters in relation to the Borrower, and there is no order for the appointment of a receiver, administrator, liquidator or other similar Person or authority in relation to the business, undertaking or assets of the Borrower.
7. Nothing contained herein conflicts with any Applicable Law, regulation or bye law of the Central or a State Government or any local, revenue, tax or statutory authority, including the Securities and Exchange Board of India, the Reserve Bank of India, stock exchange or any other authority, which is binding on the Borrower.
8. The Borrower is not in arrears of any demand including income tax, corporate tax and any other taxes, rates or levies or any other statutory dues payable to the Central or State Governments or any local, statutory or other authority.
9. The entering into and acceptance by the Borrower of these T&C and Policies constitute acts done and performed for private and commercial purposes and Borrower will not be entitled to claim immunity for himself or any of his assets from suit, execution, attachment or legal process in any proceedings in relation to these T&C and Policies.
10. If the Borrower authorizes any other Person to transact with the Lender, then such act of the authorized Person shall be binding on the Borrower.
11. The Borrower has not been included in the list of defaulters by any regulatory/ statutory authority and/or banks and/or financial institutions and/or Non-Banking Financial Companies etc. xii. The Borrower cannot avail more than Rs. 60,000 (Rupees Sixty Thousands) in a year if he fails to submit Aadhaar Number, Permanent Account Number and other Official Valid Documents pertaining to current address proof i.e utility bill of any of the service provider (electricity, telephone, post-paid mobile phone, water bill, piped gas) not older than two months or property or Municipal tax receipt and has to submit these documents within six months from the date of commencement of account based relationship with Bhanix/CASHe. xiii. The Borrower voluntarily provide at its own discretion his/her Aadhaar number as issued by Government of India to Bhanix/CASHe along with his/her other KYC documents for the purpose of opening an account based relationship and voluntarily give his/her consent to use his/her Aadhaar details for the purpose of KYC authentication/e-Sign with UIDAI. The Aadhaar Card details voluntarily furnished by the Borrower is true, correct and complete. xiv. The Borrower confirms and undertake that the proceeds of the facilities shall not be utilized for subscription/investments to or purchase of shares.

9.2 Each of the representations and warranties contained herein shall be continuing representations and warranties and shall be deemed to have been made by the Borrower and on the date of acceptance of these T&C and repeated by him on every day during the subsistence of this Contract including, in particular, on the date of, and on the date prior to each application for, and grant and disbursement of any part of Loan amount.

9.3 The Borrower agrees to accept the statement of account sent by Lender or by any other authorized representative of Lender as conclusive proof of the correctness of any sum claimed to be due from the Borrower unless the Borrower reverts to Lender within a period of 3 (three) Business Days from the date of dispatch of statement of account.

10. Borrower Covenants

10.1 The Borrower hereby agrees and undertakes that:

1. He shall promptly inform the Lender in writing if the Borrower voluntarily or involuntarily becomes the subject of any insolvency or bankruptcy law or proceedings.
2. He shall inform the Lender if a receiver, administrator, liquidator or other similar Person or authority is appointed or sought to be appointed in relation to the Borrower or his assets.
3. If any representation or warranty provided by the Borrower is found to be incorrect or misleading as on date of acceptance of this T&C or application for or release of any disbursement or at any time during the subsistence of these T&C, or if the Borrower commits breach of any provision of this Contract, the Borrower shall forthwith inform the Lender of the same. Notwithstanding the same, any breach of the representations, warranties and covenants, shall be deemed to be an Event of Default.
4. The Borrower covenants that the Borrower shall disclose all such information regarding substantial changes in the Borrower’s financial position to the Lender from time to time.
5. Notwithstanding anything to the contrary, the Borrower agrees that the Lender shall have the general right of cancellation or withdrawal of any undrawn Loan, in part and/or in full, or the repayment on demand of any drawn Loan, including the right to call for cash cover on demand for prospective and contingent liabilities.
6. To execute and deliver to the Lender such further agreements, undertakings, declaration, assurance, security documents and writings as the Lender may from time to time require in relation to the Loan.
7. To bear and pay all taxes, rates, duties (including stamp duties), charges and other imposts and obligations existing as well as future, in respect of the Loan and these T&C, the transactions hereunder and all writings executed pursuant to or in connection herewith.
8. The Borrower shall notify the Lender immediately of any:

(a) Lawsuits, governmental proceedings, or claims which, individually or in the aggregate, involve an amount exceeding 25% of the Borrower’s net worth or which may impair the Borrower’s ability to perform his obligations hereunder if the relief prayed for were granted.

(b) Occurrence of any Event of Default or any event which with the passage of time (with or without notice) or the giving of notice may result in an Event of Default.

10.2 The Borrower authorizes the Lender to obtain a credit report from a Credit Bureau, or other service provider that holds the Borrower’s credit history and related details. The Lender has the right to use the Borrower’s credit report, social media profile/content, cell phone data and employment data for authentication, credit scoring and credit decision purposes. The Borrower’s credit rating will along with some personal and credit information might be displayed with the Borrower’s Loan details to other Lender members or the public to facilitate their own credit decision. The Borrower authorizes the Lender to verify information, and the Borrower agrees that the Lender may contact third parties to verify any such information. The Lender will require and obtain from Credit Bureau a copy of the Borrower’s credit report each time the Borrower requests for a Loan.

10.3 The Borrower authorizes the Lender to undertake verification procedures to confirm Borrower’s personal identity, Borrower’s bank account, Borrower’s social status and any other information that the Borrower provides to the Lender through the production of appropriate documentation by the Borrower. The Borrower also accepts that the Lender may provide the Borrower’s information to a third party to conduct information and identity verification and the Borrower hereby authorizes the Lender to request and obtain data from a third party to verify any information about the Borrower.

10.4 The Borrower agrees that the Borrower will not, in connection with the Borrower’s Loan application (i) make any false, misleading or deceptive statements or omissions of material fact in the listing; (ii) misrepresent identity, or describe, present or portray himself/herself as a person other than the Borrower; (iii) give to or receive from, or offer or agree to give to or receive from any person any fee, bonus, additional interest, kickback
or thing of value of any kind; or (iv) represent himself/herself to any person, as a representative, employee, or agent of CASHe, or purport to speak to any person on behalf of CASHe/Lender.

10.5 Borrower agrees that it is his sole obligation to pay Loan Amount, as and when they fall due.

10.6 The Borrower authorizes the Lender to exercise mandate including e-Mandate, ECS, NACH, UPI, etc. for direct debit of the Borrowers’ account for the outstanding Loan amount including interest. The Borrower authorises the Lender to enforce lien on the Bank Account for the purpose of repayment of entire loan including interest.

10.7 The Borrower agrees to mandatorily complete KYC verification and also submit Bank account details, upload self-attested Bank Statement and will be scrutinized by Perfios or any third party agency appointed by Lender.

11. Event of Default and Consequences of Event of default

11.1 Each of the following events is, and shall be deemed to constitute, an ‘Event of Default’:

1. If the Borrower commits any breach of any provision of the T&C or Policies or other document including but not limited to (a) default or delay in payment of any Amounts Due within the valid extension period as mentioned in Clause 6.1; (b) misrepresentation or breach of any obligations, warranties, assurances, covenants, statements and particulars mentioned in these T&C or Policies; (c) any information given by the Borrower in his application for grant of Loan is incorrect or misleading, or a representation, warranty or statement made or deemed to be made hereunder or in connection with the Loan or any transaction undertaken with Lender, is incorrect or misleading in any respect.
2. If Borrower is subject to any bankruptcy or insolvency law.
3. The death/lunacy or other disability of the Borrower.
4. If the Borrower is unable to pay his debts as and when they arise or there is an apprehension of such inability or if the Borrower has admitted such inability in writing.
5. If the Borrower has defaulted or is likely to default in repayment or compliance with the terms of any other Loan sanctioned or availed by the Borrower from Lender or any other Person or an Event of Default being constituted in relation to any of the Borrower’s credit, borrowing or any other arrangement with any Person or entity other than the Lender.
6. If there is any commencement of a legal (including arbitration) process against the Borrower.
7. If the Borrower shall stop payments or threatens to stops any payments to the Lender.
8. If there exists any other circumstance which, in the sole opinion of the Lender, is prejudicial to the interest of the Lender.
9. Change in residential status of Borrower.

11.2 Consequences of Event of Default

1. In addition to any general lien or similar right to which the Lender may in law generally be entitled, the Lender may at its discretion use and enforce its right of set off and cross default between all the Loans Amount sanctioned to the Borrower.
2. The Borrower’s default under this Loan shall be deemed to be a default of all the other Loans availed by the Borrower, and notwithstanding anything contrary elsewhere contained in any writing or otherwise, the Lender shall regard all borrowings by the Borrower as immediately due and payable and the Lender shall be entitled to recall all the Loans granted to the Borrower.
3. The Lender may, in its absolute discretion, and notwithstanding any direction by the Borrower to the contrary, (i) appropriate any payments made by the Borrower towards repayment of any part of the Amounts Due by the Borrower under the Loan as the Lender in its discretion thinks fit; and (ii) appropriate any payments made by the Borrower pursuant to this Contract towards any Indebtedness of the Borrower, and such appropriation shall be final and binding upon the Borrower who shall continue to remain indebted to the Lender for payment of the dues under this Contract in respect of which such sum of money were paid by the Borrower.
4. On the happening of any of the Events of Default, the Lender shall be entitled, without prejudice to any other right or remedy which the Lender may have under this Contract or otherwise in Applicable Law and notwithstanding any subsequent acceptance of any repayment of the Loan Amount including the interest and penalty thereof, take any of the steps specified hereinbelow without any notice, except as specified herein, at any time after the occurrence of such event:

(a) by a notice to the Borrower, to terminate this Contract and/or declare the Amounts Due, due and payable forthwith.

(b) the Lender and/or CASHe may use Borrower’s personal and public details as available on the cell phone and social network sites (including friend list, employer of borrower) and contact them directly or through agency(s) commissioned by the Lender and to publicly announce the fact about Borrower’s default with Borrower’s details on its Website as well as Borrower’s social media pages, other social media platforms and other avenues. Borrower expressly grants his irrevocable and unequivocal consent to such publishing of fact of default by Borrower on his social networking pages and other media and further acknowledges and confirms that the same will not be construed as a ‘defamation’ and hereby expressly indemnifies Lender against any suits, claims or actions against lender for defamation of Borrower.

(c) exercise and enforce all rights and remedies available to the Lender under this Contract and in Applicable Law for recovery of monies from Borrower.

(d) appoint/nominate any Agency, law firm or person to legitimately recover default amount from the Borrower.

11.3 All expenses incurred by the Lender after an Event of Default has occurred including in connection with collection of Amounts Due shall be payable by the Borrower.

11.4 Notwithstanding any suspension or termination of this Contract as specified hereinabove, all the provisions of this contract for the benefit or protection of the Lender and its interests shall continue to be in full force and effect as specifically provided in this Contract.

12. Term and Termination

12.1 The Parties are deemed to have entered into this binding Contract with effect from date of acceptance by Borrower of these T&C clicking “ACCEPT” button (“Effective Date”). These T&C shall continue to subsist until expiry or terminated as hereinafter provided.

12.2 The Lender may in its sole discretion, with or without cause, terminate this Contract at any time by giving the Borrower a notice.

12.3 The Lender has the right to terminate the Borrower’s registration immediately and without notice upon the Lender’s reasonable determination that the Borrower has committed a fraud or made a material misrepresentation in connection with a Loan, or performed any prohibited activity, or otherwise failed to abide by the T&C herein or the Policies.

12.4 On termination of this Contract, the entire Amounts Due shall be forthwith repayable by Borrower to Lender. It is hereby expressly clarified that notwithstanding the termination of this Contract or the recall of the Loan Amount or Amounts Due, all of Borrower’s obligations pursuant hereto which have accrued prior to the termination, shall be duly performed and all the obligations of the Borrower shall remain enforceable until the due repayment of the Amounts Due.

13. Sanction

13.1 Lender may be required to take any action to meet Compliance Obligations relating to or in connection with the detection, investigation and prevention of financial crime (“Financial Crime Risk Management Activity”) and act in accordance with the Applicable Laws, regulations and requests of public and regulatory authorities operating in various jurisdictions which relate to Financial Crime. Lender may take any action which it, in its sole and absolute discretion, considers appropriate to take in accordance with all such Applicable Laws, regulations and requests.

13.2 Such action may include but is not limited to (a) screening, intercepting and investigating any instruction, communication, drawdown request, disbursement, application for services, or any payment sent to or by you, or on your behalf, (b) investigating the source of or intended recipient of funds (c) combining Borrower Account Information with other related information in the possession of the Lender, and/or (d) making further enquiries as to the status of a Person, whether they are subject to a sanctions regime, or confirming your status (e) share information on a confidential basis with such affiliates whether located in India or overseas in relation to prevention of Financial Crime.

13.3 Exceptionally, Financial Crime Risk Management Activity may lead to Lender delaying, blocking or refusing the making or clearing of any payment, the processing of borrowers instructions or application for services or the provision of all or part of the services. To the extent permissible by Applicable Law, Lender shall not be liable to borrower or any third party in respect of any loss (whether direct or consequential and including, without limitation, loss of profit or interest, however it arose) that was suffered or incurred by you or a third party, caused in whole or in part in connection with the undertaking of Financial Crime Risk Management Activity.

13.4 In certain circumstances, the action which Lender may take may prevent or cause a delay in the processing of certain information. Therefore, neither Lender nor any of its affiliate warrants that any information on Lender’s systems relating to any payment messages or other information and communications which are the subject of any action taken pursuant to this clause is accurate, current or up-to-date at the time it is accessed, whilst such action is being taken.

13.5 For the purpose of the present clause:

1. “Compliance Obligations” means obligations of the Lender to comply with: (a) laws or international guidance and internal policies or procedures, (b) any demand or request from authorities or reporting, disclosure or other obligations under laws, and (c) laws requiring us to verify the identity of our customers.
2. “Financial Crime” includes money laundering, terrorist financing, bribery, corruption, tax evasion, fraud, evasion of economic or trade sanctions, and/or any acts or attempts to circumvent or violate any laws relating to these matters.

14. Notices

14.1 The Borrower hereby agrees, permits and consents with the Lender that uploading of details and documents on the Website or providing the same through internet / email to the email address provided by the Borrower at the time of account opening or subsequently modified by way of a written communication. For the sake of clarity all of the above documents are referred to as ‘Digital Documents’. The Borrower acknowledges that once Digital Documents are uploaded/mailed by the Lender at Borrower’s email address registered with it, it shall be deemed to have been received by the Borrower and hence there will be no further requirement on the part of the Lender to send the same physically in the paper based format to the Borrower. The Borrower hereby acknowledges that he has read and understood the following points governing issuance of the Digital Document by the Lender.

1. For the purpose of the above, the email address used would be the same as provided by the Borrower at the time of Account opening. Any change in the email address of the Borrower shall be immediately intimated by the Borrower to the Lender by editing the profile information of the Borrower through the Website.
2. The Borrower shall access the digital documents electronically. The Borrower understands that it is his responsibility to review all such digital documents. All information contained therein shall be binding on the Borrower, if the Borrower does not object, either in writing or via electronic mail within 24 hours after any such documents are available to the Borrower.
3. The Borrower agrees that, the Lender fulfils its legal obligation to deliver to the Borrower any such document if sent via electronic delivery.
4. The Borrower agrees that the Lender shall not be responsible for non-receipt of Document(s) sent via electronic delivery due to change in/incorrect email address provided by the Borrower for the purpose or for any other reason which inter alia include insuffcient space in the inbox of the Borrower, technical reasons or malfunction of the Borrower/’s computer system(s) server/internet connection etc. It shall be the responsibility of the Borrower to intimate the Lender of any change in the Borrower’s e-mail account(s).
5. The Lender shall not be liable or responsible for any document or statement received from frauds or impostors or any consequences thereof.
6. The Lender shall not be liable for any problem, which arises at the Borrower’s computer network because of the Borrowers receiving any such statement from the Lender.
7. The Borrowers understands and agrees that the Lender shall be entitled to charge to the Borrowers fees / charges for sending such Documents. Such fees and charges shall be intimated to the Borrower from time to time by the Lender.
8. The Borrower acknowledges and accepts that the internet is not a fully secured or a protected medium of communication and provision of services due to the public nature of the communication and that the accuracy, reliability and soundness of such means of communication and provision of services depends upon, amongst others, the service providers and the telephone, modem, cables, systems, facilities and the like used and operated from time to time by such providers and other participants. Borrower acknowledges and further accepts that, as a result of such restraints or limitations, there are risks associated in using such means of communication including the congestion, breakdown, interruption or failure of transmission of the internet service or any communication equipment or facilities, errors, omissions or delays in the transmission and receipt of data and information. There are also other risks involved such as in the unauthorised access, tampering, modification or alteration of the service and/or the system, components and software used or comprised in the service which may result in the use, manipulation, retrieval or the theft or loss of data and information, including Borrower’s personal data. The Borrower agrees that the Lender shall not be liable / responsible for such matters and resultant losses under any circumstances.

14.2 Any notice or communication to Lender may be given by way of email to the following email address:

Kind Attn.: PRINCIPAL OFFICER- BHANIX FINANCE AND INVESTMENT LTD

Email Address:legal@bhanix.in

Or send a message by filling the form from ‘Contact US’ window available on the CASHe Website.

15. Transfer and Assignment

15.1 The Lender may, at any time and from time to time, without any consent of or reference to the Borrower, grant, sell, securitize, assign or transfer to any bank, financial institution or other Person(s), for any purpose whatsoever, any or all of its rights, benefits and/or obligations hereunder, the loan documents, Contract including the right to receive the Loan Amounts and Amounts Due or any part thereof and, in particular, may grant
/ transfer such rights by way of a sale or as a charge or other security or for obtaining risk or financial participation in the Loan and, in such case, the same shall be binding on the Borrower, any Person to whom such rights are granted, transferred or assigned shall be entitled to the full benefit of such rights and all the terms, conditions, representations, warranties and covenants contained herein on the part of the Borrower shall be valid, binding and in full force and effect in favour of such transferees, assignees, purchasers or participants in the Loan.

15.2 The Lender is required to act in accordance with the Applicable Laws and regulations operating in various jurisdictions which relate to the prevention of money laundering, terrorist financing and the provision of financial and other services to any Persons or entities which may be subject to sanctions. The Lender may take, and may instruct other members of the Lender’s group to take, any action which it, in its sole and absolute discretion, considers appropriate to take in accordance with all such Applicable Laws and regulations. Notwithstanding any provision of this Contract, neither the Lender nor any member of the Lender’s group will be liable for loss (whether direct, consequential or loss of profit, data or interest) or damage suffered by any party arising out of:

1. Any delay or failure by the Lender or any member of the Lender’s group in performing any of its duties under this Contract or other obligations caused in whole or in part by any steps which the Lender, in its sole and absolute discretion, considers appropriate to take in accordance with all such Applicable Laws and regulations; or
2. The exercise of any of the Lender’s rights under this clause.

16. Disclosure of Information

16.1 The Borrower hereby irrevocably agrees and consents to the Lender and/or CASHe disclosing to or publishing with any agencies, bureaus, companies, firms, associations, corporate or unincorporated bodies and other Persons including any outside agencies and credit bureaus (whether for its own use or for onward communication or disclosure by them to others) including but not limited to Credit Information Bureau Limited (“”CIBIL”) or any other agency authorized by Reserve Bank of India (“RBI”) in this behalf, any information or details whatsoever concerning the Borrower including the Borrower’s accounts, the financial relationship of the Borrower and history with the Lender, the manner of operation of the Borrower’s account(s), the debit or credit balance in any and all accounts of the Borrowers, any default(s) by the Borrower, or any other financial relationship or Loans granted or to be granted to the Borrower and/or the identities, ages, addresses, telephone and fax numbers and other information of or relating to the Borrower (hereinafter collectively referred to as ‘the Information’). The Borrower shall not hold the Lender and/or CASHe responsible for sharing and/or disclosing the Information now or in the future and also for any consequences suffered by the Borrower and/or others by reason thereof. The provisions of this clause shall survive even after the term/termination of this Contract and the repayment of the Loan Amount by the Borrower.

16.2 The Borrower undertakes that CIBIL or any other agency so authorized may use/process the said information and data disclosed by the Lender and/or CASHe in the manner as may be deemed fit by them. CIBIL or any other agency so authorized may furnish for consideration the processed information, data and products thereof prepared by them to banks, Financial Institutions (“FIs”) or other credit granters or registered users as may be specified by RBI in this behalf.

17. Governing Law, Jurisdiction and Arbitration

17.1 This Contract shall be governed by and construed in accordance with the laws of India.

17.2 Any and all disputes or differences between the parties to the agreement, arising out of or in connection with this agreement or its performance shall, so far as it is possible, be settled by negotiations between the parties amicably through consultation. Any dispute or difference arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the Court/Tribunal of the city where the lender office is situated. Provided that to the extent allowed by law, the Lender shall be entitled to initiate proceedings relating to the dispute in any Court/Tribunal of any other place which has jurisdiction. Provided further that if any dispute arising under this agreement shall be referred to arbitration, in accordance with the Arbitration and Conciliation Act, 1996.The seat of arbitration shall be the city where the lender office is situated and the arbitration shall be conducted in the English language. The arbitral tribunal shall constitute of a single arbitrator, to be appointed by Lender. The award of the arbitrators shall be final and binding upon the Parties.

17.3 Nothing in this clause shall limit the right of the Lender to bring proceedings, including third party proceedings against the Borrower in any other court of competent jurisdiction, and the bringing or continuing of proceedings in any one or more jurisdictions shall not preclude the bringing of proceedings in any other jurisdiction, whether concurrently or not, if and to the extent permitted by applicable law.

18. Miscellaneous

18.1 Entire Understanding:These T&C are to be read and understood in conjunction with the KYC Policy, Loan and Risk Policy, Website Terms and Conditions, Privacy Policy and any other Policies that may be displayed on the Website from time to time and represents the entire agreement in respect of the Loan Amount between the Lender and the Borrower hereto on the subject matter hereof. Any provision of these T&C which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or enforceability but that shall not invalidate the remaining provisions of this Contract or affect such provision in any other jurisdiction.

18.2 Indemnity:

1. The Borrower hereby indemnifies and agrees to keep the Lender indemnified against all costs, charges, expenses, penalties, claims, demands and damages including legal charges that the Lender may incur or be put to by reason of any third party claiming any right, title or interest in the Loan or any other breach of this Contract or any breach of warranty or misrepresentation by the Borrower.
2. Nothing in this Contract shall be construed as limiting, restricting, making void or otherwise negating any right of set off in favour of the Lender existing or arising in common law, by statute or otherwise howsoever.

18.3 Severability: If any provision of these T&C or the Policies are held to be invalid, illegal or unenforceable for any reason by any court of competent jurisdiction, such provision shall be severed and the remainder of the provisions of such T&C or relevant Policies, as the case may be, shall continue in full force and effect as if the Contract between the Parties had been entered into without the invalid, illegal or unenforceable provisions.

18.4 Waiver: The waiver by either Party of a breach of a default by the other Party of any provision relating to these T&C or any Policies shall not be construed as a waiver of any succeeding breach of the same or any other provision, nor shall any delay or omission on the part of either Party to exercise or avail itself of any right, power, or privilege that it has, or may have thereunder, operate as a waiver of any right, power, or privilege by such Party.

18.5 Amendment and Modification: The Lender may amend the T&C and notify the same to the Borrower and such amended T&C will thereupon apply to the Borrower. Lender may amend any Policies and upload the same on the Website and thereupon such amended Policies shall apply to any agreement or understanding between the Borrower and Lender.

18.6 No Assignment: These T&C shall inure to the benefit of and be binding upon the respective heirs, successors and assigns of the Parties hereto. Borrower shall not assign, delegate or otherwise transfer all or any part of his rights or obligations under this Contract without the prior written consent of the Lender and any purported assignment made in violation of these T&C shall be void. Lender may at any time assign all or any part of its rights, obligations and benefits hereunder to any of its subsidiaries or affiliates or transfer or novate all or any part of its rights, benefits and obligations hereunder, to any third party including any bank, financial institution or institutional lender.

18.7 Interpretation: Clause, headings are inserted for convenience of reference only and shall not be deemed to affect the interpretation of these T&C. Words importing the plural shall, except where the context otherwise requires, include the singular and vice versa.

18.8 Disclaimer of Agency: These T&C shall not be deemed to constitute any Party hereto as the agent of any other Party hereto. Nothing contained in these T&C or Policies and no action taken by the Parties hereunder shall be deemed to constitute a relationship of employer-employee or agency or of partnership between the Parties.

BORROWER CONFIRMATION AND ACCEPTANCE

Use of CASHe Website is available only to persons who can form legally binding contracts under Indian Contract Act, 1872. Persons who are “incompetent to contract” within the meaning of the Indian Contract Act, 1872 including minors, un-discharged insolvents etc. are not eligible to use the CASHe Website.

I HEREBY CONFIRM THAT I AM 18 YEARS OF AGE OR ABOVE AND HAVE THE LEGAL CAPACITY TO ACCEPT THE CASHe PRODUCT TERMS AND CONDITIONS AND POLICIES.

I HEREBY CONFIRM THAT I AM DULY REGISTERED WITH THE CASHe WEBSITE AND ALL INFORMATION PROVIDED BY ME IN RESPECT OF ACCOUNT REGISTRATION AND AVAILING THE LOAN THROUGH CASHe IS TRUE AND ACCURATE TO THE BEST OF MY KNOWLEDGE AND BELIEF.

I CONFIRM THAT I HAVE FULLY UNDERSTOOD THESE TERMS AND CONDITIONS. THE LENDER IS ENTITLED TO USE THE SAID INFORMATION AS WELL AS INFORMATION FROM ANY SOCIAL, MOBILE NETWORK AND ALSO ENTITLED TO ASSIGN, TRANSFER THE LOAN (IN FULL OR PART) ALONGWITH INTEREST TO ANY OTHER COMPANY, APPROVED BY RBI.

If the visitor to the CASHe is a minor i.e. under the age of 18 years, he/she shall not register onCASHeMobile Application and Application and shall not transact or use CASHe. As a minor, if a visitor wishes to use or transact on CASHe, such use or transaction may be made only by their parents/ legal guardian who have registered and have an online account with CASHe in their name. All monetary transactions shall be made by the parents/ legal guardians themselves. The parents/ legal guardians shall be financially responsible for access of the mobile application and for repayments of Loan availed by their children below 18 years of age. Lender reserves the right to terminate any loan application in the event of breach of any of the T&C as are set out herein.

These T&C are to be read and understood in conjunction with the User Terms and Conditions, the KYC Policy, Privacy Policy, Fair Practice Code and Loan and Risk Management Policy and any other policy as may be displayed on the Website from time to time.

This document is an electronic record in terms of the Information Technology Act, 2000 and Rules there under, as applicable and the provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000 from time to time. This electronic record is generated by a computer system and does not require any physical or digital signatures.

By clicking on the ACCEPT button at the bottom of this page, you irrevocably and unconditionally accept the T&C for grant of Loan and these T&C will become a legally binding contract between the Lender and Yourself as the Borrower.

Contents

1. PREAMBLE

2. OBJECTIVES, SCOPE AND APPLICATION OF THE POLICY

3. KEY ELEMENTS OF THE POLICY

a) Customer Acceptance Policy (“CAP”)

b) Risk Management

c) Customer Identification Procedures (“CIP”) and Customer Due Diligence (CDD)

d) Monitoring of Transactions

e) Reliance on third party due diligence

f) Record Keeping

g) Introduction of New Technologies

h) Training Programme

i) Reporting to Financial Intelligence Unit – India

ANNEXURE I- Customer Identification Procedure and Documents that would be obtained from Customers, who are individuals

1. PREAMBLE:

The Reserve Bank of India (RBI) has issued comprehensive ‘Know Your Customer’ (KYC) Guidelines to all Non-Banking Financial Companies (NBFCs) in the context of the recommendations made by the Financial Action Task Force (FATF) on Anti Money Laundering (AML) and Combating Financing of Terrorism (CFT). In view of the same, Bhanix Finance and Investment Limited (“Herein after referred as, “the Company” or “Bhanix”) has adopted the said KYC guidelines with suitable modifications depending on the activities undertaken by it.

The Company has formulated this KYC Policy based on RBI’s Master Direction- Know Your Customer (KYC) Direction, 2016, dated 25th February 2016, updated as on July 12, 2018.

The Company would ensure strict compliance with the Prevention of Money-Laundering (PML) Act, 2002 and the Prevention of Money-Laundering (PML) (Maintenance of Records) Rules, 2005 and RBI’s Master Direction-KYC Direction, 2016 and any subsequent amendments/ instructions issued by RBI.

The Company is a non-deposit taking NBFC and, as such, is not exposed to many of the risks which a deposit taking company is exposed to.

This policy has been approved by the Company’s Board of Directors. Any changes to the policy would need the approval of the Board of Directors. The policy would be updated as and when required.

2. OBJECTIVES, SCOPE AND APPLICATION OF THE POLICY:

a) To prevent money laundering or terrorist financing activities;

b) To enable the Company to know and understand its Customers and their financial dealings better which in turn help the Company to manage its risks prudently;

c) To put in place appropriate controls for detection and reporting of suspicious activities in accordance with applicable laws/laid down procedures;

d) To comply with applicable laws and regulatory guidelines;

e) To ensure that the concerned staff are adequately trained in KYC/AML/CFT procedures. This KYC Policy should be read in conjunction with related operational guidelines issued from time to time.

3. KEY ELEMENTS OF THE POLICY:

The Company is primarily in the business of lending to its customers who are individuals through its app “CASHe”. CASHe is a mobile app which facilitates the provision of personal loans, based on the details provided by the customer in the mobile application form, and through other modes of communication.

This Policy includes the following elements:

a) Customer Acceptance Policy (CAP)

b) Risk Management

c) Customer Identification Procedures (CIP) and Customer Due Diligence (CDD)

d) Monitoring of Transactions

e) Reliance on third party due diligence

f) Record Keeping

g) Introduction of New Technologies

h) Training Programme

i) Reporting to the Financial Intelligence Unit- India

Designated Director

The Board has nominated a Designated Director, who will ensure overall compliance with the obligations imposed under Chapter IV of the Prevention of Money Laundering Act and the Rules framed thereunder. The name, designation and address of the Designated Director has been communicated to the Financial Intelligence Unit, India (FIU-IND). It would be ensured that the Principal Officer, referred to below, would not be nominated as the Designated Director.

Principal Officer

The Board has nominated a senior officer as the Principal Officer, who would be responsible for ensuring compliance, monitoring transactions, and sharing and reporting information to the Financial Intelligence Unit (FIU-IND), as required under the law/regulations. The name, designation and address of the Principal Officer had been communicated to FIU-IND.

a) Customer Acceptance Policy (“CAP”):

The Company’s CAP lays down the criteria for acceptance of Customers. The guidelines in respect of customer relationship in the Company broadly include the following:

The Company would not enter into a transaction with any customer in the following cases:

i. where the customer has furnished an anonymous or fictitious / benami name.

ii. where the Company is unable to apply appropriate Customer Due Diligence (CDD) measures, i.e., the Company is unable to verify the identity and / or obtain required documents either due to non-cooperation of the customer or non-reliability of the documents / information furnished by the customer.

iii. where the required Customer Due Diligence (CDD) procedure is not followed.

iv. where the identity of the customer or any of its promoters or directors or partners (if the customer is a corporate entity or a firm) matches with any person or entity whose name appears in the sanction lists circulated by RBI.

v. where the customer is engaged in any business/ activity that is illegal or undesirable.

The Company would not enter into a transaction with such entities and report the matter immediately to RBI and FIU-IND.

The Company would prepare a profile for each new Customer during the credit appraisal, based on risk categorization as mentioned in this Policy. The Customer profile would contain the information relating to the Customer’s identity, social status and nature of employment or business activity. The nature and extent of due diligence will depend on the risk perceived by Company.

At the time of credit appraisal of the Customer, the details would be recorded along with the profile based on the documents provided by the Customer and verified by Company either by itself or through third party sources, subject to satisfaction of prescribed conditions. The documents collected will be as per the product norms as may be in practice. However, while preparing the Customer profile, the Company would seek only such information from the Customer which is relevant to the risk category and which is not intrusive. Any other information from the Customer would be sought separately with his/her consent and after opening the Registered Account. The Customer profile will be a confidential document and details contained therein would not be divulged for cross selling or for any other purposes.

b) Risk Management:

As per the KYC policy, for acceptance and identification, the Company’s Customers would be categorized based on perceived risk, broadly into three categories – A, B & C. Category A would include High Risk Customers, Category B would include Medium Risk Customers while Category C would include Low Risk Customers.

None of the Customers will be exempted from the Company’s KYC procedures, irrespective of the status and relationship with Company or its Promoters. The due diligence to be exercised would depend on the risk categorisation of the customers. Enhanced due diligence will be carried out in respect of customers falling in the medium and high-risk category.

The Company currently lends to salaried Indian resident. Board categorization is based on income, age profile, social loan quotient, credit bureau and other obligations of the customer. Individuals whose identities and sources of wealth can be easily identified and transactions in whose accounts by and large conform to the known profile, shall be categorized as low risk by the Company. Illustrative examples of a low-risk Customer of the Company would be salaried employees whose salary structures are well defined, people belonging to lower economic strata of the society whose accounts show small balances and low turnover, Government departments and Government owned companies, regulators and statutory bodies etc. In such cases, the Policy may require that only the basic requirements of verifying the identity and location of the Customer are to be met. Customers that are likely to pose a higher than average risk to the Company will be categorized as medium or high risk depending on Customer’s background, nature, location of activity, and profile etc. The Company may apply enhanced due diligence measures based on the risk assessment, thereby requiring intensive ‘due diligence’ for higher risk customers, especially those for whom the sources of funds are not clear. Examples of customers for which Company may undertake higher due diligence is as under:

1. Employees of Trusts, charities, NGOs, and organizations receiving donations,
2. PEP;
3. PEPs of foreign origin,
4. Persons having very Low Social Loan Quotient (SLQ) i.e. SLQ Grade. (SLQ is a proprietary credit rating score developed by the Company)

c) Customer Identification Procedures (“CIP”) and Customer Due Diligence (CDD):

Customer Identification means identifying the Customer and verifying his/her identity by using reliable, independent source documents, data or information. The Company would obtain sufficient information necessary to verify the identity of each new Customer along with brief details of its employer.

The Company would obtain sufficient identification data to verify the identity of the Customer, his address/location, his employment details and also his recent photograph. The Company does not provide loan to non-individuals and hence this KYC Policy does not refer to documentation and KYC Procedures for Customers that are legal persons or entities. As and when the Social Loan would be accessible to non-individuals, applicable KYC Policy for the same would be included herein in terms of the RBI guidelines. The Company would adhere to the customer identification requirements keeping in view the applicable provisions of the PML Act and Rules and as per the directions issued by RBI in this respect. An indicative list of the nature and type of documents/information that may be relied upon for Customer Identification is given in Annexure I. The Company will formulate and implement a Customer Identification Programme to determine the true identity of its Customers keeping the above in view.

The Company would periodically update the Customer Identification Data after a transaction is entered into. The periodicity of updating of the Customer Identification data would be once in five years in case of low risk category customers and once in two years in case of high and medium risk categories.

Allotment of Unique Customer Identification Code

The Company will allot a Unique Customer Identification Code (UCIC) while entering into new relationships with individual customers, which would help the Company identify its customers, track the facilities availed, monitor financial transactions in a holistic manner and enable the Company to have a better approach for risk profiling of customers.

d) Monitoring of Transactions:

The Company shall monitor its lending activities and will pay special attention to all complex, unusually large transactions and all unusual patterns which have no apparent economic or visible lawful purpose.

The Company does not accept any deposits. Most of the Company’s loans are small term based EMI loans across all categories of borrowers. Hence the transactions with the Company will at all times be restricted to the EMI/loan repayable over the tenor of the loan. No other transactions what so ever nature other than the repayment of the loan with interest will be carried out by the Customer with the Company.

e) Reliance on third party due diligence:

For the purpose of verifying the identity of customers at the time of commencement of a relationship, the Company may, rely on customer due diligence done by a third party, subject to the following conditions:

• Necessary information of such customers’ due diligence carried out by the third party is immediately obtained by the Company.
• Copies of identification data and other relevant documentation relating to the customer due diligence requirements shall be made available from the third party upon request without delay.
• The third party is regulated, supervised or monitored for, and has measures in place for compliance with customer due diligence and record-keeping requirements in line with the requirements and obligations under the PML Act.
• The third party is not based in a country or jurisdiction assessed as high risk.

However, the ultimate responsibility for customer due diligence will be with the Company.

The Company would ensure that decision-making functions of determining compliance with KYC norms are not outsourced.

f) Record Keeping:

The Company would adhere to applicable instructions for maintenance, preservation and reporting of customer account information with reference to the provisions of the PML Act and the Rules made thereunder. The Company would

i. maintain all necessary records of transactions between the Company and the customer for at least five years from the date of transaction;

ii. preserve the records pertaining to the identification of the customers and their addresses obtained while sanctioning the loan and during the course of business relationship, for at least five years after the business relationship is ended;

iii. make available the identification records and transaction data to the competent authorities upon request;

iv. introduce a system of maintaining proper record of transactions prescribed under Rule 3 of Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PML Rules, 2005);

v. maintain all necessary information in respect of transactions prescribed under PML Rule 3 so as to permit reconstruction of individual transactions, including the following:

• the nature of the transactions;
• the amount of the transaction and the currency in which it was denominated;
• the date on which the transaction was conducted; and
• the parties to the transaction.

vi. evolve a system for proper maintenance and preservation of account information in a manner that allows data to be retrieved easily and quickly whenever required or when requested by the competent authorities;

vii. maintain records of the identity and address of their customer, and records in respect of transactions referred to in Rule 3 of the PML Rules in hard or soft format.

g) Introduction of New Technologies:

Adequate attention would be paid by Company to any money-laundering and financing of terrorism threats that may arise from new or developing technologies. The Company would ensure that appropriate KYC procedures issued from time to time are duly applied before introducing new products/services/technologies.

h) Training Programme:

The Company would put in place an adequate screening mechanism as an integral part of its recruitment/ hiring process of personnel so as to ensure that person of criminal nature/ background do not get an access to misuse the financial channel.

The Company would conduct ongoing employee training programs so that members of the staff fully understand the rationale behind the KYC Policy and ensure compliance with the same.

Training requirements would have a different focus for front line staff, compliance staff and officer/ staff dealing with new Customers. The front desk staff would be specially trained to handle issues arising from lack of customer education.

i) Reporting to Financial Intelligence Unit – India:

• The Company will furnish the required information as referred to in the PML (Maintenance of Records) Rules, 2005 to the Director, Financial Intelligence Unit-India (FIU-IND).
• In case a Suspicious Transaction Report (STR) is filed, the Company would ensure that the fact of furnishing of STR is kept strictly confidential. It would be ensured that there is no tipping off to the customer at any level.
• The Company would put in place a robust management information system, which would highlight/ throw up alerts when the transactions are inconsistent with risk categorization and when there are suspicious transactions.
• Details of accounts resembling any of the individuals/entities in lists as referred under the head “Customer Acceptance Policy” or any other UN Security Council Resolutions (UNSCRs) circulated by RBI would be reported to FIU-IND apart from advising Ministry of Home Affairs.

ANNEXURE I- Customer Identification Procedure and Documents that would be obtained from Customers, who are individuals:

The Company would obtain the information from an individual borrower, as prescribed by RBI from time to time. The documents may be uploaded by the borrower in pdf/jpg format.

1) In respect of individuals eligible for enrolment of Aadhaar, the Company would obtain

1. The Aadhaar Number;
2. The Permanent Account Number (PAN)
3. Voter’s Identity card
4. Driving License

Where an Aadhaar number has not been assigned to an individual, proof of application of enrolment for Aadhaar shall be obtained wherein the enrolment is not older than 6 months

In case Aadhaar number is not submitted, certified copy of an Officially Valid Document (OVD) containing details of identity and address and one recent photograph shall be obtained.

2) In case the identity information relating to Aadhaar or PAN does not have the current address, an OVD as defined in the RBI Master Direction and brought out in the Policy may be submitted. In case the OVD furnished by the borrower does not contain the updated address, the following documents shall be deemed as OVDs for the limited purpose of proof of address:

• Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill)
• Property or Municipal Tax receipt
• Pension or family pension payment order (PPOs) issued to retired employees of Government Departments or PSUs, if they contain the address
• Leave and License agreements
• Letter of allotment of accommodation from employer issued by State Government or Central Government Departments,

statutory or regulatory bodies, PSUs, Scheduled Commercial banks, Financial Institutions and Listed Companies and Leave and License agreements with such employees allotting official accommodation

3) The Company would also obtain the bank statement of the borrower.

NOTE:

1. PAN Card shall be verified electronically from NSDL so as to ascertain correctness of PAN Number and corresponding name appearing in Income Tax data base. The said verification may be carried out by the Company itself or through an independent Agency.
2. Similarly AADHAR, Driving License & Voters ID shall be verified through Independent Agency.
3. Utility Bills and Passport will be used to verify address
4. Customer will electronically upload his selfie.
5. Bank statement will be used to verify bank account No.

All Documents uploaded should be self-certified. Additional documents may be called for, if necessary.

The Company would advise the customer to make the first payment from a Bank with whom Customer has completed all KYC requirements.

1. DEFINITIONS

For the purpose of this Privacy Policy (hereinafter referred to as the “Policy”), wherever the context so requires:

1. The term ‘Company’ shall mean ‘AERIES FINANCIALTECHNOLOGIES PRIVATE LIMITED’ a private limited company limited by shares and registered under the Companies Act, 2013 and having its registered office at 5th Floor, Paville House, Off Veer Savarkar Marg, Prabhadevi Mumbai –400025, Maharashtra. The Company is the exclusive licensee in Indian Territory of the website and App.
2. The term ‘website’ shall mean www.cashe.co.in. “App” shall mean CASHe mobile application platform, and any other application or software run under the brand name “CASHe”. CASHe is owned by TSLC PTE Ltd, a Singapore-based company, which has licensed CASHe mobile application to the Company for perpetual and exclusive use in India. In turn, the Company has sublicensed CASHe mobile application to its wholly owned subsidiary, Bhanix Finance and Investment Limited (hereinafter referred to as ‘Bhanix’ or ‘Lender’), which is an RBI registered NBFC. Activities including digital lending are undertaken via the Append this App may be used by other NBFCs as well and the App, and other activities including promotional activities may be undertaken via the App in the future.
3. The term ‘You’, ‘Your’ & ‘User’ shall mean any legal person or entity accessing or using the services provided on this Website, who is competent to enter into binding contracts, as per the provisions of the Indian Contract Act, 1872.
4. The terms ‘We’, ‘Us’& ‘Our’ shall mean the website/domain/append/or Bhanix and the Company (collectively referred to as the “Platform”), as the context so requires. This Policy will be applicable to the Company to the extent applicable under the IT (RSP) Rules (defined hereinafter) and the DLG Guidelines to the extent applicable.

2. GENERAL

1. We are committed to safeguarding your privacy and ensuring that you continue to trust us with your personal data. When you interact with us you may share personal information with us which allows identification of you as an individual. This is known as personal data.
2. This document is an electronic record in terms of Information Technology Act, 2000 and rules there under as applicable and the amended provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000. This electronic record is generated by a computer system and does not require any physical or digital signatures. This document is published in accordance with the provisions of Rule 3 (1) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“Intermediary Rules”) that require publishing the rules and regulations, privacy Policy and Terms of Use for access or usage of the Platform. This website is owned and operated by the Company. We confirm that our privacy Policy is compliant with applicable laws, associated regulations and RBI guidelines.
3. Various non-banking financial institutions are responsible for the loan and other facilities provided through the App. You acknowledge that such non-banking financial institutions, as per the Reserve Bank of India’s (“RBI”) guidelines, will be responsible for their respective contents displayed on the App, loan and other facilities offered. Bhanix reserves the right, subject to prevailing RBI guidelines, in its sole discretion to remove any content or data, information or material from the App from time to time.
4. We shall periodically inform its users, at least once every year, that in case of non- compliance with rules and regulations, privacy Policy or user agreement for access or usage of the computer resource. We shall also periodically, and at least once in a year, inform its users of its rules and regulations, privacy policy or user agreement or any change in the rules and regulations, privacy Policy or user agreement, as the case may be. When we collect information from a user for registration on the computer resource, it shall retain his information for a period of 180 (one hundred and eighty days) after any cancellation or withdrawal of his registration.
5. Please do not host, display, upload, modify, publish, transmit, store, update or share any information on the Platform: (i) belongs to another person and to which the user does not have any right; (ii) is defamatory, obscene, pornographic, paedophilic, invasive of other’s privacy including bodily privacy, insulting or harassing on the basis of gender, libellous, racially or ethnically objectionable, relating or encouraging money laundering or gambling, or otherwise inconsistent with or contrary to the laws in force; (iii) is harmful to child; (iv) infringes any patent, trademark, copyright or other proprietary rights; (v) violates any law for the time being in force; (vi) deceives or misleads the addressee about the origin of the message or knowingly and intentionally communicates any information which is patently false or misleading in nature but may reasonably be perceived as a fact; (vii) impersonates another person; (viii) threatens the unity, integrity, defence, security or sovereignty of India, friendly relations with foreign States, or public order, or causes incitement to the commission of any cognisable offence or prevents investigation of any offence or is insulting other nation; (ix) contains software virus or any other computer code, file or program designed to interrupt, destroy or limit the functionality of any computer resource; (x) is patently false and untrue, and is written or published in any form, with the intent to mislead or harass a person, entity or agency for financial gain or to cause any injury to any person.

3. SCOPE AND ACCEPTANCE OF THIS PRIVACY POLICY

1. This Policy applies to the personal data and the sensitive personal data that we collect about you for the purposes of providing you with our services. Personal data or information as used in this Policy shall include sensitive personal data or information, as applicable. This Policy is formulated under the Information Technology Act 2000, the IT (RSP) Rules (defined hereinafter) and the Guidelines on Digital Lending issued by the Reserve Bank of India dated 2 September 2022(“DLG Guidelines”).
2. By using this website or by giving us your personal data and sensitive personal data, you accept the practices described in this Policy, its contents, and have provided your informed consent to us collecting, storing, processing, transferring and sharing your Personal Information with lenders, partners, service providers for the purposes set out in this Policy. If you do not agree to this Privacy Policy, please do not use this website or give us any personal data or sensitive personal data.
3. We reserve the right to change this Policy without prior notice. We encourage you to regularly review this policy to ensure that you are aware of any changes and how your personal data may be used.
4. Please note that this App also deals with activities part from digital lending as covered under the DLG Guidelines. Please note that with respect to digital lending under the DLG Guidelines, the following shall be applicable to the Company, Bhanix and the App: Company, Bhanix and the App shall ensure that lending service provider/App engaged by it do not store personal information of borrowers except some basic minimal data (viz., name, address, contact details of the customer, etc.) that may be required to carry out their operations. A one-time access can be taken for camera, microphone, location or any other facility necessary for the purpose of on-boarding/KYC requirements only, with the explicit consent of the borrower. Please note that separately, the aspects pertaining to DLG Guidelines as mentioned in this Policy shall only be applicable with respect to digital lending undertaking by Bhanix/App. With respect to the DLG Guidelines, respective parties shall comply with the extant RBI guidelines in this respect.

4. DATA COLLECTED BY US

To create an account on the App or Bhanix’s website, you must provide us with the basic details and information required as part of our Customer Identification process and you agree to our User Terms and Conditions and this Privacy Policy, which governs how we treat your information. App collects basic information required to provide customized services (for example: loan offers, content, more relevant ads), including your name, mailing address, postal code, job title, family details, employer details, phone number, PAN No., employment information, salary slips, declarations, your description and details in your account, financial information such as bank account etc. Such data is stored in our systems in accordance with Rule 3(h) of the Intermediary Rules and the Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules, 2011 (“IT RSP Rules”).

You will register with us using your Facebook or LinkedIn account or Google identity or any other third party website mentioned on our Platform (“Third Party Sites”). You understand that, by creating an account or by registering through Third Party Sites, we and others will be able to identify you by your profile. We will also not be liable for the photographs and data that the users might upload, which are not in accordance with applicable law. We will ask for your bank account details only for the service provided by us. Such data is stored in our systems in accordance with Rule 3(h) of the Intermediary Rules and the IT RSP Rules.

All the information that you shall provide us is voluntary, including sensitive personal information. You understand that we may use certain information of yours, which has been designated as ‘sensitive personal data or information’ under the IT RSP Rules for the purpose of providing you the services and for sharing the information only with affiliates such persons who are identified in this Privacy Policy who are subject to this Privacy Policy, as will be explained further below.

Please note that we always ask for your permission before accessing the information on your phone. We collect and monitor only your financial transaction SMS, names of transacting parties, transaction description and amount to perform a credit risk assessment. Such data is stored in our systems in accordance with Rule 3(h) of the Intermediary Rules and the IT RSP Rules. No personal SMS data is collected, read or stored. All information requested is relevant to create a credit score which helps us make faster credit disbursals and better credit limits. You may choose not to provide the information requested. However, your credit score may be inaccurate or unavailable for your application as a result.

We hereby confirm that we do not store your personal information, except the following personal information provided in Clause 4.1 of the Policy which is necessary to carry out our business operations which may be shared with third parties. The App does not store personal information of borrowers/users except some basic minimal data (viz., name, address, contact details of the customer, etc.) that may be required to carry out business operations.

We may collect data about you from a variety of sources, including through:

1. Online and electronic interactions with us, including via the website, mobile applications, text messaging programs or through our pages on third party social networks.
2. Your interaction with online targeted content (such as advertisements) that we or service providers on our behalf provide to you via third party websites and/or applications.

4.1 DATA THAT YOU PROVIDE US DIRECTLY

This includes the types of personal or sensitive personal data that you provide us, in addition to the data mentioned in Section 4 above, with your consent for a specified purpose of providing you the services as mentioned in the Platform, including the following, under Rule 3 of the IT RSP Rules.

Some of these may be regarded as sensitive personal data or information under Rule 3 of the IT RSP Rules. We shall use the information collected by us only for the purpose for which it has been collected, for a specified purpose of providing you the services as mentioned in the Platform.

1. Personal contact information, including any information allowing us to contact you in person. It would include, but is not limited to, users’ KYC details, borrowers’/users’ academic information and documents, co-borrowers/users’ financial documents, etc.
2. Demographic information, including date of birth, age, gender, location. We may also collect the location data, if enabled by you to do so. Geolocation includes country of access, IP address, etc.
3. User image, for us to cross check and verify the authenticity of the User and for prevention of fraud.
4. Account login information including any information that is required for you to establish a user account with us. (e.g. login ID/ email, user name, password and security question/answer);
5. Consumer feedback, including information that you share with us about your experience in using our services (e.g. your comments and suggestions, testimonials and other feedback)
6. We may collect the Usage data, including but not limited to access date and time, platform features and/or pages viewed, type of browser, hardware models, operating systems and versions, software, mobile network data, etc.
7. The data collected, as mentioned above, is solely restricted to the above-mentioned activities and will not be in further used for any other purpose. In case we use the data for any other purpose, explicit consent shall be taken from the customers.
8. We will desist from accessing mobile phone resources like file and media, contact list, call logs, telephony functions from user phone resources.
9. We will ensure that access to camera, microphone, location or any other facility necessary for the purpose of on-boarding/ KYC requirements and only with the explicit consent of the user.
10. We will ensure that biometric data is stored/collected in the systems, only in accordance with applicable law and the IT RSP Rules.
11. We will ensure that all data is stored only in servers located within India, while ensuring compliance with statutory obligations/ regulatory instructions.
12. You are provided with an option to give or deny consent for use of specific data, restrict disclosure to third parties, data retention, revoke consent already granted to collect personal data and if required, make the App (as defined under the DLG Guidelines) delete/forget the data. In case of withdrawal or modification of your consent or your amendment of any of your choices in this regard, we reserve the option not to provide the services or modify the services provided to you for which such information was sought.

4.2 DATA WE COLLECT WHEN YOU VISIT OUR PLATFORM

APP Permissions 

SMS Permission: We will request permission to view SMS messages relating to financial transactions only in order to determine your income and expense profile. Bhanix and/ or the App will only access financial SMSs sent by 6- digit alphanumeric senders from the inbox which helps us identify the various accounts held by the user and to help perform an optimal ‘credit risk assessment’ of the user.

The data is accessed by our machine learning models only. We will only access those messages that are relevant to this purpose and will not read / store/share irrelevant or personal messages in any form or manner. The permission is voluntary and can be revoked at any time. However, denying access may lead to an inaccurate assessment of the user’s credit assessment on the platform. The data accessed by the said permission is stored in our systems in accordance with Rule 3(h) of the Intermediary Rules and the IT RSP Rules.

Phone Permission: Collect and monitor specific information about your device including your hardware model, operating system and version, unique device identifiers like IMEI and serial number, user profile information and mobile network information to uniquely identify the devices and ensure that unauthorized devices are not able to act on your behalf to prevent frauds. The data accessed by the said permission is stored in our systems in accordance with Rule 3(h) of the Intermediary Rules and the IT RSP Rules.

Contact: We do not collect or store contact information. However, we request the users to provide us with contact references for the purpose of filling the reference details screen during the loan application stage. The data accessed by the said permission is stored in our systems in accordance with Rule 3(h) of the Intermediary Rules and the IT RSP Rules.

Location Permission: Bhanix and/or the App will request permission to capture the user’s location for verification, risk analysis and operational purposes. The user’s location will enable Bhanix and/ or the App to verify addresses, determine serviceability and expedite the KYC process. The data accessed by the said permission is stored in our systems in accordance with Rule 3(h) of the Intermediary Rules and the IT RSP Rules.

Apps Permission: Collect and monitor a list of installed apps on your device for credit profile enrichment Accounts Permissions Collect and monitor the list of accounts on your device for credit profile enrichment. The data accessed by the said permission is stored in our systems in accordance with Rule 3(h) of the Intermediary Rules and the IT RSP Rules.

Information Collection and Use 

For a better experience, while using our service, we may require you to provide us with certain personally identifiable information, including but not limited to User info. The information that we request will be retained by us and used as described in this privacy policy.

The app does use third party services that may collect information used to identify you.

Certain third-party providers’ services are used by the App including the following: (i) Google; (ii) Facebook; (iii) IOs/ Apple, (iv) LinkedIn etc.

Log Data 

We want to inform you that whenever you use our service, in a case of an error in the app we collect data and information

(through third party products) on your phone called Log Data. This Log Data may include information such as your device Internet Protocol(“IP”) address, device name, operating system version, the configuration of the app when utilizing our service, the time and date of your use of the service, and other statistics.

Cookies 

Cookies are files with a small amount of data that are commonly used as anonymous unique identifiers. These are sent to your browser from the websites that you visit and are stored on your device’s internal memory.

We may set cookies to track your usage on our web application platforms. We use data collection devices such as “cookies” on certain pages of the App and Website to help analyze our web page flow, measure promotional effectiveness, and promote trust and safety.

These are used to enhance your experience with our App. We use cookies to help us identify who you are, so your login experience is smooth each time. Cookies also allow us to collect Non-Personally Identifiable Information from you, like which pages you visited and what links you clicked on. Use of this information helps us to create a more user-friendly experience for all visitors.  In addition, we may  use  Third  Party  Advertising  Companies  to  display advertisements on our App. By using the app, you signify your consent to our use of cookies.

Please note that if you decline or delete these cookies, some parts of the App may not work properly.

Service Providers 

We may employ third-party companies and individuals due to the following reasons:

• To facilitate our service.
• To provide the service on our behalf.
• To perform service-related services; or
• To assist us in analyzing how our service is used.

We want to inform users of this service that these third parties have access to your personal information. The reason is to perform the tasks assigned to them on our behalf. However, they are obligated not to disclose or use the information for any other purpose.

Security 

We value your trust in providing us your Personal Information, thus we are striving to use commercially acceptable means of protecting it. But remember that no method of transmission over the internet, or method of electronic storage is 100% secure and reliable, and we cannot guarantee its absolute security.

You can access your personal identity details on our App through your login and password. We recommend that you do not share your password with anyone. In addition, your personal details are stored on a secure server located in India that only selected personnel contractors and authorised Agencies have access to on a need- to- know basis. We encrypt certain sensitive information using Secure Socket Layer (SSL) technology to ensure that your personal details are safe as it is transmitted to us.

Protection of your privacy and your data security is a top priority for us. We encrypt your data and store it in multiple databases. There are security group and firewall checks to control the APIs with multi-level authentication, authorisation and verifications.

However, you understand and accept no data transmission over the Internet can be guaranteed to be completely secure. We cannot ensure or warrant the security of any information that you transmit to us and you do so at your own risk. Data pilferage due to unauthorized hacking, virus attacks, technical is possible and we take no liabilities or responsibilities for it, except to the extent permitted in law. In case such security breach happens, we take the following steps as mentioned in Para 10 of this Policy.

Links to Other Sites 

This service may contain links to other sites. If you click on a third-party link, you will be directed to that site. Note that these external sites are not operated by us. Therefore, we strongly advise you to review the Privacy Policy of these websites. We have no control over and assume no responsibility for the content, privacy policies, or practices of any third-party sites or services.

5. DIVULGING/SHARING OF PERSONAL INFORMATION

1. We may share your personal information with other corporate entities and affiliates to help detect and prevent identity theft, fraud and other potentially illegal acts; correlate related or multiple accounts to prevent abuse of our services, to facilitate joint or co-branded services, where such services are provided by more than one corporate entity, or if required to do so in course of our business operations. The third parties to whom your data may be disclosed shall not disclose the data further.
2. We may disclose personal information if required to do so by law or if we in good faith believe that such disclosure is reasonably necessary to respond to subpoenas, court-orders, or other legal processes.
3. If we are involved in a merger, acquisition, or sale of assets, we’ll continue to ensure the confidentiality of your personal information and give affected users notice before personal information is transferred or becomes subject to a different privacy policy. Business Transfers: As we continue to develop our business, we might sell or buy business units. In such transactions, customer information generally is one of the transferred business assets but remains subject to the promises made in any preexisting Privacy Policy (unless, of course, the customer consents otherwise). Also, in the unlikely event that Bhanix’s or the Company’s India’s assets or substantially all of its assets are acquired, customer information maybe one of the transferred assets.
4. Third party service providers: We may employ other companies and individuals, call centres, payment gateways, banks to perform functions on our behalf. Examples include delivering e-mail, analyzing data, providing marketing assistance, providing search results and links (including paid listings and links) and providing customer service. They have access to personal information needed to perform their functions but may not use it for other purposes. Further, they must process the personal information in accordance with this Privacy Policy and as permitted by applicable law.
5. Protection of App: We release personal information when we believe, release is appropriate to comply with the law; enforce or apply our User Terms and Conditions and other agreements; or protect the rights, property or safety of App, our users or others. This includes exchanging information with other companies, organizations, government or regulatory authorities for fraud protection and credit risk reduction.

6. USE OF PERSONAL INFORMATION

We and our affiliated partners may use the personal information submitted by you to contact you in relation to the services offered. This shall override any calling preferences, which you may have registered in the NDNC.

7. SECURITY

Transactions on the Website are secure and protected. Any information entered by the User when transacting on the Website is encrypted to protect the User against unintentional disclosure to third parties. The User’s credit and debit card information is not received, stored by or retained by the Company / Website in any manner. This information is supplied by the User directly to the relevant payment gateway, which is authorized to handle the information provided, and is compliant with the regulations and requirements of various banks and institutions and payment franchisees that it is associated with.

8. THIRD PARTY ADVERTISEMENTS / PROMOTIONS

We use third-party advertising companies to serve ads to the users of the Website. These companies may use information relating to the User’s visits to the Website and other websites in order to provide customised advertisements to the User. Furthermore, the Website may contain links to other websites that may collect personally identifiable information about the ser. The

Company/Website is not responsible for the privacy practices or the content of any of the aforementioned linked websites, and the User expressly acknowledges the same and agrees that any and all risks associated will be borne entirely by the User. We strongly advise you to review the privacy policy of every site you visit.

9. DATA PROTECTION OFFICER AND GRIEVANCE REDRESSAL OFFICER

If you have any complaint under the Information Technology Act 2000, the IT RSP Rules or any FinTech/ digital lending related complaints/issues, the contact details of the Data Protection Officer and Grievance Redressal Officer are provided below.

The Data Protection and Grievance Redressal Officer should acknowledge the complaint within 24 (twenty-four) hours and dispose of such complaint within a period of 15 (fifteen) days from the date of its receipt.

Mr. Prateek Saxena
5th Floor, Paville House, Twin Towers Lane,
Off Veer Savarkar Marg, Prabhadevi,
Mumbai-400025.
Phone number: 022-46047350
E-Mail ID: bhanix@cashe.co.in

10. DATA SECURITY & RETENTION

10.1 DATA SECURITY

In order to keep your personal data secure, we have implemented a number of security measures including:

We value your Personal Information, and protect it on the Platform against loss, misuse or alteration by taking extensive security measures. In order to protect your Personal Information, we have implemented adequate technology and will update these measures as new technology becomes available, as appropriate. All Personal Information is securely stored on a secure cloud setup and all communication happens via secure SSL communication channels.

You are responsible for all actions that take place under your User Account. If you choose to share your User Account details and password or any Personal Information with third parties, you are solely responsible for the same. If you lose control of your User Account, you may lose substantial control over your Personal Information and may be subject to legally binding actions.

No data collected and allowed to be stored by us shall be stored in any server which is not located in India.

Standards for handling security breach:

1. All suspected or reported security breaches or violations shall be logged and tracked from initiation of the preliminary analysis to determine whether there was a security breach or violation till completion of actions taken.
2. Appropriate contacts with relevant authorities shall be maintained to escalate to respective authorities as required, including the local cyber cell information.
3. Below mentioned are the steps for handling security breach:

• Move quickly to secure the systems and fix vulnerabilities that may have caused the breach.
• Switch off the servers and change the access code to prevent additional data loss.
• Mobilize the breach response team right away to prevent additional data loss.
• Additional security required will be placed.
• Securely delete personally identifiable information (PII) and other sensitive data when it no longer needed for business purposes.

1. if any security breach comes to our knowledge, then we may take all steps required to protect misuse of such information and may attempt to notify you electronically so that you can take appropriate steps.
2. As per the Indian Computer Emergency Response Team (“CERT-In”) cyber-security directions under Section 70B (6) of the Information Technology Act, 2000 (CERT Directions), we shall report cyber incidents (as mentioned in Annexure I of the CERT Directions) within 6 (six) hours of noticing such incidents or being brought to notice about such incidents. For incidents not covered herein, we shall report cyber security incidents within a reasonable time of occurrence or noticing the incident to have scope for timely action under Rule 12(1)(a) of the CERT Rules, any entity affected by cyber-security incidents should. We shall report the cyber security incidents if they arise to: CERT- In via an email (incident@cert- in.org.in), Phone (1800-11-4949) and Fax (1800-116969). We shall comply with the Information Technology Act 2000 and the rules thereunder with respect to the applicable cyber security standards.

10.2 RETENTION & DATA PURGING

We will only retain your personal data for as long as it is necessary for the stated purpose, taking into account also our need to answer queries or resolve problems, provide improved and new services, and comply with legal requirements under applicable laws. This means that we may retain your personal data for a reasonable period after your last interaction with us. Kindly note that we do not sell your personal data to any third party and the use of your personal data is strictly restricted to the services provided by us, as mentioned herein. Your data will be stored in our systems in accordance with the Information Technology Act, 2000, Rule 3(h) of the Intermediary Rules and the IT RSP Rules (“IT RSP Rules”).

When there is no longer a business, legal, or regulatory requirement to keep the data, then the data will be purged in a secure manner.

Data Destruction Protocol: All the data, including all the copies thereof will be destroyed post the completion of the business, legal or regulatory requirement. In case the data are stored in physical form, that is, CDs, DVDs, Pen Drive, tapes, etc., then the physical device storage shall be destroyed. In case the data are stored in digital form, then secure erasure of individual folders and/or files will be done.

11. YOUR RIGHTS

As per the applicable data protection law, your principal rights are as follows. Please read this in in conjunction with the Policy, specifically Clause 4.1:

Right to withdraw consent: You have the option, at any time while availing our Services or otherwise, to withdraw your consent given to us, for processing your data. In case of withdrawal of your consent, we reserve the option not to provide the Services for which such information was sought. In case the Services are already availed and then you raise a request to withdraw consent, then we have the right to retain to stop the provision of the Services.

You have the right to exercise any of the above rights by contacting our Data Protection Officer(“DPO”) as mentioned under Clause 9 of this Policy. Once we receive your request and verify the same satisfactorily, we shall proceed with assisting you on your request.

12. APPLICABLE LAWS & DISPUTE RESOLUTION

Any controversy or claim arising out of or relating to this policy shall be decided by Arbitration in accordance with the Arbitration and Conciliation Act 1996 and the governing law shall be the laws of India. The Arbitral Tribunal shall consist of one arbitrator who shall be appointed in accordance with the Arbitration and Conciliation Act 1996.Any such controversy or claim shall be arbitrated on an individual basis and shall not be consolidated in any arbitration with any claim or controversy of any other party. Any other dispute or disagreement of a legal nature will also be decided in accordance with the laws of India, and the Courts at Mumbai shall have exclusive jurisdiction in all such cases, subject to the foregoing.

13. REGULAR REVIEW OF PRIVACY POLICY

We keep our Policy under regular review and may update the same to reflect changes to our information related practices. We encourage you to periodically review this page for the latest information on our privacy practices, your continued use and access of our platform will be taken as acceptance of the updated policy.

FAIR PRACTICES CODE AND GRIEVANCE REDRESSAL MECHANISM

01. INTRODUCTION

The Fair Practices Code aims to provide to all those who will be associated with Bhanix Finance and Investment Limited (‘BFIL’ or ‘the Company’) with the information about the  practices that BFIL followsin respect of the financial facilities, loans and services provided,  which will facilitate its customers/borrowers to take informed decisions in respect of the  financial facilities and services to be availed of by them. The Fair Practices Code will apply  to any loan that BFIL may sanction and disburse.

BFIL has adopted the Fair Practices Code (the ‘FPC’) pursuant to Reserve Bank of India’s  (‘RBI’) Master Direction – Non-Banking Financial Company – Systemically Important Non Deposit Taking Company and Deposit Taking Company (Reserve Bank) Directions, 2016  updated from time to time. The Company would update the FPC to conform with the standards that may be prescribed by the RBI from time to time. The Company would abide  by this FPC following the spirit of the Code and applicability to its business.

The FPC has been approved by the Board of Directors of the Company and it will be  disclosed on the Company’s website.

02. KEY OBJECTIVES

a) The Company will conduct its business in accordance with prevailing rules and  regulations and corporate governance principles.
b) The Company’s dealings with its customers will rest on the principles of fairness,  transparency and honesty.
c) The Company will assist its customers in understanding the broad features of its  financial products and will provide them with key terms and conditions governing  sanction of credit facilities.
d) The Company will promote fair and cordial relations with its customers/borrowers.

03. DOCUMENTATION BY WAY OF ELECTRONIC/DIGITAL/APP BASED OR OTHER MEANS

a) All communication will be made in a language understood by the customers/borrowers  or in a vernacular language, wherever required.
b) The loan documentation set would, inter alia, include the broad features and the terms  and conditions governing the loan so that a meaningful comparison with the terms and  conditions offered by other NBFCs can be made and an informed decision can be taken  by the customers /borrowers.
c) The loan application form would indicate the documents required to be submitted by  the borrower. It would also indicate the rate of interest that will be charged to different  categories of borrowers.
d) An acknowledgement would be provided for all loan applications received along with  completed documents. The Company will indicate the approximate time frame within  which the loan application will be processed post the submission of a completed loan  application form and the borrowers will be informed about the status of their loan  applications within reasonable time. In case of specific app-based/paperless loans  provided, the Company would convey the details through email to the registered email  address of the borrower.

04. LOAN APPRAISAL AND TERMS & CONDITIONS

a) The loan applications would be subject to the Company’s credit appraisal process and  a due diligence on the creditworthiness of the customers/borrowers, which will form  an important parameter for taking a decision on a loan application.
b) BFIL would convey in writing to the customers/borrowers by means of a sanction letter,  the amount of loan sanctioned along with the terms and conditions including the  annualized rate of interest and method of application thereof. In case of specific  app based/paperless loans provided, the Company would convey the details mentioned above through email to the registered email address of the borrower.
c) BFIL would keep on its record the acceptance by the customers/borrowers of the terms  and conditions governing the sanction of the loan. In case of app-based/paperless  loans, a request by the borrower to disburse the sanctioned loan amount or  part  thereof would be deemed to be acceptance by the borrower of the terms and conditions governing sanction of loan.
d) At the time of sanction/disbursement of loans, BFIL would furnish to all  customers/borrowers a copy of the loan agreement / terms and conditions (if any) along with a copy of all enclosures mentioned in the loan agreement.
e) The loan agreement shall expressly stipulate the penal interest chargeable for late  payment / repayment of dues by the borrower, in bold.

05. DISBURSEMENT OF LOANS INCLUDING CHANGES IN TERMS AND CONDITIONS

a) BFIL would frame internal guidelines and procedures for determining and ensuring that  the interest rates and processing and other charges levied on the borrowers are not  excessive.
b) The disbursement will be initiated upon compliance with all the terms and conditions  of sanction of loan by the customers/borrowers. BFIL would give notice to the  customers/borrowers in the vernacular language or a language as understood by the  customers/borrowers of any change to the terms and conditions, including the disbursement schedule, interest rates, service charges, pre-payment charges, etc.
c) Changes in the interest rates and other charges would be effected prospectively other  than under circumstances arising from regulatory instructions.
d) The decision to recall/accelerate payment or performance under the agreement would  be in consonance with the terms and conditions of the loan agreement.

06. RELEASE OF SECURITIES

BFIL would release securities (if any) lying with it on repayment of all dues or on realisation  of the outstanding amount of loan subject to any legitimate right or lien for any other  claim that BFIL may have against the customers/borrowers. If such right of set off is to be  exercised, the customers/borrowers would be given notice about the aforesaid with full  particulars about the remaining claims and the conditions under which BFIL is entitled to retain the securities till the relevant claim is settled/paid.

07. GENERAL

a) The Company would refrain from interference in the affairs of the  customers/borrowers, except for the purposes provided in the terms and conditions  of the loan agreement (unless new information, not earlier disclosed by the  customers/borrowers  has come to the notice of the Company).
b) In case of a request from the borrower for transfer of the loan account to another  NBFC, bank or financial institution, the Company would convey its decision within 21  days from the date of receipt of request. Such transfer would be in accordance  with  the contractual terms entered into with the borrower and in consonance with law.
c) In the matter of recovery of loans, BFIL would not resort to undue harassment, i.e.  persistently bothering the borrower at odd hours, using muscle power for recovery  of loans, etc. The Company would ensure that its employees / recovery agent(s) are  properly trained to deal with customers in an appropriate manner.
d) The Company may arrange to enforce the security provided, if any, by delinquent  customers/borrowers. In all such instances, the Company would ensure that the  entire process of enforcing its security, valuation and realization thereof is fair and  transparent.
e) Cooling off/look-up period means the time window which shall be given to  borrowers for exiting digital loans, in case a borrower decides not to continue with  the loan.

The Cooling off/look up shall be three days for loans having tenor of seven days or  more and one day for loans having tenor of less than seven days. For borrowers  continuing with the loan even after look-up period, pre-payment shall continue to be  allowed as per extant RBI guidelines.

The Company will give option to borrower to exit digital loan by paying principal and  proportionate Annual Percentage Rate (APR) without any penalty during Cooling  off/look up period.

08. INTEREST RATE

a) The Company would lay down appropriate internal guidelines and procedures for  determining interest rates and processing and other charges, keeping in view the  guidelines indicated in the Fair Practices Code.
b) The Company will ensure that it does not unduly charge excessive interest rates to its  borrowers. The interest rate for its customers/borrowers would be arrived at taking  into account the broad parameters such as the risk profile of the   customers/borrowers, interest rate trends prevailing in the money market, cost of borrowings, primary and collateral security offered by customers/borrowers,  structure of the deal, interest rate charged by competitors and the historical track  record of the customers/borrowers with BFIL.
c) Interest rates would be intimated to the customers/borrowers at the time of sanction / availing of the loan. The rate of interest would be annualized so that the borrower  is aware of the exact rates that would be charged to the account.
d) The Company would not charge foreclosure charges / pre-payment penalties on all  floating rate term loans sanctioned to individual borrowers.

09. GRIEVANCE REDRESSAL MECHANISM

a) At present, there is a competitive lending business; hence, excellent customer service  is an important tool for sustained business growth.
b) At BFIL, customer service and satisfaction are the prime areas of focus. The company  believes that providing prompt and efficient service is essential not only to attract new  customers, but also to retain existing ones.BFIL has come up with a lot of initiatives  that are oriented towards providing a better customer experience and an efficient  grievance redressal mechanism with a view to providing an enhanced experience to  customers. In order to make the Company’s grievance redressal mechanism more  meaningful and effective, a structured system has been built. This system would ensure  that the grievance redressal sought is just and fair and is within the given framework  of rules and regulations.

The following is the Grievance Redressal Mechanism for customers: 

Escalation of complaints: First Level 

The customer/borrower may contact the support team of the Company in case of any  query/problem or grievance. The customer/borrower can:

• Write an email to the email ID: Grievance@Bhanix.in
• Write to the Company through the official website. www.bhanixfinance.com

The office would be operational between 10.00 am to 6.30 pm from Monday to Friday (except  a Public Holiday)

Escalation of complaints: Second Level 

If the customer/borrower is not satisfied with the response received from the Company,  he/she may raise the issue with Grievance Redressal Officer. The name and address and  contact details are as furnished below.

Ms. Pushpinder Kaur

Bhanix Finance and Investment Limited

5th Floor, Paville House, Twin Tower Lane,

Off Veer Savarkar Marg, Prabhadevi,

Mumbai – 400 025

Telephone No 022-46047350

Email ID: Grievance@Bhanix.in

BFIL shall endeavour to respond to each complaint within one month from the date of  receipt of the complaint.

Escalation of complaints: Third Level

If the complaint is not resolved within a period of 30 (thirty) days, the customer/borrower  may appeal to:

The Officer-in-Charge

Non-Banking Supervision Department, Reserve Bank of India,

3rd Floor, RBI Byculla Office Building

Opp. Mumbai Central Railway Station,

Byculla, Mumbai-400 008

Email ID: nbfcomumbai@rbi.org.in

Ph No. 022-2302-8140

10. OMBUDSMAN FOR NBFCs

(1) Reserve Bank – Integrated Ombudsman Scheme, 2021  

BFIL covered under the Reserve Bank – Integrated Ombudsman Scheme, 2021 shall  appoint Nodal Officer and Principal Nodal Officer in accordance with directions  provided under the said Scheme.

(2) Appointment of Internal Ombudsman  

BFIL may upon fulfillment of the criteria laid down under the circular on ‘Appointment  of Internal Ombudsman by Non-Banking Financial Companies’ dated November 15,  2021 shall appoint the Internal Ombudsman and adhere to the corresponding  guidelines as and when applicable.

11. REGULATION OF EXCESSIVE INTEREST CHARGED

(1) The rate of interest and the approach for gradation of risk and the rationale for  charging a different rate of interest to different categories of borrowers shall be  disclosed to the borrower or customer in the application form and communicated  explicitly in the sanction letter.

(2) The rates of interest and the approach for gradation of risks shall also be made  available on the website of the company or published in the relevant newspapers. The  information published on the website or otherwise published shall be updated  whenever there is a change in the rates of interest.

12. CONFIDENTIALITY AND DISCRIMINATION

BFIL shall treat all personal information of customers as private and confidential and shall  not divulge any information to a third person unless required by any law or government  authorities including regulators or a credit agency or where the sharing of information is  permitted by the customer.

BFIL shall not discriminate its customers on the basis of race, caste, gender, marital  status, religion or disability. However, the restrictions (if any) as mentioned in the loan  products shall continue to apply.

13. KYC

BFIL would explain the requirements of KYC Guidelines to its customers and inform them  about the documents required for establishing the identity of the customer before loan  sanctioning, account opening and operation.

BFIL would obtain only such information that is required to meet with the company’s  KYC, anti-money laundering or any other statutory requirements. In case any additional  information is asked for, it will be sought separately and shall specify the objective of  obtaining such additional information.

14. GUARANTORS

When a person is considered to be a guarantor to a loan, BFIL shall inform him/her of the  following under acknowledgement:

1. Letter/Deed of Guarantee stating the terms of liability as a guarantor.
2. BFIL shall keep him/her informed of any default in servicing of the loan by the  borrower to whom he/she stands as a guarantor.

15. COMPLIANCE WITH THE FPC

An annual review of the compliance with the FPC and the functioning of the grievance  redressal mechanism would be conducted. A consolidated report of such review would  be submitted to the Board of Directors every year.

Moratorium- Policy

A. Background:

Bhanix Finance and Investment Limited (hereinafter referred to as “CASHe”/” Company”) is a Public Limited Company incorporated under the Companies Act, 1956 and regulated & supervised by Reserve Bank of India.

On 27th March, 2020, the RBI has announced various regulatory measures to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure continuity of viable businesses (Reference RBI Circular no. RBI/2019-20/ 186 DOR. No. BP. BC.47/ 21.04.048/2019-20 dated March 27, 2020).

B. Policy Applicability:

This is in reference to the RBI’s press release date March 27, 2020 on “Statement on Developmental and Regulatory Policies”. The Statement sets out, inter alia, various developmental and regulatory policies that directly address the stress in financial conditions caused by COVID-19. Extract of the press release is as below- Point No. 5 reads as under:-

Moratorium on Term Loans:

All commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) (“lending institutions”) are being permitted to allow moratorium of three months on payment of instalments in respect of term loans outstanding as on March 01, 2020. Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, may be shifted across the board by three months.”

Further second para of point 6 reads as follows: ‘The moratorium / deferment is being provided specifically to enable borrowers to tide over the economic fallout from COVID-19. Hence, the same will not be treated as change in terms and conditions of loan agreements due to financial difficulty of the borrowers and, consequently, will not result in asset classification downgrade. The lending institutions may accordingly put in place a Board approved policy in this regard.”

Pursuant to the above, RBI has also issued Circular for the COVID-19 Regulatory Package vide RBI/2019-20/ 186 DOR. No. BP. BC.47/ 21.04.048/2019-20 dated March 27, 2020 titled “COVID-19- Regulatory Package” also states as follows:

“(i) Rescheduling of Payments- Term Loans and Working Capital Facilities

In respect of all term loans (including agricultural term loans, retail and crop loans), all commercial banks ( including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) (“lending institutions”) are being permitted to allow moratorium of three months on payment of instalments in respect of term loans outstanding as on March 01, 2020. The repayment schedule for all such loans as also the residual tenor, will be shifted across the board by three months after the moratorium period. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.”

On May 23, 2020 RBI has issued another Circular for the COVID-19 Regulatory Package vide RBI/2019-20/244 DOR. No. BP. BC.71/21.04.048/2019-20 dated March 23, 2020 titled “COVID-19- Regulatory Package” also states as follows:

(i) Rescheduling of Payments – Term Loans and Working Capital Facilities

In view of the extension of lockdown and continuing disruption on account of COVID-19, all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, All-India Financial Institutions, and Non-banking Financial Companies (including housing finance companies) (“lending institutions”) are permitted to extend the moratorium by another three months i.e. from June 1, 2020 to August 31, 2020 on payment of all instalments in respect of term loans (including agricultural term loans, retail and crop loans). Accordingly, the repayment schedule for such loans as also the residual tenor, will be shifted across the board. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period.

C. Customer Identification and Objective Criteria:

Identification of borrowers will be based on guidelines issued by RBI

• Moratorium would be approved on payment of all instalments falling due between March 01, 2020 and August 31, 2020.
• Customers already categorized as NPA and having payments overdue on or before February 29, 2020 will not covered within the ambit of the policy unless they clear their dues till 29th February 2020. However, management may provide the moratorium to a customer on case to case basis to cover other exigencies. The decision of the Company will be final on such cases.

D. Process

Since it is not mandatory for NBFC to offer moratorium to all borrowers, the Company may offer moratorium/deferment from one to six EMIs to borrowers on need based and who have been impacted by the COVID –19 crises.

The customers should communicate their request of moratorium on email to the Company.Once the request is submitted, Our Company representative(s) will ask the following information viz.

– Declaration and official communication from HR Head and Reporting Manager of that eligible customer stating :
– Partial Salary cuts; or
– Full Salary cuts; or
– Lay off;

The declaration should have the contact details of HR Head & Reporting Manager with official email ids. The declaration also clearly specifies the reason as e.g. business loss due to COVID-19 and subsequent lock down. Any reasons pertaining to employee’s performance, behavior or reasons not relevant to existing circumstances will be deemed unacceptable and the application will be rejected.

Once we will receive the requisite details, we will review the claims and share the final update to the customer with further plan of action, if any. Customer request will be processed once the NACH/E-Mandate is being registered/initiated with the Company.

E. Moratorium Period and Methodology:

Customers who are requesting for availment of moratorium/deferment will be informed about the financial implications of such moratorium/deferment including the applicable interest on such action.

• EMI would not be charged to the customer whom moratorium is granted.
• Interest amount of the EMI deferred would be capitalized in the loan
• Residual tenor would remain same though EMI for subsequent months will be increased to give effect of the capitalization of interest
• Company would continue to present EMI dues as per normal process for the period March to August’20 for all customers, unless such customers specifically requested for moratorium after taking cognizance of the additional financial implication on their loan because of the moratorium/deferment.
• Moratorium/deferment of EMI would be done month wise or upto Six months at a time for EMI’s falling due between 1st March 2020 to 31st August 2020 decision for the same will be taken on a case to case basis.

G. Asset Classification:

The loan accounts to whom relief has been granted by way of moratorium within the ambit of this policy and as governed by RBI circular, will not result in asset classification and/or downgrade.

The account status reporting to Credit Information Companies (“CIC”) will be as per the status prior to the moratorium period.

H. Implementation & review of Policy:

The Board of Directors are authorized to approve any operational procedures/guidelines as may be required to implement the policy and make any changes to the policy in line with the directions/guidelines issued by RBI from time to time.

The policy shall be reviewed as and when considered necessary by the Board of Directors of the Company.

I. Display on Website:

The Board Approved-Moratorium Policy will be hosted on the Company’s website for our customers information and benefit as mentioned in the RBI’s circular.

Bhanix Finance and Investment Limited

Policy on Restructuring of Stressed Assets under Resolution Framework – 2.0

A. Background:

Bhanix Finance and Investment Limited (hereinafter referred to as “the Company” or “NBFC” or “Lender”) is a Public Limited Company incorporated under the provisions of the Companies Act, 1956 and registered as a non-deposit accepting Non-Banking Financial Company (“NBFC”) with the Reserve Bank of India (“RBI”).

The RBI on August 06, 2020, vide its circular no. RBI/2020-21/16 DOR. No. BP. BC/3/21.04.048/2020-21 has released guidelines for NBFCs on implementation of resolution framework for COVID-19 related stress (“Resolution Framework – 1.0”).

Earlier on June 7, 2019, the RBI had issued directions on Prudential Framework for Resolution of Stressed Assets commonly referred to as RBI (Prudential Framework for Resolution of Stressed Assets) Directions 2019 (“Prudential Framework”), which provides a principle-based resolution framework for addressing borrower defaults under a normal scenario.

However, the economic fallout on account of the COVID-19 pandemic has led to financial stress for borrowers nationwide and the resultant stress can potentially impact the long-term viability of many Companies, otherwise having a good track record, due to their debt burden becoming disproportionate relative to their cash flow generation abilities.

Considering the above, the RBI under Resolution Framework 1.0, provided a window under the Prudential Framework and enabled the lenders to provide a resolution framework to the eligible borrowers for repayment of their loan by way of restructuring the loan or extending the tenure for repayment of the debt.

The resurgence of Covid-19 pandemic in India in the recent weeks and the consequent containment measures to check the spread of the pandemic may impact the recovery process and create new uncertainties. With the objective of alleviating the potential stress to individual borrowers, RBI on May 05, 2021 vide its circular No. RBI/2021-22/31 DOR.STR.REC.11/21.04.048/2021-22 has released Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses. These set of measures are broadly in line with the contours of the Resolution Framework – 1.0, with suitable modifications.

B. Objective of the Policy:

The objective of the Policy is to facilitate the overall revival of real sector activities in the long run, and to save the Company from having an impact on its financial stability risks due to its debt burden becoming disproportionate relative to its cash flow generation abilities by implementing resolution plans for the eligible borrowers.

C. Definitions:

For the purposes of this policy, the below terms shall have the meaning as provided hereinunder:
a) Board: The Board shall mean the Board of Directors or any authorized committee(s) of the board of the Company.

b) COVID-19: Coronavirus Disease or COVID-19 is an infectious disease, which was declared as a global pandemic by World Health Organization on 11 March 2020.

c) Eligible Borrower/s: For the purpose of resolution plan under this Policy, eligible borrower shall mean:

• The borrowers who have availed personal loans and classified as Standard Assets as on March 31, 2021 and have not availed of any resolution in terms of the Resolution Framework – 1.0 earlier.
• The borrowers having stress on account of COVID-19; and in respect of whom the Company is willing to consider the resolution under this Policy.

d) Non-Eligible Borrower/s: Non-Eligible Borrowers shall mean the personnel or staff of the Company to whom it has extended credit facility or personal loans.

e) Standard Assets: Standard asset shall mean the asset in respect of which, no default in repayment of principal or payment of interest is perceived and which does not disclose any problem or carry more than normal risk attached to the business.

f) Personal Loans: Personal loans refers to loans given to individuals and consist of (a) consumer credit, (b) education loan, (c) loans given for creation/ enhancement of immovable assets (e.g., housing, etc.), and (d) loans given for investment in financial assets (shares, debentures, etc.).

g) Date of Invocation: The date of invocation means the date on which both the borrower and lender have agreed to proceed with a resolution plan for the Eligible Borrower in terms of this Policy. However, in no case the Date of Invocation be later than September 30, 2021. The decision to invoke the resolution process under this window of the Company shall be independent of invocation decisions taken by other lending institutions, if any, having exposure to the same borrower.

D. Eligibility for resolution under this Policy:

The Company shall take into consideration only the Eligible Borrowers for the purpose of considering and implementing the resolution plans. However, it is necessary that the Eligible Borrowers account is classified as Standard Asset as on March 31, 2021.

Keeping in view the RBI guidelines issued from time to time, the Board will consider and provide suitable resolution/restructuring plans for the Eligible Borrowers, provided the same shall not exceed a period of one year from the date of restructuring of the personal loans/credit facility.

E. Timelines for resolution:

The resolution plan for the Eligible Borrower account under this Policy shall be invoked latest by September 30, 2021 and must be implemented within 90 (Ninety) days from the Date of Invocation. In respect of applications received by the Company from its borrowers for invoking resolution process under this window, the assessment of eligibility for resolution as per this policy shall be made and the decision on the application shall be communicated in writing to the applicant by the Company within 30 days of receipt of such applications.

F. Implementation of resolution (also known as “Date of Implementation”):

A restructuring of loan would be treated as implemented upon fulfilment of all of the following conditions:
a) All related documentation, including execution of necessary agreement(s), if any, between Lender and Eligible Borrower are completed;
b) The new loan amount and/ changes in the terms and conditions of the existing loan account get duly reflected in the books of accounts of the Lender
c) The Eligible Borrower is not in default with the Lender as per the revised terms and conditions.

G. Due Diligence Process:

The Company on receipt of a written request application/email from the Eligible Borrower, shall evaluate the proposal for restructuring of the personal loan account(s) including evaluation of necessary documents.

On due evaluation of the request submitted by the Eligible Borrower, the concerned team of the Lender shall execute with the Eligible Borrower necessary amendment agreement or other necessary documents in order to record the revised terms and implement viable resolution plan(s), as provided in clause D herein above.

H. Grievance Redressal Mechanism

The customer/borrower may follow the grievance redressal mechanism of the Company as displayed in Fair Practices Code of the Company available on the following link: https://www.bhanixfinance.com/pdf/Fair-Practice-Code.pdf.

I. Disclosure in the Financial Statement:

The Company shall make appropriate disclosures about the restructured accounts in terms of this Policy in its annual financial statements under the “Notes to Accounts”.

J. Credit Reporting by the Company:

The credit reporting by the Company in respect of borrowers where the resolution plan is implemented under this window shall reflect the “restructured due to COVID-19” status of the account the credit history of the Eligible Borrowers shall consequently be governed by the respective policies of the credit information companies as applicable to accounts that are restructured.

K. Miscellaneous:

1. Display on Website: The Board approved policy on restructuring of stressed assets will be hosted on the Company’s website for our customers information and benefit.
2. Effective date: This Policy shall be effective from the date of approval of this Policy by the Board.
3. Review of Policy: The Policy shall be reviewed as and when required by the applicable rules and regulations.
4. While Policy outlines the broad internal guidance that the Company will follow to take decisions regarding this restructuring of stressed assets/loan, the Company retains the discretion to take decisions regarding this Policy depending on case specific issues or nuances. The Company reserves the right to amend the Policy within the framework of RBI guidelines.

Users who refer their friends to CASHe will henceforth be called “Referrers” and the friends who join CASHe using the referrer’s code or link will be called “Referees”.

A Referrer can participate in CASHe Refer and Earn program by referring his/ her referral code or link with eligible friends and getting them to download and register in the app for the first time.

Participation in the Refer & Earn program automatically implies an agreement to the following terms.

Who can Refer & How?

• Users above the age of 18 years who download the CASHe app and register successfully are eligible to make referrals.
• Each Referrer gets a unique referral code/link which she can share with other eligible users to join the CASHe platform
• The referrer is entitled to earn some amount via scratch card for every successful referral. The amount of scratch card can vary as per company’s discretion.
• The referrer should not be a new user, defaulted or defaulted block user in the company records to receive the referral reward.

Who will be considered a Referee?

• The Referee must be a user who is a salaried professional above 18 years of age, earns a monthly salary of greater than or equal to Rs. 12000, received salary via cheque or directly in bank account.
• The Referee must use the referral code or link of the Referrer to download the CASHe app on a unique device on which CASHe app was never installed.
• All details entered by the Referee for registration such as phone number, email id, etc. must be unique and must have never been used on CASHe app earlier
• Once the Referee uses the Referral link or code of the Referee, a referral code in order to be counted as a valid referral code will be subject to internal checks placed by the company.
• The decision of the company will be deemed as final in case of any disputes or disagreements related to the validity of referral code.
• The reward type and amount can vary for the Referee as per company’s discretion.

What is considered as a successful referral?

A referral will be counted as successful referral only when the referee receives his/her first CASHe loan amount.

Referral Terms

• All the Referrer and Referees must be a resident of India.
• All Referrers and Referees must comply with all the terms of the Referral program. Referrals will be counted as successful, and payouts will be made only if the referrals are in accordance with the terms of Referral program.
• The Referee should not have downloaded the CASHe app and should not have registered on CASHe earlier
• One person can be referred to the CASHe platform only once. In case two or more people refer the same person to join, the referral will be counted for the user whose referral code or link has been used
• CASHe is entitled to run specific algorithms to qualify referrals as genuine. In case of any fraudulent or unethical practices, CASHe reserves the right to cancel all referrals and transactions and suspend the account without prior notice. No correspondence in this matter will be entertained.
  • the referral program without prior notice;
  • amend any policy features, terms, and conditions and/or any payment terms with respect to this referral or similar program; and
  • discontinue any offer related to the referral program all together without serving any prior notice
• In the event of a dispute, the final decision rests with CASHe.
• Daily and monthly limits for the referrals and referral payouts can be imposed and enabled without prior notice to reduce instances of fraud.
• The amounts mentioned on each scratch card are randomly distributed and may vary for each referral and may also vary for the Referrer and the Referee.
• There could be multiple scenarios in which a referral may seem eligible but there could be technical (or other) reasons for it to not be counted as a successful referral. In such cases the final decision rests with CASHe

1. INTRODUCTION

In order to ensure its standards of transparency, in conformity with the stipulations of the Reserve Bank of India’s (hereafter referred to as ‘RBI’) directives, Bhanix Finance and Investment Limited (“BFIL”) has adopted the following interest rate policy:

2. INTEREST RATE MODEL AND APPROACH FOR GRADATION OF RISK

The interest rate to be charged to the borrower for the loans will be decided keeping in view the RBI’s guidelines.

1. Interest rate will be arrived based on the following broad parameters:
   a) Risk profile of the borrower;
   b) Interest rate trend prevailing in the money market;
   c) Cost of borrowings;
   d) Interest rate charged by competitors;
   e) Tenure of the borrowing;
   f) Historical track record of the borrower with the BFIL ;
   g) Administrative cost and profit margin.
2. Interest rate would be intimated to the borrower at the time of sanction / availing of the loan.
3. The rate of interest for the same product and tenor availed during same period by different borrower need not be uniform. It could vary for different products for the same or different borrower.
4. The interest rates could be offered on fixed/variable rate basis.
5. Interest is calculated on the loan amount sanctioned to the borrower.
6. The interest shall be payable immediately on the due date as mentioned in the loan agreement oras communicated.
7. In case of delay in payment of any dues by the borrower, the agreed upon rate of interest may beenhanced accordingly as delayed interest rate and such enhanced delayed rate of interest may be applied on the unpaid liability, indebtedness or part thereof which is due but not paid on due date for the period it remains unpaid. The aim of the BFIL is not to make money out of it but to encourage prompt and timely repayment of dues of the BFIL and to deter the borrower from intentional delay in honouring commitments. However, in deserving cases, the incremental rate on interest may be completely waived off or settled at reduced rates.
8. No interest is payable on credit balance in borrower’s account.
9. The final lending rate for each loan or various products offered by BFIL will be arrived at aftertaking into account market reputation, prevailing interest rate in the market, credit and default risk associated with the particular borrower/borrowers’ group, historical performance of the borrower/borrowers’ group, profile of the borrower/borrowers’ group, tenure of relationship with the borrower/borrowers’ group, the administrative cost and profit margin, etc. Such information is gathered based on information provided by the borrower/borrowers’ group, credit reports, market intelligence and any other information as available to BFIL.
10. The lending rate of BFIL should not be less than the lowest of the rate of interest charged on the funds borrowed by BFIL. The lending rate is subject to change as per the discretion of management of BFIL based on the variables as set by the management of BFIL.

3. PROCESSING / DOCUMENTATION AND OTHER CHARGES

The processing/ documentation and other charges recovered will be expressly stated in the Loan Agreement.

The BFIL may levy any of the below mentioned fees, charges, etc. to the borrower on case-to-case basis:

The aim of BFIL to levy the abovementioned charges other than those mentioned as Loan Processing Charges is not to make money out of it but to encourage prompt and timely repayment of dues of the BFIL and to deter the borrower against intentional delinquency. However, in deserving cases, such additional / penal interest may be completely waived off or settled at much lower rates.

4. DISCLOSURE

Appropriate disclosure regarding this Interest Rate Policy shall be made on the Company website.

5. POLICY REVIEW

This policy shall be reviewed and updated periodically for any changes and be approved by Board of the Directors.