Lenditt Innovations & Technologies Pvt. Ltd have developed a mobile application called Lenditt (hereafter referred as “Mobile App/Website”) through which you may apply for a short term loan (Loan) to be granted by various non-banking financial company OR Banks (Lender), based on the loan agreement executed between you and LENDER. LENDER has appointed and authorized us to collect, store, authenticate, verify and distribute the Personal Information (defined below) as may be required by LENDER to sanction the Loan. The Personal Information shall be collected through the mobile application form (Mobile Application Form) available on the Application.
Interest rate 0% – 30% per annum based on the product availed
Tenure 3 months to 6 months
Processing fee starts at just ₹ 350
No membership or upfront fees
- Representative cost of a loan:
- Example of loan calculation and total cost to customer assuming loan amount of ₹10,000 at 20% interest per annum for 3 months.
- • Total Loan Amount: ₹10,000
- • Interest Rate per annum: 20%
- • Processing Charges: ₹350
- • Stamp Charges: ₹320
- • Amount which will be disbursed to Customer: ₹9,330
- • Total repayment EMI : 3
- • EMI per month: ₹3,779 (this includes principle of ₹3,557 + interest of ₹222)
- • Total loan cost to Customer: ₹11,336 at the end of their loan tenure (this includes principle of ₹10,000 + processing fees of ₹350 + stamp duty of ₹320 + interest of ₹666)
“LENDER” shall mean non-banking financial company or Banks with whom the Company has tied up for loan sanction, which would sanction, process, and grant the Loan to the Customer(s), through the Platform.
“Company” or “we” shall mean Lenditt Innovations & Technologies Private Limited , a company incorporated under the Companies Act, 2013 having its registered office at Sur No.239/1/2, FP.11 TP 37, Thaltej, Ghatlodiya Ahmedabad Ahmedabad GJ 380058 IN
“Customer(s)” or “you” or “End-Users” shall mean any person who accesses, downloads, uses, views the Platform and the Services.
“Loan” shall mean the loan that you may apply for through the Platform and which is sanctioned and granted by LENDER, subject to the applicable terms and conditions of the Loan Agreement.
“Loan Agreement” shall mean the loan agreement to be executed between LENDER and the Customer(s) for granting the Loan whether in physical or electronic form as may be applicable from time to time.
“Online Stores” shall mean Windows Store, Android Google Play, iOS App store, or any other online store or portal where the App will be made available by the Company to the End-Users, from time to time.
“Outstanding Amount(s)” shall mean the Loan, interests, and charges due and payable by you to LENDER, on the respective due date(s).
“Platform” shall mean the App and the Website collectively.
“Services” shall mean the services of granting, sanctioning, lending of short term loans, through the Platform by LENDER.
“Third Party Platforms” shall mean social networking platforms, such as Facebook, LinkedIn and other similar platforms.
“User Data” shall mean any data, information, documents or materials submitted with the Company prior to or during the use of the Services.
“Website” shall mean www.lenditt.com, managed, and operated by the Company for the provision of Services.
Personal Information Collected
In order to avail the Services, you are required to register with the Company by logging in through Third Party Platforms (defined below) (User Account). During the application process, you shall be required to share/upload certain personal information, your name, e-mail address, gender, date of birth, mobile number, passwords, photograph, mobile phone information including contact numbers, SMS and browsing history, data and login credentials of Third Party Platforms (defined below), financial information such as bank documents, salary slips, bank statements, PAN card, bank account number, other utility bills, data from Credit Information Companies, data required for Know Your Customer compliances, requirement and other relevant details (Personal Information). You undertake that you shall be solely responsible for the accuracy and truthfulness of the Personal Information you share with us.
As part of the Services, you authorize us to import your details and Personal Information dispersed over Third Party Platforms. Third Party Platforms are social networking platforms, such as Facebook, LinkedIn and other similar platforms which will be used based on our proprietary AI algorithm.
All transactions undertaken on your behalf by the Company will be on the basis of your express instructions/consent and will be strictly on a non-discretionary basis. Once you verify and upload the User Data and/or other documents and details in the Mobile Application Form, the Company shall process the same. Upon the completion of the document verification by the Company, the Loan may be sanctioned by LENDER to you, subject to fitting eligibility criteria and other conditions set forth by LENDER for sanctioning the Loan. Thereafter, you are required to fill and upload the ECS/NACH mandate form/Cheque or any other document as may be required by LENDER. LENDER shall disburse the Loan subject to the terms and conditions of the Loan Agreement.
The sanctioned Loan shall be disbursed as per the mode provided in the Mobile Application Form. You are required to repay the Outstanding Amount(s) to LENDER, on the respective due date(s) mentioned in the Mobile Application Form.
You understand and acknowledge that the Company reserves the right to track your location (Track) during the provision of the Services, and also in the event that you stop, cease, discontinue to use or avail the Services, through the deletion or uninstallation of the Mobile App or otherwise, till the event that your obligations to pay the Outstanding Amount(s) to LENDER, exist. Deletion, uninstallation, and/or discontinuation of our Services, shall not release you from the responsibility, obligation and liability to repay the Outstanding Amount(s).
You understand and acknowledge that you shall be solely responsible for all the activities that occur under your User Account while availing the Services. You undertake that the Company shall not be responsible and liable for any claims, damages, disputes arising out of use or misuse of the Services. By usage of the Services, you shall be solely responsible for maintaining the confidentiality of the User Account and for all other related activities under your User Account. The Company reserves the right to accept or reject your registration for the Services without obligation of explanation.
We collect location information from your device to reduce the risk associated with your account based on your area, city & state. Based on your location, App evaluates serviceability criteria and also determines your income requirements to get your loan application processed. App can also use your location via background services to understand your location stability matrix.
We do not sell, rent, lease your Personal Information to anybody and will never do so. Keeping this in mind, we may disclose your Personal Information in the following cases:
Administrators : We shall provide access to your Personal information to our authorized administrative(s) for internal business purposes, who shall be under confidentiality obligations towards the same.
Affiliates: We may provide Personal Information we collect to our affiliates. For example, we may disclose Personal Information to our affiliates in order to respond to your requests for information or the Services, or to help limit your receipt of marketing materials you have requested not to receive.
Joint Marketing Measures: Where permitted by law, we may share your Personal Information with joint marketers with whom we have a marketing arrangement, we would require all such joint marketers to have written contracts with us that specify the appropriate use of your Personal Information, require them to safeguard your Personal Information, and prohibit them from making unauthorized or unlawful use of your Personal Information
Persons Who Acquire Our Assets or Business: If we sell or transfer any of our business or assets, certain Personal Information may be a part of that sale or transfer. In the event of such a sale or transfer, we will notify you.
Notwithstanding anything mentioned hereinabove, the Company shall not be responsible for the actions or omissions of the service providers or parties with whom the Personal Information is shared, nor shall the Company be responsible and/or liable for any additional information you may choose to provide directly to any service provider or any third party.
We will retain your Personal Information for as long as your registration with us is valid and the Outstanding Amount(s) is due and payable to LENDER. We may also retain and use your Personal Information as necessary to comply with our legal obligations, resolve disputes, and enforce our agreements. Subject to this section, we will try to delete your Personal Information upon reasonable written request for the same. Please note, however, that there might be delay’s in deleting Personal Information from our servers and backed-up versions might exist even after deletion.
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 bank-grade secure SSL communication channels. The Personal Information is stored on Cloud platforms and they may change based on our business requirements. Although we provide appropriate firewalls and protections, we cannot warrant the security of any Personal Information transmitted as our systems are not hack proof. Data filching due to unauthorized hacking, virus attacks, technical issues is possible and we take no liabilities or responsibilities for it.
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.
Accessing And Modifying Personal Information
In case you need to access, review, and/or make changes to the Personal Information, you shall have to login to your User Account and change the requisite details. You shall keep your Personal Information updated to help us better serve you.
We may provide you with certain ancillary services such as chat rooms, blogs and reviews for the Services. Subject to any applicable laws, any communication shared by you via the Platform or through the blogs, reviews or otherwise to us (including without limitation contents, images, audio, financial information, feedback etc. collectively Feedback) is on a non-confidential basis, and we are under no obligation to refrain from reproducing, publishing or otherwise using it in any way or for any purpose. You shall be responsible for the content and information contained in any Feedback shared by you through the Platform or otherwise to us, including without limitation for its truthfulness and accuracy. Sharing your Feedback with us, constitutes an assignment to us of all worldwide rights, titles and interests in all copyrights and other intellectual property rights in the Feedback and you authorize us to use the Feedback for any purpose, which we may deem fit.
Communications From The Platform
Special Offers and Updates: We may send you information on products, services, special deals, and a newsletter of the Company. Out of respect for your privacy, we present you with the option of not receiving these types of communications. You may unsubscribe via the unsubscribe mechanism provided in each such communication or by emailing us at firstname.lastname@example.org
Service Announcements: On certain occasions or under law, we are required to send out Service or Platform related announcements. We respect your privacy, however you may not opt-out of these communications. These communications would not be promotional in nature.
Customer Service: We communicate with Customer(s) on a regular basis to provide requested services and in regards to issues relating to their User Account, we reply via email or phone, based on Customer(s) requirements and convenience
Limitations Of Liability
You expressly understand and agree that the Company shall not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data, information, details or other intangible losses (even if the Company has been advised of the possibility of such damages), resulting from: (i) the use or the inability to use the Services; (ii) unauthorized access to or alteration of your Personal Information.
The Company reserves its rights to terminate these Terms in the event:
- you breach any provision of these Terms;
- the Company is required to do so under law; or
- the Company chooses to discontinue the Services being offered or discontinue to operate the Platform;
- the license granted to use the App expires;
- of non-payment of Outstanding Amount(s).
The Company reserves its right to Track you, even when you have uninstalled the App or even after termination of these Terms, until all your obligations, including but not limited to payment of the Outstanding Amount(s) is in subsistence.
Upon termination of these Terms, the rights and licenses granted to you under these Terms shall cease to exist, and you must forthwith stop using the Platform and the Services and repay the Outstanding Amount(s). Notwithstanding anything contained in these Terms or otherwise, the termination of these Terms for any reason whatsoever, shall not affect your obligations, including but not limited to repayment of the Outstanding Amount(s).
Governing Laws And Duties
You expressly understand and agree that the Company, including its directors, officers, employees, representatives or the service provider, shall not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses (even if the Company has been advised of the possibility of such damages), resulting from; (a) use or the inability to avail the Services (b) inability to use the Platform (c) failure or delay in providing the Services or access to the Platform (d) any performance or non-performance by the Company (e) any damages to or viruses that may infect your electronic devices or other property as the result of your access to the Platform or your downloading of any content from the Platform and (f) server failure or otherwise or in any way relating to the Services.
This Agreement shall be construed and governed by the laws of India and courts of law at Ahmedabad, Gujarat, India shall have exclusive jurisdiction over such disputes without regard to principles of conflict of laws.
Changes To This Policy