Terms & Conditions
Last Updated: 28/02/2024
These terms and conditions (“Terms”) of Shuhari Tech Ventures Private Limited incorporated in India, bearing company identification number U93090KA2017PTC101406 and having its registered office at No. 2024, 2nd Floor, UrbanVault, 16th Main Road, HAL 2nd Stage, Indiranagar, Bengaluru – 560008 (“NIRA”, “we”, or “us” or “our”), govern your (“User” or “you” or “your” or “yours”) usage of our mobile application for digital lending namely “NIRA - Instant Personal Loan App” (“App”) including all future releases of the App and our website, hosted at https://nirafinance.com/ (“Website”). For the purpose of these Terms, the App and the Website shall be collectively referred to as (the “Platform”). These Terms will apply to you if you are a User accessing the Platform, are a member registered on the Platform, or are an unregistered visitor, or are any person using or accessing the Platform. Please read these Terms in conjunction with our privacy policy available at https://nirafinance.com/privacy-policy (“Privacy Policy”).
You agree to be bound by the Terms either by way of consent or by use of our Services (as defined below).
1. USER ACKNOWLEDGEMENT AND CONSENT
User acknowledges that by accessing the Platform or availing the Services, User expressly consents and confirms to be bound by these Terms. In the event you do not agree to be bound by these Terms, we encourage you to stop accessing our Platform and Services immediately.
2. ELIGIBILITY
You may use our Platform if you are at least 18 years old and are eligible to enter into a contract under the Indian Contract Act, 1872.
The Services are provided solely in accordance with Indian Laws. We do not represent that our Services or the content available on or through our Platform is appropriate for use or is available for users in other jurisdictions.
3. CHANGES TO THE TERMS AND THE PLATFORM
We may amend these Terms from time to time and may update and change our Platform from time to time to reflect changes to our Users’ needs and our business priorities. Every time you use our Platform or avail our Services, please check these Terms to ensure you understand the Terms that apply to you. These Terms are updated as on February 12, 2024.
We will try to give you reasonable notice of any major changes. If you do not agree with the changes made to the Terms or the Platform, you must not proceed to use the Platform or avail our Services.
4. SUSPENSION OR WITHDRAWAL OF OUR PLATFORM AND SERVICES
We do not guarantee that our Platform, or any content on it, or our Services will always be available or be uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of our Platform or Services for business, legal and operational reasons. We will try to give you reasonable notice of any such suspension or withdrawal. We shall not be liable for any such suspension or discontinuation of the Services or the Platform.
5. SERVICE
a) The Platform enables you to obtain loans and other credit facilities (“Credit Facilities”) by facilitating your connection to banks, Non-Banking Financial Companies (NBFCs), and other approved lending institutions (collectively, “Lenders”), based on our preliminary evaluation of your creditworthiness, undertaken in accordance with the Lenders’ instructions to us.
b) Access to Credit Facilities is subject to various criteria determined by the Lenders in their sole discretion, including but not limited to the credit policies of the Lenders, your credit bureau report, successful completion of the KYC process prescribed by the relevant Lenders, among other things.
c) Based on the consent provided by you, the Platform tracks, organises, and analyses your information in accordance with the Privacy Policy, to present to you various Credit Facilities offered by the Lenders (“Transaction Information”). We may share the Transaction Information with the Lenders in connection with your use of our Services and Platform, to which you hereby consent.
d) You hereby consent to NIRA using your Transaction Information to identify and facilitate provision of Credit Facilities to you through the Lenders, that may be appropriate for you, for which the Lenders charge you a facilitation fee.
e) The services described in this clause 5 collectively constitute (the “Services”). Please note that we may from time to time modify existing features, or services, or otherwise introduce new features or services on or through the Platform. The term “Services” shall include any modification to existing, as well as any new features, products, or services.
f) In the event that you uninstall the App or deactivate your account on the Platform at any point prior to the full repayment of your Credit Facility, such an act will not extinguish your responsibilities under the agreement you have with the Lender, and you shall continue to be liable to pay all loan amounts due as per the terms of the Credit Facility availed.
g) We may, on behalf of Lenders, try to contact you from time to time. Such calls will be made within reasonable hours as per the instructions of the Lenders. This may be in situations in connection with Credit Facilities or for fraud detection processes. All our practices and processes in this regard remain in compliance with applicable laws, best industry practices, the instructions of the Lender and our Privacy Policy.
h) Sometimes we or our authorized service provider, may contact you on our behalf or as duly authorized agents on behalf of a Lender. You agree to receive such communication on contact details provided to us by you. In the event that you are not available on primary contact details, we may use other contact details available to us from documents provided to us by you, referees identified by you, or from details otherwise available in the public domain or from third party sources from whom you have consented to share such information to reach out to you. If you do not wish to be contacted at any specific time or days, or on any contact details or through any other person, please reach out to our customer service team. At all times, NIRA will ensure compliance with applicable laws and best industry practices when communicating with you.
i) We will notify you when your loans or borrowings are outstanding. You will have the option to reach out to us at all times should you wish to complete repayment of your outstanding amount.
j) NIRA will follow good practices on communication and engagement whenever reaching out to you on behalf of a Lender. If you believe you have been a victim of unfair practices or harassment, please immediately reach out to the Grievance Officer details of which are available here.
k) We will make best effort to record and document all communication made to you on behalf of a Lender.
6. PROFILE CREATION
(a) To access certain features of the Platform, you are required to create a profile (“Profile”) on the Platform. To create a Profile, you must provide us with your email address and phone number, which we will use to authenticate your identity by generating a one-time- password in accordance with these Terms and our Privacy Policy.
(b) To use the Platform and avail Services, and subject to our Privacy Policy, you are (where feasible), required to allow us access information that we may require to provide you with our Services. You have the right to revoke permissions on access to your data at any time, however, it will impair your access to our Platform and the Services.
(c) You agree to receive communications from us regarding: (i) information relating to transactions undertaken on/ through the Platform; (ii) requests for payment at the instructions of the Lenders; (iii) information about us and the Services, and Platform including any modifications thereto; (iv) promotional offers and services from us; and (v) any other matter in relation to the Services.
7. KYC
a) You may be required to undertake certain know-your-customer (“KYC”) processes with our lenders in order to avail the Credit Facilities and avail our Services. In this regard, we may, under the instructions of our Lenders and on their behalf, require you to upload documents and information that may be necessary for the Lender to ascertain your eligibility to avail the Credit Facility (“KYC Documents”).
(b) Any processing that we undertake shall be in accordance with our Privacy Policy. Further, in the event any additional information, data, or documentation is required by the Lender to determine your eligibility for the Credit Facility (collectively, “Additional Information”), you agree to share such Additional Information promptly upon request, and further authorise us to process such Additional Information in connection with the Services and your use of the Platform.
(c) We collect and process your information in accordance with our Privacy Policy (either for ourselves in connection with the Services or on behalf of our Lenders) to enable you to set up your Profile, enable completion of KYC processes by our Lenders or to provide such information to our Lenders as may be necessary to avail the Credit Facility. You agree and warrant to provide true, complete, and up-to-date KYC Documents and Additional Information. If the information provided by you, in our sole discretion, is unreliable or appears to be fraudulent or deficient, then you shall not be eligible to access and use the Platform or avail our Services. If we discover any deficiency in the information provided by you, we may terminate the Profile you hold with us or enable the Lender to cancel the Credit Facility sanctioned to you. This will not extinguish your responsibilities under the agreement you have with the Lender, and you shall continue to be liable to pay all loan amounts due as per the terms of the Credit Facility availed.
8. NACH MANDATE
Should you avail a Credit Facility, subject to the terms and conditions agreed upon with the Lender, you may be required to create a NACH mandate on the Platform over the account details that you have provided to us. Please note that the grant of a Credit Facility is conditional on you granting a NACH mandate. Should you cancel the NACH mandate while the Credit Facilities are still outstanding, you will be required to provide us with an acceptable alternate repayment instrument (which may include without limitation, NACH or UPI based E-Mandates).
9. THIRD PARTY SERVICES
(a) The Services may include services, content, documents, and information owned by, licensed to, or otherwise made available by a third party including, but not limited to the Lenders (“Third-Party Services”) or contain links to Third-Party Services. You understand and acknowledge that Third Party Services are the responsibility of the third party that created or provided it and acknowledge that use of such Third Party Services is solely at your own risk.
(b) We make no representations and exclude all warranties and liabilities, express or implied or arising in law, arising out of or pertaining to such Third Party Services, including their accuracy or completeness. Should you avail a Third Party Service, you shall be governed and bound by the terms and conditions and privacy policy of the third parties providing the Third Party Services. Further, all intellectual property rights in and to Third-Party Services are the property of the respective third parties.
10. YOUR RESPONSIBILITIES
(a) You represent and warrant that all information that you provide on the Platform or in relation to the Services or through the Profile or any Additional Information you provide is complete, true, and correct on the date of agreeing to these Terms and shall continue to be complete, true, and correct while you avail the Services, the Credit Facilities, access the Platform or otherwise have a Profile on the Platform. Should any information that you provide change during the existence of these Terms, you undertake to immediately bring such change to our notice. We do not accept any responsibility or liability for any loss or damage that you may suffer or incur if any information, documentation, material, or data provided to avail the Services is incorrect, incomplete, inaccurate, or misleading, or if you fail to disclose any material fact or notify us of any change to the same.
(b) You shall extend all cooperation to us, in our defence of any proceedings that may be initiated against us due to breach of your obligations or covenants under these Terms, including in any proceedings by a regulator or the Lender.
(c) You shall remain available to receive communication from us on contact details provided to us by you. If you are not available, we may reach out to reference numbers provided to us. You must ensure that such referees have been informed of their nomination to us as referees and our ability to reach out to them should you not be available.
(d) If you change your contact details or there is a change in the KYC information provided to us, You must ensure you update us immediately. Change in contact details will not extinguish your responsibilities under the agreement you have with the Lender, and you shall continue to be liable to pay all loan amounts due as per the terms of the Credit Facility availed.
(e) You shall not use the Services in any manner except as expressly permitted in these Terms. Without limiting the generality of the preceding sentence, you may not:
(i) infringe any proprietary rights, including but not limited to copyrights, patents, trademarks, or trade secrets, of any party;
(ii) except as may be provided hereunder, copy, display, distribute, modify, publish, reproduce, store, transmit, post, translate, create any derivative works from, or license the Services;
(iii) use the Services to transmit any data or send or upload any material that contains viruses, trojan horses, worms, timebombs, keystroke loggers, spyware, adware, or any other harmful programmes or similar computer code designed to adversely affect the operation of any computer software or hardware;
(iv) use any robot, spider, other automated device, or manual process to monitor or copy the Platform or Services or any portion thereof;
(v) engage in the systematic retrieval of content from the Platform to create or compile, directly or indirectly, a collection, compilation, database or directory;
(vi) use the Services in any unlawful manner, for fraudulent or malicious activities, or in any manner inconsistent with these Terms; or
(vii) violate applicable laws in any manner.
11. OUR INTELLECTUAL PROPERTY
(a) All rights, title, and interest in and to the Platform and Services, including all intellectual property rights arising out of the Platform and Services, are owned by or otherwise licensed to us. Subject to compliance with these Terms, we grant you a non-exclusive, non- transferable, non-sub licensable, royalty-free, revocable, and limited licence to use the Platform in accordance with these Terms and instructions issued by us from time to time.
(b) We may request you to submit suggestions and other feedback, including bug reports, relating to the Services and Platform from time to time (“Feedback”). We may freely use, copy, disclose, publish, display, distribute, and exploit the Feedback we receive from you, without any payment of royalty, acknowledgement, prior consent, or any other form of restriction arising out of your intellectual property rights in such Feedback.
(c) Except as stated in these Terms, nothing in these Terms should be construed as conferring any right in or license to our or any third- party’s intellectual property rights.
12. REGULATORY CHANGES
You acknowledge and agree that we may have to modify the Services to comply with the applicable laws. As a result of this, you may be unable to access or use all or any part of the Services and/ or Platform. We shall not be liable to you for such inability to use the Services and/ or Platform pursuant to our compliance with the applicable laws.
13. TERM AND TERMINATION
(a) These Terms shall remain in effect unless terminated in accordance with the terms hereunder. Notwithstanding anything to the contrary in these Terms, any other terms, or any other communication between you and us, we may terminate your use of the Platform and your access to the Services at any time with or without notice, and for or without any reasons, with absolutely no liability to you.
(b) Upon termination: i) the Services and Platform will “time-out”; ii) you shall not be eligible to avail any features of the Services and Platform; and iii) these Terms shall terminate, except for those clauses that expressly or are intended to survive termination or expiry.
(c) In case you have not availed any Credit Facility through us, or have repaid the loan amount in full, and do not wish to continue using our Services, and/or wish to deactivate your account, and/or unsubscribe from the mailing lists, you may do so by contacting us at support@nirafinance.com
14. DISCLAIMERS AND WARRANTIES
(a) We own, operate, and maintain a technology platform, and are not a financial institution under the Companies Act, 2013 or the Banking Regulation Act, 1949 or any other laws for the time being in force in India.
(b) We are not a Lender and do not provide any loans or Credit Facilities. We have contractual relationships with Lenders pursuant to which such Lenders offer Credit Facilities to the users of the Platform. Any Credit Facility made available to you by any Lender shall be governed by the terms and conditions agreed between you and the Lender, and we shall not be a party to the same, nor be liable or responsible for your or the Lender’s actions or omissions under such terms.
(c) We, along with our directors, officers, employees, and agents shall not be responsible in any manner whatsoever for the rejection of your Credit Facility application or other refusal by the Lenders of the Credit Facility with or without reason. We are not obliged to inform you of reasons for such refusal/rejection.
(d) To the fullest extent permissible under the applicable law, NIRA, and any of NIRA’s Third-Party Services providers, disclaim all warranties, statutory, express or implied, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, satisfactory quality, accuracy, title and non-infringement, compatibility, applicability, usability, appropriateness, and any warranty that may arise out of course of performance, course of dealing, or usage of trade. No advice or information, whether oral or written, obtained by you through the Platform or your use of the Services will constitute or create any representation or warranty not expressly stated herein.
(e) You acknowledge and agree that the use of the Services and your access to the Platform is at your sole risk. The Platform including any data, information, Third Party Services, reference sites, services, or software made available in conjunction with the Services or through the Platform are provided on an “as is” and “as available” basis and without warranties or representations of any kind, either express or implied. We and any of our Third-Party Services providers do not warrant that the data, software, functions, or any other information offered on or through the Platform will be uninterrupted or free of errors, viruses or other harmful components and do not warrant that any of the foregoing will be corrected.
(f) You hereby accept full responsibility for any consequences that may arise from your use of the Services and the Platform, and expressly agree and acknowledge that we shall have absolutely no liability with respect to the same.
(g) To the fullest extent permissible by law, we, our affiliates, and our related parties each disclaim all liability to you for any loss or damage arising out of or due to:
(i) your use of, inability to use, or availability or unavailability of the Services or Platform, including any Third Party Services;
(ii) the occurrence or existence of any defect, interruption, or delays in the operation or transmission of information to, from, or through the Services, communications failure, theft, destruction or unauthorised access to our records, programmes, services, server, or other infrastructure relating to the Services or the Platform; or
(iii) the failure of the Services or Platform to remain operational for any period of time.
(iv) any delay, interruption, suspension, or error of the Lender, whether such error is in receiving and processing a request sent from the Platform and/or in formulating and returning responses or messages to and from the telecommunication equipment of the user and the network of any cellular service provider and the Company’s system or any breakdown, interruption, suspension or failure of the telecommunication equipment of the user or the network of any cellular service provider.
15. LIMITATION OF LIABILITY
In no event shall we, our officers, directors and employees, or our contractors, agents, licensors, partners, or suppliers be liable to you for any direct, special, indirect, incidental, consequential, punitive, reliance, or exemplary damages (including without limitation lost business opportunities, lost revenues, or loss of anticipated profits or any other pecuniary or non-pecuniary loss or damage of any nature whatsoever, including but not limited to abuse or breach of data), even if we or an authorised representative have been advised of the possibility of such damages, arising out of or relating to: (i) these Terms, (ii) the Services, (iii) your use or inability to use the Services, or (iv) any other interactions with another user in connection with the Services. If the foregoing limitation is not enforceable, the maximum liability of NIRA shall be limited to INR 1000.
16. INDEMNITY
You shall indemnify, defend or settle at our option, and hold us, our parent companies, subsidiaries, affiliates, and their officers, associates successors, assigns, licensors, employees, directors, agents, and representatives, harmless from and against any claim, demand, lawsuits, judicial proceeding, losses, liabilities, damages and costs (including, without limitation, from all damages, liabilities, settlements, costs and attorneys’ fees) due to or arising out of your access to the Services and/ or the Platform, use of the Services and/ or the Platform, violation of these Terms or any infringement by any third party who may use your Profile with us.
17. CONSENT TO USE DATA
(a) You agree that we may, in accordance with our Privacy Policy, collect and use your information and technical data and related information.
(b) In addition to any consent you may give pursuant to the Privacy Policy, you hereby consent to: (i) Lenders retrieving your credit score from credit information companies for the purpose of evaluating your eligibility for a Credit Facility; (ii) Lenders sharing your credit score with us in order to recommend appropriate credit products to you on the Platform; and (iii) us sharing the Transaction Information with our affiliates and Lenders.
(c) We may use aggregated and information and data pertaining to your use of the Services for analytics, trends’ identification, and purposes of statistics to further enhance the effectiveness and efficiency of the Platform in accordance with our Privacy Policy.
18. JURISDICTION, GOVERNING LAWS, AND DISPUTE RESOLUTION
(a) These Terms shall be governed by and construed and enforced in accordance with the laws of India. Subject to other provisions in this clause, courts in Bengaluru shall have exclusive jurisdiction over all issues arising out of these Terms or the use of the Services.
(b) Any controversies, conflicts, disputes, or differences arising out of these Terms shall be resolved by arbitration in Bengaluru in accordance with the Arbitration and Conciliation Act, 1996 for the time being in force, which is deemed to be incorporated by reference in this clause. The tribunal shall consist of 1 (one) arbitrator appointed by us. The language of the arbitration shall be English. The parties to the arbitration shall keep the arbitration confidential and not disclose to any person, other than on a need to know basis or to legal advisors, unless required to do so by law. The decision of the arbitrator shall be final and binding on all the parties hereto. Each party to the arbitration shall bear its own costs with respect to any dispute.
19. MISCELLANEOUS PROVISIONS
(a) Severability: If any provision of these Terms is determined by any court or other competent authority to be unlawful or unenforceable, the other provisions of these Terms will continue to be in effect. If any unlawful or unenforceable provision would be lawful or enforceable if part of it were deleted, that part will be deemed to be deleted, and the rest of the provision will continue to be in effect (unless that would contradict the clear intention of the clause, in which case the entirety of the relevant provision will be deemed to be deleted).
(b) Assignment: You shall not licence, sell, transfer or assign your rights, obligations, or covenants under these Terms in any manner without our prior written consent. We may grant or withhold this consent in its sole discretion and subject to any conditions it deems appropriate. We may assign its rights to any of its affiliates, subsidiaries, or parent companies, or to any successor in interest of any business associated with the Services without any prior notice to you.
(c) Notices: All notices, requests, demands, and determinations for us under these Terms (other than routine operational communications) shall be sent to support@nirafinance.com
(d) Third Party Rights: No third party shall have any rights to enforce any Terms contained herein.
(e) Translations: We may provide you with translated versions of these Terms solely to assist you with understanding these Terms in greater detail. The English version of these Terms shall be controlling in all respects. In the event of any inconsistency between the English version of these Terms and any translated version, the terms of the English version shall prevail.
20. GRIEVANCE REDRESSAL MECHANISM
In order to address any questions or grievances that you may have regarding the use of the Services, please contact our grievance officer:
Name: Goutham R
Email Address: goutham.r@nirafinance.com WhatsApp: +91 95136 22391
Address: No. 2024, 2nd Floor, UrbanVault, 16th Main Road, HAL 2nd Stage, Indiranagar, Bengaluru - 560008
In case you are not satisfied with resolution provided by us or the NBFC partners, you may submit your grievance at Sachet Portal.