DEFINITION AND INTERPRETATION:

COMMENCEMENT:

This Agreement shall come into effect from the date of execution of this Agreement.

SCOPE OF SERVICE:

The Parties agree that the Lender shall register with Creditech in accordance with the policy issued by Creditech as amended from time to time in accordance with the provisions of law and guidelines issued under the Act.
The Parties agree that the Lender has associated with Creditech to avail its services for the purpose of earning returns by investing in high return loans availed by credit-worthy borrowers through peer-to-peer lending.
The Parties agree that it shall be upon the sole discretion of Creditech, whether or not, to register a Lender on its P2P Platform in accordance with its policy and registration / verification process, and Creditech's decision in this respect shall be final and binding and the Lender shall not raise any contention / dispute in respect thereof.
All investments made under this Agreement shall be made by the Lender by transferring the committed funds into the Creditech-Lenders funding escrow account in accordance with the fund transfer mechanism contained in Clause 9 of the RBI Directions.

REGISTRATION:

Lender agrees to register with Creditech for providing loans to eligible listed Borrowers. Post online registration, Lenders shall be allowed to create listings (“Listings”) on Creditech P2P Platform and can also view the other listed lender/ borrower listings. Lender's listing will be displayed and can make offers or accept requests only on successful verification. The verification process has been more particularly described in Clause 5 of this Agreement. Those Lenders whose online registration is completed should submit the documents sought for verification by Creditech during the visit of Creditech personnel to the lender or upload online as the case may be and the same shall be completed within 3-5 working days from the date of registration on the P2P Platform.
Lender hereby agrees to receive SMS transaction alerts posted by Creditech on any new registrations, loan closures, repayments, offers on loans, request from borrowers etc. Registered Lender is availing the services on its own will and there will be no financial obligation of Creditech in case of legal disputes. The Lenders are obliged to notify Creditech, of any change in mobile phone number or any other contact information provided on the P2P Platform pursuant to this Agreement or such other agreements entered for the purpose of lending and borrowing. The registered members are allowed to opt out from receiving SMS transaction alerts by notifying Creditech in writing.
Lender hereby allows Creditech to access, collect and display any public information available in the domain of Facebook /LinkedIn or any such social networking sites, on their P2P Platform. The registered Lenders can however restrict either access, collection or display of information by notifying the same to Creditech in writing.

VERIFICATION AND AUTHORIZATION TO OBTAIN CREDIT REPORT

On successful completion of execution of this Agreement, the Lenders are subject to verification. Verification process includes physical verification to check the correctness of data provided for online registration by the Lender with proofs. Lenders should provide the following list of documents at the time of physical verification by the Creditech team.
Identify Proof: Aadhaar card, PAN card, passport, driving license, ration card or such other document which are issued by government agency.
Address Proofs: Aadhaar card, Passport, driving license, ration card or such other documents which are issued by any government agency.
Additional Proofs:Contact details and such other information / documents as required by Creditech. The exhaustive list can be seen on the website and also will be communicated through email. Lender hereby authorises Creditech to obtain credit report from Credit Information Bureau (India) Limited or such other organisation which provide such facilities not only for the first time on registration but at any time during his association with Creditech. The credit report shall be used for any purpose that is authorized by applicable law. Creditech has the right to reject any Lender application if any information provided by Lender is inaccurate or incorrect. In case of any changes occur in the personal information of the Lender provided after posting a Listing, Lender must either Promptly notify Creditech of the change, or withdraw the Listing. In the event of not notifying, Creditech at its sole discretion may take necessary action including removing the Listing. The Lender hereby agrees that documents sought by Creditech at the time of registration or anytime thereafter become part of the official record of Creditech and will not be returned. However on closure of the user account, Creditech will ensure that the same is removed or destroyed. The Lender shall provide all the details pertaining to the nominee such as the relationship with the nominee(s) / legal heir(s) with the Lender, their address etc. In the event of the death of the Lender, the ownership of his account will be transferred to such a nominee.

LISTINGS

Upon successful registration and verification of the Lender, the Parties understand and agree that the Lender shall be entitled to review various Listings, make offers against any of the Listings and receive requests from the Borrower to fund their Listings through the P2P Platform.
Any offer made by the Lender against a particular Listing shall remain valid till: The entire Listing by the Eligible Borrower gets funded or; The Borrower withdraws the Listing before the expiry of [listing_period] days from the date on which the said Listing was made (“Listing Period”) or a period of an additional [add_listing_period] days from the expiry of the Listing Period (“Additional Listing Period”), whichever is earlier, or;
The Lender’s offer, against a particular Listing, is removed by Creditech, in accordance with Creditech’s in-built intelligence system, that matches the most favourable offer against that particular Listing, or;
In case the Listing of the Borrower is withdrawn / cancelled / suspended / terminated by Creditech.
The offer once committed by the Lender to any particular Listing can be modified by writing an email to Creditech.
The Lender hereby agrees that if he fails to abide by the commitment towards disbursement of loan, he shall be delisted from the P2P Platform and shall not be allowed to carry out any transaction through Creditech in the future.

VIRTUAL WALLET

The Lender may opt for a virtual wallet where he may park his money for the purpose of investing his funds. Money may be added in the virtual wallet by depositing funds in the Creditech – Lenders funding escrow account. The virtual wallet may also be used; to park the amount repaid by the borrower for it to be re-invested in any other Listings on the P2P Platform, or;
to transfer the repayment amount in his own bank account from the virtual wallet.

TRANSACTION DETAILS

On depositing money in the virtual wallet, the Lender may commit his funds to several Listings and start the lending process. The Lender shall invest a minimum of INR [min_investment] – per Listing and may commit funds to single or multiple Listing(s) to diversify risk. The Lender shall always be subjected to the following prudential norms as per RBI Directions; The aggregate exposure of a lender to all borrowers at any point of time, across all P2P platforms, shall be subject to a cap of INR 50,00,000/- provided that such investments of the lenders on P2P platforms are consistent with their net-worth. The lender investing more than INR 10,00,000 across P2P platforms shall produce a certificate to P2P platforms from a practicing chartered accountant certifying minimum net-worth of INR 50,00,000. The exposure of a single lender to the same borrower, across all P2Ps, shall not exceed INR 50,000/-.
The maturity of the loans shall not exceed 36 months. In order to invest in a Listing, the Lender may browse through all the Listings on the market place and view their interest rates, terms, Risk Grades and the purpose of the Listing. The Lender may compare all Listings and select those that fit his requirements. The Lender shall enter the amount of investment against a Listing and upon the Listing being fully funded, it shall be frozen and the amount committed by the Lender shall be reserved for that Listing. Immediately on freezing the Listing, Creditech shall liaison between the Lender and the Borrower to execute a loan agreement (“Loan Agreement”) and other necessary documents that are required to enable the transaction. After completing the legal formalities / documentation between the Lender and the Borrower, the Lender shall transfer funds through any of the following modes from his bank account via NEFT, RTGS or any other mode of payment as may be specified to the Creditech – Lenders funding escrow account account. The Lender may pre-fund the Creditech – Lenders funding escrow account. Funds in the said Creditech – Lenders funding escrow account are non-interest bearing. The loan proceeds shall be disbursed by Creditech within a period of 5-15 working days into the Borrower’s bank account.
The income earned by the Lender shall be subject to tax as per the laws prevalent in India, for the time being in force. The Lender agrees to abide by and comply with any requirements specified under the said laws and acknowledges that Creditech shall provide any information sought by the authorities pertaining to any transaction undertaken on the P2P Platform upon any such requisition received by Creditech from such authorities. Without prejudice to the terms of this Agreement, the Loan Agreement shall provide further details regarding the terms and conditions on which such Loan shall be disbursed and the repayment thereof by the Borrower.

NO PRINCIPAL PROTECTION

The Lender agrees, acknowledges and understands the risks associated with the transactions to be undertaken through Creditech and that there is no guarantee of return and that there exists a likelihood of loss of entire principal in case of default by a Borrower.

FEE AND CHARGES

Creditech shall charge a loan servicing fee, documentation fee, account swap fee and other charges, as the case may be, as specified on the P2P Platform or Loan Agreement. The same may be revised from time to time and the latest fee schedule shall be available on the P2P Platform.

COLLECTION AND REPORTING OF DELINQUENT LOANS

Creditech would put its best efforts as per law to recover and / or collect due amount from the Borrower. In case a Borrower misses an instalment or repayment date, Creditech will contact the Borrower over phone and follow-up on the repayment. Late fees shall be charged accordingly. In case, the borrower is not reachable over phone, he shall be contacted through e-mail and/or letter. If the Borrower still does not pay within 60 days, post loan default, legal notice will be sent to the Borrower. After a period of 60 days, Creditech or the Lender either directly or indirectly will exercise all the remedies legally available under the laws applicable from time to time. In addition, the loan may be referred to collection agencies to recover all the dues. At this stage, the Borrower shall be classified as a defaulter. In case any legal proceedings are initiated by Creditech on behalf of the Lender at its own discretion, all costs incurred directly or indirectly for the purpose of recovery of the dues shall be borne by the Lender.

OBLIGATIONS

Company Obligations:
After freezing the Listing either in the Listing Period or additional Listing Period, Creditech shall liaison between the eligible Lenders and eligible Borrowers to execute the Loan Agreement and other required legal documents which will bind both the Parties till the clearance of all the payments. Creditech shall disclose to the Lender, details about the Borrower(s) including personal identity, required amount, interest rate sought, credit score and details about all the terms and conditions of the loan, including likely return, fees and taxes. Creditech agrees and acknowledges to keep the credit information (relating to Borrower transactions on the platform) maintained by it, updated regularly on a monthly basis or at such shorter intervals as may be mutually agreed upon between Creditech and the credit information companies and take all such steps which may be necessary to ensure that the credit information furnished by it is up to date, accurate and complete. Creditech shall ensure that any information relating to the Lender, received by it, is not disclosed to any third party, without the consent of the Lender. Creditech shall immediately notify RBI in the event of any breach of security and leakage of confidential customer related information.

Lender Obligations:
To provide accurate and true information that is sought by Creditech for validating documents for the purpose of registration, verification, disbursal, collection, repayment, recoveries, and all other acts specified under this Agreement. To provide certified true copies of the documents sought for in respect of the aforesaid purposes. To comply with the Terms of Use for the website, Privacy Policy and as well any other rules or policies on the website or any terms and conditions set forth under this Agreement or any other agreement, any of which may be amended from time to time by Creditech at its sole discretion. To fund the committed amount to the Borrower once the Listing is frozen without any failure. To cooperate with Creditech with the information / documents sought from time-to-time for the purposes mentioned in the Agreement. To provide a certificate to Creditech certifying that his aggregate exposure to all borrowers at any point of time, across all NBFC-P2Ps does not exceed INR 10,00,000/- or such other amount as may be prescribed from time to time under the RBI Directions or such other law, rules, regulations or guidelines that may be issued in this regard, from time to time. To provide a certificate to Creditech certifying that his exposure towards the same Borrower at any point of time, across all NBFC-P2Ps does not exceed INR 50,000/- or such other amount as may be prescribed from time to time under the RBI Directions or such other law, rules, regulations or guidelines that may be issued in this regard, from time to time.

REPRESENTATIONS AND WARRANTIES

Creditech and the Lender represent and warrant that they have not withheld or misrepresented any material information which could have an adverse effect on any act, transaction or any other aspect contemplated under this Agreement. Each Party to the Agreement makes the following representations and warranties with respect to itself, and confirms that they are, true, correct and valid: It has full power and authority to enter into, deliver and perform the terms and provisions of this Agreement and, in particular, to exercise its rights, perform the obligations expressed to be assumed by and make the representations and warranties made by it hereunder; Its obligations under this Agreement are legal and valid, binding on it and enforceable against it in accordance with the terms hereof. Lender represents and warrants that: all information provided by him is accurate and true to the best of his knowledge. Lender holds a bank account in his own name and will use this account for the purpose of this Agreement and other documents related thereto. Creditech represents and warrants that: It shall act as an intermediary providing an online marketplace or platform to the participants involved in peer to peer lending and shall not raise deposits as defined by or under Section 45I(bb) of the Act or the Companies Act, 2013; Not lend on its own; Not provide or arrange any credit enhancement or credit guarantee; Not facilitate or permit any secured lending linked to its platform; i.e. only clean loans will be permitted; Not hold, on its own balance sheet, funds received from lenders for lending, or funds received from borrowers for servicing loans etc.; Not hold, on its own balance sheet, funds received from lenders for lending, or funds received from borrowers for servicing loans etc.; Not cross sell any product except for loan specific insurance products; Not permit international flow of funds; Ensure adherence to legal requirements applicable to the participants as prescribed under relevant laws; and Store and process all data relating to its activities and participants on hardware located within India.

RISK ACKNOWLEDGMENT

In addition to other terms and conditions laid down in this Agreement, the Lender acknowledges and confirms that he has carefully considered the risks involved in lending money through Creditech and that the Lender’s participation in any loan is entirely at the Lender’s own risk. The Lender hereby understands that he risks losing any funds which have been loaned, in circumstances where a borrower in whose Listing he has participated, defaults on its repayments, and Creditech shall have no liability to the Lender for any such loss. The Lender acknowledges that by engaging in peer-to-peer lending, he at no time shall be investing money in Creditech.

NO GUARANTEE

Creditech does not guarantee the following: that the Lender’s money shall be invested in a Listing as a result of him making an offer to an Borrower; that Lender will receive any rate of return, or any minimum amount of principal or interest on any principal or interest at all; and full or partial collection of repayment of loan from the Borrowers.

TERMINATION

This Agreement may be terminated:
By mutual written agreement of the Parties; If any laws or regulations or any amendments thereto makes the transaction or the Agreement illegal, or is otherwise prohibited by law or by an order, decree or judgement of any court or governmental body having competent jurisdiction;

Termination by Creditech:
Creditech may, at its sole discretion, with or without cause, terminate this Agreement and registration with it, at any time, by giving notice to the Lender. In case of non-compliance of the Lender’s obligations mentioned under Clause 12.2 of this Agreement, involvement of the Lender in any prohibited or illegal purpose or the Lender’s failure to abide by the terms and conditions of this Agreement.
Creditech may, by giving notice to the Lender, terminate this Agreement if there has been a material misrepresentation or breach of a representation and warranty or breach of covenant on the part of the Lender. Creditech may, by giving notice to the Lender, terminate this Agreement if any event or circumstance occurs which, in the opinion of Creditech, could have a material adverse effect on the fulfilment of the obligations of the Lender under this Agreement. In the event of any failure to fund the loan after commitment, the Lender shall not be eligible to browse any further Listings and his access to the P2P Platform shall be restricted. Termination by Lender:
A Lender is entitled to terminate this Agreement, at any time, after giving a notice to Creditech, provided that; Platform;
There is no Loan Agreement in force;
No outstanding amount in Lender’s Account;
No funds are allocated for lending to any Borrower.
If the Lender wishes to terminate this Agreement / close his account with Creditech, and the Lender is party to a subsisting Loan Agreement, or the Lender has funds that are allocated towards any Listing(s), the Lender shall delay the termination of this Agreement until the loans are repaid or the committed funds are discharged.

RIGHT TO MODIFY TERMS

For the reasons specified in Clause 17.2, Creditech reserves the right to modify the terms of this Agreement and / or its Terms of Use and / or its Privacy Policy and / or any other agreement involving the Lender. Such changes shall not apply retrospectively. Creditech will be at liberty to modify the terms, from time to time, without consent of the Lender, due to any of the following reasons:
To make the terms clearer;
To make changes to its products and services, to introduce new products or services or to withdraw products or services that Creditech no longer offers;
To change its existing services owing to the changes and innovation in technology, systems, processes, business procedures and / or policies;
To adapt to changes in law, regulation, industry guidance or a decision of a competent court or any regulation formed by the RBI from time to time. Modifications stated in this Clause shall be communicated to the Lender and also made available on the P2P Platform.

INDEMNIFICATION

Each Party shall, at all times, at present and thereafter, defend, indemnify and hold harmless the other Party, its employees, officers, directors, agents, representatives from and against any and all liabilities, suits, claims, actions, proceedings, losses, damages, judgments and costs, of any nature whatsoever (including Attorney’s fees) caused due to non-compliance of the terms and conditions of this Agreement, breach of representation and warranties, beach of covenants, or non-compliance of any applicable laws and regulations, breach of the confidentiality obligations and infringement of third-party intellectual property rights, damage to any third party’s property or body. This clause shall survive the expiry or termination of this Agreement.

FORCE MAJEURE

No Party shall be liable to the other if, and to the extent, that the performance or delay in performance of any of its obligations under this Agreement is prevented, restricted, delayed or interfered with, due to circumstances beyond the reasonable control of such Party, including but not limited to, government legislations, fires, floods, explosions, epidemics, accidents, acts of God, wars, riots, strikes, lockouts, or other concerted acts of workmen, acts of Government and / or shortages of materials, hacking, unanticipated technological or natural interference or intrusion, loss or damage to satellites, loss of satellite linkage or any other data communications linkage, loss of connectivity or any other irresistible force or compulsion. The Party claiming an event of force majeure shall promptly notify the other Party in writing and provide full particulars of the cause or event and the date of first occurrence thereof, as soon as possible after the event and also keep the other Party informed of any further developments. The Party so affected shall use its best efforts to remove the cause of non-performance, and shall resume performance hereunder with the utmost responsibility when such cause is removed.

GOVERNING LAW AND JURISDICTION

This Agreement shall be governed by and construed in accordance with the laws of India and, courts of [Delhi], India shall have exclusive jurisdiction over all matters arising pursuant to this Agreement. NOTICES All notices under this Agreement shall be written in English and shall be sent by hand or by courier or by facsimile or by electronic mail to the applicable Party at the address / contact details indicated as in the description of Parties or to such other address as any Party shall designate by written notice to the other Party and shall be deemed to be given only when delivered by personal delivery or by courier or by electronic mail at the above mentioned address.

AMENDMENT AND ASSIGNMENT

Any amendments to this Agreement shall be legally valid and binding on each of the Parties, if made in writing and signed by each of the Parties. No Party shall be entitled to transfer or assign any rights or obligations under this Agreement to third parties without informing the other Party and obtaining the prior written approval of such other Party.

WAIVER

The failure of any Party to insist, in one or more instances, upon strict performance of the obligations of this Agreement, or to exercise any rights contained herein, shall not be construed as waiver, or relinquishment for the future, of such obligation or right, which shall remain and continue in full force and effect. No waiver of any breach of any provision of this Agreement shall be effective or binding unless made in writing and signed by the Party purporting to give the same and, unless otherwise provided in the written waiver, shall be limited to the specific breach waived.

SEVERABILITY

A provision contained in this Agreement is enforceable independently of each of the others and its validity will not in any way be affected by the invalidity or unenforceability of any other provision hereof. If any provision of this Agreement is held to be illegal, invalid or unenforceable under any applicable law from time to time: (a) such provision will be fully severable from this Agreement; (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof; and (c) the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance here from.

ENTIRE AGREEMENT

This Agreement contains the whole agreement and understanding between the Parties with regard to the matters dealt with in this Agreement and unless provided otherwise supersedes any prior agreement, understanding, arrangement or promises, whether written or oral or whether subsisting or expired, relating to the subject matter of this Agreement The Parties expressly acknowledge that, in relation to the subject matter of this Agreement, each of them assumes no obligations of any kind whatsoever other than as expressly set forth in this Agreement.

COUNTERPARTS

This Agreement may be executed simultaneously in more than one counterpart each of which shall be deemed to be an original but all of which shall constitute the same instrument. IN WITNESS WHEREOF, the Parties hereto executed these presents on the day, month and year first above mentioned. Note: This agreement executed on behalf of Creditech Solutions Private Limited is system generated by the platform and does not require any seal/signature in original.