Terms & Conditions

1. Introduction and Acceptance of Terms

1.1 Scope of Agreement

Welcome to BasagoLoan, a digital lending service platform developed and operated by BASAGO DIGITECH PRIVATE LIMITED (hereinafter referred to as the “Company”, “we”, “our”, or the “Platform”).

These Terms & Conditions (hereinafter referred to as the “Terms”) constitute a legally binding agreement between you and the Company governing your access to, download, installation, registration, and use of the BasagoLoan mobile application and related services (collectively, the “App” or “Services”).

Please read these Terms carefully before using the Platform. By downloading, installing, registering, accessing, or continuing to use the Platform, you acknowledge that you have read, understood, and agreed to be bound by these Terms and all related policies.

If you do not agree with any part of these Terms, you must immediately discontinue the use of the Platform and related services.

1.2 User Representations and Warranties

By using the Platform, you represent and warrant that:

• You are at least 18 years old and legally competent to enter into binding contracts under applicable Indian laws;
• You are a lawful resident of India and possess valid identification documents;
• All information provided by you is true, accurate, complete, valid, and not misleading;
• You will not use the Platform for any unlawful, fraudulent, or unauthorized activities;
• You agree to comply with all applicable Indian laws, RBI digital lending guidelines, and Platform policies;
• You acknowledge and agree that electronic records, electronic signatures, OTP verification, and digital consents shall have the same legal validity as physical signatures and written documents.

1.3 Platform Nature Declaration

The NBFC Partner shall independently undertake and be solely responsible for:

• Credit assessment and risk evaluation;
• Loan approval or rejection decisions;
• Determination of interest rates, fees, and lending policies;
• Loan disbursement;
• Repayment management;
• Collection activities;
• Credit bureau reporting;
• Compliance with applicable financial regulations.

The Company solely acts as a technology service provider and is responsible for:

• Platform development, maintenance, and upgrades;
• Technical support services;
• User onboarding assistance;
• KYC facilitation support;
• Customer service support;
• Platform operational management;
• Information display and technical integration services.

The Platform does not:

• Directly provide loans;
• Hold or manage customer funds;
• Decide loan approvals independently;
• Alter lending rules established by the NBFC Partner.

2. Eligibility Requirements

To use the Services, you must satisfy all of the following conditions:

1. Be at least 18 years old;
2. Be a resident of India;
3. Possess a valid mobile number, email address, and bank account;
4. Have a stable and lawful source of income;
5. Be able to complete KYC verification requirements;
6. Not be listed under any financial or regulatory blacklist;
7. Meet the credit and risk assessment standards established by the NBFC Partner.

The Company and the NBFC Partner reserve the right to accept or reject any loan application at their sole discretion.

3. Services

3.1 Platform Services

BasagoLoan provides the following digital lending-related services:

1. Online loan application services;
2. Secure document upload and verification support;
3. Real-time loan application status tracking;
4. Loan information display and repayment schedule inquiry;
5. Online customer support services;
6. Compliance notifications and service alerts.

The Platform may modify, add, suspend, or discontinue any part of the Services due to business requirements, regulatory changes, or system upgrades.

3.2 Loan Product Information

Loan products displayed through the BasagoLoan Platform generally include the following features:

(1) Loan Amount

• Minimum loan amount: ₹1,000
• Maximum loan amount: ₹100,000

The final approved loan amount shall be determined based on the user’s credit profile, income level, risk assessment, and internal evaluation standards of the NBFC Partner.

(2) Loan Tenure

• Minimum tenure: 91 days
• Maximum tenure: 365 days

The actual tenure shall be subject to the approved loan agreement.

(3) Interest Rate

• Annual Interest Rate Range: 16% – 30%

The applicable interest rate will be dynamically determined based on factors including credit score, repayment history, income stability, loan amount, loan tenure, and risk assessment model results. All interest rates and charges shall comply with applicable Indian laws and RBI regulations.

(4) Fees and Charges

Loans may involve the following charges (specific fees will be clearly disclosed in the loan disclosure documents):

• Service Fee;
• GST applicable under Indian tax laws;
• Late payment charges, if applicable.

All charges shall be transparently disclosed during the loan application process and detailed in the Key Fact Statement (KFS) and Loan Agreement.

3.3 Service Limitations

• We reserve the right to modify, suspend, or terminate any feature of the Services at any time without prior notice;
• We do not guarantee uninterrupted, timely, or secure availability of the Services;
• Services may be temporarily interrupted due to maintenance, upgrades, or technical reasons.

4. User Accounts and Information Management

4.1 Account Registration

To use the Services, you must:

1. Download and install the BasagoLoan App;
2. Register using a valid mobile number;
3. Provide required identity information.

You must ensure that all information provided remains true, complete, and up to date.

4.2 Account Security

You are responsible for:

• Protecting your login credentials and OTPs;
• Preventing unauthorized access to your account;
• Immediately notifying us of any unauthorized use of your account;
• Logging out of the App on your device when appropriate.

You shall bear responsibility for losses resulting from your failure to safeguard account security.

4.3 Accuracy and Updates of Information

You agree that:

1. All submitted information is truthful and valid;
2. You will not use false, forged, or third-party identity information;
3. You will promptly update any changed personal information;
4. You will not conceal material facts affecting credit evaluation.

If the Platform or NBFC Partner detects false information, fraud, or suspicious risks, they reserve the right to reject loan applications, freeze or terminate accounts, report to regulatory authorities, or pursue legal action.

5. Loan Application and Approval Process

5.1 Application Procedure

The loan application process generally includes:

1. User registration and identity verification;
2. Submission of loan application details;
3. Upload of required identification documents;
4. Risk assessment and credit evaluation;
5. Approval decision;
6. Review and confirmation of loan details;
7. Loan disbursement to the user’s designated bank account.

Users acknowledge that all lending decisions are independently made by the NBFC Partner. The Platform does not guarantee loan approval.

5.2 Processing and Disbursement Timeline

Under normal circumstances:

• Approval time: Usually within 24 hours, with some applications approved within 1–5 minutes;
• Loan disbursement: Usually within 24–48 hours after approval.

Actual processing times may vary depending on document completeness, banking efficiency, verification requirements, system maintenance, and external factors.

6. Repayment Terms

6.1 Repayment Obligations

You are responsible for repaying the loan according to the agreed repayment schedule and amounts specified in the Loan Agreement. Repayments shall be initiated manually by the user. You must ensure sufficient balance is available in your repayment account.

6.2 Repayment Methods

You may repay through methods supported within the App, including but not limited to Bank Transfer and Net Banking. Available repayment methods may vary and shall be subject to App availability.

6.3 Late Repayment

Failure to make repayments on time may result in:

1. Late payment charges;
2. Negative impact on your credit score;
3. Reporting to credit bureaus;
4. Lawful collection activities;
5. Legal proceedings and recovery actions.

6.4 Early Repayment

You may choose to repay the loan early in accordance with the Loan Agreement. Unless otherwise specified, no additional penalty shall generally apply for early repayment.

7. Fee Transparency and Information Disclosure

7.1 Fee Transparency

We undertake that:

1. All fees shall be transparently disclosed;
2. No hidden charges shall be imposed;
3. All charges shall be clearly listed in the loan disclosure documents.

7.2 Main Types of Charges

1. Service Fee: One-time charges including Processing Fee, Credit Investigation Fee, Risk Review Fee, and Technical Service Fee, usually calculated as a percentage of the loan amount;
2. Interest: Calculated based on the loan amount, tenure, and applicable interest rate;
3. GST: Applicable as per prevailing Indian tax laws;
4. Late Payment Charges: Applicable in case of overdue repayment.

8. Privacy and Data Protection

The collection, use, storage, and sharing of your personal information are governed by our Privacy Policy. By using the Platform, you consent to:

1. Processing of your personal information as required by law and business operations;
2. Sharing necessary information with NBFC Partners and compliant service providers;
3. Conducting credit inquiries and risk assessments;
4. Regulatory reporting as required by law.

9. User Conduct

9.1 User Obligations

You agree to provide truthful information, promptly update personal details, repay all dues on time, comply with laws, and maintain account security.

9.2 Prohibited Activities

You shall not provide false information, use forged documents, impersonate others, engage in illegal activities, illegally access systems, or interfere with Platform operations. Violation may result in service termination, account suspension, reporting to regulators, or legal action.

10. Intellectual Property

10.1 Ownership

The BasagoLoan App, website, logos, content, and all related intellectual property rights belong to the Company. You are granted a limited, personal-use license.

10.2 User Content

You retain ownership of submitted content but grant us a license to use it for providing the Services.

11. Disclaimer and Limitation of Liability

11.1 Services Provided “As Is”

The Services are provided on an “as is” and “as available” basis without warranties of any kind.

11.2 Limitation of Liability

To the maximum extent permitted by law, the Company shall not be liable for indirect, incidental, special, consequential, or punitive damages, loss of profits, data, or intangible losses.

12. Indemnification

You agree to indemnify the Company from any claims arising out of your violation of these Terms, your use of the Services, or infringement of third-party rights.

13. Suspension and Termination

The Platform may suspend or terminate access for violations, fraudulent activities, legal requirements, inactivity, or transaction risks. Termination does not affect outstanding repayment obligations.

14. Dispute Resolution

14.1 Amicable Settlement

Any dispute shall first be resolved through friendly negotiations.

14.2 Arbitration

If unresolved, disputes shall be referred to arbitration under the Arbitration and Conciliation Act, 1996. Seat: Delhi, India. Language: English.

15. Governing Law and Jurisdiction

These Terms are governed by Indian laws. Delhi courts shall have exclusive jurisdiction.

16. Terms and Amendments

16.1 Entire Agreement

These Terms and the Privacy Policy constitute the complete agreement.

16.2 Severability

Invalid provisions do not affect the remaining Terms.

16.3 Force Majeure

We are not liable for delays caused by events beyond our control (natural disasters, cyberattacks, etc.).

16.4 Right to Amend

We may modify Terms at any time. Material changes will be notified through the App. Continued use constitutes acceptance.

17. Contact Information