Welcome to the CreditPey Terms and Conditions page which has been created to reveal all the terms and conditions applicable to digital lending services hereafter, we have explained all the factors pertaining to the terms and conditions. We explain almost all the factors like eligibility, loan approval, factors of rejection, repayment, and consequences of delay in repayment and their various aspects. The terms and conditions for the lending say that the customers and lending companies must adhere to the Indian Contract Act 1872 with fair deals and explicit agreements. Therefore the conditions for the personal loan are as follows, especially related to the invariable components of the loan services.
Eligibility:
Since the eligibility criteria depend on factors like Age, Income, Credit Score, Documents, Nationality and residential status of the customers and other factors decided by the lenders, some essential factors are like
- The customer must be an Indian citizen with a valid identity and residential proof.
- The minimum age of the customers must be at least 18 years.
- The customer must have valid ID proof (Aadhaar Card, PAN Card, Driving License, etc.)
- Must have an active bank account where the disbursal amount can be sent.
- The customers must have the employment terms described above as mentioned in the eligibility.
Loan Disbursement:
The disbursal of the loan is done after a satisfactory verification where the customer will get an intimation through, Email and Phone, and the customer must send the documents if required. However, in many cases, we can also reject the loan, especially when there are
- Lack of documents while applying for the loan.
- If the customer resides in negative areas as per our previous details and feedback in that case the loan can be rejected.
- The income ratio and loan amount will be decided as per the customer's transactional history and company policies.
Repayment:
- Borrowers must repay the repayment amount with the applied interest and other processing fees.
- Late payments may be subjected to the penalties and after one month of repayment, we can inform the credit bureau.
- There are multiple repayment options but the customers must inform after the repayment to have an explicit loan closure report.
Interest Rates:
- While approving the Interest rate it is decided based on multiple factors, including credit score, loan amount, and tenure.
- The exact interest rate will be specified in the loan agreement.
Default and Consequences:
- In case of default i.e., delay in the repayment by the customers the lender may take legal action to recover the repayment amount.
- In the case of defaults, it may impact the customer's credit score.
Privacy Policy:
We collect the personal information from the customers as per the requirement so that we can accomplish the lending services. However, in between that we obey the data protection and keep all data confidential. For the brief information of the privacy policy, the customer can go to the privacy policy page.
Governing Law:
- The loan agreement will be done under the guidelines of the government of India and the regulatory authority i.e., the Reserve Bank of India.
- Any conflicts and disputes in the agreement will be subject to the exclusive jurisdiction of the high courts of Delhi.
Modification of Terms:
We will have the complete right to revise the content especially when there are any amendments.
