Terms and Conditions

1 Definitions

• "Borrower" / "Customer" / "You" — the individual who applies for and receives a personal loan from CreditPey.
• "Lender" / "We" / "Us" — Digner Finlease and Investment Private Limited, operating as CreditPey, an RBI-registered NBFC.
• "Loan Agreement" — the binding contract executed between the Borrower and Lender upon loan approval, incorporating the Key Fact Statement (KFS).
• "Key Fact Statement (KFS)" — the standardised document mandated by RBI that discloses all loan terms including APR, fees, tenure, and repayment schedule before loan disbursal.
• "APR" — Annual Percentage Rate, the total annual cost of the loan including interest and all fees, expressed as a percentage.
• "EMI" — Equated Monthly Instalment, the fixed amount payable each month towards loan repayment.

2 Eligibility Criteria

To be eligible to apply for a CreditPey personal loan, you must meet all of the following criteria at the time of application:

• Age between 21 and 60 years at the time of application
• Indian citizen with valid identity and residential proof
• Salaried employee with a minimum monthly salary of ₹40,000
• Minimum CIBIL score of 650
• Valid PAN Card and Aadhaar Card
• Active bank account in your name for loan disbursal
• Resident of a serviceable location as per CreditPey's operational areas

3 Loan Application Process

By submitting a loan application on our website, you:

• Confirm that all information provided is true, accurate, and complete
• Authorise CreditPey to verify your identity, conduct a credit bureau check (CIBIL, Experian, or others), and assess your creditworthiness
• Consent to CreditPey sharing your application data with its lending partners, banking partners, and KYC verification agencies for the purpose of processing your loan
• Acknowledge that submitting an application does not constitute loan approval

Required documents include: Aadhaar Card, PAN Card, last 3 months' salary slips, last 6 months' bank statements, and a passport-size photograph. All documents must be submitted digitally through our secure portal.

4 Loan Disbursement

Upon successful verification and approval of your loan application:

• You will be notified of the approval decision via email and/or SMS
• The sanctioned loan amount (after deduction of processing fee and applicable GST) will be disbursed directly to your registered bank account
• Disbursal is subject to satisfactory document verification and bank processing timelines
• A Key Fact Statement (KFS) will be provided to you before disbursal — you must review and accept it before the loan is processed

CreditPey reserves the right to reject any loan application without providing a reason, including in cases of:

• Incomplete, incorrect, or fraudulent documentation
• Unsatisfactory credit score or credit history
• Applicant residing in a location outside our serviceable areas
• Income or debt-to-income ratio not meeting our lending criteria
• Any other risk-based assessment at CreditPey's discretion

5 Interest Rates & APR

The interest rate applicable to your loan is determined based on your credit profile, loan amount, and tenure. The following rates apply:

• Rate of Interest (ROI): 1.25% to 2.60% per month (flat)
• Annual Percentage Rate (APR): 15% to 34% per annum

The exact interest rate and APR applicable to your loan will be specified in your Loan Agreement and Key Fact Statement before disbursal.

6 Fees & Charges

The following fees and charges apply to CreditPey personal loans. All charges are disclosed upfront in the Key Fact Statement:

• Processing Fee: Up to 10% of the sanctioned loan amount + applicable GST. Deducted from the disbursed amount.
• Pre-Closure Charges: Nil — you may repay your loan early at no extra cost.
• Cheque / ECS Bounce Charges: ₹1,000 per instance of a bounced repayment instruction.
• Penal Interest: In case of delayed repayment, penal interest and/or late payment charges as specified in your Loan Agreement will apply.
• No Upfront Fees: No fee is collected before loan disbursal under any circumstances.

7 Repayment Terms

• Loan repayment is made through Equated Monthly Instalments (EMIs) as specified in your Loan Agreement
• Repayment tenure ranges from 3 to 12 months as agreed at the time of sanction
• EMIs are collected via ECS (Electronic Clearing Service), NACH mandate, or other authorised payment modes
• You must ensure sufficient funds in your registered bank account on each EMI due date
• Borrowers must repay the outstanding principal, accrued interest, and all applicable fees as per the repayment schedule
• Upon full repayment, you may request a No Objection Certificate (NOC) and loan closure confirmation from CreditPey

8 Default & Consequences

A default occurs when you fail to pay any EMI within the due date specified in your Loan Agreement. In the event of default:

• Penal interest and late payment charges as specified in your Loan Agreement will apply from the date of default
• Your repayment behaviour will be reported to Credit Information Companies (CIBIL, Experian, CRIF High Mark, Equifax) as mandated by RBI guidelines, which may adversely affect your credit score
• CreditPey may initiate recovery proceedings in accordance with applicable law and the RBI's Fair Practices Code for NBFCs
• In cases of persistent default, CreditPey may take legal action to recover the outstanding amount
• Recovery proceedings will be conducted in a respectful and lawful manner — harassment or coercion of any kind is strictly prohibited

9 Pre-Closure

You have the right to pre-close your loan at any time before the end of the tenure.

• Pre-closure charges: Nil — CreditPey does not levy any penalty for early repayment
• To pre-close your loan, contact our customer support or visit the Repay Loan section on our website
• Upon pre-closure, interest will be charged only up to the date of actual repayment — no future interest will be levied
• A loan closure confirmation and NOC will be issued after full settlement

10 Borrower's Rights

As a borrower, you are entitled to the following rights under RBI's Fair Practices Code and applicable law:

• Right to Key Fact Statement: You are entitled to receive a KFS before signing the Loan Agreement, disclosing all costs, charges, and terms in plain language
• Right to a cooling-off period: As per RBI guidelines, you have the right to exit the loan within the cooling-off period specified in your KFS without penalty
• Right to dignified treatment: Recovery agents must adhere to the RBI's Code of Conduct and treat borrowers with respect at all times
• Right to grievance redressal: You may lodge a complaint with our Grievance Officer and escalate to the RBI Ombudsman if unresolved
• Right to data privacy: Your personal data is protected under the Digital Personal Data Protection Act 2023 — see our Privacy Policy
• Right to a NOC: Upon full repayment, you are entitled to a No Objection Certificate and loan closure confirmation

11 Data Privacy

CreditPey collects and processes your personal data strictly for the purpose of providing loan services, as required by RBI KYC norms and applicable law. Your data is kept confidential and is not sold to third parties.

Data processing is governed by our Privacy Policy, which complies with the Information Technology Act 2000 and the Digital Personal Data Protection Act (DPDPA) 2023.

You have the right to access, correct, or request deletion of your personal data, subject to legal retention requirements. Contact our Grievance Officer to exercise these rights.

12 Governing Law & Jurisdiction

• These Terms and Conditions are governed by the laws of India, including the Indian Contract Act 1872, RBI Act 1934, and RBI Guidelines on Digital Lending (2022)
• Any dispute arising out of or in connection with these terms or the Loan Agreement shall be subject to the exclusive jurisdiction of the courts in Delhi, India
• CreditPey complies with all applicable consumer protection laws and RBI regulations governing NBFC lending practices

13 Modification of Terms

CreditPey reserves the right to revise these Terms and Conditions at any time to reflect changes in law, regulation, or business practice. When material changes are made:

• The "Last Updated" date at the top of this page will be revised
• Registered users will be notified by email or SMS where required by law
• Continued use of our services after changes are posted constitutes acceptance of the revised terms

14 Grievance Redressal

In accordance with the RBI's Fair Practices Code for NBFCs and the Information Technology Act 2000, we have appointed a Grievance Officer. You may contact us for:

• Complaints about loan processing, disbursal, or repayment
• Concerns about recovery or collection practices
• Data privacy or misuse concerns
• Any other service-related grievance

If your complaint is not resolved within 30 days, you may escalate to the RBI Ombudsman at cms.rbi.org.in.