Terms of services

Last Revision Date 27-10-2016
PLEASE READ THIS TERMS OF SERVICE AGREEMENT CAREFULLY. BY USING THIS WEBSITE OR ORDERING PRODUCTS FROM THIS WEBSITE YOU AGREE TO BE BOUND BY ALL OF THE TERMS AND CONDITIONS OF THIS AGREEMENT
  1. Introduction

    1. The Terms & Conditions,(“T&C”) mentioned in this document govern the operation and use of the LenDenClub “Lending Platform”, an online marketplace for putting Lenders and Borrowers in touch with each other. By accepting these T&Cs, you acknowledge that you have also read and understood the risk involved in lending and/or borrowing through the Lending Platform.

    In these T&Cs the terms "we" "us" and "our" mean LenDenClub and the terms "you" and "your" mean LenDenClub Customer (acting as a Borrower and/or a Lender as the context requires). Other words to which we have given a particular meaning begin with a capital letter and are defined either where they first appear or in the T&C 20. Headings are included to help you locate the relevant provisions, but do not influence the meaning of those provisions. These T&C regulate the relationship between LenDenClub and LenDenClub Customers. The relationship between Lenders and Borrowers is also regulated by these T&C except in relation to lending, which is regulated by a Loan Agreement. LenDenClub is not a party to any Loan Agreements between Lenders and Borrowers. Our function is to operate the Lending Platform.

    1. The Lending Platform operates by Loan Offers made by Lenders under T&C IV, post which Loan Agreement is executed.
    2. By accepting these T&C you are accepting that:
      1. the Loan Conditions will be incorporated into every Loan Agreement;
      2. the Lending Platform processes each Borrower's direct debits in relation to repayments and credits principal and interest to Lenders and any fees or charges to the persons to whom those fees are due and payable OR borrower transfers EMI amount directly to the Lender’s nominated account
      3. each Lender sub-contracts to us the collection of any missed Repayments due from Borrowers in accordance with Applicable Law, the provisions of the LenDenClub T&C and each Loan Agreement;
    1. Each time a Loan Agreement is formed, details of the amount lent or borrowed will be recorded in each Lender and Borrower’s LenDen Account. The name, address, Nominated Bank Account details and PAN (Permanent Account Number) of the Lender and Borrower will appear in each Loan Agreement. Apart from this, the identity of each LenDenClub Customer will not be disclosed to any other LenDenClub Customer, except where it is necessary to do so as part of court or other enforcement proceedings for the recovery of amounts due and payable under any Loan Agreement or otherwise to comply with Applicable Law.
  2. Customer Eligibility and registration

    1. To register with us you must meet our Eligibility Criteria. This means that
      1. you must have a rupee denominated savings/current account in your own name with a bank in India; and
      2. you must be an individual, at least 18 years old, OR an entity, living in the India ("India"); and/or
      3. you must be an entity having PAN (Permanent Account Number), allotted by Income Tax Department of India.
    2. To be eligible as a Lender, you must be either:
      1. An Individual looking for better interest and qualify as per T&C II.2.b
      2. not be lending in the course of any business; or
      3. be authorized and regulated by the Reserve Bank of India to carry on the activity of lending money to individual/entity as lender (“Lending Business”).
      4. Be authorized and regulated by any state/states of India to carry on the activity of lending money to individual/entity as lender (“Lending Business”)
    1. To be eligible as a Borrower,
      1. You must be a businesswoman or salaried individual;
      2. If you are a businesswoman, you should fulfill following criteria:
        1. Your entity must be based in India with an annual turnover not exceeding Rs. 25,00,000;
        2. The business entity should not be operating in any Prohibited Sectors;
        3. You must not have a material interest in any business that operates in any of the Prohibited Sectors;
      3. If you are salaried individual, you should meet below mentioned criteria
        1. You should be Based in India
        2. you should not be unemployed at any point of time during last 6 months;
        3. You must be receiving your monthly salary in your bank account;
      4. You must only be seeking a loan in an amount between Rs. 25,000 and Rs. 3,00,000 with a loan term of no more than 18 months.
    1. If you meet our Eligibility Criteria, you can register with us as a LenDenClub Customer. As part of this process:
      1. we may:
        1. make identity, KYC, fraud and credit checks;
        2. obtain a Credit Rating for you from the Credit Information Bureau;
      2. we will carry out residence and/or work verification at your employment location;
    1. When these steps have been completed, we will approve your request to register you as a LenDenClub Customer, list your Loan Request and set up a LenDen Account for you.
    1. If we are unable to complete any steps in T&C2.4, we will not register you as a LenDenClub Customer.
  3. LenDen Account

    1. To lend or borrow through the Lending Platform you must log on to LenDen Account.
    2. When you enter LenDen Account we will check your identity by asking for Passing Codes. As long as the correct Passing Codes are entered, we will assume that you are the person giving instructions and making transactions and you will be liable for them, except to the extent provided for in T&C 3.4. You must therefore keep your Passing Codes secret and make sure that they are not stored on your computer or other device in a way that enables others to impersonate you. In addition, for the avoidance of doubt, if you disclose your Passing Codes to any person or entity whom you employ or otherwise retain, appoint or authorise to access to LenDen Account, you are also responsible and liable for any access, use or misuse or disclosure of your Passing Codes or LenDen Account by such person or entity.
    1. We can refuse to act on any instruction that we believe:
      1. was unclear;
      2. was not given by you;
      3. might cause us to breach a legal or other duty; or
      4. suggests LenDenClub is being used for an illegal purpose.
    1. You must tell us as soon as possible if you think that someone else knows your Passing Codes (or any code(s) that protect access to your Nominated Account) or can use LenDenClub by impersonating you. Until you tell us:
      1. you will be responsible for any instruction which we receive and act on, even if it was not given by you; and
      2. we will not be responsible for any unauthorised access to confidential Information about you on LenDen Account.
    1. We will do all that we reasonably can do to prevent unauthorised access to LenDen Account.
  4. LenDenClub Lending

    1. If you are registered Lender, you agree that you will offer the first loan within 30 days from the day of approval of your Lender Profile.

    Before Offering Loans

    1. You add amount equivalent to your lending amount in your virtual wallet given in the LenDen Account;
    2. If you decide to lend using the Lending Platform, then in order to ensure that your loan funds are readily available for disbursement to Borrowers, you must maintain equivalent amount in your bank account and transfer it to the borrower’s account within 5 working days from the signing of Loan Agreement by the borrower and updated in your LenDen Account.

    Making Loan Offers via LenDenClub Platform

    1. Once you have added amount to your virtual wallet you can offer loans to each borrower request after assessing their profile available on the platform;
    1. Loan Agreements:By offering a loan to borrower you are offering to enter into a Loan Agreement with a Borrower with conditions mentioned in the borrower profile. Ideally, you do not offer more than 5% of your funds to one borrower unless you are a Lending Business. For example, this means that if you want to lend Rs. 5,00,000/- you should lend to each Borrower not more than Rs. 25,000. Ideal ticket size would be Rs. 15,000 to each borrower. You will not be asked to confirm your Loan Offer once it has been made. However, this is just a guiding principle and you may decide to go as per your investment criteria. We do not advise you on which borrower to choose and how much amount to offer to the same.
    1. Transferring Your Loan Funds:Once each of your Loan Agreements has been executed by the Borrower, the amount you have lent will be deducted from your LenDenClub Wallet and be credited to the relevant Borrower's LenDenClub Wallet. At this moment the Lending Platform does not support direct debit of the investment amount. You have to transfer the Loan Amount to the borrower’s Nominated Bank Account mentioned in the Loan Agreement.
    1. As a Lender, you will have to transfer Loan Amount to the Borrower’s Nominated Account within 5 working days after receiving scan copy or original copy of the Loan Agreement. If the Loan Amount is not transferred to the Borrower’s Nominated Account within above stipulated timeline, the Borrower will have an option to deduct Rs. 250 from the first EMI payable by the Borrower towards delay charges applicable to you. However, you can pre-intimate LenDenClub about any possible delay. LenDenClub will have exclusive right to accept your request and waive-off this particular charge after considering knowing reason for this delay.

    Repayments

    1. The Borrower will set up a direct debit to his/her Nominated account, to pay to LenDenClub Customers' Account, the amount that is repayable to you which will then be transferred to your Nominated Account once received. You can log on to LenDen Account and use these amounts to fund any further borrower requests.
  5. Borrowing

    Applying for a LenDenClub Loan

    1. If you want to borrow through the Lending Platform, you can post your borrowing requirement through the Lending Platform and complete the application process
    2. During the application process, you must also enter the details of your Nominated Account in which we will set up a direct debit from that account to the LenDenClub Customer’s Account, which will be used to make the Repayments due from you to the Lender under any Loan Agreement you enter into.
    3. By posting Loan Request, you agree:
      1. to provide us with certain additional Information which we will ask you for, and that if we discover that this additional Information and/or the Information you gave us during the application process was inaccurate or deficient in any respect, then the Loan Request will be void and we will report this Information to credit reference and fraud agencies;
      2. To authorise us to check your Credit Rating from any or all of the four Credit Information Bureau in India, which are CIBIL, Experian, Equifax and Crif Highmark
      3. to provide us with Information to assess the affordability of your Repayments.
      4. You acknowledge that Credit Information Bureau link together the records of you and anyone that you have advised is a financial associate (e.g. someone with whom you have a joint credit account) including previous and subsequent names of parties to the account. When assessing the affordability of your Repayments, we may take into account Information about your financial associates in your credit reference.
      5. Any Loan Amount offered by any listed lenders will be acceptable to the LenDenClub Customer

    Formation of Loan Agreements

    1. After receiving commitment of the full or part of the Loan Amount and/or when you decide to initiate disbursement process you agree to accept each of the Loan Offer that meets your Borrowing Criteria.
    2. A Loan Agreement with each Lender will be formed and signed by you electronically or physically. Where you have Loan Agreements with more than one Lender, we will provide you with a Loan Agreement Summary in your LenDen Account that includes the total amount of the Loan Repayments you need to make, as if all the Loan Agreements you entered into in relation to your Loan Request were a single agreement.

    Disbursement of Loan Proceeds

    1. We will provisionally credit your LenDenClub Wallet with the total amount you have borrowed, and the same amount will be transferred by the Lender or by the Lender’s authorised entity or through LenDenClub Customer’s Account to your Nominated Account or directly to any third party specified at the time of registering the Loan Request.
  6. LenDenClub Loan Administration

    Early Repayment

    1. If you want to exercise a right to repay early under the Loan Agreements (which you may do so free of any charge, except for interest payable to the date of repayment) and if you have already paid first 3 EMIs of the loan, please email us at cs@lendenclub.com.
    2. If the number of repaid EMI as on date of prepayment are less than 3, the Borrower needs to include Interest amount of the first 3 EMIs in the payable amount.

    Missed Repayments

    1. If you miss a Repayment, or find yourself in financial difficulties and you believe you cannot afford to repay the amount due under any of your Loan Agreements, you should contact us as soon as possible by email to cs@lendenclub.com. We will do the following:
      1. explain the delay charges and your options
      2. inform lenders regarding the same
      3. tell you if your account is being passed on to internal Recovery Team for further legal recovery as your loan has been classified under Default category.
    2. On behalf of the Lender, only LenDenClub will communicate with you about any amount outstanding under your Loan Agreements till the time you do not miss 2 EMIs. Post that your contact details and/or all the details available with LenDenClub may be shared with all the lenders so that they can initiate legal recovery at their end or through Lending Platform, if offered by Lending Platform.
    3. You should tell LenDenClub, as the case may be, when your circumstances change in a way that may adversely impact your ability to repay the amount due under any of your Loan Agreements.
    4. If you are not paying EMI/EMIs, this will be included in the Information supplied to the credit information bureau approved by RBI. You should be aware that this reporting may have serious consequences on your ability to avail any credit in the future.

    Consideration as Default

    1. The loan will be counted under default category if:
      1. a Borrower fails to pay the full EMI amount of three Repayments then due and payable in relation to the Borrower’s Loan Agreements (a“Default”);
      2. we receive confirmation that the Borrower has died;
      3. the Borrower has entered into a terminal arrangement affecting the Borrower’s Loan Agreements
      4. Or any other specific situation, which may arise at any point in time, the Lending Platform will have a right to decide whether to classify any Loan Agreement under “Default” or not.

    Working of Lender Protection Fund

    1. Lender Protection Fund “LPF” is a fund created by the Lending Platform to support the platform in case Borrower defaults payment to the Lender.LPF is created and managed by LenDenClub.
    2. Lender has right to send us LPF Request for principal default settlement from LPF amount.
    3. Any LPF Request will be accepted only if there is balance available in LPF
    4. LPF request will be accepted only if the borrower risk category, at the time of loan offering, was other than "Very High Risk".
    5. Any LPF Request will be accepted for principal amount settlement under LPF if the Borrower is unable to pay his due EMI due to any reason other than the below mentioned reasons:
      1. Borrower dies
      2. Borrower is Permanently disabled
      3. Falling ill due to critical illness (Because of which he is unable to work)
    6. Guiding terms of the LPF will be as below:
      1. LPF request can be put up by Lender after 12 months period from the day the Loan Agreement is classified under Default Category.
      2. At the time of putting up the LPF request, Lender needs to submit proof of legal recovery, which includes registered case number with any court in India and the complaint register with police department. Any request without support of legal procedure initiation, will be rejected by the Lending Platform.
      3. As per classification followed by LenDenClub, any borrower loan will enter default category after 90 days from the due date of the first pending installment.
      4. LPF will be kept with a trustee (another company) or LenDenClub itself who will manage and disburse the lender protection amount directly to Lender as guided by LenDenClub platform
      5. All rights of refusal of any request by Lenders remains with LenDenClub
      6. LPF is not a guarantee or insurance to the investment/lending done by the lenders; it is just a service feature offered by the Lending Platform which may protect Lenders partially or fully.
      7. Any LPF request will be addressed only if there is any amount available in LPF else it will be rejected and the Lender will be informed via registered email or letter.
      8. LenDenClub can stop contributing money towards LPF or dissolve LPF without prior notice to lenders or any other stake holders of the company. However, the lenders, who have done transaction till that day, will be covered under LPF as on date.
    7. Any Loan Agreement will be considered for principal amount settlement under LPF only if the Lender has initiated legal proceedings against the borrower under either civil or criminal offence at any location in India
    8. If Borrower has defaulted the Loan Agreement due to death or permanent disability or critical illness (due to which he is unable to work) of the borrower, the Lender will not be able to register any claim under LPF. However, such Loan Agreements will be claimed from the insurance provider, if it is available at the time of default.

    Repayment Date Changes

    1. LenDenClub and each Lender understands the fact that certain things changes with time and so that in your personal and employment circumstances (other than an inability to make a payment at all) can mean that you may wish to change the date in the month upon which you wish to make your Repayments (“Repayment Date”), in which case:
      1. You may ask LenDenClub to change the Repayment Date by notifying LenDenClub that you wish to do so and specifying the new date within the month upon which you wish your Repayments to take place. Such requests may be made by logging-in to LenDen Account and following the instructions there, or by email to cs@lendenclub.com. You can change your Repayment Date only once in 6 months.
      2. Depending on whether the revised Repayment Date is before or after the original Repayment Date in the month, the amount your next Repayment on the new Repayment Date will be adjusted to take account of the number of days between the new Repayment Date and the previous one. The remaining Repayments (assuming no further changes) will revert to the usual Repayment amount thereafter.
      3. LenDenClub will then acknowledge and confirm the new Repayment Date and any change to the amount of your next Repayment as a result, before effecting any change. Depending on how you request the change, this acknowledgement and confirmation will take place online, during the course of your telephone call or by an exchange of email with you.
      4. LenDenClub may request justification for the change to the repayment date and reserves the right not to complete the request if in its sole and absolute discretion it determines that the change is not due to an appropriate change in circumstances or that the process set out above is not being followed.
      5. You will have to pay applicable charges on the same
  7. The LenDenClub Customers' Account

    1. We will hold in the LenDenClub Customers' Account the amounts Lenders will receive as a repayment from the Borrower, including delay charges or late fees or penal charges or any other applicable charges. These will be recorded as a credit to your LenDenClub Wallet which you can see by logging on to LenDen Account. These amounts are held by us on a segregated account or third party service provider so that it does not comingle with our cashflow.
    2. All the collected repayments will be transferred to Lender’s Nominated Account in the below manner
      1. Transfer Dates to Lender’s Nominated Account will be 5th, 10th, 15th, 20th, 25th& 30th. All the payment received before Transfer Date will be accumulated under LenDenClub Customer’s Account and transferred to Lender’s Nominated Account.
      2. The Lender will not earn any interest during the Accumulation Period
      3. If a borrower is paying EMI on 2nd of the month, the amount will be transferred to Lender’s Nominated Account on 5th of the month and Lender will not get any interest on the EMI amount lying in LenDenClub Customer’s Account for 3 days. Similarly, all the amount received between 30th to 4th of the month will be transferred to Lender’s Nominated Account on 5th of the month.
    3. All payments by Lenders to Borrowers will be made through the LenDenClub Customers' Account.
    4. As a Borrower, you make your Repayments due under Loan Agreements by direct debit to the LenDenClub Customers' Account, which results in an initial credit and debit to your LenDenClub Wallet, and then a credit in each relevant Lender's LenDenClub Wallet; Or by setting standing instruction in your account to transfer the payment directly to all the Lenders, which results in direct credit from your account to Lenders account.
  8. Fees and Charges

    1. Borrower Registration Fee:Each time you complete a Loan Request to borrow money, you will have to pay applicable Borrower Registration Fee to use the Lending Platform. Borrower Registration fee are different for the first Loan Request and subsequent Loan Request. Borrower Registration Fee charges are mentioned on the Lending Platform, and we may also waive, reduce or increase Registration Fee from time to time for promotional purposes or otherwise as we see fit at any time.
    2. Borrower Arranger Fees (or Borrower Processing Fees):Once your Loan Request is successfully funded, you have to pay Arranger Fees as specified on the Lending Platform to LenDenClub.
    3. Borrower Legal Charges:These are the charges paid towards stamp duty payment to the government stamp department. It is just a reimbursement of actual cost incurred towards franking and/or any other applicable facilitation charges.
    4. Lender Registration Fee:We will charge each Lender a one time Lender Registration Fee for the services that we supply to Lenders under these LenDenClub T&C. We may waive or reduce this fee from time to time for promotional purposes or as we see fit. While we have no plans at all to increase the Lender Registration Fee, we reserve the right to do so at any time, but that will not applicable to existing lender.
    5. Any New Fee Introduction: If LenDenClub will introduce any new fee, that will be done only after first changing the LenDenClub T&C and showing the new fee as part of the process of offering to lend money at LenDenClub (so you have the right not to proceed with that offer if you do not want to pay any new Fee).
    6. Late Payment Fee:If you are late in making payment, the LenDenClub reserves the right to charge you an administration fee for the work it does in attempting to collect your Repayments ("Late Payment Fee"). For each instance of late payment, you will have to pay Rs. 250 to LenDenClub and Rs. 250 to each of the Lenders from whom you have received loan. Details of late payment charges are covered under Loan Agreement.
    7. Other fees or chargesthat may be charged by the LenDenClub are:
      • Tracing charges (finding you if we are unable to find you at the resident address provided by you or the work location provided by you at the time of Loan Request and we have to trace your new address) - Rs. 250;
      • No-Response fee (if you fall into arrears and we cannot contact you for 15 consecutive days) - Rs. 250;
      • Recollection Fee (If our recovery person visits your office or residence to collect your EMI payment or visits your office or residence premises as you are not paying your EMI on time) – Rs. 250
      • Change of Repayment Date (If you want to change EMI repayment date) – Rs. 250
      • Change of Nominated Account (If you want to change the Nominated Account from which your EMIs are being repaid) – Rs. 250
      • Litigation costs and expenses, including legal fees and expenses, to cover litigation recover outstanding arrears, in which case the Borrower will be advised of such costs and expenses if such action proves necessary.
  9. Amendments to the LenDenClub T&C

    1. We may vary the terms of the LenDenClub T&C from time to time to accommodate:
      1. LenDenClub Customers' feedback;
      2. changes required by third party service providers;
      3. improvements in the Lending Platform;
      4. changes in Applicable Law;
      5. decisions or orders of any court, ombudsman, arbitrator, regulator or any undertakings given in one of these contexts.
    2. We will always try to give a notice by email or LenDen Account before making the change. If you continue to use the Lending Platform after we have given you such notice you will have accepted the LenDenClub T&C, as amended.
  10. Closing Your LenDen Account

    1. Once all your Loan Agreements are repaid, you may terminate your LenDenClub registration by sending us an email to cs@lendenclub.com and you will no longer be able to access the Lending Platform. However, we will continue to maintain records to the extent that we are required by law.
    2. We may terminate your LenDenClub registration if you have lied to us, seriously or repeatedly breach the terms of these T&C, die, become bankrupt, your loan falls in default category on the Lending Platform, make a voluntary arrangement with anyone you owe money, you establish contact with anyone who owes your money without knowledge of the platform
    3. We may either terminate or suspend your registration immediately and without notice if we are aware or reasonably suspect that you are engaged in, or may be the victim of, any fraudulent activity or we find that you are spoiling reputation of the Lending Platform or we find any activity which is against the interest of the Lending Platform or we find you are using information available on the platform for any other commercial purpose.

    Effect of Termination

    1. When we terminate your registration, you will not have access to your LenDen Account. However, this will not affect your obligation to repay the amount you have borrowed under a Loan Agreement. Or receive EMI Amount you have lent under a Loan Agreement.
  11. Privacy and Data Protection

    Service Messages

    1. We understand your concerns of not sending unnecessary mails or SMS to you. There are some messages ("Service Messages") that we will need to send you. These may be sent via email, post or text message and include notifications at various stage of your loan or investment.

    Occasional Updates

    1. When you register on LenDenClub you are offered the option to receive our occasional updates. These messages notify you about new features added on the Lending Platform, ask your opinion regarding various situations and services, and tell you about services you might not be using yet. If you decide you no longer want to receive these messages you can change your contact preferences in the "My Contact Preferences" area once you are logged in to your LenDen Account or email your preference to us at cs@lendenclub.com.

    General Operational Purposes

    1. We as Information controller may use your Personal Information for: statistical analysis; to develop and improve our products; to update your records; to identify which of our, or others', products might interest you; to assess lending and insurance risks; to arrange, underwrite and administer insurance and handle claims; to identify, prevent, detect or tackle fraud, money laundering and other crime; to carry out regulatory checks; keeping you informed about your lending or borrowing and for market research. In addition:
      1. If false or inaccurate Information is provided and fraud is identified, details will be passed to fraud prevention agencies.
      2. We and other organisations may also access and use this Information to prevent fraud and money laundering, for example, when:
        1. checking details on applications for credit and credit-related or other facilities
        2. managing credit and credit-related accounts or facilities
        3. recovering debt
        4. checking details on proposals and claims for all types of insurance
        5. checking details of job applicants and employees
    1. We and other organisations may access and use the Information recorded by fraud prevention agencies, from other countries.
    1. Your Personal Information is kept confidential and only shared with others for the purposes we explained when you are registered with us, and:
      1. to a Credit Information Bureau to check your identity and to prevent fraud (they will also keep a record of your request and use it whenever anyone applies to be authenticated in your name);
      2. if you are a Borrower, to tell Credit Information Bureau that you have an account and how you run that account;
      3. to our agents and subcontractors, acting for us or for Lenders, to use for the purpose of operating the Lending Platform and obtaining payment;
      4. to investigate, prevent or detect fraud or carry out checks against money laundering;
      5. to share Information via an organisation which provides a centralised application matching service which it collects from and about mortgage and/or credit applications, for the purpose of preventing and detecting fraud;
      6. to a reputed third party involved in credit record improvement in the event that you apply to borrow money at LenDenClub, your application is declined or we reasonably believe that the credit record improvement company may be able to help you obtain a loan;
      7. to trace debtors and recover debt;
      8. to meet our obligations to any relevant regulatory authority or taxing authority;
      9. if we have to by law, the law allows it, or it is in the public interest;
      10. if all of the assets which we use to operate the Lending Platform (or substantially all of them) are acquired by a third party, we may transfer personal Information we then hold to that party so that the acquirer can continue to operate the Lending Platform; and
      11. each Borrower may be contacted to provide Information that will be used for statistical purposes to assess the effectiveness of lending. Any such Information will be treated in aggregate and without specific reference to your personal information.
    2. We will check your details with a fraud prevention agency or agencies, and if you give us false or inaccurate Information and we suspect fraud, we will record this. We and other organisations (including law enforcement agencies including government agencies) may use, search and access these records from India and other countries (e.g. offshore operations of India businesses) to:
      1. help make decisions about credit and credit related services, for you;
      2. help make decisions on motor, household, credit, life and other insurance proposals and insurance claims, for you and members of your household;
      3. trace debtors, recover debt, prevent fraud, and to manage your accounts or insurance policies;
      4. check your identity to prevent money laundering, unless you furnish us with other satisfactory proof of identity;
      5. checking details of job applicants and employees;
    3. Any Credit Information Bureau you search through LenDenClub will keep a record of any search, and other Lenders may use it to assess applications they receive from you in the future.

    Contacting Other Customers

    1. We do not disclose your Personal Identity details, to any other LenDenClub Customers except those who have entered into a Loan Agreement with you or interested in entering Loan Agreement. The information shared with LenDenClub Customers who have entered into a loan contact with you are as below:
      1. Full Name
      2. PAN Details
      3. Residence Address
      4. Bank Account
      5. Or any other information as and when needed
    1. You agree that, in the course of generating and managing your Loan Agreements, and operating LenDen Account, the Lending Platform will need to send to Lenders and their assignees/appointees or the Borrower, as the case may be, your personal information, including your documents and contact details submitted to the Lending Platform. We will not be liable for any use or misuse of the transactional data or personal information by others, but you must inform us of any misuse of the Lending Platform of which you are aware.

    Monitoring and Recording

    1. We may monitor, record, store and use any telephone, email or other communication with you in order to check any instructions given to us, for training purposes, for crime prevention and to improve the quality of our customer service.
  12. Your Profile Content and Use of the Lending Platform

    1. You represent, warrant and undertake that none of your Profile Content will violate or infringe upon the rights of any third party, including Intellectual Property Rights; or contain libelous, defamatory or otherwise unlawful material. In addition, you undertake not to use the Lending Platform or any part of the LenDenClub web site(s), blog or discussion board(s) to:
      1. collect email addresses, financial details, personal or contact Information of Customers or other users from the Lending Platform by electronic or other means for the purposes of sending unsolicited communications or inviting any person to lend or borrow outside the Lending Platform;
      2. use the Lending Platform in any unlawful manner or in any other manner that could damage, disable, overload or impair the Lending Platform or the servers on which it is hosted;
      3. use automated scripts to collect Information from or otherwise interact with the Lending Platform;
      4. upload, post, publish, display, transmit, share, store or otherwise make available on the Lending Platform any Information that we may deem to be misleading, harmful, threatening, unlawful, libelous, defamatory, infringing of any intellectual property rights, abusive, inflammatory, harassing, vulgar, obscene, fraudulent, invasive of privacy or publicity rights, hateful, or racially, ethnically or otherwise objectionable; OR be unsolicited or unauthorised advertising, solicitations, promotional materials, "junk mail," "spam," "chain letters," "pyramid schemes," or any other form of solicitation; OR to be the private Information of any third party, including, without limitation, addresses, phone numbers, email addresses, National Insurance numbers or other identifiers, credit card numbers and/or debit card numbers; OR to be an attempt to promote or market any goods or services for your own financial benefit;
      5. register at LenDenClub on behalf of an individual other than yourself, or register at LenDenClub on behalf of any entity without that entity's prior written authorisation;
      6. impersonate any person or entity, or falsely state or otherwise misrepresent yourself, your age, your financial employment or personal circumstances or your affiliation with any person or entity; use or attempt to use another's account, service or system without authorization from us, or create a false identity on the Lending Platform.
      7. solicit personal Information from anyone under 18 or solicit Passing Codes or personally identifying Information for commercial or unlawful purposes;
      8. invite any person to lend or borrow money outside the Lending Platform or to transact on the basis of any change (other than a change agreed with LenDenClub) to these T&C, the Loan Conditions or any other terms or conditions contained in the Lending Platform.
    2. You are solely responsible for your Profile Content. You may not post, transmit, or share Profile Content on the Lending Platform that you did not create or that you do not have permission to display, publish or post. You understand and agree that we may, but are not obligated to, review the Lending Platform and may delete or remove (without notice) any LenDenClub Information or Profile Content in our sole discretion, for any reason or no reason, including without limitation Profile Content that in our own absolute discretion violates any provision(s) of these LenDenClub T&C. You are solely responsible at your sole cost and expense for creating backup copies and replacing any Profile Content.
    3. When you post your Profile Content, you authorise and direct us to make such copies thereof as we deem necessary in order to facilitate the publication, display and storage of the Profile Content on the Lending Platform. By posting Profile Content to any part of the Lending Platform, you automatically grant, and you represent and warrant that you have the right to grant, to us an irrevocable, perpetual, non-exclusive, transferable, fully paid, worldwide license (with the right to sublicense) to use, copy, publicly perform, publicly display, reformat, translate, excerpt (in whole or in part) and distribute such Profile Content for any purpose on or in connection with the Lending Platform, LenDenClub web site(s), blog or discussion board(s) or the promotion thereof, to prepare derivative works of, or incorporate into other works, such Profile Content, and to grant and authorise sublicenses of the foregoing. You may remove your Profile Content from the Lending Platform at any time. If you choose to remove your Profile Content, the license granted above will automatically expire, however you acknowledge that we may retain archived copies of your Profile Content.
    4. You agree to indemnify and hold each other Customer, us, our subsidiaries and affiliates, and each of LenDenClub's directors, officers, agents, contractors, partners and employees, harmless from and against any loss, liability, claim, demand, damages, costs and expenses, including reasonable attorney's fees, arising out of or in connection with any of your Profile Content, your use of the Lending Platform, your conduct in connection with the Lending Platform or with other users of the Lending Platform, or any violation of these LenDenClub T&C or of any law or the rights of any third party.
    5. You are solely responsible for your interactions with other LenDenClub Customers. We reserve the right, but have no obligation, to monitor disputes between you and other users.
  13. Cookies

    1. LenDenClub uses cookies to help us make your experiences better. By using our Service, you consent to the use of cookies. Our Cookies Policy explains what cookies are, how we use cookies, how third-parties we may partner with may use cookies on the Service, your choices regarding cookies and further informationabout cookies.

    What are cookies?

    1. Cookies are small pieces of text sent by your web browser by a website you visit. A cookie file is stored in your web browser and allows the Service or a third-party to recognize you and make your next visit easier and the Service more useful to you. Cookies can be "persistent" or "session" cookies.

    How does LenDenClub use cookies?

    1. When you use and access our Service, we may place a number of cookies files in your web browser. We use cookies for the following purposes: to enable certain functions of the Service, to provideanalytics, to store your preferences, to enable advertisements delivery, including behavioral advertising. We use both session and persistent cookies on the Service and we use different types of cookies to run the Service:
      1. Essential cookies: We may use essential cookies to authenticate users and prevent fraudulent use of user accounts.
      2. Third-party cookies: In addition to our own cookies, we may also use various third-parties cookies to report usage statistics of the Service, deliver advertisements on and through the Service, and so on.

    What are your choices regarding cookies?

    1. If you'd like to delete cookies or instruct your web browser to delete or refuse cookies, please visitthe help pages of your web browser.Please note, however, that if you delete cookies or refuse to accept them, you might not be able touse all of the features we offer, you may not be able to store your preferences, and some of ourpages might not display properly.
  14. Use of LenDenClub Information

    1. LenDenClub Information and all the Intellectual Property Rights in the LenDenClub Information is either owned by us or our licensors (for example, Credit Information Bureau or any third party agency). Any use of LenDenClub Information otherwise than in accordance with these T&C entitles us to cancel LenDen Account. You may:
      1. display LenDenClub Information on a computer screen or take a reasonable number of copies for your records or store the LenDenClub Information in electronic form on your computer, provided that such copies and any stored LenDenClub Information is only used for your own personal and non-commercial purposes (or, if you are a Lending Business, for use internally for your own internal business purposes and not for commercial exploitation);
      2. not reproduce, modify or in any other way commercially exploit any of the LenDenClub Information. In particular, but without limiting the generality of the previous sentence, you may not do any of the following without our prior written consent, which may be withheld for any reason:
        1. redistribute any of the LenDenClub Information;
        2. remove any copyright, trade mark or other notice included with the LenDenClub Information;
        3. create a database in electronic or structured manual form by systematically downloading and storing all or any such Information.
  15. Using Information on the Lending Platform

    1. The LenDenClub Information may include personal credit scores, credit calculators designed to allow you to consider "what if" scenarios using pricing and other Information, if available. None of this or any other aspect of the LenDenClub Information will provide more than indicative results, depending on the Information you have supplied, and cannot be relied upon as a guarantee of any particular result.
    2. We will use reasonable skill and care in the supply of the LenDenClub Information to you. Due to the number of third party sources from which the LenDenClub Information is obtained and the nature of distribution of Information via the Internet, we cannot guarantee, warrant or represent that:
      1. the LenDenClub Information is complete, accurate, up-to-date or error-free;
      2. the Lending Platform or web site is virus free or that their operation will be continuous, uninterrupted or error-free.
    3. The Lending Platform contains links to other Internet sites and telephone numbers for services provided by others. The availability of such third party sites, services or material does not constitute any form of recommendation, advice, endorsement or publication of any such third party sites, services or material and we are not responsible for their availability or Information.
    4. None of the Information on the Lending Platform, and in particular, neither the Profile Content nor the LenDenClub Information, can be relied upon by you or any third party as a guarantee of any particular result, nor does any such Information constitute any form of advice, recommendation or endorsement by us, and it is not intended to be relied upon by you as the basis for making (or refraining from making) any specific decision.
    5. You download the Information on the Lending Platform, and in particular the Profile Content and the LenDenClub Information, at your own discretion and will be exclusively responsible for any damage to your computer or any lost Information that results from you downloading any such Information.
    6. We are not responsible or liable in any manner for any Profile Content or any Information posted on the Lending Platform by third parties. Although we provide rules for user conduct and postings, we do not control and are not responsible for what Customers or other users post, display, upload, publish transmit or share on the Lending Platform and are not responsible for any Information that breaches or is of a kind that might breach any provision of these LenDenClub T&C. We are not responsible for the conduct, whether online or offline, of any Customer or other user of the Lending Platform.
    7. THE LENDING PLATFORM, THE PROFILE CONTENT, THE LENDENCLUB INFORMATION AND ALL OTHER INFORMATION ON THE LENDING PLATFORM, LENDENCLUB WEB SITE(S), LENDENCLUB BLOG AND DISCUSSION BOARDS ARE PROVIDED "AS-IS" AND WE DISCLAIM ANY AND ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. WE CANNOT GUARANTEE AND DO NOT PROMISE ANY SPECIFIC RESULTS FROM USE OF THE LENDING PLATFORM OR ANY INFORMATION ON IT. WE DO NOT REPRESENT OR WARRANT THAT SOFTWARE, CONTENT OR MATERIALS ON THE LENDING PLATFORM ARE ACCURATE, COMPLETE, RELIABLE, CURRENT OR ERROR-FREE OR THAT THE LENDING PLATFORM OR ITS SERVERS, OR ANY SOFTWARE APPLICATIONS ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. THEREFORE, YOU SHOULD EXERCISE CAUTION IN THE USE AND DOWNLOADING OF ANY SUCH SOFTWARE, INFORMATION OR MATERIALS AND USE INDUSTRY-RECOGNISED SOFTWARE TO DETECT AND DISINFECT VIRUSES. WITHOUT LIMITING THE FOREGOING, YOU UNDERSTAND AND AGREE THAT YOU DOWNLOAD OR OTHERWISE OBTAIN PROFILE CONTENT, LENDENCLUB INFORMATION AND ALL OTHER INFORMATION, MATERIAL OR SOFTWARE (INCLUDING ANY MOBILE CLIENT) FROM OR THROUGH THE LENDING PLATFORM, LENDENCLUB WEB SITE(S), BLOG AND DISCUSSION BOARD(S) AT YOUR OWN DISCRETION AND RISK AND THAT YOU WILL BE SOLELY RESPONSIBLE FOR YOUR USE THEREOF AND ANY DAMAGES TO YOUR DEVICE OR COMPUTER SYSTEM, LOSS OF INFORMATION OR OTHER HARM OF ANY KIND THAT MAY RESULT.
    8. We reserve the right to change any and all Information, software and other items used or contained in the Lending Platform offered through the Lending Platform at any time without notice.
    9. You may not include a link to the Lending Platform in any other site, computer or network without our prior written consent and licence.
  16. Limits on Liability

    1. We agree to:
      1. act fairly, reasonably and responsibly in our dealings with you;
      2. not discriminate against any LenDenClub Customer because of their race, sex, disability, ethnic background or sexuality; and
      3. correct mistakes and handle complaints promptly in accordance with any agreed time periods.
    2. Except as otherwise expressly stated in these T&C, we shall only be liable for foreseeable loss or damage arising directly out of our own breach of these T&C, negligence or willful misconduct.
    3. If you have lent money through LenDenClub, our liability to you on any basis whatsoever shall not exceed the total amount of revenue earned by LenDenClub in respect of transactions entered into by you via LenDenClub.
    4. We shall not be liable for any loss or damage arising out of or in connection with:
      1. any error or inaccuracy in the Information entered by you or any other LenDenClub Customer;
      2. any negligence, breach of contract, misrepresentation or willful misconduct in relation to the Loan Agreements or other uses of the Lending Platform (other than our own).
    5. We shall not be liable for any indirect, special or consequential loss or damage, including loss or damage arising out of or in connection with lost Information, lost profits, damage to goodwill or business interruption, any delay or failure to perform its own obligations under these T&C due to circumstances beyond our own reasonable control.
    6. Nothing in these T&C shall exclude or limit the liability of either you or us for death or personal injury caused by our own negligent or fraudulent acts or omissions.
  17. General

    1. Enforceability:If any part of the LenDenClub T&C that is not fundamental is found to be illegal or unenforceable, such finding will not affect the validity or enforceability of the remainder of the LenDenClub T&C.
    2. Notices:You agree that all Information, notices, documents that we are entitled to send you electronically may be delivered to you at your LenDen Account. Any notices we give you shall be given in writing via the Lending Platform to your LenDen Account. You may also receive by email to your email address specified in LenDen Account from time to time a prompt to refer to your LenDen Account.
    3. Records conclusive:The records kept in the Lending Platform shall be conclusive of the facts and matters they purport to record.
    4. Trademarks:"LenDenClub", our Logo and related design(s), are trademarks of LenDenClub.
    5. Waiver:If we do not strictly apply our rights under the LenDenClub T&C at any time, that will not prevent us from doing so later.
    6. Choice of Law:These T&C are in English and governed by laws of India which shall also apply to the establishment of our relationship with you. We will only write and communicate with you in English. Any legal action is restricted to the jurisdiction of Mumbai.
    7. Taxes:If any taxes apply to you as a result of entering into these T&C or any Loan Agreement you must account for them yourself.
  18. Complaints Handling Process

    1. If you want to make a complaint about the Loan Agreement or LenDenClub you can email cs@LenDenClub.com with brief details of your complaint and your account reference. LenDenClub will acknowledge your complaint within one working day. LenDenClub will then investigate and send you an initial response within five working days.
    2. If you are not satisfied with the response from the Customer Services Manager you can email cs@LenDenClub.com, enclosing responses already given to you. Your email will then be referred to the Chief Operating Officer, who will respond within a five working days.
  19. Our Legal and Regulatory Status and Supervision

    LenDenClub is:

    1. Being operated as Innofin Solutions Private Limited, a private limited company incorporated under Company’s Act, 2013 in Mumbai;
  20. 20. Defined Terms

    In these T&C the following words have the following meanings:

    “Applicable Law”

    means all laws, regulations, rules and regulatory guidance applicable to the operation of the Lending Platform and/or the Loan Agreements;

    "Borrower"

    means a LenDenClub Customer who borrows money under a Loan Agreement;

    "Borrowing Criteria"

    means the amount that you, as a potential Borrower, would like to borrow via the Lending Platform and the period over which you want to repay the amount borrowed;

    "Credit Rating"

    means a credit rating of the borrower done by the internal credit analysis system of LenDenClub or any other third party service provider who has similar requisites;

    “Default”

    has the meaning given to it in T&C 6.7;

    "Eligibility Criteria"

    means conditions set out in T&C 2 which you have to satisfy to be registered as a LenDenClub Customer;

    “Information”

    means any information (including text, numeric and still &moving images).

    “Intellectual Property Rights”

    means patents, rights to inventions, copyright and related rights, trade marks, business names and domain names, rights in get-up, goodwill and the right to sue for passing off, rights in designs, database rights, rights to use, and protect the confidentiality of, confidential information (including know-how), and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world.

    "Lender"

    means a LenDenClub Customer who lends money under a Loan Agreement and, for the purposes of enforcing a Loan Agreement, includes any person to whom a Lender has transferred his or her rights under that Loan Agreement;

    "Lending Platform"

    means the peer-to-peer lending marketplace which LenDenClub operates at www.LenDenClub.com for the purpose of matching Market Offers and Confirmed Bids;

    "Loan Conditions"

    means the standard terms and conditions displayed by the Lending Platform and agreed by each Lender and Borrower at the time of loan approval and loan offering, as the case may be;

    "Loan Agreement"

    means the agreement, incorporating the Loan Conditions, that is agreed when a Lender offers loan amount against the loan request listed on the Lending Platform, recording a loan of to the specified Borrower from the specified Lender;

    “Loan Agreement Summary”

    Means the summary of all the Loan Agreements entered into by the Borrower at or about the same time (where more than one Loan Agreement is entered into);

    "Profile Content"

    means Information that a Customer uploads, publishes or displays on or through the Lending Platform, LenDenClub web site(s) or LenDenClub's blog or discussion boards, or transmits to or shares with other LenDenClub Customers; and "your Profile Content" means Profile Content that you have so uploaded, published or displayed.

    "LenDen Account"

    means, in relation to each LenDenClub Customer, the part of our website which can only be accessed using that LenDenClub Customer's own Passing Codes;

    "Nominated Account"

    means a rupee denominated current or savings account that you maintain with RBI approved bank in India from which you choose to transfer/receive offered/requested loan amount and/or receive/transfer EMI payments;

    "Passing Codes"

    means your unique email address, password, answers to security questions, which you specify when you register with us to use the Lending Platform;

    "Personal Information"

    means the Information we obtain about you from you, from our enquiries and from other organisations, such as credit reference and fraud prevention agencies. Examples of Personal Information include (1) Information from application and assessment forms; (2) your requests and instructions; (3) details and analysis of how you meet your obligations under this agreement or other agreements you have with us; and (4) other Information we get from making offers to you;

    "Prohibited Sectors"

    means any business area which is prohibited by the Government of India.

    “Repayment”

    means each instalment due and payable by the Borrower under each Loan Agreement, which shall comprise principal and interest, as well as any amount otherwise due and payable by the Borrower under the Loan Agreement;

    "LenDenClub"

    means LenDenClub, whose details are provided in T&C 19;

    "LenDenClub Customer" (and “Customer”)

    means an individual who has completed the registration process in T&C 2 and chosen his or her own Passing Codes;

    "LenDenClub Information"

    means all Information delivered to you by us during your use of the Lending Platform (including but not limited to the credit report monitoring, personal credit scores and loan pricing Information), including all copyright, database rights and all other intellectual property rights in such Information;

    "LenDenClub Customers' Account"

    means any segregated bank account we maintain with Axis Bank (or any other bank in India as and when we choose from time to time) and/or the bank account of any third party service provider who we have verified and appointed to manage payment between LenDenClub and/or among LenDenClub Customers for the sole purpose of holding funds to which LenDenClub Customers are beneficially entitled in accordance with these T&C and/or any Loan Agreement;

    "LenDenClub Wallet"

    means the portion of our database that records the amount we you are transacting through the Lending Platform.