Please read these terms carefully. By using this website you agree to bound by all of the terms and condtions of this agreement

GENERAL TERMS AND CONDITIONS

1.   Terms of Use

1.1   Thank you for visiting www.LenDenClub.com, by accessing or using the website (“Website/ LenDenClub“), whether automated or otherwise, you, a registered or guest user in terms of the eligibility criteria set out herein (“User“) agree to be bound by these Terms and Conditions (“Terms of Use“) and any additional terms and conditions that are referenced below or otherwise may apply to specific areas of the Website, from time to time. We encourage our Users to read these Terms of Use carefully while using the Website.

1.2   The Website is owned and operated by Innofin Solutions Private Limited a company incorporated under the provisions of the Companies Act, 2013 bearing corporate identity number U74999MH2015PTC266499. All references to Website in these Terms of Use shall deem to refer to the aforesaid entity in inclusion of the online portal.

1.3   The contents set out herein form an electronic record in terms of Information Technology Act, 2000 and rules there under as applicable and as amended from time to time. As such, this document does not require any physical or digital signatures and forms a valid and binding agreement between the Website and the User. Further, please be advised that these Terms of Use are made available to the User pursuant to and in accordance with the provisions of Rule 3 (1) of the Information Technology (Intermediaries Guidelines) Rules, 2011 that require publishing the rules, regulations, privacy policy and terms of use for access or usage of the Website.

1.4   We reserve the right to change these Terms of Use at any time. The changes will be effective from the date and time of the posting of such changes. By continuing to use the Website after we post any such changes, you accept the Terms of Use as modified.

2.  Customer Eligibility

2.1   Use of the Website is available only to such persons who can legally contract under Indian Contract Act, 1872. Persons who are “incompetent to contract” within the meaning of the Indian Contract Act, 1872 including minors, un-discharged insolvents etc. shall not be eligible to use the Website. If the person accessing the Website is a minor i.e. under the age of 18 years, such person shall not register as a User of the Website and shall not transact on or use the Website.

2.2   The Website reserves the right to terminate any membership and/or refuse to provide access to the Website if it is brought to the Website’s notice or if it is discovered that the person accessing/using the Website is under the age of 18 years.

2.3   By accepting the Terms of Use, the User irrevocably declares and undertakes that he/she is of legal age i.e. 18 years or older and capable of entering into a binding contract and that such acceptance shall be deemed to form a contract between the Website and such User to the extent permissible under applicable laws.

2.4   The User must have a rupee denominated savings/current account with a bank in India.

2.5   User must have PAN (Permanent Account Number), allotted by Income Tax Department of India.

2.6   By accepting the Terms of Use, you acknowledge that you have also read and understood the risks involved in lending and/or borrowing through the Website.

2.7   To be eligible as a Lender, User must be either:

2.7.1   An Individual looking for better interest and qualify as per Terms of Use 2

2.7.2   not be lending in the course of any business; or

2.7.3   be authorized and regulated by the RBI to carry on the activity of lending money to individual/entity as lender

2.7.4   be authorized and regulated by any state/states of India to carry on the activity of lending money to individual/entity as lender.

2.8   To be eligible as a Borrower, User must be either:

2.8.1   User must be a businesswoman or a salaried individual.

2.8.2   In case the User is a businesswoman, then the User’s entity: (a) must be based in India with an annual turnover not exceeding Rs. 25,00,000 (Twenty Five Lakhs Only); (b) should not be operating in any Prohibited Sectors; and (c) User must not have an interest in any business that operates in any of the Prohibited Sectors;

2.8.3   In case the User is a salaried individual, then the User:(a) must be based in India;(b) should not be unemployed at any point of time during last 6 months;(c) should not have any kind of civil or criminal litigation instituted against him/her;(d) must be receiving his/her monthly salary in the bank account; and (e) must only be seeking a loan amount in between Rs. 25,000 and Rs. 5,00,000 with a loan term of not more than 24 months.

3. Sign up and Registration

3.1 As indicated, any person may access the Website either by registering on the Website or using the Website as a guest. However, a guest user may not have access to all sections of the Website which shall be reserved only for the purpose of registered Users, and which may change from time to time at the sole discretion of the Website.

3.2 All eligible Users who wish/have to register themselves with the Website shall be required to create an account by filling in the details prescribed in the Website.

3.3 By applying for registration, the User agrees and authorizes LenDenClub to carry out such checks and verification. As part of the registration process:

3.1.1 we shall run identity, KYC, fraud checks.

3.1.2 obtain a credit rating for Users from the Credit Information Bureau;

3.1.3 carry out residence and/or work verification at your employment location;

3.4   If any User provides any information that is untrue, false, not updated, and incomplete or the Website has reasonable grounds to believe that such information is untrue, false, not updated, incomplete, the Website shall have the right to suspend or terminate the relevant User account and refuse any and all current or future use of the Website (or any portion thereof).

3.5  Users of the Website may be required to provide certain personal information and expressly permit the Website for accessing and/or collecting and retaining such personal information of the Users. Such provision and/or collection, storage, retention, use and disclosure of the -personal information of the Users shall be subject to the Website’s privacy policy available at https://app.lendenclub.com/Privacy-policy/

3.6 Registration Fee to register as a Borrower: We will charge each Borrower a one- time registration fee of INR 750 for the services that we provide to the Borrowers. For any subsequent application, borrower will pay INR 750 for re-verification charges. These fees are non-refundable.

3.7  Registration Fee to register as a Lender: We will charge each Lender a one- time registration fee of INR 500 for the services that we provide to the Lenders. This fee will be non-refundable.

4.  Use of Website

4.1 To lend or borrow through the Website You must log on to LenDenClub Account.

4.2 All registered Users of the Website shall be solely responsible for activities relating to the account and the Website or the entity operating the same shall not in any manner be held responsible and/or liable for any illegal acts including but not limited to misuse, un-authorized access, hacking of the Website or refusal to access the Website due to such reason.

4.3  All Website Users hereby confirm and acknowledge that they have been provided with copy of the loan agreement (“Loan Agreement”) to be entered between the Borrower and the Lender. All Users further confirm that have read and understood all the terms and conditions of the Loan Agreement and upon execution do hereby covenant and undertake to unconditionally abide by the same, without raising any defense of whatsoever nature in respect thereof. To view a copy of the Loan Agreement, please click on the link.

4.4  If any User learns or is made or becomes aware of any instance of hacking or misuse of its LenDenClub Account, it shall without delay notify the Website of the same.

4.5  We can refuse to act on any instruction received from User that we believe: (a) was unclear; (b) was not given by the user; (c) might cause us to breach a legal or other duty; or (d) suggests that the Website is being used for an illegal purpose.

4.6  The Website disclaims, and the User waives off, any and all claims/liabilities arising out of any unlawful usage of the Website, the personal information of the User, inaccessibility of the Website for any reason whatsoever, which are caused owing to causes beyond the control of the Website. While the Website employs best efforts to ensure the aforesaid, it cannot guarantee the same. No User shall trade or sell such User accounts in any manner whatsoever.

4.7  Notwithstanding anything contained herein, the Website may be inaccessible for such purposes as it may, at its sole discretions deem necessary, including but not limited to regular maintenance. The Website may intimate the Users from time to time regarding such inaccessibility. However, under no circumstances will the Website be held liable for any losses or claims arising out of such inaccessibility to the Users, and the User expressly waives off any and all claims/liabilities arising to this end.

4.8  The Website grants every User a limited, non-exclusive and revocable license to access the Website and only to the extent such use does not violate these Terms of Use including, without limitation, the prohibitions listed in clause 6.1 of the Terms of Use.

4.9  The User shall solely be responsible for obtaining access to the Website, and that access may involve third-party fees (such as internet service provider fees or airtime charges). In addition, the User must provide and shall be responsible for all equipment necessary to access the Website. The User may not bypass any measures that have been implemented to prevent or restrict access to this Website.

4.10  Any unauthorized use and/or access of/to the Website by a User (including any access through the registered account of that User or any device that the User may use to access the Website) shall terminate the permission or license granted to the User by the Website.

4.11  Under no circumstance shall any User save copies, download, and print or otherwise store any content of the Website for any commercial purposes. Accessing, downloading, storing, or otherwise using the content of the Website for any commercial purpose will constitute a material breach of these terms & conditions.

4.12  The Website strictly prohibits any use of the content available through the Website, including but not limited to: (i) any downloading, copying or other use of the content or the Website for purposes competitive to the Website or for the benefit of any third party; (ii) any caching, unauthorized linking to the Website or the framing of any content available on the Website; (iii) any modification, distribution, transmission, performance, broadcast, publication, uploading, licensing, reverse engineering, transfer or sale of, or the creation of derivative works from, any content, products or Services obtained from the Website that the User does not have a right to make available (such as the intellectual property of another party); (iv) any uploading, posting or transmitting of any material that contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer; (v) using any hardware or software intended to surreptitiously intercept or otherwise obtain any information (such as system data or personal information) from the Website (including, but not limited to the use of any “scraping” or other data mining techniques, robots or similar data gathering and extraction tools); or (vi) any action that imposes or may impose (in the Website’s sole discretion) an unreasonable or disproportionately large load on the Website’s infrastructure, or damage or interfere with the proper working of the Website’s infrastructure.

4.13  The Website reserves the right to refuse or cancel any registration of its Users, remove any person from the Website and prohibit any person from using the Website for any reason whatsoever, and to limit or terminate such access to or use of the Website at any time without notice.

5. Terms , Conditions and Process for Lending

5.1  In case, the Lender wishes to lend, the Lender will have an option to select one or multiple Borrower’s Profile to whom the Registered Lender wishes to lend from various Borrower’s profile listed on the Website.

5.2  The Lender agrees to offer the first loan within 30 (Thirty) days from the date of registration as Lender.

5.3  Upon selecting the Borrower, the Registered Lender will transfer an amount equivalent to the amount that he/she wishes to lend (“Lending Amount”) in the Escrow Account through his bank account using RTGS/NEFT.

5.4  Upon successful transfer of the Lending Amount to the Escrow Account, and once LenDenClub sights the funds in the Escrow Account, the Lending Amount will be reflected in the User’s LenDenClub Account. This could take upto 4- 6 hours. If the Lender transfers funds using RTGS/NEFT after the cut-off time or on a holiday, it will reflect in his LenDenClub Account on the next working day.

5.5  Upon selecting and confirming the Borrower’s profile (“Selected Borrowers”), an amount equivalent to the amount which the Registered Lender wishes to lend to the Selected Borrowers will be debited User’s LenDenClub Account.

5.6  The Lender and Borrower will sign the Loan Agreement.

5.7  The amount will be transferred to the Selected Borrower from the Escrow Account.

5.8  LenDenClub recommends that, the Lender should not offer more than 5% of the total Lending Amount to a Selected Borrower, unless the Registered Lender is engaged in the business of Lending. For instance, if the Lending amount is Rs. 2,00,000/- (Two Lakhs Only), the Registered Lender should not lend more than Rs. 10,000 to each Selected Borrower. Even if your lending amount goes up, you should try to restrict yourself to Rs. 10,000 loan amount per borrower.

5.9  LenDenClub insists Lenders to offer minimum amount of loan as possible on the website.

5.10  Charges and Fees: Website shall be entitled to charge the following fees and charges:
Facilitation Fee  will be charged on the interest received by lenders. This fee will only be charged if lenders receive EMIs. The commission charged is 1% on ROI of up to 25% and 1.5% on ROI above 25%.

6.  Terms and Conditions for Borrowing

6.1  A Borrower can borrow from the Website by posting a loan requirement through the Website and completing the application process.

6.2  During the registration process, you must also enter the details of your bank account for the purposes of repayments due to the Lender.

6.3  By posting Loan Request, you agree:

a) 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 have the right to take appropriate actions against the Users.

b) to authorize us to check your credit rating from any of the Credit Information Bureau in India, which are required by us to assess the credibility of the repayments.

c) User acknowledges that Credit Information Bureau link together the records of the User and anyone that the User has advised as a financial associate (e.g. someone with whom you have a joint credit account) including previous and subsequent names of parties to the account. While assessing the credibility of your repayments, we may take into account information about your financial associates in your credit reference.

d) Any loan amount offered by any Lenders will be acceptable to the Borrower

6.4  If so required by LenDenClub after considering the profile of the Borrower, LenDenClub may request the Borrower to arrange for a co-signor as a condition for disbursement of the loan. In case, the Borrower fails to arrange for a co-signor, LenDenClub shall have the right to reject the loan request.

6.5  Formation of Loan Agreements

a) The Borrower agrees to accept each of the loan offer that meets your borrowing criteria.

b) The Borrower agrees to sign and execute the loan agreements electronically or physically. In case of multiple loan agreements, the Website will provide you with a summary of loan availed in the LenDenClub Account.

6.6  Disbursement of Loan Proceeds upon execution of all the required documents and fulfilment of all conditions for disbursements, to the sole satisfaction of the Company, the borrowed amount will be credited to the account of the Borrower.

6.7  Charges and Fees: Website shall be entitled to charge the following fees and charges.

a) Loan processing charge for every loan availed by the borrower

b)  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. 300;

c)  No-Response fee (if you fall into arrears and we cannot contact you for 15 consecutive days) – Rs. 300;

d)  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. 300

e)  Change of Repayment Date (If you want to change EMI repayment date) – Rs. 300

f)  Change of Nominated Account (If you want to change the Nominated Account from which your EMIs are being repaid) – Rs. 300

g)  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.

h)  Late Payment Fee: If a Borrower has delayed a repayment, LenDenClub reserves the right to charge you an administration fee for the work it does in attempting to collect your Repayments (“Late Payment Fee”).

In case the Loan amount is less than or equal to Rs. 100,000

a. If the Borrower has delayed his repayment by a week (7 days from EMI date), he will be charged Rs. 750

b. If the Borrower has delayed his repayment by 2 weeks (14 days from EMI date), he will be charged Rs. 1,500

c. If the Borrower has delayed his repayment by 3 weeks (21 days from EMI date), he will be charged Rs. 2,250

d. If the Borrower has delayed his repayment by 4 weeks, he will be charged Rs. 3,000

e. For delays of an EMI beyond a month, the Borrower will be charged an additional 2% penal interest rate; on the overdue amount

In case the Loan amount is more than Rs. 1,00,000 but less than or equal to Rs. 3,00,000

f. If the Borrower has delayed his repayment by a week (7 days from EMI date), he will be charged Rs. 1,000

g. If the Borrower has delayed his repayment by 2 weeks (14 days from EMI date), he will be charged Rs. 2,000

h. If the Borrower has delayed his repayment by 3 weeks (21 days from EMI date), he will be charged Rs. 3,000

i. If the Borrower has delayed his repayment by 4 weeks, he will be charged Rs. 4,000

j. For delays of an EMI beyond a month, the Borrower will be charged an additional 2% penal interest rate; on the overdue amount

In case the Loan amount is more than Rs. 3,00,000

k. If the Borrower has delayed his repayment by a week (7 days from EMI date), he will be charged Rs. 1,500

l. If the Borrower has delayed his repayment by 2 weeks (14 days from EMI date), he will be charged Rs. 3,000

m. If the Borrower has delayed his repayment by 3 weeks (21 days from EMI date), he will be charged Rs. 4,500

n.  If the Borrower has delayed his repayment by 4 weeks, he will be charged Rs. 6,000

o.  For delays of an EMI beyond a month, the Borrower will be charged an additional 2% penal interest rate; on the overdue amount

The above charges will be divided among lenders and LenDenClub. LenDenClub will take 40% of these charges and remaining will be distributed among lenders as per their loan contribution. These charges will be applicable on all the loans currently running on the platform

i)   All cost in relation to stamp duty and other related costs for preparation of the documents

j) Loan Cancellation charges to borrower when cancelled by him/her – Rs. 1,500

k)   Loan Cancellation charges to lender when cancelled by him/her – Rs. 1,500

 7. Settlement of Payment

7.1 Any monies received from the Borrower, including delay charges or late fees or penal charges or any other applicable charges, shall be kept in the Escrow Accounts.

7.2 These will be recorded as a credit to the Lender’s LenDenClub Account which you can see by logging on to LenDenClub Account.

7.3 All the collected repayments will be transferred to Lender’s LenDenClub account within 3 days of the receipt of the EMI from the borrower

(a) Lender will be notified when his LenDenClub account balance reflects received EMIs

(b) The Lender can choose to withdraw funds from his LenDenClub account to his registered bank account by giving an instruction to LenDenClub. The Lender will not earn any interest on the funds lying in his LenDenClub account.

(c) For instance, if a borrower is paying EMI on 2nd of the month, the amount will be transferred to Lender’s LenDenClub account by the 5th of the month and Lender will not get any interest on such amount lying in his/her LenDenClub account

(d) As a Borrower, you make your repayments due under loan agreements by direct debit to your bank account, which results in an initial credit and debit to your Loan Account on LenDenClub, and then a credit in each relevant Lender’s lending account.

8. Loan Administration

8.1 EMI: EMIs will start as per the date of disbursement of the loan. The Lender will start earning interest after 5 days of his investment in the loan or from the day of disbursement of the loan, whichever is earlier.

8.2 Prepayment Terms : Any Borrower who wishes to prepay the loan can pre-pay the loan without any prepayment charges. For prepayment, please email us atcs@lendenclub.com.

In cases, where at the time prepayment, the Borrower has already paid 3 (three) or more than 3 (three) EMIs, the Borrower in addition to the outstanding principal amount shall be liable to pay the outstanding interest upto the date of prepayment. However, in cases, where the number of repaid EMI as on the date of prepayment are less than 3 (Three), the Borrower along with the principal amount needs to pay the interest amount of the first 3 EMIs.

8.3 Missed Repayments

In case a Borrower misses a repayment or anticipates that for any reason whatsoever the Borrower will not be able to repay as per the repayment schedule under the Loan Agreement, then the Borrower should promptly contact the Company by sending an email to cs@lendenclub.com. Upon receipt, of the e-mail, we shall undertake the following actions:

a) explain the delay charges and options available with you

b) inform the relevant Lender regarding the same

c) inform if your account is being passed on to internal recovery team for further legal recovery as your loan has been classified under Default category.

d) pass on your details to the Lender, if you have missed more than 2 EMIs.

e) Inform the Credit Information Bureau about the Borrower’s default in repayment. As a word of caution, we would like to inform you that this reporting may have serious consequences on your ability to avail any credit in the future.

8.4 Default Category

A Borrower shall be considered under “default” category, if either of the below event has occurred:

a) if he fails to pay the EMI for three consecutive months;

b) we receive confirmation that the Borrower has died;

c) the Borrower has entered into a terminal arrangement affecting the Borrower’s Loan Agreements

d) Other specific situation, which may arise at any point in time, the website will have a right to decide whether to classify any Loan Agreement under “Default” or not.

8.5 Repayment Date Changes

In case a Borrower wishes to change the repayment date (“Repayment Date”) other than in case of an inability to make a payment at all), the Borrower may:

(a) 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 Any request for change of Repayment Date may be made by signing in to LenDenClub Account and following the instructions there, or by email to cs@lendenclub.com.

(b) You can change your Repayment Date only once in 6 months:

(c) Depending on whether the Repayment Date is before or after the original Repayment Date, the amount payable on the Repayment Date will be adjusted to take account of the number of days between the Repayment Date and the original repayment date. The remaining Repayments (assuming no further changes) will revert to the usual Repayment amount thereafter.

(d) 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.

(e) 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.

(f) You will have to pay applicable charges on the same

9.   Closing Your LenDenClub Account

9.1   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.

9.2   We may terminate the registration of the User if the User has provided false information, has breached the Terms of Use, has died, become bankrupt, failed to pay the loan, or it is categorized in Default category on the Website, make a voluntary arrangement with anyone the User owes money, or the User establishes contact with anyone who owes money to the User without knowledge of the Website.

9.3   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 the reputation of the website or we find any activity which is against the interest of the website or we find you are using information available on the platform for any other commercial purpose.

9.4   When we terminate your registration, you will not have access to your LenDenClub 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.

10. Lender Protection Fund

Lender Protection Fund (“LPF”) is a fund created by the website to support the platform in its sole discretion in case Borrower defaults payment to the Lender. LPF is created and managed by LenDenClub. LPF will not be available for the Lenders offering loan on or after 05/09/2017. However, existing loans will remain covered under LPF as per conditions mentioned below:

a. A Lender may send us LPF Request for principal default settlement from LPF amount.

b. Any LPF Request will be accepted at the sole discretion of the Company and if there is balance available in LPF.

c. LPF request will be accepted only if the borrower risk category, at the time of providing of loan, was other than “Very High Risk”.

d. 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:

(i) Borrower dies

(ii) Borrower is permanently disabled

(iii) Falling ill due to critical illness (Because of which he is unable to work)

e. Guiding terms of the LPF will be as below:

(i) LPF request can be placed up by Lender after 12 months period from the day the Loan Agreement is classified under Default Category.

(ii) At the time of placing the LPF request, Lender needs to submit proof of legal recovery, which includes registered case number with any court in India and the complaint registered with police department. Any request without support of legal procedure initiation, will be rejected by the Lending Platform.

(iii) 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;

(iv) All rights of refusal of any request by Lenders remains with LenDenClub

(v) LPF is just a service feature offered by the Website which may protect Lenders partially or fully and shall in no manner be construed a guarantee or contract of indemnity to secure the Lending Amount of the Lenders;

(vi) 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.

f. 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

g. 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.

11. Privacy and Data Protection

11.1   Service Messages

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.

11.2   Occasional Updates

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 LenDenClub Account or email your preference to us at cs@lendenclub.com

12. Use of Content

While using the Website, the User specifically undertakes not to host, display, upload, modify, publish, transmit, update or share any information or content that:

(i) belongs to another person and to which the User does not have any right to;

(ii) is grossly harmful, harassing, blasphemous, defamatory, obscene, pornographic, pedophilic, libelous, invasive of another’s privacy, hateful, or racially, ethnically objectionable, disparaging, relating or encouraging money laundering or gambling, or otherwise unlawful in any manner whatsoever;

(iii) harms minors in any way;

(iv) impersonate any person or entity, or falsely state or otherwise misrepresent the User’s affiliation with a person or entity;

(v) threatens the unity, integrity, defense, security or sovereignty of India, friendly relations with foreign states or public order or causes incitement to the commission of any cognizable offence or prevents investigation of any offence or is insulting of any other nation;

(vi) infringes any patent, trademark, copyright or other IPR (defined below);

(vii) contain software viruses or any other computer code, files or programs designed to interrupt destroy or limit the functionality of any computer resource;

(viii) deceives or misleads the addressee about the origin of such messages or communicates any information which is grossly offensive or menacing in nature;

(ix) engage in any activity that interferes with or disrupts access to the Website or the Products (or the servers and networks which are connected to the Website);

(x) attempt to gain unauthorized access to any portion or feature of the Website, any other systems or networks connected to the Website, to any Website server, or to any of the Products offered on or through the Website, by hacking, password mining or any other illegitimate means;

(xi) probe, scan or test the vulnerability of the Website or any network connected to the Website, nor breach the security or authentication measures on the Website or any network connected to the Website;

(xii) disrupt or interfere with the security of, or otherwise cause harm to, the Website, systems resources, accounts, passwords, servers or networks connected to or accessible through the Websites or any affiliated or linked sites;

(xiii) use the Website or content therein for any purpose that is unlawful or prohibited by the Terms of Use, or to solicit the performance of any illegal activity or other activity which infringes the rights of the Website or other third parties;

(xiv) falsify or delete any author attributions, legal or other proper notices or proprietary designations or labels of the origin or source of software or other material contained in a file that is uploaded;

(xv) violate any code of conduct or other guidelines, which may be applicable for or to any particular service;

(xvi) violate any applicable laws or regulations for the time being in force within or outside India;

13. Intellectual Property Rights

13.1 Intellectual Property Rights (“IPR“) for the purpose of these Terms of Use shall always mean and include copyrights whether registered or not, patents including rights of filing patents, trademarks, trade names, trade dresses, house marks, collective marks, associate marks and the right to register them, designs both industrial and layout, geographical indicators, moral rights, broadcasting rights, displaying rights, distribution rights, selling rights, abridged rights, translating rights, reproducing rights, performing rights, communicating rights, adapting rights, circulating rights, protected rights, joint rights, reciprocating rights, infringement rights and further shall also include but not be limited to all text, graphics, user interfaces, visual interfaces, sounds and music (if any), artwork and computer code in relation to the Website.

13.2 All IPR on the Website exclusively belong to either the Website or the third party sellers and suppliers, as the case may be. Under no circumstance shall any User infringe in any way such IPR of the Website, a third party supplier or seller during or pursuant to its use of the Website for any purposes whatsoever.

13.3 All those IPR arising as a result of domain names, internet or any other right available under applicable law shall vest in the domain of www.lendenclub.com as the owner of such domain name.

13.4 The Parties hereto agree and confirm that no part of any IPR mentioned hereinabove is transferred in the name of User and any IPR arising as a result of these presents shall also be in the absolute ownership, possession and our control or control of its owners/permitted assigns, as the case may be.

13.5 Except as expressly provided herein, the User acknowledges and agrees that it shall not copy, republish, post, display, translate, transmit, reproduce or distribute or in any other way infringe any IPR through any medium without obtaining the necessary authorization from the Website or the thirty party owner of such IPR.

14. Indemnity

14.1 The User hereby indemnifies, defends and holds harmless the entity owning and operating the Website, its subsidiaries, affiliates, vendors, agents and their respective directors, officers, employees, contractors and agents (herein after individually and collectively referred to as “indemnified parties“) from and against any and all losses, liabilities, claims, suits, proceedings, penalties, interests, damages, demands, costs and expenses (including legal and other statutory fees and disbursements in connection therewith and interest chargeable thereon) asserted against or incurred by the indemnified parties that arise out of, result from, or in connection with:

(i) The User’s breach of these Terms of Use; or

(ii) Any claims made by any third party due to, or arising out of, or in connection with, the User’s use of the Website; or

(iii) Any claim that any third party IPR, proprietary information, content or materials provided by the User causes any damage to a third party; or

(iv) Violation of any rights of any third party by the User, including any IPR; each an “Indemnity Event“.

14.2 Upon occurrence of an Indemnity Event, the Website may notify the User of any claims which the User shall be liable to indemnify the Website against. The User shall then be obligated to consult with the Website regarding the course of action to be undertaken in defending such a claim.

14.3 The User shall not compromise or settle any claim or admit any liability or wrongdoing on the part of the Website without the express prior written consent of the Website which can be withheld or denied or conditioned by the Website in its sole discretion.

14.4 Notwithstanding anything to contrary, in no event shall the Website, its subsidiaries or affiliates and their respective officers, directors, employees, partners or suppliers be liable to the User for any special, incidental, indirect, consequential, exemplary or punitive damages whatsoever, including those resulting from loss of use, data or profits, whether or not foreseeable or whether or not the Website has been advised of the possibility of such damages, or based on any theory of liability, including breach of contract or warranty, negligence or other tortious action, or any other claim arising out of or in connection with the User’s use of or access to the Website or the Product.

15. Report Abuse and Take Down Policy

15.1 In the event the Website or any User becomes aware of any objectionable content on the Website including but not limited to violation of privacy, misuse of personal information or violation of any IPR, in violation of these Terms of Use then, the Website, by itself or upon receipt of a communication from any of its Users, without any prior notice take down such objectionable content from the Website.

15.2 For any reporting in respect of the aforesaid, the User should contact the Website at cs@lendenclub.com

15.3 If a feedback comment or any communication made between Users and the Website or email communication between Users in relation to transactions conducted on the Website contain profanity, please submit a request for action/removal. Disciplinary action may result in the indefinite suspension of a User’s account, temporary suspension, or a formal warning.

15.4 The Website shall consider the circumstances of an alleged policy violation and the User’s trading records before taking action violations of this policy may result in a range of actions, including: (a) limits placed on account privileges; (b) loss of special status; (c) account suspension.

16. Feedback and Information

16.1 The Website reserves the right, at its sole discretion to use such information for upgrading/enhancing the Website and such use shall be entirely unrestricted.

16.2 The Website may at its discretion, also make any modifications or changes to the Website and its content on the basis of such feedback or information.

16.3 In the event that the Website makes any changes or modifications to the Website on the basis of any such feedback, the User shall not have any rights or title (including any IPR) in such changes or modifications to the Website or Products listed therein.

16.4 By submitting any feedback or any information, the User hereby warrants that (i) the feedback does not contain confidential or proprietary information belonging to the User or any other person; and (ii) shall not be entitled to any compensation or reimbursement of any kind from the Website for the feedback under any circumstances.

17. Applicable Law

These Terms of Use shall be governed by and interpreted and construed in accordance with the laws of India. The courts in Mumbai shall have exclusive jurisdiction in respect of any matters arising here from.

18. Dispute Resolution

18.1 In the event any dispute arises out of or in connection with the Terms of Use herein, including the validity hereof, the parties hereto shall endeavor to settle such dispute amicably in the first instance. The attempt to bring about an amicable settlement shall be treated as having failed as soon as one of the parties hereto, after reasonable attempts, which shall continue for not less than 15 (Fifteen) calendar days, gives a notice to this effect, to the other party in writing.

18.2 In case of such failure, the dispute shall be referred to a sole arbitrator, who shall be appointed by the Website. The arbitration proceedings shall be governed by the Indian Arbitration and Conciliation Act, 1996 and shall be held in Mumbai. The language of arbitration shall be English.

19. Jurisdictional Issues

Unless otherwise specified, the products/items listed on the Website are solely for the purpose of delivery in India. The Website shall under no circumstance be held liable for use or availability of Products for use in locations/countries other than India.

20. Buyer Protection Program

20.1 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.

20.2 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.

21. General Provisions

21.1 Notice: All notices to be issued pursuant to these Terms of Use shall be served to the User by email or by general notification on the Website. Any notice to be sent to the Website pursuant to these Terms of Use shall be sent to the Website’s grievance officer by e-mail at cs@lendenclub.com

21.2 Assignment: This Terms of Use shall not be assigned or otherwise transferred by the User. However the Website’s obligations under these Terms of Use are freely assignable or otherwise transferable by the Website to any third parties without the requirement of seeking the Users prior consent.

21.3 Severability: If any provision of these Terms of Use is void, or is so declared, such provision shall be severed. The Terms of Use shall otherwise remain in full force and effect.

21.4 Waiver: Any failure or delay by a party to enforce or exercise any provision of these Terms of Use, or any related right, shall not constitute a waiver by such party of that provision or right. The exercise of one or more of a party’s rights hereunder shall not be a waiver of, or preclude the exercise of, any rights or remedies available to such party under these Terms of Use or in law or at equity. Any waiver by a party shall only be made in writing and executed by a duly authorized officer of such party.

21.5 Relationship and Exclusivity. Nothing in these Terms of Use shall constitute or be deemed to constitute a partnership, joint venture, agency or the like between the parties hereto or confer on any party any authority to bind the other party or to contract in the name of the other party or to incur any liability or obligation on behalf of the other party.

21.6 Force Majeure: If performance of any service under these Terms of Use by the Website is prevented, restricted, delayed or interfered with by reason of labor disputes, strikes, acts of God, floods, lightning, severe weather, shortages of materials, rationing, inducement of any virus, Trojan or other disruptive mechanisms, any event of hacking or illegal usage of the website, utility or communication failures, earthquakes, war, revolution, acts of terrorism, civil commotion, acts of public enemies, blockade, embargo or any law, order, proclamation, regulation, ordinance, demand or requirement having legal effect of any government or any judicial authority or representative of any such government, or any other act whatsoever, whether similar or dissimilar to those referred to in this clause, which are beyond the reasonable control of the Website and could not have been prevented by reasonable precautions then the Website shall in toto be excused and discharged from such performance to the extent of and during the period of such force majeure event, and such non-performance shall, in no manner whosoever, amount to a breach by the Website of its obligations herein.

22. Insurance for Loan or Borrower 

22.1 This feature is currently not available. However, Lender and Borrower authorizes website to work with any insurance company registered with IRDA and ready to provide beneficiary product. If such facility comes in existence on website in future, website need not take any permission from user.

22.2 For any such product Borrower or Lender or Both choses to pay the premium amount to LenDenClub and then LenDenClub will pay the same to the insurance company on your behalf.

22.3 LenDenClub will be the nominee for this insurance policy and is authorized to manage the claim settlement process on your behalf. Once the claim settlement is done, LenDenClub will distribute the settlement amount to Lender(s) and then transfer available amount to borrower’s bank account if there is any.

22.4 In case your repayments are irregular or delayed on a consistent basis, LenDenClub reserves the right to cancel the insurance policy. The insurance policy will be co-terminus with your loan tenure.

22.5 In case of any incident (permanent disability/accidental death of the Borrower), the beneficiary/nominee will need to intimate LenDenClub, who will then initiate the claims on the beneficiary/nominee’s behalf.

23. Defined Terms

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

Borrowermeans the person who is registered as a borrower on the Website
Credit Bureau Informationmeans CIBIL, Experian, Equifax and Crif Highmark
Escrow AccountMeans the accounts maintained by Innofin Solutions Pvt Ltd at IDFC bank, and operated by Beacon Trustee Ltd.
Lendermeans the person who is registered as a Lender on the Website
LenDenClub Accountmeans the account maintained by the User on the Website
Prohibited Sectorsmeans any business area which is prohibited by the Government of India.
RBImeans the Reserve Bank of India
Insurance Companymeans any company which is registered with IRDA and having valid license to do insurance business in India
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