General Terms and Conditions

Terms of use

• 1.1 Thank you for visiting www.wepayloan.com by accessing or using the website www.wepayloan.com 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 promoted and operated by AGF FINLEASE INDIA LIMITED, a company incorporated under the provisions of the Companies Act, 2013 bearing corporate identity number (CIN) . All references to the Website in these Terms of Use shall deem to refer to the aforesaid entity in the inclusion of the online portal.
• 1.3 The contents set out herein form an electronic record in terms of the 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.
• 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.
• Customer Eligibility
  • 2.1 Use of the Website is available only to such persons who can legally contract under the 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.
  • 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 a binding contract.
  • 2.4 The User must have a rupee-denominated savings/current account with a bank in India.
  • 2.5 Users must have a PAN (Permanent Account Number), allotted by the 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 Borrower, User must be:
    • 2.7.1 User must be a salaried individual.
    • 2.7.2 If the User is a salaried individual, then the User:
      • must be based in India;
      • should not be unemployed at any point of time during the last 6 months;
      • should not have any kind of civil or criminal litigation instituted against him/her;
      • must be receiving his/her monthly salary in the bank account;
      • 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.
• 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 on the website.
  • 3.3 By applying for registration, the User agrees and authorises us to carry out such checks and verification:
    • We shall run identity, KYC, fraud checks.
    • Obtain a credit rating for Users from the Credit Information Bureau.
    • 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, the website shall have the right to suspend or terminate the relevant User account and refuse all current or future use of the website.
  • 3.5 Users 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. The provision and collection, storage, retention, use, and disclosure of such Personal Information shall be subject to the website's privacy policy.
  • 3.6 There is no fee charged for registration.
• Use of Website
  • 4.1 To borrow through the website, you must log on to the wepayloan Account.
  • 4.2 All registered Users of the Website shall be solely responsible for activities relating to the account.
  • 4.3 All Website Users hereby confirm and acknowledge that they have been provided with a copy of the loan agreement (“Loan Agreement”) to be entered between the Borrower and the Lender.
  • 4.4 If any User learns or is made aware of any instance of hacking or misuse of its wepayloan Account, it shall notify the website immediately.
  • 4.5 We can refuse to act on any instruction received from User that we believe is unclear, not given by the user, might cause us to breach a legal duty, or suggests that the website is being used for any illegal purpose.
  • 4.12 The Website strictly prohibits any use of the content available through the website for competitive purposes or other unauthorized uses.
  • 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.

Terms, Conditions, and Process for Lending

Lending Process and Agreement Details

• 5.1 In case the Lender wishes to lend, the lender will have an option to select one or multiple Borrower's Profiles from various Borrower profiles sourced from the website.
• 5.2 The Lender agrees to offer the first loan within 30 (Thirty) days from the date of registration through the website.
• 5.3 Upon selecting the Borrower, the Registered Lender will transfer an amount equivalent to the amount that the lender wishes to lend (“Lending Amount”) in the Escrow Account through its bank account using RTGS/NEFT.
• 5.4 Upon successful transfer of the Lending Amount to the Escrow Account, and once wepayloan sights the funds in the Escrow Account, the Lending Amount will be reflected in the User’s wepayloan Account. This could take up to 4-6 hours. If the Lender transfers funds using RTGS/NEFT after the cut-off time or on a holiday, it will reflect in the wepayloan 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 credited to the User’s wepayloan Account.
• 5.6 The Lender and Borrower will sign the Loan Agreement.
• 5.7 Charges and Fees: The website shall be entitled to charge the following fees:
  • The facilitation fee will only be charged if lenders receive EMIs. wepayloan may revise the rate of such charges from time to time. Any such changes will be updated to the lender via email, SMS, or push notification.

Terms and Conditions for Borrowing

Borrowing Process and Agreement Details

• 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:
  • To provide us with certain additional information which we will ask you for, and if we discover that this additional information was inaccurate or deficient, the Loan Request will be void and we have the right to take appropriate actions.
  • To authorise us to check your credit rating from any of the Credit Information Bureaus in India.
  • User acknowledges that Credit Information Bureau links together the records of the User and their financial associates (e.g., joint credit account). While assessing the credibility of your repayments, we may consider information about your financial associates.
  • “I hereby give my free consent and authorise AGF FINLEASE INDIA LIMITED and its service provider by providing my personal information to obtain my Credit Information Report and Credit Score from CIBIL or Equifax for the purpose of risk assessment and credit underwriting.”
  • Any loan amount offered by Lenders will be acceptable to the Borrower.
• 6.4 If required by wepayloan, after considering the profile of the borrower, wepayloan may request the borrower to arrange for a co-signer as a condition for disbursement of the loan. In case the Borrower fails to arrange for a co-signer, wepayloan shall have the right to reject the loan request.
• 6.5 Formation of Loan Agreements:
  • The Borrower agrees to accept each of the loan offers that meet their borrowing criteria.
  • The Borrower agrees to sign and execute the loan agreements electronically or physically. In the case of multiple loan agreements, the website will provide a summary of the loan availed in the wepayloan Account.
• 6.6 Disbursement of Loan Proceeds: Upon execution of all required documents and fulfilment of all conditions, the borrowed amount will be credited to the Borrower's account. The platform follows a rounding down approach during loan disbursement for simplicity purposes.
  • If the disbursement amount after deduction of all charges and fees amounts to Rs. 9411.18, the disbursement amount will be Rs. 9,411, and Rs. 0.18 will be transferred to the platform as the adjustment amount.
• 6.7 Charges and Fees: The website shall be entitled to charge the following fees and charges:
  • Loan processing charge for every loan availed by the borrower.
  • GAP Interest charges if eligible.
  • Tracing charges (if we are unable to find you at the address provided) – Rs. 300.
  • No-Response fee (if you fall into arrears and we cannot contact you for 15 consecutive days) – Rs. 300.
  • Recollection Fee (If recovery personnel visit your office or residence to collect the EMI) – Rs. 300.
  • Change of Repayment Date – Rs. 300.
  • Change of Nominated Account – Rs. 300.
  • Litigation costs and expenses, including legal fees, if applicable.
  • Late Payment Fee: For delayed repayments, the Borrower will incur a Late Payment Fee based on the following schedule:
    • If the Loan amount ≤ Rs. 100,000, late fees range from Rs. 1,500 to Rs. 3,000 for delays of 2-4 weeks. Additional 2% interest may apply beyond 1 month.
    • If the Loan amount > Rs. 100,000 but ≤ Rs. 300,000, late fees range from Rs. 3,000 to Rs. 4,000. Additional 2% interest may apply beyond 1 month.
    • If the Loan amount > Rs. 300,000, late fees range from Rs. 3,000 to Rs. 6,000. Additional 2% interest may apply beyond 1 month.
  • All costs related to stamp duty and preparation of loan documents.
  • Loan Cancellation charges when canceled by the Borrower or Lender – Rs. 1,000.

Settlement of Payment

Details of Payment Settlement, Credit, and Transfer

• 7.1 Any monies received from the Borrower, including delay charges, late fees, 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 wepayloan Account, which can be viewed by logging into the wepayloan Account.
• 7.3 All collected repayments will be transferred to the Lender's wepayloan account within 3 days of receipt of the EMI from the Borrower.
  • Lender will be notified when their wepayloan account balance reflects received EMIs.
  • The Lender can withdraw funds from their wepayloan account to the registered bank account by giving an instruction to wepayloan. The Lender will not earn any interest on the funds in the wepayloan account.
  • For example, if a borrower is paying EMI on the 2nd of the month, the amount will be transferred to the Lender's wepayloan account by the 5th of the month, and the Lender will not earn interest on this amount.
  • Repayment amounts shall be rounded up to the nearest whole number. For example, if the repayment amount is Rs. 3633.4, the borrower will be required to pay Rs. 3634.
  • EMI or applicable delay penal charges credited to the Lender’s account will be rounded to two decimal places. For example, if the EMI results in Rs. 180.1442, the Lender's account will be credited Rs. 180.14.
  • The residual amount (if any), due to rounding down, will be transferred to the platform as an adjustment amount.

Loan Administration

Loan Administration, Prepayment, and Missed Repayments

• 8.1 EMIs will start as per the date of disbursement of the loan. The Lender will start earning interest after 5 days of their investment in the loan or from the day of disbursement, whichever is earlier.
• 8.2 Prepayment Terms: Any Borrower can prepay the loan without any prepayment charges. To prepay, the Borrower must email info@wepayloan.com.
  • If the Borrower has already paid 3 or more EMIs, they must pay the outstanding interest up to the date of prepayment in addition to the principal.
  • If the Borrower has paid fewer than 3 EMIs, they must pay the interest for the first 3 EMIs along with the principal.
• 8.3 Missed Repayments: If a Borrower misses a repayment or anticipates being unable to repay as per the loan agreement, they should promptly contact the Company by sending an email to info@skyrisefinance.com. Upon receipt, the Company will:
  • Explain the delay charges and available options.
  • Inform the relevant Lender about the delay.
  • Notify if the account is passed on to the internal recovery team for legal actions.
  • Report the default to the Credit Information Bureau, which may impact the Borrower's future credit availability.
• 8.4 Default Category: A Borrower will be considered in the &ldquot;default&ldquot; category if:
  • They fail to pay the EMI for three consecutive months.
  • Confirmation of the Borrower's death is received.
  • The Borrower enters a terminal arrangement affecting their Loan Agreements.
  • Other specific situations arise that the website deems as “Default.“
• 8.5 Repayment Date Changes: If the Borrower wishes to change the repayment date, they may:
  • Notify wepayloan of the desired new repayment date by logging into their wepayloan account or via email at info@wepayloan.com.
  • The Borrower can change the repayment date only once every 6 months.
  • The amount payable will be adjusted based on the days between the new and original repayment dates.
  • wepayloan will acknowledge the new repayment date and adjust the amount accordingly.
  • wepayloan reserves the right to refuse the change if it deems the request inappropriate.
  • Applicable charges will apply for any changes.

Closing Your wepayloan Account

Terms for Account Termination and Deactivation

• 9.1 Once all Loan Agreements are repaid, the User may terminate their wepayloan registration by sending an email to info@wepayloan.com, after which access to the Lending Platform will be revoked. However, records will be maintained as required by law.
• 9.2 We may terminate the registration of a User if they have provided false information, breached the Terms of Use, passed away, become bankrupt, failed to repay a loan, or if their account is categorized under the Default category.
• 9.3 We may suspend or terminate a User's registration without notice if fraudulent activity is suspected, or if the User harms the website's reputation or violates any terms of use.
• 9.4 Upon termination of registration, the User will lose access to their wepayloan Account. However, they will still be obligated to repay borrowed amounts or receive EMIs they are entitled to.

Privacy and Data Protection

Communications, Updates, and Preferences

• 10.1 Service Communications: We will send certain necessary Service Messages via email, post, call, or text message at various stages of your loan or investment.
• 10.2 Occasional Updates: Upon registration, Users may opt to receive updates about new features, services, and other relevant information. Users can change their contact preferences in the “My Contact Preferences“ area or email info@wepayloan.com to opt out of these updates.

Use of Content

Prohibited Actions Regarding Content and User Responsibilities

• (i) Content belonging to others that the User does not have rights to.
• (ii) Harmful, offensive, or unlawful content, including but not limited to defamatory, obscene, hateful, pornographic, or encouraging illegal activities such as gambling or money laundering.
• (iii) Content that harms minors in any way.
• (iv) Impersonating any person or entity or misrepresenting the User's affiliation.
• (v) Content that threatens national security, unity, public order, or incites cognizable offences.
• (vi) Infringing any patent, trademark, copyright, or intellectual property rights (IPR).
• (vii) Uploading software viruses or other harmful files that may disrupt website functionality.
• (viii) Deceptive practices regarding the origin of content or misleading communications.
• (ix) Engaging in activities that disrupt website access or its connected networks.
• (x) Attempting unauthorized access to any feature of the website, its servers, or products.
• (xi) Probing, scanning, or testing the vulnerability of the website.
• (xii) Disrupting the security of the website, systems, or networks connected to it.
• (xiii) Using the website for any illegal purpose or violating the Terms of Use.
• (xiv) Falsifying or deleting authorship or proprietary notices.
• (xv) Violating any code of conduct or applicable service guidelines.
• (xvi) Violating any applicable laws or regulations within or outside India.

Intellectual Property Rights

Ownership and Protection of Intellectual Property

• 12.1 Intellectual Property Rights (IPR) include copyrights, patents, trademarks, trade names, and all related rights for website content such as text, graphics, music, artwork, and code.
• 12.2 All IPR on the Website is owned exclusively by the website or third-party sellers. Users must not infringe upon these IPR.
• 12.3 Domain names, internet rights, and other IPR related to the website belong to the owner of www.lendenclub.com.
• 12.4 IPR arising from these Terms remains the absolute property of the website or its owners. No IPR is transferred to the User.
• 12.5 Users must obtain authorization from the website or third-party IPR owners before copying, republishing, or distributing IPR from the website.

Indemnity

User's Obligation to Indemnify the Website

• 13.1 The User agrees to indemnify and hold harmless the website, its subsidiaries, affiliates, vendors, and agents from any losses, liabilities, claims, or damages resulting from:
  • Breaches of these Terms of Use by the User.
  • Third-party claims due to the User's use of the website.
  • Claims regarding third-party IPR violations by the User.
  • Any violation of third-party rights by the User.
• 13.2 Upon an indemnity event, the website will notify the User of the claim, and the User will consult with the website regarding the defense.
• 13.3 The User must not settle or admit liability in any claim without the express written consent of the website.
• 13.4 The website, its affiliates, and partners are not liable for any special, incidental, or consequential damages resulting from the User's use of the website or the products, including loss of data, profits, or any other damages, even if the possibility was known.

Report Abuse and Take Down Policy

Addressing Objectionable Content and Policy Violations

• 14.1 If any objectionable content, such as privacy violations, misuse of personal information, or IPR violations, is found on the website, the website may take down the content without prior notice upon awareness or receiving a complaint from Users.
• 14.2 Users should report any objectionable content by contacting the website at info@wepayloan.com.
• 14.3 If feedback, comments, or communications contain profanity, Users can request action or removal. Disciplinary actions may include account suspension or warnings.
• 14.4 Violations of this policy may lead to actions such as account privilege limitations, loss of special status, or account suspension, based on the circumstances of the violation.

Feedback and Information

Submission and Use of User Feedback

• 15.1 The Website has the right to use feedback or information for website enhancement and improvements without restrictions.
• 15.2 Modifications to the website or content may occur based on feedback at the Website's discretion.
• 15.3 Users have no rights or title to any modifications made to the website or its products based on feedback.
• 15.4 By submitting feedback, Users confirm that it contains no confidential or proprietary information, and they will not be entitled to compensation from the website.

Applicable Law

Jurisdiction and Legal Governance

• The Terms of Use are governed by the laws of India. Exclusive jurisdiction is granted to the courts in Mumbai for any matters arising from these terms.

Dispute Resolution

Resolving Disputes through Mediation and Arbitration

• 17.1 In case of a dispute, the parties should attempt to settle it amicably within 15 calendar days before escalating to formal arbitration.
• 17.2 If amicable resolution fails, the dispute will be referred to a sole arbitrator, appointed by the website, under the Indian Arbitration and Conciliation Act, 1996, in Mumbai, with English as the arbitration language.

Jurisdictional Issues

Product Availability and Jurisdictional Limits

• Unless specified, the products listed are intended for delivery only within India. The website is not liable for the use or availability of products outside India.

Complaints and Customer Support

Resolving Complaints Related to Loan Agreements and Customer Service

• 19.1 Users may email info@wepayloan.com to report complaints related to Loan Agreements. The website will acknowledge the complaint within one working day and investigate the issue.
• 19.2 If dissatisfied with the response, Users may escalate the complaint to the Chief Operating Officer by re-emailing with prior responses. A final response will be provided within five working days.

General Provisions

Key Terms Regarding Notices, Assignments, and Force Majeure

• 20.1 Notice: Notices will be served to the User via email or general notification on the website. Users should send any notices to the website’s grievance officer at info@wepayloan.com.
• 20.2 Assignment: Users cannot assign or transfer their rights under these Terms of Use. However, the website may freely assign or transfer its obligations to third parties without prior consent from the User.
• 20.3 Severability: If any provision is found to be void or unenforceable, it will be severed, but the remaining Terms of Use will remain in full effect.
• 20.4 Waiver: Failure to enforce any provision or right does not waive it. Waivers are only valid if made in writing by an authorized officer of the party.
• 20.5 Relationship and Exclusivity: These Terms do not create a partnership, joint venture, or agency between the parties and do not give one party authority to bind the other.
• 20.6 Force Majeure: The website will not be liable for delays or non-performance caused by events beyond its control, such as natural disasters, strikes, or legal changes, which could not have been prevented by reasonable precautions.

Insurance for Loan or Borrower

Information Regarding Insurance for Loans

• 21.1 Insurance services are not available yet. However, the website may collaborate with registered insurance companies in the future without needing User approval.
• 21.2 If such insurance products become available, the Borrower or Lender may pay the premium to the website, which will forward it to the insurance company on their behalf.
• 21.3 The website will act as the nominee for the insurance policy and manage the claims process. Any settlement will be distributed to the Lender(s) and, if applicable, to the Borrower's bank account.
• 21.4 If the Borrower's repayments are irregular or delayed, the website reserves the right to cancel the insurance policy. The policy will end when the loan tenure concludes.
• 21.5 In case of incidents like permanent disability or accidental death of the Borrower, the beneficiary or nominee must notify the website, which will initiate the claim process.

Defined Terms

Below are the terms defined in these Terms & Conditions: