Terms and Conditions

1. Introduction and Acceptance of Terms

Welcome to Sahay Loan Ltd. ("Company," "we," "us," or "our"). These Terms and Conditions ("Terms") constitute a legally binding agreement between you ("User," "Borrower," "you," or "your") and Sahay Loan Ltd., governing your access to and use of our website, mobile application, and financial services.

Sahay Loan Ltd. is a registered Non-Banking Financial Company (NBFC) licensed and regulated by the Reserve Bank of India (RBI) under the provisions of:

• Reserve Bank of India Act, 1934
• RBI Master Directions on Non-Banking Financial Companies
• Companies Act, 2013
• Prevention of Money Laundering Act (PMLA), 2002
• Information Technology Act, 2000
• Digital Personal Data Protection Act, 2023
• Indian Contract Act, 1872

1.1 Acceptance of Terms

By accessing, browsing, or using our website (www.sahayloan.com), mobile application, or any of our services, you acknowledge that you have:

• Read these Terms and Conditions in their entirety
• Understood all provisions and their implications
• Agreed to be legally bound by these Terms
• Consented to our Privacy Policy and other applicable policies
• Attained the legal age of majority (18 years or above)
• The legal capacity to enter into binding contracts

If you do not agree with any part of these Terms, you must immediately cease using our services and exit our website/application.

2. Definitions

For the purposes of these Terms, the following definitions shall apply:

• "Borrower" means an individual who applies for or receives a loan from Sahay Loan Ltd.
• "Loan Agreement" means the formal contract executed between the Borrower and Sahay Loan Ltd. specifying loan terms, conditions, and repayment schedule.
• "EMI" (Equated Monthly Installment) means the fixed payment amount made by a borrower to the lender at a specified date each calendar month.
• "Principal Amount" means the original amount of money borrowed, excluding interest and other charges.
• "Interest Rate" means the percentage of the principal amount charged as interest on an annual basis (per annum).
• "Tenure" means the period during which the loan must be repaid, typically expressed in months.
• "KYC" means Know Your Customer procedures as mandated by RBI for identity and address verification.
• "Credit Bureau" means authorized credit information companies (CIBIL, Experian, Equifax, CRIF High Mark) that maintain credit histories.
• "Processing Fee" means the one-time charge for processing and evaluating a loan application.
• "Prepayment" means repayment of the loan or part thereof before the scheduled repayment date.
• "Default" means failure to make loan payments when due or breach of any loan agreement terms.
• "Services" means all financial services, products, and digital platforms provided by Sahay Loan Ltd.

3. Eligibility Criteria

To be eligible for availing loan services from Sahay Loan Ltd., you must meet the following criteria:

3.1 Age Requirements

• Minimum age: 21 years at the time of loan application
• Maximum age: 60 years at loan maturity (for salaried individuals)
• Maximum age: 65 years at loan maturity (for self-employed individuals)

3.2 Citizenship and Residency

• Must be an Indian citizen
• Must be a resident of India
• NRIs (Non-Resident Indians) may be considered on a case-by-case basis subject to additional documentation

3.3 Employment and Income

• For Salaried Individuals: Minimum 2 years of total work experience with at least 1 year in the current organization
• For Self-Employed: Business should be operational for at least 3 years with consistent income
• Minimum monthly income requirements vary by loan amount and location
• Income should be stable and verifiable through bank statements, salary slips, or income tax returns

3.4 Credit Requirements

• Minimum CIBIL score of 650 (preferably 700 or above for better rates)
• Clean credit history with no major defaults or settlements
• Acceptable debt-to-income ratio
• No active bankruptcy or insolvency proceedings

3.5 Documentation Requirements

• Valid Aadhaar Card with biometric authentication
• Valid PAN (Permanent Account Number) card
• Proof of current residential address (not older than 3 months)
• Bank statements for the last 6 months
• Salary slips for the last 3 months (for salaried)
• Income Tax Returns for the last 2 years (for self-employed)
• Passport-sized photographs

3.6 Disqualification Criteria

You will not be eligible if:

• You have been declared insolvent or bankrupt
• You have criminal proceedings pending related to financial fraud
• You are listed in any negative database maintained by credit bureaus or RBI
• You have defaulted on previous loans with any financial institution
• You have provided false or misleading information in any previous application
• Your name appears in any regulatory watchlist or sanctions list

4. Loan Application Process

4.1 Application Submission

You may apply for a loan through:

• Our website (www.sahayloan.com)
• Our mobile application (available on iOS and Android)
• Our authorized branch offices
• Through authorized business correspondents or agents

The application process involves:

1. Registration: Creating an account with valid email and mobile number
2. KYC Verification: Submitting Aadhaar and PAN for identity verification
3. Loan Details: Specifying loan amount, tenure, and purpose
4. Document Upload: Providing all required documents in acceptable formats
5. Consent: Granting consent for credit bureau checks and data processing
6. Submission: Final submission of completed application

4.2 Application Review and Approval

Upon submission, your application will undergo:

• Preliminary Screening: Verification of eligibility criteria and document completeness
• KYC Verification: Authentication through Aadhaar e-KYC and PAN verification
• Credit Assessment: Evaluation of credit score, credit history, and existing financial obligations
• Income Verification: Analysis of income sources, stability, and repayment capacity
• Risk Analysis: Assessment of credit risk using internal scoring models
• Final Approval: Decision by authorized credit officers based on overall assessment

The typical processing time is 15 minutes to 48 hours, depending on the complexity and completeness of your application.

4.3 Loan Offer and Acceptance

If approved, you will receive:

• Loan offer letter specifying approved amount, interest rate, tenure, and all applicable charges
• Loan agreement document for review and e-signing
• Repayment schedule with EMI dates and amounts
• Terms and conditions specific to your loan

You must carefully review all documents and accept the offer within the validity period (typically 7-15 days). Acceptance is done through:

• Digital signature (e-sign using Aadhaar OTP)
• Electronic acceptance on our platform
• Physical signature on documents (if required)

4.4 Loan Disbursement

Upon acceptance, the loan amount will be disbursed to your registered bank account within 24-48 hours, subject to:

• Successful completion of all verification formalities
• Execution of loan agreement and security documents
• Payment of processing fee and applicable charges
• Clearance from our risk and compliance teams
• Working days and banking hours

5. Loan Terms and Conditions

5.1 Interest Rates

• Interest rates are determined based on your credit profile, loan amount, tenure, and market conditions
• Rates are calculated on a reducing balance basis
• The Annual Percentage Rate (APR) includes interest and mandatory charges
• Interest rates may be fixed or floating as specified in your loan agreement
• We reserve the right to revise interest rates for new loans based on policy changes or regulatory directives
• Existing loan interest rates will not be changed unilaterally unless agreed upon or mandated by regulations

5.2 Repayment Terms

• Loans are repayable through Equated Monthly Installments (EMIs)
• EMI includes both principal and interest components
• First EMI is due on the date specified in the repayment schedule (typically 30 days from disbursement)
• Subsequent EMIs are due on the same date each month
• Repayment methods include:
  • Auto-debit/NACH mandate from registered bank account
  • Post-dated cheques
  • Online payment through our portal
  • UPI payments
  • Direct bank transfers (NEFT/RTGS/IMPS)

5.3 Fees and Charges

The following fees and charges are applicable (all exclusive of GST):

• Processing Fee: 1% to 3% of loan amount (non-refundable)
• Late Payment Charges: 2% per month on overdue amount or as per RBI guidelines
• Prepayment Charges: Up to 4% of outstanding principal (for fixed-rate loans); may be nil for floating-rate loans as per RBI guidelines
• Foreclosure Charges: Similar to prepayment charges
• Bounce/Dishonor Charges: ₹500 to ₹1,000 per instance
• Duplicate Statement Charges: ₹100 per statement
• NOC/Closure Certificate: ₹500 to ₹1,000
• Cheque Swap Charges: ₹200 to ₹500 per cheque
• Legal Notice Charges: Actual costs incurred

Specific charges applicable to your loan will be clearly mentioned in your loan agreement.

5.4 Prepayment and Foreclosure

• You have the right to prepay the entire loan amount or part thereof
• Partial prepayment: Minimum amount as specified in loan agreement (typically ₹10,000 or more)
• Full foreclosure: Can be done at any time by paying outstanding principal, accrued interest, and applicable charges
• Prepayment reduces the outstanding principal and can be adjusted against:
  • Tenure: Keeping EMI same and reducing tenure
  • EMI: Keeping tenure same and reducing EMI amount
• As per RBI guidelines, no foreclosure charges on floating rate personal loans
• For fixed-rate loans, foreclosure charges as per loan agreement

6. Borrower's Rights and Obligations

6.1 Borrower's Rights

As a borrower, you have the right to:

• Receive complete disclosure of loan terms, interest rates, and all charges
• Obtain a copy of the loan agreement and all related documents
• Receive a repayment schedule at the time of loan sanction
• Prepay or foreclose the loan as per the terms
• Receive periodic statements of your loan account
• Be treated fairly and not subjected to harassment or coercion
• Privacy and confidentiality of your personal information
• File grievances and complaints through our grievance redressal mechanism
• Approach the Ombudsman if dissatisfied with our resolution
• Receive a No Objection Certificate (NOC) upon full repayment
• Request correction of inaccurate information reported to credit bureaus

6.2 Borrower's Obligations

You agree to:

• Provide Accurate Information: Furnish true, accurate, and complete information in your application and throughout the loan term
• Timely Repayment: Pay all EMIs and dues on or before the due date
• Maintain Sufficient Funds: Ensure adequate balance in your bank account for EMI deductions
• Update Information: Promptly inform us of any changes in:
  • Residential address
  • Contact details (mobile, email)
  • Employment status
  • Income levels
  • Bank account details
• Use of Loan: Use the loan amount only for the stated purpose
• Cooperation: Cooperate with verification processes and provide additional documents if requested
• Compliance: Comply with all terms and conditions of the loan agreement
• No Misrepresentation: Not provide false documents or make fraudulent representations
• Communication: Respond to our communications regarding the loan account
• Legal Matters: Inform us of any legal proceedings that may affect your ability to repay

7. Default and Consequences

7.1 Events of Default

You will be considered in default if:

• You fail to pay any EMI or installment when due
• You breach any term or condition of the loan agreement
• You provide false or misleading information
• You become insolvent or bankrupt
• You are subject to any legal proceedings that affect your ability to repay
• You misuse the loan funds for illegal activities
• You fail to maintain required insurance (if applicable)

7.2 Consequences of Default

Upon default, we may take the following actions:

• Late Payment Charges: Levy penalty charges on overdue amounts
• Communication: Contact you through calls, SMS, email, or written notices
• Credit Bureau Reporting: Report the default to all credit bureaus, negatively impacting your credit score
• Recall of Loan: Demand immediate payment of the entire outstanding amount
• Collection Action: Engage authorized collection agencies (operating within legal boundaries)
• Legal Proceedings: Initiate civil or criminal proceedings for recovery
• Asset Recovery: Invoke any security or collateral provided
• Account Classification: Classify the account as Non-Performing Asset (NPA) as per RBI norms

7.3 Recovery Process

Our recovery process follows RBI's Fair Practices Code:

• Initial reminders through SMS and email
• Phone calls during reasonable hours (7 AM to 7 PM)
• Written communication to registered address
• Field visits by authorized representatives (with proper identification)
• Engagement of authorized collection agencies (if internal efforts fail)
• Legal notices as per applicable laws
• Filing of recovery suits or applications before appropriate forums

Important: We will NOT:

• Use abusive, threatening, or intimidating language
• Contact you at unreasonable hours
• Disclose loan details to unauthorized third parties
• Resort to physical harassment or coercion
• Misrepresent the legal consequences of non-payment

8. Data Protection and Privacy

This section should be read in conjunction with our detailed Privacy Policy.

8.1 Data Collection and Usage

• We collect personal, financial, and technical information as detailed in our Privacy Policy
• Your data is used for KYC, credit assessment, loan processing, and account management
• We comply with the Digital Personal Data Protection Act, 2023, and IT Act, 2000
• Data is stored securely on ISO 27001 certified infrastructure

8.2 Consent for Data Sharing

By accepting these Terms, you consent to:

• Reporting your credit information to authorized credit bureaus
• Our accessing your credit reports from credit bureaus
• Sharing information with service providers and business partners (under strict confidentiality)
• Disclosure to regulatory authorities, courts, and law enforcement as mandated
• Using your data for credit scoring, risk analysis, and fraud prevention
• Sending service-related communications (account updates, payment reminders)

8.3 Data Security

• 256-bit SSL encryption for data transmission
• Regular security audits and penetration testing
• Access controls and authentication mechanisms
• Data breach notification protocols as per regulations

9. Grievance Redressal

9.1 Internal Complaint Mechanism

If you have any complaints or grievances, you may contact:

• Customer Support: +917462056645 (toll-free, 24/7)
• Email: grievance@sahayloan.com
• Grievance Officer: Mr. Rajesh Kumar, grievance@sahayloan.com, +917462056645
• Registered Address: Sahay Loan Ltd., Financial District, Gachibowli, Hyderabad - 500032

We will:

• Acknowledge your complaint within 48 hours
• Provide a unique complaint reference number
• Resolve your complaint within 30 days
• Keep you informed of the progress

9.2 Escalation to Ombudsman

If you are not satisfied with our resolution or do not receive a response within 30 days, you may approach:

• RBI Ombudsman: File a complaint at https://cms.rbi.org.in
• Choose the appropriate ombudsman office based on our registered office location
• The ombudsman will review your complaint and pass appropriate orders

10. Amendments and Modifications

We reserve the right to modify, amend, or update these Terms and Conditions at any time. Changes may be made to:

• Comply with new laws and regulations
• Reflect changes in our business practices
• Enhance customer protection and service quality
• Address technological advancements

Material changes will be communicated through:

• Prominent notice on our website
• Email notification to registered users
• SMS alerts for significant changes

Your continued use of services after changes are posted constitutes acceptance of the modified terms. Existing loan agreements will continue to be governed by the terms agreed upon at the time of loan disbursement unless changes are mandated by law.

11. Limitation of Liability

To the maximum extent permitted by law:

• We are not liable for any indirect, incidental, special, or consequential damages
• We are not responsible for service interruptions due to technical issues, force majeure, or third-party failures
• We do not guarantee uninterrupted or error-free operation of our digital platforms
• We are not liable for damages arising from unauthorized access to your account due to your negligence
• Our total liability is limited to the fees paid by you in the 12 months preceding the claim

This limitation does not affect our liability for:

• Death or personal injury caused by negligence
• Fraud or fraudulent misrepresentation
• Liabilities that cannot be excluded by law

12. Governing Law and Jurisdiction

These Terms and Conditions and your loan agreement shall be governed by and construed in accordance with the laws of India.

Any disputes, differences, or claims arising from or relating to:

• These Terms and Conditions
• Your loan agreement
• Our services
• Any transactions between you and us

Shall be subject to the exclusive jurisdiction of the courts located in Hyderabad, Telangana, India.

Before initiating legal proceedings, parties agree to:

• Attempt resolution through our internal grievance mechanism
• Consider mediation or arbitration as alternative dispute resolution
• Exhaust ombudsman remedies if applicable

13. Severability

If any provision of these Terms is held to be invalid, illegal, or unenforceable by a competent court or authority, such provision shall be deemed severed from these Terms, and the remaining provisions shall continue in full force and effect.

The invalid provision shall be replaced with a valid provision that most closely approximates the intent and economic effect of the invalid provision.

14. Entire Agreement

These Terms and Conditions, together with:

• The loan agreement
• Privacy Policy
• Disclaimer
• Fair Practices Code
• Any other policy documents referenced herein

Constitute the entire agreement between you and Sahay Loan Ltd. regarding the subject matter hereof and supersede all prior or contemporaneous understandings, agreements, representations, and warranties, both written and oral.

15. Contact Information

For any queries, clarifications, or assistance regarding these Terms and Conditions: