Terms of Use

1. Introduction

  1. 1.1 Thank you for visiting www.Barwalafin.com by accessing or using the website www.Barwalafin.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.
  2. 1.2 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. 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.
  3. 1.3 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

  1. 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. 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. 2.2 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.
  3. 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 and that such acceptance shall be deemed to form a contract between the website and such User to the extent permissible under applicable laws.
  4. 2.4 The User must have a rupee-denominated savings/current account with a bank in India.
  5. 2.5 User must have PAN (Permanent Account Number), allotted by the Income Tax Department of India.
  6. 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.
  7. 2.7 To be eligible as a Borrower, User must be:
  8. 2.7.1 User must be a salaried individual.
    • 2.7.1 User must be a salaried individual.
  9. 2.7.2 If 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 the 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.
    • 2.7.2 If 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 the 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

  1. 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.
  2. 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. 3.3 By applying for registration, the User agrees and authorizes us to carry out such checks and verification. As part of the registration process:
  4. 3.3.1 We shall run identity, KYC, fraud checks.
  5. 3.3.2 obtain a credit rating for Users from the Credit Information Bureau.
  6. 3.3.3 carry out residence and/or work verification at your employment location.
  7. 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 all current or future use of the website (or any portion thereof).
  8. 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://www.Barwalafin.com/privacy-policy/
  9. 3.6 Registration Fee to register as a Borrower: There is no fee charged for registration.

4. Use of Website

  1. 4.1 To borrow through the website, you must log on to your Barwalafin Account.
  2. 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, unauthorized access, hacking of the website or refusal to access the website due to such reason.
  3. 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. All Users further confirm that they 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.
  4. 4.4 If any User learns or is made or becomes aware of any instance of hacking or misuse of its Barwalafin Account, it shall without delay notify the website of the same.
  5. 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 any illegal purpose.
  6. 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.
  7. 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 from limiting or terminate such access to or use of the website at any time without notice.

5. Terms, Conditions, and Process for Lending

  1. 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 sourced from the website.
  2. 5.2 The Lender agrees to offer the first loan within 30 (Thirty) days from the date of registration through the website.
  3. 5.3 Upon selecting the Borrower, the Registered Lender will transfer an amount equivalent to the amount that lender wishes to lend (“Lending Amount”) in the Escrow Account through its bank account using RTGS/NEFT.
  4. 5.4 Upon successful transfer of the Lending Amount to the Escrow Account, and once Barwalafin sights the funds in the Escrow Account, the Lending Amount will be reflected in the User’s Barwalafin Account. This could take up to 4-6 hours. If the Lender transfers funds using RTGS/NEFT after the cut-off time or on holiday, it will reflect in his Barwalafin Account on the next working day.
  5. 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 User’s Barwalafin Account.
  6. 5.6 The Lender and Borrower will sign the Loan Agreement.
  7. 5.7 Charges and Fees: The website shall be entitled to charge the fees and charges: The facilitation fee will only be charged if lenders receive EMIs. Barwalafin may revise the rate of such charges from time to time. Any such changes will be updated to the lender via email and/or SMS and/or push notification.

6. Terms and Conditions for Borrowing

  1. 6.1 A Borrower can borrow from the website by posting a loan requirement through the website and completing the application process.
  2. 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.
  3. 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 links 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 consider information about your financial associates in your credit reference. (d) “I hereby give my free consent and authorize SAWALSHA LEASING AND FINANCE PRIVATE LIMITED and its service provider by providing my personal information to obtain my Credit Information Report and Credit Score from CIBIL OR Equifax Credit Information Services Pvt. Ltd. for the purpose of risk assessment and credit underwriting and not for any other purposes”. This must be confirmed by borrower before submitting the application for the loan. (e) Any loan amount offered by any Lenders will be acceptable to the Borrower.
  4. 6.4 If so, required by Barwalafin after considering the profile of the borrower, Barwalafin 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, Barwalafin shall have the right to reject the loan request.
  5. 6.5 Formation of Loan Agreements: (a) The Borrower agrees to accept each of the loan offers that meets your borrowing criteria. (b) The Borrower agrees to sign and execute the loan agreements electronically or physically. In the case of multiple loan agreements, the website will provide you with a summary of the loan availed in the Barwalafin Account.
  6. 6.6 Disbursement of Loan Proceeds upon execution of all the required documents and fulfillment of all conditions for disbursements, to the sole satisfaction of the Company, the borrowed amount will be credited to the account of the Borrower. The platform follows a rounding down approach during loan disbursement to the borrower for simplicity purposes. For e.g., 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.
  7. 6.7 Charges and Fees The website shall be entitled to charge the following fees and charges. a) Loan processing charge for every loan availed by the borrower b) GAP Interest charges if eligible c) 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 must trace your new address) – Rs. 300 d) No-Response fee (if you fall into arrears and we cannot contact you for 15 consecutive days) – Rs. 300 e) 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 f) Change of Repayment Date (If you want to change the Repayment Date) g) Change of Nominated Account (If you want to change the Nominated Account from which your EMIs are being repaid) – Rs. 300 h) 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. i) Late Payment Fee: If a Borrower has delayed a repayment, Barwalafin 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 If the Borrower has delayed his repayment by 2 weeks (14 days from EMI date), he will be charged Rs. 1,500 If the Borrower has delayed his repayment by 3 weeks (21 days from EMI date), he will be charged Rs. 2,250 If the Borrower has delayed his repayment by 4 weeks, he will be charged Rs. 3,000 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 If the Borrower has delayed his repayment by 3 weeks (21 days from EMI date), he will be charged Rs. 3,000 If the Borrower has delayed his repayment by 4 weeks, he will be charged Rs. 4,000 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 If the Borrower has delayed his repayment by 2 weeks (14 days from EMI date), he will be charged Rs. 3,000 If the Borrower has delayed his repayment by 3 weeks (21 days from EMI date), he will be charged Rs. 4,500 If the Borrower has delayed his repayment by 4 weeks, he will be charged Rs. 6,000 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 Barwalafin. The ratio of the split of charges is updated in Lender FAQ. These charges will be applicable on all the loans currently running on the platform. Barwalafin may revise the ratio of the split from time to time. Any such changes will be updated to the lender via email and/or SMS and/or push notifications. j) All cost in relation to stamp duty and other related costs for preparation of the documents k) Loan Cancellation charges to the borrower when cancelled by him/her – Rs. 1,000 l) Loan Cancellation charges to the lender when cancelled by him/her – Rs. 1,000