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Terms and Conditions

1. General Information

  • 1.1. We appreciate your visit to our website. By accessing and using our services as a registered or guest user, you agree to be bound by these Terms of Use and all applicable related conditions, which are subject to change from time to time. We strongly encourage you to review these Terms of Use carefully prior to utilizing our services.
  • 1.2. The contents of this website constitute an electronic record in compliance with the Information Technology Act, 2000, and its amended regulations. This establishes a valid and binding agreement between the User and the website without the need for digital or physical signatures. We strongly encourage you to thoroughly review the Terms and Conditions provided in accordance with Rule 3(1) of the Information Technology (Intermediary Guidelines) Rules, 2011.
  • 1.3. We reserve the right to modify the Terms of Use at any time, with changes taking effect upon posting on our website. Users are required to consent to the revised terms, and claims of unawareness regarding these updates will not be accepted.

2. Customer Eligibility

  • 2.1.Access to the website is restricted to individuals who are legally capable of entering into contracts under the Indian Contract Act, 1872. Therefore, minors and individuals deemed incompetent to contract are not permitted to use the website or register as users.
  • 2.2. We reserve the right to terminate any membership and deny access to our website if we become aware that the user is under 21 years of age.
  • 2.3. By accepting the Terms of Use, the user certifies that they are at least 18 years old and legally competent to enter into a binding contract under applicable law.
  • 2.4. To utilize our website, users must maintain a rupee-denominated savings or current account with an authorized bank in India.
  • 2.5. It is mandatory that the user must hold a Permanent Account Number (PAN), allotted by The Income Tax Department of India.
  • 2.6. By consenting to the Terms of Use, you accept that you have also read and understood the threats involved in lending/borrowing through the website.
  • 2.7. To be an eligible borrower of a personal loan from our website, the user must be:
  • 2.7.1 The user should be a salaried professional.
  • 2.7.2 In case the user is salaried:
  • a. Should be based in India
  • b. Should not be unemployed for the last 6 months from applying for a loan
  • c. Shouldn’t be involved in any nature of criminal activity against him/her
  • d. Should regularly be receiving a monthly salary in their account.

3. Sign Up and Register

  • 3.1. Access to the website is open to all individuals, whether as guests or registered users, with certain sections exclusively available to registered users despite guest users having access to most areas.
  • 3.2. All eligible users intending to register or who have already registered on our website must create an account by providing the necessary information.
  • 3.3. By applying for registration on our website, the User consents to and authorizes us to conduct all necessary verifications and checks as part of the registration process: 3.3.1, We shall run identity, KYC, and fraudulent checks. 3.3.2, We would acquire a credit rating for users from the Credit Information Bureau. 3.3.3, Execute work verification/ residence verification procedure.
  • 3.4. If a user submits any false, outdated, or incomplete information on the website, it will be deemed intentional, and we reserve the right to suspend or permanently terminate the user account, as well as deny any future access to our services.
  • 3.5. Users of the website may be required to provide specific personal information and explicitly consent to the website's access, collection, storage, and retention of their personal data, all of which will be governed by the website's privacy policies.
  • 3.6. Registration on our website is complimentary for all users, and there are no processing fees associated with obtaining a personal loan through our platform.

4. Use of Website

  • 4.1. All registered users of our website are fully responsible for their activities associated with their accounts. The website, as well as the entity managing it, shall not be held accountable or liable for any unlawful actions, including but not limited to misuse, unauthorized access, hacking, or any denial of access to the website for any reason.
  • 4.2. All website users are required to confirm their receipt of a copy of the loan agreement between the lender and borrower. Users must acknowledge that they have read and fully understood all terms and conditions outlined in the Loan Agreement. By proceeding, users hereby agree to adhere to these terms and conditions under all circumstances.
  • 4.4. If a user discovers that any personal information provided for their Vanshika account is being misused or exploited, it is imperative that they promptly inform the website without hesitation.
  • 4.5. We hold the right to refuse to act on any of the instructions that are received from any user that we believe: (a) was not clear (b) was not given by a registered user of the website (c) may cause us to breach a law (d) Advises that the website is somehow being misused for any kind of illicit activity.
  • 4.6 Any unauthorized access to our website by the user will result in the immediate termination of access, either temporarily or indefinitely.
  • 4.7. Users are prohibited from saving, downloading, or printing any content from the website for unauthorized use, especially for commercial purposes. Engaging in such actions will constitute a breach of contract, which may result in legal proceedings.
  • 4.8. The website retains the right to refuse or cancel user registrations and may restrict access to any individual for specific reasons, either temporarily or permanently.

5. Lending Procedure, Terms and Conditions

  • 5.1. Should the lender decide to extend credit, they will have the option to select one or multiple borrower profiles from the diverse range of profiles available on the website.
  • 5.2. The lender would consent to offer the first loan within the first thirty days from the registration date mentioned on the website.
  • 5.3. After the borrower has been finalized, the Registered Lender will facilitate the transfer of an amount that corresponds to the borrower's lending request, ensuring that there are no deductions applied.
  • 5.4. There would mandatorily be an agreement between the borrower and lender.
  • 5.5. The personal loan amount would be debited to the borrower's bank account.

6. Terms for Borrowing

  • 6.1. To be eligible for a personal loan, borrowers must submit a loan request and complete the application process on the website.
  • 6.2. To ensure successful repayment, it is essential for the borrower to provide complete details of their bank account during the registration process.
  • 6.3. Once a request for a loan is posted, then he/she allow: a. To provide us with all the specific additional information for the successful processing of the loan. b. Authorize us in checking the applicant’s credit rating by obtaining the same from the Credit Information Bureau in India. c. The loan amount that is approved by the Lender is crucial to be accepted by the borrower.

7. Payment Settlements

  • 7.1. Any funds received from the borrower shall encompass delay charges, late fees, or any other applicable penalties.
  • 7.2. Credit entries will be recorded in the lender's Vanshika account. Users can access this data by logging into their registered accounts.
  • 7.3. All collected repayments will be deposited into the lender’s Vanshika account, ensuring that the balance accurately reflects all received EMIs in a timely manner. Please note that it may take up to three business days for the EMI receipts to appear in the borrower’s Vanshika account.

8. Administration of Loan

  • 8.1. EMI: The Equated Monthly Installments (EMIs) will commence on the date of loan disbursement. The lender will begin accruing interest five days following the investment date or the loan disbursement date, whichever occurs first.
  • 8.2. Terms of Prepayment: Borrowers seeking to prepay their loans may do so without incurring any prepayment fees.
  • 8.3. Missed repayments: If a borrower is unable to make a timely repayment, it is advisable to send an email to notify the organization. Once the organization receives this communication, the following actions may be considered: a. Detailing the charges of the delay. b. Informing the lender about the delay. c. If your account is to be reported under the Defaulter’s category. d. Inform the Credit Information Bureau about the borrower’s payment default.
  • 8.4. Default category borrowers: A borrower would be categorized as a ‘defaulter’ if: a. Failure to pay three consecutive payments. b. If information is received about the borrower’s death. c. If the borrower is unable to make any further payments under any circumstances.

9. Closing Your Account

  • 9.1. Upon the completion of all loan repayments, you have the option to formally close your loan account by sending an email to us. Please include your name, account details, and any other pertinent information in your message.
  • 9.2. We reserve the right to terminate the registration of your loan account in the event that any incorrect information has been provided or if there is a breach of the terms of use. Additionally, we will proceed with the termination of a loan account upon receiving confirmation of the borrower's death.
  • 9.3. We reserve the right to terminate your account if we suspect any association with criminal activities that could harm the reputation of our website or if you engage in conduct that does not align with the interests of our platform.

10. Data Protection and Privacy

  • 10.1. Service communications will be sent to your registered mobile number and email address as necessary. Please note that these notifications are automated and cannot be disabled.
  • 10.2. Occasional Updates: When you register with Vanshika, you can choose to either opt in or opt out of receiving our occasional updates, based on your preferences.

11. Content Usage

  • While using our website, the user agrees not to display, host, transmit, upload, modify, publish, share, or update any information that: a. Is owned by any other entity. b. Is harassing, defamatory, profane, pornographic, obscene, and invasive of any other person’s privacy. c. Tends to harm minors in any way possible. d. Impersonation of any other identity, falsely misinterprets the affiliation of the user. e. Is a risk to the integrity, unity, sovereignty & security of India.

12. Intellectual Property Rights

  • All rights pertaining to the website owners are firmly reserved under the Intellectual Property Rights (IPR). Under no circumstances should any of these rights be infringed upon or any material copied for any purpose.