Every user of the website should mandatorily read the terms and conditions of the website with caution. For using our website, you should go through the following terms and conditions carefully and permit to them.
1.1. We thank you for your visit to our website www.loaninhours.com When you are a registered user or a guest user of our website, you would be regarded as a 'User' in these terms and conditions section and if you are using our website to avail of our offered services, then you are obligated to adhere to these terms and conditions (“Terms of Use”). Also, you are supposed to follow all the additional conditions and terms that are being enlisted below and in the other different parts of the website as well. These terms and conditions may vary periodically. Our team recommends all our users to go through all the Terms and Conditions thoroughly whenever they choose to avail of service from our website.
1.2. The website is owned & operated by www.barwalafin.com , a company that is formally incorporated under the provisions of the Companies Act, 2013 that holds the corporate identity number (CIN) U74899DL1993PTC056645 . All the references to the Website in these Terms of Use shall determine to refer to the aforesaid entity.
1.3. The contents that are set out in this website capture an electronic record according to the terms of the Information Technology Act, 2000 and rules that are applicable & amended time and again. This specific document legally does not need any kind of digital or physical signatures & form a rational and binding agreement between the user and the website. Furthermore, you should be going thoroughly all the Terms and Conditions that are made available to the User pursuant & is as per the provisions of Rule 3 (1) according to the Information Technology Rules set up in 2011.
1.4. We hold all the rights to amend the terms of use in the due course of time. These changes would be effective from the date & time when the changes are posted on the website. If you use our website, you would have to consent to the modified terms of usage. Any claim later on that you are unaware of the terms wouldn’t be entertained under any circumstances.
2.1. The website can be used by only those people who have the authority of legally being bound by a contract as per the Indian Contract Act, 1872. The people who are considered to be incompetent of contracting as per the Indian Contract Act, 1872, including minors, undischarged insolvents, etc. Would not be eligible for using the website under any conditions. In case a person accessing the website is a minor (under 18 years of age), such a person would not be allowed to register as a User of our Website.
2.2. We hold all the rights of terminating any membership and also decline in providing access to our website if it is brought to our knowledge that the user is less than 18 years of age.
We need microphone permission to engage a two-way correspondence between our approved specialist and you to perform and complete your Video KYC. Your sound will be recorded for regulatory reasons.
2.3. By accepting all the Terms of Usage, the user of our website would irrevocably declare & undertake that he/she is of legal age (a minimum of 18 years old) and is authorized of entering into a contract that is permissible as per the applicable laws.
2.4. The user of our website should necessarily hold a rupee-denominated current/savings account with any registered bank in India.
2.5. The user should hold a Permanent Account Number (PAN), allotted by The Income Tax Department of India.
2.6. By agreeing to the Terms of Use, you acknowledge that you have also read and understood the threats involved in lending and/or borrowing through the website.
2.7. To be eligible to be a 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, then the User:
(a) Should be based in India;
(b) Should not be unemployed during the last 6 months from the date of application for a personal loan.
(c) Should not be involved in any form of criminal or civil litigation that is instituted against him/her.
(d) Should regularly be receiving a monthly salary in his bank account.
3.1. As mentioned, any person would be able to gain access to the website, either as a guest or by registering as a user on our website. Although a guest user would be able to access all the website’s sections, there are only a few restricted sections that would be accessible only by the registered users.
3.2. All the eligible users who wish/have already registered themselves with the website would be needed to have an account created on our website by filling up all the essential details.
3.3. By applying for the registration on our website, the User would permit and also authorize us in carrying out all the verifications and checks. As a part of the registration procedure:
3.3.1, We shall follow identity, KYC, and fraud checks.
3.3.2, A credit card rating for users would be obtained by us from the Credit Information Bureau.
3.3.3, Carry out work verification/ residence verification.
3.4. In case a user fills in any information on your website that turns out to be inaccurate, not updated, or is incomplete, the website would deem that it has been done purposefully, and thus we would hold all the rights to suspend or even permanently terminate your user account and then deny any & all current or further usage with us in the future.
3.5. The website’s users may need to provide specific personal information and then expressly allow the website for accessing & collecting and holding on to all the personal information of the website users. All such provisions in terms of storage, collection, usage, retention & disclosure of the Personal Information about the users shall be subject to the privacy policies of the website.
3.6. Registration is free for anyone who wishes to register on our website. Availing for a personal loan from our website also does not require any processing charges.
4.1. To borrow a personal loan from our website.
4.2. All the registered users of our website would be solely responsible for all the activities that are related to our account and the website or the entity operating the website will not be responsible or liable for any kind of illicit activities including the misuse, unauthorized access or hacking of the website or any kind of denial to access the website for any kind of reason.
4.3. All the website users should mandatorily be prepared to confirm as well as acknowledge that they have been provided one copy of the loan agreement which is between the lender and the borrower. All the users should confirm that they have read as well as understood all the stated terms & conditions of the Loan Agreement and upon implementation, do hereby abide by the same under any circumstance.
4.5. We have the right to refuse to act on any of the instructions that are received from any user we believe.
(a) was unclear
(b) was not provided by a user
(c) might cause us to breach a law
(d) Suggests that the website is somehow being misused for any kind of illegal activity.
4.6 Any kind of unauthorized access to our website by the user shall be terminated to use the website temporarily or permanently.
4.7. The user should not save or download copies and print any content of the website to use it in an unauthorized manner for any kind of commercial gain.
4.8. The website owns all the rights in refusing or canceling the registration of the users and barring any kind of person from using the website for any particular reason temporarily or permanently.
5.1. In case the lender wishes to lend, the lender would have the option of choosing one or even multiple profiles of borrowers to whom the registered lender would wish to lend from the different borrowers’ profiles that are mentioned on the website.
5.2. The lender would permit to offer the first loan within the first thirty days from the registration date on the website.
5.3. Upon choosing the borrower, the Registered Lender would be able to transfer an amount that is equal to the amount that the borrower wishes to lend without any deduction.
5.4. There would be an agreement between the borrower and lender.
5.5. The personal loan amount would be debited to the bank account of the borrower.
6.1. A borrower is eligible to borrow from the website by posting a requirement of a personal loan and concluding the application process.
6.2. During the registration process, a borrower should compulsorily enter the full details of his/her bank account for repayment.
6.3. Once a loan request is posted, he/she consents to:
a) To provide us with all the required additional information for the successful processing of the loan.
b) Authorize us in checking the applicant’s credit rating by acquiring the same from the Credit Information Bureau in India.
c) The loan amount that is approved by the Lender is mandatory to be accepted by the borrower.
7.1. Any monies received from the borrower include the delay charges or late fee or any kind of penal charges.
7.2. These would be recorded as a credit to the lender’s bank account. This data can be accessed by logging into the registered accounts of our users.
7.3. All the collected repayments will be transferred to the lender’s account and the balance would show all the received EMIs on time.
8.1. EMI: The EMIs will begin from the loan disbursement date. The lender will begin earning interest after 5 days from his date of investment or the loan disbursement day, whichever is earlier.
8.2. Terms of prepayment: Any borrower who may wish in prepaying the loan can prepay the loan without paying any prepayment charges.
8.3. Missed repayments: In case a borrower misses a repayment, he/she should write an email to inform the company. Upon receipt of any such email, we may take any of the following actions:
a. Describe the charges of the delay.
b. Inform the lender regarding the delay.
c. If your account is to be reported under the Defaulter’s category.
d. Inform the Credit Information Bureau with regard to the borrower’s payment default.
8.4. Default Category borrowers:
a. Failure to pay three consecutive payments.9.1. Once all repayments of the loan amount have been completed, you may choose to close your loan account by writing to us an email.
9.2. We hold the right of terminating the registration of your loan account if you have provided some incorrect information or have breached the terms of usage. We also terminate a loan account with us if we receive a confirmation that the borrower has died.
9.3. We also hold the right to terminate your account if suspected that you are involved in any kind of illicit activities and somehow spoil the website’s reputation or engage in activities that are not in the interest of our website.
10.1. We would send service communications to your registered mobile number and email ID as and when required. These are automated and hence cannot be terminated.
10.2. Occasional Updates
When you are registered with LoanInHour, you have the option of either receiving or not receiving the occasional updates sent by the company. This would be as per your approval.
11. While using our website, the user should not engage to display, host, modify, upload, transmit, publish, share or update any information that:
a. Is owned by any other entity.
b. Is harassing, defamatory, profane, obscene, and invasive to any other person’s privacy.
c. Harm minors in any way possible.
d. Impersonation of any individual falsely misinterprets the affiliation of a user.
e. Is a threat to the integrity, unity, sovereignty & security of India.
12. All rights of the owners of the website are reserved under the Intellectual Property Rights or IPR. In no situation, should any of these be copied for any reason whatsoever.