BIGWIN INFOTECH PRIVATE LIMITED INVESTOR AGREEMENT
INVESTOR REGISTRATION AGREEMENT
This Investor Registration Agreement (Herein after referred to as the “Agreement”) has been made, prepared and executed on this ... day of _____, 201_, in Mumbai, Maharashtra
(That for the sake of brevity and convenience, this Investor Registration Agreement shall herein after be referred to as the “Agreement”)
BY AND BETWEEN
BIGWIN INFOTECH PRIVATE LIMITED, an Indian Private Limited Licensee incorporated and registered under the provisions of Companies Act, 2013, having registered address at 113, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai- 400063, (Hereinafter referred to as “Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin”), which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include all its associates, directly or indirectly involved in the business, its successors in office, administrators and permitted assigns of the FIRST PART;
Mr./Ms./Mrs. .................................................., S/O/D/O/W/O ..........................................., aged …… Years, an Individual, having PAN No. ................................................. and Aadhar No ............................................................. and residing at …………………………………………………………………(Hereinafter referred to as the “Lender/Investor”) which expression shall unless it is repugnant to the context or meaning thereof being deemed to mean and include its successors-in-interest and permitted assigns of the SECOND PART;
(That for the sake of brevity and convenience, Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin and the Borrowers shall herein after collectively be referred to as the “Parties” to this Agreement)
- Paisadukan is an online peer to peer digital marketplace/lending and/or borrowing platform that brings together Borrowers and Investors, and the Company provides services (as specified in this agreement) in relation to borrowing / investing transactions made through Paisadukan website;
- A registered Lender/Investor who creates an account with Paisadukan at www.paisadukan.com can find a suitable borrower, and similarly a borrower who creates an account with Paisadukan at www.paisadukan.com can find a suitable Lender/Investor, through the services of Paisadukan on such terms and conditions as may be provided in this Agreement;
- That the Investor is any person who has an intention to invest, and is registered on the online peer to peer digital marketplace/lending platform/Paisadukan/BigWin as an Investor, to the borrowers that are duly registered with the online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin;
- That for the purpose of Investing, the Investor understands and accepts that he/she shall register him/her in order to enable the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin to facilitate funding to the registered borrowers.
- Investor who intends to offer loan through Paisadukan:
- Have created an account with Paisadukan by giving basic information including name, screen name, contact nos., date of birth, nationality, email, place of residence, chosen password, gender, PAN, employment and such other information sought for;
- Have registered online by providing personal details as mentioned above in clause 5.1 of the recitals and that the Investor shall pay the registration fees of Rs. 500/- (Rupees Five Hundred Only), exclusive of Goods and Services Tax, and on such payment the Investor shall fill in the additional details as sought for by the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin.
NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES, COVENANTS AND CONDITIONS HEREINAFTER SET FORTH, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, THE PARTIES HERETO AGREE AS FOLLOWS:
- DEFINITIONS AND INTERPRETATION
- In this agreement (including any recitals, annexure, schedules or exhibits attached thereto) except where the context otherwise requires, the following words and expressions shall have the following meaning:-
- “Online Peer To Peer Digital Marketplace/Lending and/or Borrowing Platform/Paisadukan/Bigwin” means the internet/online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/Bigwin operated by us at “www.paisadukan.com” for the purpose of matching Borrowers with Lenders/Investors;
- “Peer to Peer Lending and/or borrowing platform” means an intermediary providing the services of loan facilitation via online medium or otherwise, to the participants;
- “RBI” means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);
- “Participant” means a person who has entered into an arrangement with an NBFC-P2P either to lend on it or to avail of loan facilitation services provided by it;
- “NBFC-P2P” means “Non-banking financial company - Peer to Peer Lending and/or Borrowing Platform” (NBFC-P2P) means a non-banking institution which carries on the business of a Peer to Peer Lending and/or borrowing;
- “Act” means the Companies Act, 2013 and RBI P2P Regulations under the Reserve Bank of India Act, 1934 (as amended thereon)
- “Eligible Listed Borrower” means a borrower whose verification is completed by Paisadukan and is a registered Borrower;
- “Eligible Listed Investor” means an Investor/Lender whose verification is completed by Paisadukan and is a registered Investor/Lender;
- “Borrower” is an individual who satisfies the following criteria:
- Indian resident as per FEMA regulations
- Above age of 18 years.
- Should be an Earning Member
- Have an identity proof issued by any government authority
- Have income proof
- Have residence proof
- Have a valid bank account
- Have credit score as per the Online peer to peer digital marketplace/lending and/or borrowing platform/ Paisadukan/BigWin
- “Investor” is an individual who satisfies the following criteria:
- Indian resident as per FEMA regulations
- Above age of 18 years
- Have an identity proof issued by any government authority
- Have a valid bank account
- “Paisadukan Investor” means an Investor who is a registered Investor with peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/Bigwin and has complied with requirements of Clause 1.1.10
- “Lender/Investor” is a firm or company or financial institution or other who satisfies the following criteria:
- Registered as per criteria of RBI rules and regulation
- Not blacklisted company or firm
- Have a registration certificate provided by concerned authority
- Have a valid bank account
- Lender/Investor shall produce the following documents mentioned under Recitals 5.1 as “List of Documents”:
- Documents Required for Salaried Individual
- Address Proof: Leave and License/Registered Rent Agreement/Utility Bill (up to 3 months old), Passport/ Aadhaar card
- Identity Proof: Passport/ Driving License/ Voter ID/ PAN
- Income Proof: 3 month payslips, 3 years Form 16, Copy of Income Tax PAN
- Bank Statement: 6 months bank statement that shows salary from the employer and any EMI paid for outstanding debit
- Passport size photographs
- Copy of Cancelled Blank Cheque
- Documents Required for Self Employed– Professionals
- Identity Proof: Passport/ Driving License/ Voter ID/ PAN
- Address Proof: License/ Registered Rent Agreement/ Utility Bill
- Office Address Proof: Property Documents, Utility Bill
- Office Ownership Proof: Property Documents, Utility Bill, Maintenance Bill
- Business Existence Proof: 3 years old Saral Copy, the Company Registration license, Documents required under The Shops & Establishment Act, 1953 and any other relevant Acts passed by the state legislation.
- Income Proof: Latest 3 years Income Tax Returns including Computation of Income, Profit & Loss Account, Audit Report, Balance Sheet, etc.,
- Bank Statement: Past 1 year bank statement
- Passport size photograph
- Copy of Cancelled Blank Cheque
- Documents Required for Senior Citizens/Pensioners:
- Passport size photograph
- Photo Identity Proof: Passport/ Driving License/ Voter ID/ PAN
- Residence Address Proof: License/ Registered Rent Agreement/ Utility Bill
- Age Proof: Pan Card or Passport
- Income Proof: Pension Returns Or Bank Statement
- Copy of Cancelled Blank Cheque
- “Scanned Document” means, Lender/Investor shall scan and store documents in a digital format in form of electronic documents from best possible device as permitted by law; the scanned documents must remain accessible and legible, the person scanning the said documents, shall provide “Certificate” under section 65 B of the Indian Evidence Act 1872 , as and when required;
- “Photographs” mean photograph with negatives and photographic including Digital photographs which are stored inside the digital camera itself is an electronic record under Section 2(t) of the IT Act, It is images stored in an electronic form, so this is a “document” under Section 3 of the Evidence Act Digital photographs here shall be treated as electronic records in electronic form under section 65 B of Indian evidence act,1872;
- “ACH” means Automated Clearing House (ACH) which is an electronic network that is used for financial transactions. An ACH is a transfer that occurs through the Automated Clearing House. It processes large volumes of transactions in batches; therefore time of delivery is not instant. ACH system processes both credit and debit transfer payments. All the procedures and guidelines that administer the network are decided by National Automated Clearing House Association (NACHA) which is a national association of depository financial institution members. ACH in India is operated by the Reserve Bank of India (RBI) at some centres and by commercial banks at the some centres;
- “GST” means Goods and Services Tax under GST Act or Goods & Services Tax Act India 2017;
- “SMS” means one unit of the Short Message Service defined by the GSM/CDMA protocol to be sent a mobile device. The units consumed for any request submitted will be calculated by rounding up the division of submitted number of characters per request per mobile device by 153 for a multipart and 160 characters for a single part;
- “Transactional alert/message” means any alert/message, which is not promotional;
- “Reference” means the act of introducing with reference to borrower by third party/individual/person under a procedure set forth by BigWin Infotech Private Limited;
- “Rating” means rating given by Paisadukan based on its proprietary algorithm which is calculated on the basis of Credit rating of an individual based on the computed credit score;
- “Listing” is a Borrower/Investor public profile page that shows an interest by either Investor/Borrower to offer/take loans through Paisadukan and this can be viewed by all registered users on Paisadukan;
- “Investor Listing” is a loan offer made by the Investor/Lender on Paisadukan portal;
- ”Listing Period” is a period of 10 (Ten) days for a listed borrower;
- "Additional Listing Period" is a period of 07 (seven) continuous days (including holidays) after the said listing period of 10 days which can be granted to a borrower if he/she has requested for additional listing period provided that he has received not less than 50 percent of the amount of loan as requested on the online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin by listing his/her loan request. This clause is applicable to listed borrowers only;
- “Person” means an individual or a company/firm or a financial institution registered as per rule;
- “Bank” means the bank account details provided by Lender/Investor in this agreement with details of the bank branch, full address and IFSC code (IFSC stands for Indian Financial System Code is a 11-digit alpha-numeric code), where Lender/Investor maintain their account , the said bank account details provided by Lender/Investor in this agreement;
- “Bank statement” means bank statement or account statement which is a summary of financial transactions which have occurred over a given period on a bank account held by Lender/Investor with a Bank ,where the Lender/Investor maintain its account;
- “Aadhaar” means a 12-digit unique identification number issued by the government of India to every individual resident of India based on their biometric and demographic data. The data is collected by the Unique Identification Authority of India (UIDAI), a statutory authority established in January 2009 by the government of India, under the jurisdiction of the Ministry of Electronics and Information Technology, following the provisions of the Aadhaar (Targeted Delivery of Financial and other Subsidies, benefits and services) Act, 2016;
- “PAN” means a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act, 1961. Permanent Account Number, a code that acts as an identification for individuals, families and corporates (Indian and Foreign as well), especially those who pay Income Tax. It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT), Government of India and it also serves as an important proof of identification.
- “EMI" means equated monthly installments of amounts payable by the Borrower to the Lender/Investor in respect of the loan and comprising of principal amount of the Loan and interest thereon. Such EMI shall be subject to be rounded off to the next Rupee;
- "Interest Rate" means the rate at which the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin shall compute and apply interest on the Loan, as per terms and conditions of the agreement;
- "Month" means a month of a year as per the calendar year and each month shall begin on the first day of such month;
- "Law" includes any constitution, statute, law, rule, regulation, ordinance, judgement, order, decree, authorisation, or any published directive, guideline, requirement or governmental restriction having the force of law, or any determination by, or interpretation of any of the foregoing by, any judicial authority, whether in effect as of the date of the Application Form(s) or thereafter and each as amended from time to time;
- “Loan Amount” means the amount of the financial assistance provided under the Loan Agreement to be executed;
- “Disbursement” means any payment of the Loan Amount, or any part thereof, made by Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin in terms of Loan Agreement. All disbursements to be made by Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin under or in terms of this Agreement shall be in the name of the Borrower, and shall be made by way of cheque crossed as "A/c payee only" or any other mode i.e. RTGS, NEFT, direct transfer etc., at sole discretion of Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin;
18.104.22.168 “Disbursement of Funded amount” means the amount which Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/Bigwin has approved after scrutinizing the credit score/worthiness of the Registered borrower. The same amount disbursed after deducting the processing fees and any other charges towards such disbursement of approved amount.
- “RTGS” means (Real Time Gross Settlement) an electronic form of amount/funds transfer where the transmission takes place on a real time basis. The beneficiary account receives the funds/amount transfer on Real time basis.
- “NEFT” means (National Electronic Funds Transfer) is an Indian system of Electronic Transfer of money from one bank or bank branch to another. Customers with Internet banking accounts can use the NEFT facility to transfer funds nationwide on their own. Funds can also be transferred via NEFT by customers by walking into any bank branch (which is NEFT-enabled) and leaving relevant instructions for such transfer - either from their bank accounts or by payment of cash.
- “Wallet” means permissible virtual balance allocated to Investor for funding borrower through Paisadukan.com;
- “Investor Dashboard” means the section of the Website which can only be accessed by Lender/Investor using only Lender/Investor’s own username and password through which they can update their details, view loan listings and view their Portfolio;
- “CRIF High Mark Credit Information Services Pvt. Ltd” means a credit bureau based in Mumbai. It keeps a record of loan repayment history on credit facilities extended to an individual across the board
- “E-mail” means Electronic Mail, or Electronic Messages is a system that allows text-based messages to be exchanged electronically, such as between computers or cell phones. It is an electronic store and forward method of composing, sending, storing, and receiving messages over electronic communication systems. It includes emails, SMS, MMS etc. of messages sent vial social networking sites, like WhatsApp, twitter etc. Under the provisions of Section 88A, there are presumptions as to such messages. Section 88, 88A, 114(f) of the in the Indian Evidence Act, 1872 read with Section 2(t) of Information Technology Act 2000 are relevant sections for sending and receipt of email and its proof.
- “Services” by Paisadukan:
- Verification of the Investor and borrower documents and other details;
- Collecting duly signed agreements from the Investor(s) and the borrower(s);
- Collecting the post-dated cheques from the Borrower in the name of “BIGWIN INFOTECH PRIVATE LIMITED- BORROWER REPAYMENT ESCROW ACCOUNT”
- If the post-dated cheques are dishonoured/no credit through ECS is given by the bank, then Paisadukan on behalf of Investor and or with the permission of Investor may take such necessary steps as permitted by law against the borrower to realize the amounts due along with the interest at the decided rate and other fees as agreed in this agreement including appointment of collection agents, if required;
- A statutory provision shall include such provision as is from time to time modified or re-enacted or consolidated so far as such modification or re-enactment or consolidation applies or is capable of applying to any transactions entered into hereunder;
- Headings in this Agreement are for convenience of reference only and shall not be used to construe or interpret this agreement;
- Words denoting the singular shall include the plural and vice versa and the word representing any gender shall be deemed to include all other genders;
- The word 'include' or 'including' shall be construed without limitation;
- An 'amendment' includes a supplement, modification, notation, replacement or re-enactment and 'amended' is to be construed accordingly;
This agreement shall come into effect from the date of execution of this agreement.
- PURPOSE/SCOPE OF THIS AGREEMENT:
- The Parties duly agree and understand that they have collaborated with the other for the purposes as expressed under Para (s) 1-5 to the Recitals;
- The Investor duly agrees and understands that for the purposes of effectuating the objective as specified under Clause 1.1 to this Agreement, the Investor shall register itself/himself/herself with the Online peer to peer digital marketplace/lending and/or borrowing platform/ Paisadukan/BigWin in accordance with the guidelines of the Online peer to peer digital marketplace/lending and/or borrowing platform/ Paisadukan/BigWin and as duly specified within the provision of law;
- The Investor is associated with the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin in order to fund money to the borrowers by investing in the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin;
- The Investor agrees and understands that for the Investor to fund money, it is necessary for them to invest in the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin by registering itself/himself/herself with the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin;
- The Investor duly agrees and understands that it shall be upon the sole discretion of the Company to register a prospective Investor as an actual Investor on the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin and the Investor shall cease and desist from raising any contention/dispute in respect thereof.
- Investor agrees to register with Paisadukan as Paisadukan Lender/Investor for providing loan by investing in the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin for it to facilitate Advancing and Borrowing, to eligible listed Paisadukan borrowers. Investor can view the borrower listings. Verification process is mentioned in Clause 11 of this agreement. Those Investors whose online registration is completed should submit the documents sought for verification by Paisadukan during the visit of Paisadukan personnel to the Investor or upload online as the case may be. This will be completed within 3-5 working days from the date of Lender/Investor’s registration on the site;
- The Investor, to register itself/ himself/ herself with the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin shall undergo the registration process of the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin /Paisadukan/BigWin. For such registration as an Investor with the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin /Paisadukan/BigWin, the Investors are required to pay the registration fees amounting to Rs.500/- (Rupees Five Hundred Only) exclusive of Goods and Service tax and the Investor will need to fill up the forms and provide bonafide details on the e-forms generated on the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin;
- Paisadukan Investor hereby agrees to receive SMS transaction alert posted by Paisadukan on any new registrations, loan closures, repayments, offers on loans, and request from borrowers etc. Registered members are availing these services on their own will and there will be no financial obligation of Paisadukan in case of legal disputes. The registered members are obliged to notify Paisadukan, any change on his/her mobile phone numbers. The registered members are allowed to opt out from receiving SMS transaction alert by notifying Paisadukan in writing;
- Registered members hereby allow Paisadukan to access, collect and display any public information available in the domain of Facebook /LinkedIn or any such social networking sites, in their portal. The registered members can however restrict access, collection or display of information by notifying to Paisadukan.
- VERIFICATION AND AUTHORIZATION TO OBTAIN CREDIT REPORT:
- On successful completion of execution of this agreement, the Investors are subject to verification. Verification process includes physical verification to check correctness of data provided for online registration by the Investor with the proofs. Investor should provide the list of documents mentioned above under clause 1.1.12 at the time of physical verification by Paisadukan team;
- The Investor shall first Sign Up with the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin by providing certain information and by paying the registration fees as mentioned in Clause 5 of the recitals of this Agreement;
- After paying the fees and becoming a registered investor with the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin, the investor shall provide all the details with regards to the bank Account which he operates his daily transactions. He shall provide all such details related to the Bank account that is maintained by him to any person authorised by PaisaDukan to collect such information or on the e-form that is generated on the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin;
- The Investor shall also provide all the details pertaining to the Nominee such as the relationship of Nominee/Nominees/Legal Heir/Legal Heirs with the investor, address of the Nominee/Nominees /Legal Heir/Legal Heirs, etc.;
- And the Investor shall provide the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin with PAN card, Aadhaar card and any other document that the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin deems fit for transparency in the proceedings;
- Paisadukan has the right to reject any Investor application if any information provided by Investor is inaccurate or incorrect;
- If any changes occur in the personal information provided after registration, Investor must promptly notify Paisadukan of the change.
In the event of not notifying, Paisadukan at its sole discretion may take necessary action including removing the bids;
- Investor hereby agrees that documents sought by Paisadukan at the time of registration or anytime thereafter become part of the official record of Paisadukan and will not be returned. However on closure of the user account Paisadukan will ensure that the same is destroyed in a reasonable period of time.
- VIRTUAL WALLET CREATION:
12.1 Paisadukan provides Investor with a Wallet from which an Investor can commit to advance to a loan. Money can be added in a wallet by depositing funds in the Investor’s Nodal/ Escrow Account.
- MONTHLY RE-PAYMENTS:
- EMI schedule will handover as follows :-
- If loan is disbursed before 20th day of month, when application for loan by borrower has been made by the borrower then total disbursed amount will be equivalent to the loan amount approved and received. In the circumstances, first EMI will be due from 7th of next month immediately after receipt of the said amount;
- If loan is disbursed on or after 20th day of the month, when application for loan by borrower has been made, then total disbursed amount will be equivalent to loan amount approved and received. In the circumstances, EMI will be due from the month following the next month 7th of the said following month (the meaning of following month here in this clause refer to excluding of first month of in computation and start from next month).
- Late fees:
- Borrower agrees to pay the principal and the interest amount at the settled dates in the admitted manner. In the event of delay payments, a late fee is charged based on the following criteria:
- Borrower agrees to pay all the EMIs on repayment date as mentioned in agreement. In the circumstances, where EMI is not paid, on the scheduled time, Paisadukan shall be entitled to charge penal interest of 0.1% of the loan amount for each day of delay beginning with the due date up to the date of actual repayment. These charges are applicable for each instance of delayed repayment. So, Paisadukan encourages all borrowers to make timely payments to avoid penalty charges;
- Please note that Paisadukan at its sole discretion can increase this amount. To know the latest charges, please visit www.Paisadukan.com .
- Prepayment of loan:
- Paisadukan borrowers can repay their loan during their loan tenure subject to the below mentioned conditions and there is no penalty for the same. This is further subject to change at the sole discretion of Paisadukan and can be seen on the website. These changes will be effective for ongoing loans as well as new loans. The said condition shall be as discussed further;
- Prepayment of loans allows borrower to reduce the loan tenure but not the EMI amount. In such case, the Investor must accept the repayment amount and no interest will be received on the pre-payment amount of the borrower loan;
- Notwithstanding anything to the contrary contained in this agreement, Paisadukan borrowers at any time after repayment of EMIs not less than three months can prepay their loan (whole or in part) together with reimbursement of any costs or expenses incurred by Investor/Company
- It is to be noted by the Registered Borrower that in case of prepayment, the Registered Borrower will have to pay his 03 (Three) Basic EMI’s and from the 04th Month the Registered Borrower shall be eligible for repayment in full/part.
- With reference to clause 12.3.4, the Registered Borrower shall have the option to prepay the loan amount in full wherein the Registered Borrower will have to pay the interest accrued till the date of making full payment.
- With reference to clause 12.2.4 the Registered Borrower shall also have the option to make prepayment of the loan amount in part. Any prepayment of the loan amount in part will not result in the change of the EMI, only the tenure of the EMI shall be adjusted.
The rate of interest applicable to the loan is compounded with the monthly rests on the outstanding balance, namely the balance of loan and unpaid interest and costs, charges and expenses outstanding at the end of the month.
- SUCCESS FEE/PLATFORM FEE/AGENCY FEE PAYABLE TO BIGWIN/PAISADUKAN.
- The Parties duly agree and understand that Paisadukan shall duly charge a fee (Herein after referred to as “Success Fee”) towards every successful Investment undertaken by the Investor vide the Platform.
- The Parties duly agree and understand that Paisadukan shall duly charge the said Success Fees from each EMI credited to an Investor upon every successful corresponding investment made to a loan application through PaisaDukan and to such transaction wherein the Investor has made the concerned investment. The Success Fee charged will be as under:
Sl. No. Particulars Percentage Success Fee of PaisaDukan 1 Lending to Any Loan Application through PaisaDukan 6% p.a. of the Invested Amount
- The Parties duly agree and understand that Paisadukan shall charge an overhead amount vide GST (applicable as per prevailing laws) in and to the Success Fee payable by the Investor on every successful disbursement of the EMI by the Borrower towards payment of his/her enforceable legal debts/liability, in and to such transaction wherein the Investor has made the concerned investment.
- COLLECTION & REPORTING OF DELINQUENT LOANS.
- Paisadukan does not guarantee full or partial collection of money from the borrowers. In case, Paisadukan is able to collect some amount of money, the collection charges for the same are deducted before depositing the money into the Investor account. The collection charges are paid to the collection agencies. In case a borrower misses an instalment, Paisadukan will contact the borrower over phone and follow-up on the repayment. Late fees are charged here. In case, the borrower is not reachable over phone, he/she is contacted through e-mail & letter. If the borrower does not pay for two subsequent months, legal notice is sent to him by Paisadukan on its own or on behalf of Investor or by Investor. After a period of 60 days, Paisadukan or Investor either directly or indirectly will exercise all the remedies legally available under the laws applicable from time to time. In addition, the loan may be referred to collection agencies and all the dues including the money spent in recovery will be collected from the borrower;
- PAISADUKAN OBLIGATIONS:
- After closing the loan offer either in the listing period or additional listing period, Paisadukan agrees to liaison between the Investor and borrowers to execute the required legal documents which will bind both the parties till the clearance of all the payments;
- PaisaDukan shall also enable swift and easy transfer of the loan amount in the account of the Borrower.
- Paisadukan agrees to engage the services of a collection agency as per the prevailing law and guidelines issued by the RBI on behalf of the Investor in collecting timely payments from the Borrower under due process of law with consent/instructions from Investor. Paisadukan assumes no advisory or fiduciary responsibility with respect to Investor in connection with investing in the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin, provided all the parties shall strictly abide by the procedure prescribed under the law.
- PaisaDukan, the Online peer to peer digital marketplace/lending and/or borrowing platform, shall in no measures be construed as an agent of either party. PaisaDukan is a facilitation Online peer to peer digital marketplace/lending and/or borrowing platform which shall not be held liable for the acts of either Party;
- Any actions by either Party shall not be interpreted as act of PaisaDukan.
- INVESTOR OBLIGATIONS:
- To provide accurate and true information that shall be sought by the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin for validating the documents;
- Not to share information that may reveal Investor’s identity in the loan offers;
- To fund the accepted amount to the borrower without any failure once the Investor has placed the bid for amount to be funded and for the interest rate that has been bid for;
- After the bid is accepted by the Borrower or the Investor finds any borrower that matches the bid of the Investor, he/she shall transfer the fund without any unreasonable delay;
- To co-operate with Paisadukan for the information/documents sought from time to time;
- Agree that, in connection with any loan offers, loans or other transactions involving or potentially involving Paisadukan, not to
- Make any false, misleading or deceptive statements or omissions of material fact;
- Misrepresent his identity, or describe, present or portray himself as a person other than him;
- Give to or receive from, or offer or agree to give to or receive from, any Paisadukan Investor or other person any fee, bonus, additional interest, kickback or thing of value of any kind, including in exchange for such person's commitment, recommendation, or offer or agreement to recommend or make a commitment with respect to Lender/Investor’s listing;
- Represent himself to any person as a director, officer or employee of Paisadukan, unless being so;
- Post anything abusive, harmful content or pictures; which is defamatory to Paisadukan.
- REPRESENTATIONS AND WARRANTIES:
- Each party to the agreement makes the following representations and warranties with respect to itself, and confirms that they are, true, correct and valid:
- It has full power and authority to enter into, deliver and perform the terms and provisions of this agreement and, in particular, to exercise its rights, perform the obligations expressed to be assumed by and make the representations and warranties made by it hereunder;
- Its obligations under this agreement are legal and valid obligations binding on it and enforceable against it in accordance with the terms hereof;
- The parties to the agreement warrant and represent to have the legal competence and capacity to execute and perform this agreement.
- NO GUARANTEE:
- Paisadukan does not guarantee:
- That Investor listing will be matched with any Borrower loan request, or;
- That Investor will receive a loan request as a result of posting a listing, or;
- That Investor’s money will be committed in a borrower loan as a result of his making an offer to a listed borrower;
- That Investor will receive any rate of return, or any minimum amount of principal or interest on any principal or interest at all;
- Full or partial collection of money from the borrowers.
- RESTRICTIONS ON USE:
- Investor represents itself/himself/herself and no third party. Investor is not authorised or permitted to use Paisadukan to make offers on behalf of someone other than himself. All the transactions carried will be solely by Investor from his deposit account;
- A registered Lender/Investor can also register as a Borrower on the Paisadukan portal provided;
- The Investor has completed all the transactions related to his/her Investor account;
- In such a case, they will have to apply under respective category as desired and all the formalities including registration will be redone for that category.
- The Parties duly agree and understand that upon fulfilling all relevant criteria’s and/or documentation, the Investor shall be entitled to make offers /biddings and/or receive requests on the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin /Paisadukan/BigWin. The List of offers and/or requests to be displayed on the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin shall consist of certain requisites which shall be specified on the website of PaisaDukan;
- The Parties duly agree and understand that the aforesaid listings/offers/biddings shall be published on the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin /Paisadukan/BigWin and be bought into public domain;
- The Parties duly agree and understand that the Investor bidding shall be active up and till the entire loan/credit request by borrower gets funded sought for advancing and/or withdraws the listing, whichever is earlier;
- The Investor duly agrees and understands that a bidding once posted can be modified subject to terms and conditions and confirmation from Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin;
- The Investor duly agrees and understands that shall the Investor fail to abide by his/her commitment towards disbursement of loan, his/her name shall be delisted and he/she shall not be allowed to carry out any transaction through the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin in future;
- The Investor duly agrees and understands that the bid is valid till the eligible listed Borrower’s listing is closed by the Borrower unless the same is withdrawn by the eligible listed Borrower in the listing period or additional listing period or eligible listed Investor bid is removed from the list of Investor offers’ included in the Borrower’s loan based on the Company’s in-built system intelligence to pick best offers for the Borrower or in case where the Borrower’s listing is withdrawn or cancelled/suspended/terminated by the Company. In such situations, the Investor can bid again. The above conditions shall also hold well in the event the Borrower approaches an Investor for loan requests;
- The Investor duly agrees and understands that he/she can duly post bidding up to a minimum of Rs. 1,000/- (Rupees One Thousand Only). However, maximum amount from an Investor is limited to Rs. 50,000/- (Rupees Fifty Thousand Only) towards an individual registered borrower and across all P2Ps at any point of time to a maximum amount not exceeding Rs. 10,00,000/- (Rupees Ten Lakh Only). Further, the Investor agrees that the Company retains the sole right to modify the limits from time to time at its discretion.
- The Borrower hereby explicitly consents that the loan amount as mentioned in clause 21.7 is in accordance with the guidelines as laid down in NBFC P2P Master Direction circular number DNBR (PD) 090/03.10.124/2017-18 dated 04th October, 2017.
- Paisadukan may at its sole discretion, with or without cause, terminate this agreement and registration with Paisadukan at any time by giving a notice to the Investor;
- In case of non- compliance of Investor obligations mentioned under Clause 17 above, involvements of Investor in any prohibited activity or illegal purpose, Investors failure to abide by the terms of this agreement or the Paisadukan terms of service and any law of land. Upon such determination in connection with registration/loan offer, Paisadukan may, at its sole discretion, immediately and without notice, take one or more of the following act:
- Terminate or suspend Investors right to post loan offers or otherwise participate on the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin; or
- Terminate this agreement and registration with Paisadukan;
- Upon termination of this agreement and registration with Paisadukan, all the loans originated through Paisadukan still hold good as the agreement are legal and signed by the Borrower & Investor;
- The Parties duly agree and understand that the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin may at its sole discretion, with or without cause, terminate this Agreement and the Registration of the Investor with the Company at any time by giving a notice of such intent to the Investor;
- The Parties duly agree and understand that in the event of any failure to fund the accepted loan offer, the Investor shall not be eligible/entitled to post further listings and his/her access to the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin /Paisadukan/BigWin shall be restricted;
- The parties duly agree that the Company has sole authority to determine the non- compliance of the Investors obligations as expressed in Clause 17 above, involvement of the Investor in any prohibited activity or illegal purpose, Investor’s failure to abide by the terms of this Agreement or the Company’s terms of service and any law of land. Upon such determination, the Company may, at its sole discretion, immediately and without notice, cancel the provision of loan/credit facility and/or terminate the Investor’s right to post his/her listings or otherwise participate on the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin and/or terminate this Agreement;
- The Parties duly agree and understand that upon termination of this Agreement and registration with the Company, all loan/credit originated through the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin still hold good as the Agreement executed herein is legal and signed by the Borrower and Investor without any coercion and it shall be legally enforceable.
- THIRD PARTY DISCLOSURES:
23.1 The Investor hereby agrees and explicitly consents that Paisadukan may disclose confidential information of the Investor to any third party who under the terms of this agreement is CRIF or any other Governmental Regulatory Body who needs to access such information in pursuance of any functions, duties and laws with regards to this Agreement.
- PAISADUKAN'S RIGHT TO MODIFY TERMS:
- Paisadukan reserves the right to modify/amend the clauses of the agreement or its terms of service from time to time without consent of Lender/Investor due to any of the following reasons:
- To make these Investor Terms and Conditions clearer or easier to understand;
- To make changes which benefit Lender/Investor or do not disadvantage Lender/Investor;
- To make changes to the products or services we offer or provide to Lender/Investor, to introduce new products or services or to withdraw products or services Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin no longer offers;
- To change our existing services because of changes to technology, systems, processes or our business policies or procedures;
- To reflect changes in law, regulation, industry guidance or a decision of a competent court or any regulation framed by the RBI from time to time;
- Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin will always try to give Lender/Investor at least one month's notice of modification/amendment to this Investor Agreement by notifying Lender/Investor of the proposed change through the Website or sending an email to Lender/Investor’s registered email address. However, this may not always be possible and Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin may make changes on shorter notice periods. Changes will not apply retrospectively. Changes to the terms of service will become effective no sooner than two days after they are modified. Paisadukan will give Lender/Investor notice of material changes to this agreement, within 30 working days.
- CEASING TO BE A LENDER/INVESTOR WITH PAISADUKAN/ BIGWIN/COMPANY AND TERMINATION
- In case, a Lender/Investor no longer wishes to be a Lender/Investor then, provided that, the Lender/Investor have:
- No Tripartite Loan Agreements in force;
- No outstanding amounts in Investor Account;
- No funds allocated for lending to any Borrower,
- Lender/Investor can notify us at any time and Paisadukan/BigWin/Company will close your Investor Account;
- If a Lender/Investor wishes to close his/her Investor Account but the following circumstances apply:
- Lender/Investor is a party to a Tripartite Loan Agreement which is in force or;
- Lender/Investor have funds which are allocated for lending to Borrowers; or
- Lender/Investor must either (depending on the circumstances below mentioned):
- Wait for the underlying Loans to be repaid in full; or
- Wait for funds which are allocated for lending to become unallocated;
- Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin may give Lender/Investor notice that Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin intend to close your Investor Account at any time if:
- Lender/Investor breach any term of a Tripartite Loan Agreement and fail to remedy the breach within any reasonable period of time notified to Lender/Investor;
- Lender/Investor ceases to be an eligible Investor because Lender/Investor does not satisfy the criteria as per Terms and Conditions of this Investor Agreement.
Investor agree to indemnify and hold Paisadukan harmless from and against any and all claims, action, liability, cost, loss, damage, endured by Paisadukan by Lender/Investor’s access in violation to the listed terms of service and also to the applicable laws, rules and regulations or agreements prevailing from time to time.
If, any provision of this agreement is found to be invalid or unenforceable, then the invalid or unenforceable provision will be deemed superseded by a valid enforceable provision that most closely matches the intent of the original provision and the remainder of the agreement shall continue in effect.
- INTELLECTUAL PROPERTY RIGHTS:
Paisadukan and all related logos (collectively the "Paisadukan trademarks") are trademarks or service marks of Paisadukan. Nothing on this site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any of Paisadukan trademarks displayed on this site, without our prior written permission in each instance. Investor should not use, copy, display, distribute, modify or reproduce any of the trademarks found on the site unless in accordance with written authorization by us. Paisadukan prohibits use of any of Paisadukan trademarks as part of a link to or from any site unless establishment of such a link is approved in writing by Paisadukan in advance.
Investor authorizes Paisadukan to correct obvious clerical errors appearing in information Lender/Investor provide to Paisadukan, without notice to him, although Paisadukan expressly undertakes no obligation to identify or correct such errors.
- GOVERNING LAW, DISPUTE RESOLUTION AND JURISDICTION:
- Any and all disputes or differences between Investor and Paisadukan, arising out of or in connection with this agreement or its performance shall, so far as it is possible, be settled by negotiations between the parties amicably through consultation;
- Any dispute, which could not be settled by the parties through amicable settlement, shall be finally settled by the court of law having jurisdiction to grant the same. The Jurisdiction shall be that of Mumbai, Maharashtra;
- This agreement and the arrangements contemplated hereby shall in all respects be governed by and construed in accordance with the laws of India without giving effect to the principles of conflict of laws there under;
- This agreement governed under applicable law of Union of India and other applicable law under the jurisdiction of the concerned state government. The law includes the provisions of Indian Contract Act, 1882, Section 10-A and other provisions of Information Technology Act, 2000 (as amended till date), Specific Relief Act, 1963, provisions of NBFC-P2P Master Direction DNBS.PPD. No. 04/66.15.001/2016-17 dated June 8, 2017 on Information Technology Framework for NBFC Sector, and any other guideline issued by RBI from time to time, and any other law applicable;
- FORCE MAJEURE:
No Party shall be liable to the other if, and to the extent, that the performance or delay in performance of any of its obligations under this agreement is prevented, restricted, delayed or interfered with, due to circumstances beyond the reasonable control of such party, including but not limited to, Government legislations, fires, floods, explosions, epidemics, accidents, acts of God, wars, riots, strikes, lockouts, or other concerted acts of workmen, acts of Government and/or shortages of materials. The party claiming an event of force majeure shall promptly notify the other parties in writing, and provide full particulars of the cause or event and the date of first occurrence thereof, as soon as possible after the event and also keep the other parties informed of any further developments. The party so affected shall use its best efforts to remove the cause of non-performance, and the parties shall resume performance hereunder with the utmost dispatch when such cause is removed.
- BINDING EFFECT:
All warranties, undertakings and agreements given herein by the parties shall be binding upon the parties and upon its legal representatives and estates. This agreement (together with any amendments or modifications thereof) supersedes all prior discussions and agreements (whether oral or written) between the parties with respect to the transaction.
- ENTIRE AGREEMENT:
This agreement, along with the Paisadukan terms and conditions, represents the entire agreement between Lender/Investor and Paisadukan regarding Lender/Investor’s participation as an Investor on the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin and supersedes all prior or contemporaneous communications, promises and proposals, whether oral, written or electronic, between Lender/Investor and Paisadukan with respect to Lender/Investor’s involvement as an Investor on the platform.
IN WITNESS WHEREOF, THE PARTIES HAVE CAUSED THIS AGREEMENT THROUGH THEIR AUTHORISED REPRESENTATIVES ON THE DAY AND YEAR FIRST HEREIN ABOVE WRITTEN
SIGNED AND DELIVERED }
By the within-named }
MR ………… }
For and Behalf of }
BIGWIN INFOTECH PVT LTD }
SIGNED AND DELIVERED }
By the within-named }
MR ………… }
IN THE PRESENCE OF }