People-Lend.in (“People-Lend” or “Site” or “we” or “our”), a trade name owned and managed by Fortune & Mast Analytics (P) Ltd, is a web portal that provides a platform to bring together people who are willing to borrow from and lend to each other. People-Lend is an attempt to build a close community that would share its resources with each other in all honesty and promote growth of this community both at an individual level and as a collective.
A visitor/customer to the website could browse and search for people who are willing to lend, people who are willing to borrow, details of ancillary service providers like verification and collection agencies and other such service providers that would provide services to either lenders or to borrowers. People-Lend shall merely facilitate transactions of borrowing and lending between willing parties, where parties are borrowers & lenders. People-Lend is not a financial institution, does not run any collective investment scheme, chit funds or any other such financial scheme(s), as such People-Lend neither borrowers money from lenders nor lends money to borrowers.
The User of this Website declares and agrees that the User is a natural / legal person who has attained the age of at least 21 years and is a citizen of this country. A person who cannot enter into legally binding contract in accordance with the provisions of the Indian Contract Act, 1872, including any person of unsound mind and un-discharged, insolvents etc. are neither entitled to use the Website nor receive our services. The User should also have a valid Savings Bank Account. The User is allowed to utilize the services of the Website in accordance with the Terms and Conditions detailed hereinafter.
If the User violates any of the Terms & Conditions, or otherwise violates an agreement entered into through the medium of the Website, People-Lend may, delete User’s profile and/or any content or information posted by the User on the Website and/or prohibit the User from using or accessing the Website at any time in its sole discretion, with or without giving any prior notice, including without limitation if it believes that you are under 21 year of age or do not satisfy any other eligibility criteria.
As a User of this Website you have agreed to the Terms & Conditions that People-Lend has provided hereunder or anywhere else in this Website including but not limited to disclaimers on this Website. You are advised to read and understand the said Terms & Conditions and in case you do not wish to agree to these Terms and Conditions, please refrain from using the website.
If you use the Website, you are responsible for maintaining the confidentiality of your account and password, by all means possible, to prevent unauthorized access to your account. You agree to accept responsibility for all activities that occur under your account or password. You should take all necessary steps to ensure that the password is kept confidential and secure and should inform us immediately if you have any reason to believe that your password has been compromised or is likely to be compromised in the near future. Please inform us at the earliest if there is any change in your personal information that was provided by you to us during registration. You can mail us regarding the same at firstname.lastname@example.org.
You undertake not to directly communicate in any manner with the other users of this Website. All communication between prospective Lenders and Borrowers should be through People-Lend on this Website – this includes use of all kinds of service including chasing for delayed or missed payments and other collections or recovery activities, which will be conducted by authorized agencies affiliated to People-Lend. People-Lend reserves the right to refuse access to the Website, terminate accounts, remove or edit content at any time with or without prior notice to you. The right to use this Website is personal to the User and is not transferable to any other person or entity. People-Lend shall not be responsible for any data lost while transmitting information on the Internet.
Cancellation by People-Lend
We reserve the right, at our sole discretion, to refuse or cancel any request for registrations on the website for any reason. We may also require additional verifications or information before accepting any instruction or registering you on our portal as a Lender or as a Borrower. The Borrower(s) and Lender(s) are required to note that negative third party verification report(s) are crucial factors considered during the funding process. A Loan Request raised or accepted may get rejected at any stage due to lack of information or verifiable information.
Fraudulent & Declined Transactions:
Activities that are fraudulent or any other unlawful acts or omissions in breach of these terms and conditions are strictly prohibited on this website. People-Lend reserves the right to initiate legal action against individuals found to have indulged in such activities on our website.
Security Cheque from Borrowers:
People-Lend will retain the security cheques which are issued by the borrowers once the loan is executed. The security cheques will only be used after consultation with both the borrower and his/her lenders. People-Lend is not responsible for the validity of the cheques and that they will be honored if presented to the bank in case of default or delay in payments.
Loan Approval & information provided:
Providing all information required by People-Lend for registration and for putting up a loan request are not guarantee for getting a loan. The documentation helps in registering on our website and doing the necessary checks for credit assessment that can help lenders take a decision about fulfilling a borrower’s request for loan. The information provided on the registration form is property of People-Lend and it will not be distributed without prior consent from the user.
Modification of Terms & Conditions:
People-Lend reserves the right at all times to modify or discontinue any of the Terms & Conditions as may be deemed necessary or desirable, with or without prior notification to you. These changes may be on any front, be it operational or in fees charged by us. Hence we encourage all our customers to read the Terms & Conditions from time-to-time so that you stay well-informed of any changes that may have happened. If you continue to use our site after change in Terms & Conditions, in is understood that you have no objections to the revisions made and are in agreement with the revised Terms & Conditions. Revised Terms & Conditions come into effect immediately upon posting on People-Lend website. And use of People-Lend website by end-user after such notice shall be deemed to constitute acceptance by the user.
Monitoring of the Website and Your Account:
License and Site Access:
By posting communications on or through this Site, User shall be deemed to have granted People-Lend a perpetual, irrevocable and non-exclusive license to use, reproduce, modify, publish, edit, translate, distribute, perform, and display the communication alone or as part of other works in any form, media, or technology at any point in time at present or in the future, and to sublicense such rights through multiple tiers of sub-licensees.
Further, People-Lend grants it’s user a limited license to access & use of the Website to meet personal ends, but not to download or modify it, or any portion of it, except with express written consent from us. This license does not include any resale or commercial use of this Website or its contents; any downloading or copying of account information for the benefit of anyone other than your use; or any use of data mining tools, crawlers designed to scrape website information, or any such data gathering & extraction tools. This website or any portion of this website (including but not limited to any copyrighted material, trademarks, or other proprietary information) may not be reproduced, duplicated, copied, sold, resold, visited, distributed or otherwise exploited for any commercial purpose without express written consent from us. Any unauthorized use of the Website shall terminate the permission or license granted.
Limitation of Liability:
Fortune & Mast Analytics (P) Ltd, the owner & operator of People-Lend (referred to as “we”), its associates and technology partners make no representations or warranties about the accuracy, reliability, completeness, current-ness and/or timeliness of any content, information, software, text, graphics, links or communications provided on or through the use of the Site or that the operation of the Site will be error free and/or uninterrupted at all times. Consequently, we assume no liability whatsoever for any monetary or other damage suffered by you on account of delay, failure, interruption, or corruption of any data or other information transmitted in connection with use of the Site; and/or any interruption or errors in the operation of the Site. You expressly understand and agree that we and our subsidiaries, affiliates, officers, employees, agents, partners and licensors shall not be liable to you for any direct, indirect, incidental, special, consequential or exemplary damages, including, but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses (even if we are advised of the possibility of such damages), resulting from use of the Site, sale and supply of Products content or any related goods and services.
This limitation of liability section shall prevail over any conflicting or inconsistent provision contained in any of the documents comprising this Agreement. It is up to you to take precautions to ensure that whatever you select for your use is free of such items as viruses, worms, trojan horses and other items of a destructive nature.
The User further with immediate effect waive any right which had accrued to him/her from using the website to initiate any legal action against us. User also acknowledge that the credibility of a lender or a borrower as depicted upon the website is based on the information that is provided to us. In case there is a non-disclosure of information to People-Lend resulting in People-Lend’s judgement being impaired and the ratings or credibility of a lender or a borrower is not found to be correct, People-Lend shall not be responsible for any claims or liabilities.
Further, People-Lend is not responsible for any default in return of money that is borrowed from the lender and the lender shall have exclusive right to initiate proceedings against the defaulter borrower. In such cases, People-Lend shall provide all necessary & possible support to the Lender for collections & recovery of outstanding amount. However, lender shall not make any claim against Fortune & Mast Analytics (P) Ltd, the owner & operator of People-Lend, and shall conduct an independent due diligence of the borrower before lending it to him.
Your use of this Website and any Terms and Conditions is subject to laws of India. In case of any disputes arising out of the use of the Website, Courts of Bangalore will have exclusive jurisdiction.
You agree to indemnify, save, and hold Fortune & Mast Analytics (P) Ltd, the owner & operator of People-Lend, its affiliates, contractors, employees, officers, directors, agents and its third party associates, licensors, and partners harmless from any and all claims, losses, damages, and liabilities, costs and expenses, including without limitation legal fees and expenses, arising out of or related to your use or misuse of the services or of the Website, any violation by you of these Terms and Conditions, or any breach of the representations, warranties, and covenants made by you herein. Fortune & Mast Analytics (P) Ltd, the owner & operator of People-Lend, reserves the right, at your expense, to assume the exclusive defense and control of any matter for which you are required to indemnify Fortune & Mast Analytics (P) Ltd, the owner & operator of People-Lend, including rights to settle, and you agree to cooperate with Fortune & Mast Analytics (P) Ltd, the owner & operator of People-Lend, defense and settlement of these claims. Fortune & Mast Analytics (P) Ltd, the owner & operator of People-Lend, will use reasonable efforts to notify you of any claim, action, or proceeding brought by a third party that is subject to the foregoing indemnification upon becoming aware of it.
Disclaimer of warranties:
All details of the members of the People-Lend website and their financial status, included in or available through this site are provided for use without warranties of any kind, either express or implied, People-Lend, its shareholders, holding companies, subsidiaries and its licensors do not warrant that the information or other material that is placed on the website by any person is correct including his financial status or capability or has not app[roached the other user of this website with a criminal intent to either cheat, misappropriate of deny of his/her legitimate claims. By uploading any content, representation or statement of you financial status or your proof of residence, you represent or warrant that you have the right to reproduce and distribute such content and that it complies with all laws of the land, is true, authentic and not placed on the website to defraud other users or create a false impression on their minds about your capabilities to repay on time, the debt you raise. You also present that you have never been accused of fraud, misrepresentation of default in repayment of any claims or monies to any third party whether a financial institution or not. You also represent that there are no outstanding disputes in connection with your moral turpitude or financial status. You hereby represent and warrant to People-Lend that you are legally competent to execute, be bound by and adhere to the Terms & Conditions of People-Lend. Your use of this site is solely at your own risk and you agree that People-Lend shall have no responsibility for any damages suffered by you in connection with this site, any content contained herein or any damage you suffered in the event of default, misrepresentation &/or fraud by any user of this website.
Under no circumstance shall People-Lend, its subsidiaries, employees, officers, affiliates, directors, agents, suppliers, shareholders, non-executive directors &/or its licensors involved in creating, producing, transmitting or distributing, products or services on the People-Lend website be liable for any direct, indirect, punitive, incidental, special or consequential damages resulting from misrepresentation, fraud, coercion, breach of trust, misappropriation, cheating or any other such reason(s) of its end user or of third parties including but not limited to loss of profits and / or loss of goodwill and /or loss of interest.
Courts of Bangalore will have exclusive jurisdiction of dealing with all disputes arising from use of this site.