People-Lend Terms of Use:

Introduction:
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.

As a user (“User”, “You” or “Your”) of this Website, it is implied that you the visitor/user have read, understood and agreed to abide by following, disclaimer, terms & conditions (“Terms & Conditions”). These Terms & Conditions together with our privacy policy as provided on the Website (“Privacy Policy”) govern your usage of the Website. When you use this Website, you signify that you have read, understood and agree to these Terms of Use, regardless of whether you are a registered member of our services or not. If you are in disagreement with any part of these terms and conditions mentioned, please do not use the Website. The content of the pages of this website is for your general information and use only and may change from time-to-time.

Eligibility:
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.

Acceptance of Terms of Use:
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.

  1. All borrowers must pay People-Lend’s service fees after the first transfer of funds from any one of the Lenders, contributing to the Borrowers’ Loan Request is made, to the Borrower’s account.
  2. All Lenders must transfer the Fee payable to People-Lend, during signing of the agreement documents for every loan with borrowers that a lender has agreed to lend to.
  3. All borrowers must issue three blank security cheques in favour of each investor in the loan deal and send the same to People-Lend.
    • The security cheques are to contain the investor’s name and the borrower’s signature but the
      date and amount is to be left blank.
    • These cheques will be collected during documentation & signing of loan agreement between
      Borrower & Lender.
  4. All Investors must transfer the funds within 5 days of receipt of the loan agreement and
    confirmation from People-Lend about receipt of security cheques from Borrower.
  5. All borrowers must pay the EMI on or before the due date or be liable to pay a late fees of 24% per annum prorated for number of days by which payment is delayed. There may also be penalties levied towards cheque bounce charges and a further administrative fee of Rs. 500 to be paid to People-Lend.

Account:
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 support@people-lend.in.

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.

Registration Fee:

  1. one-time non-refundable fee of Rs 1,500 is charged upon your listing on the Website as Lender or Borrower. This is to be paid on immediate confirmation of registration by People-Lend and will be collected through cheque, which will be collected along with the KYC documents collected during physical verification.
  2. Credit card information collected for the purpose of payment for using our services will be stored securely using a 256 bit SSL encryption technology or on a cloud.
  3. Credit card information will be masked on your account and will not be visible to People-Lend’s Customer Service operators.
  4. You agree, understand and confirm that the credit card details provided by you for availing our services are and will be correct and accurate and you shall not use any credit card that is un-lawfully owned by you, thus you must not pay or attempt to pay for services using fraudulent credit card information. You further agree and undertake to provide correct and valid credit card details to us.
  5. Further, the said information will not be utilized and shared by us with any third parties unless required for fraud verifications or by law, regulation or court order. People-Lend will not be liable for any credit card fraud. The liability for use of a card fraudulently will be on you and the onus to ‘prove otherwise’ shall be exclusively yours.

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:
People-Lend has the right and liberty to monitor the website including you information and activities in your account at all times. This is to ensure that there is complete adherence to the Terms of use of this website including information provided and registered with us about the end-user. People-Lend also reserves the right to remove material that is objectionable, unlawful or goes against the spirit of the Terms & Conditions or share information with any government authority as per the law of the land in force.

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.

Applicable Laws:
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.

Indemnity:
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.

Acknowledgements:

  1. You acknowledge that People-Lend is neither engaged in grant of loan nor borrowing any money from any member of the website.
  2. You acknowledge that People-Lend only manages this website and neither Fortune & Mast Analytics (P) Ltd, the owner & operator of People-Lend, nor any of its subsidiary or affiliate has any interest in grant of loan or in borrowing money from any member registered on the website.
  3. You acknowledge that People-Lend is not responsible for any claim or damage in case either the person who has agreed to grant loan does not grant the loan or the person who has agreed to repay the loan does not repay the loan.
  4. You acknowledge that People-Lend in no manner warrants or guarantees the performance of a service provider that is providing services through the website.
  5. You acknowledge that People-Lend in no manner warrants and guarantees that the lender of loan or the borrower of loan has provided all the information on this website which is true and correct including his address, phone numbers etc.
  6. You acknowledge that it is your responsibility to verify the information about the person on the website and that People-Lend is in no manner liable if the information provided on this website is untrue or incorrect.
  7. You acknowledge that People-Lend is in no manner responsible for any claim of money or damages in the event one person fails to either grant loan or a person fails to repay the loan or misrepresents about his/her financial status or commits a fraud or cheats or performs any other such illegal act.
  8. You acknowledge that you have taken expert advice from a legal consultant or any other expert so required about your status to lend or borrow on the site.
  9. You acknowledge that you are aware of all your rights, duties and applicability of various laws including not limited to Money Lending Act, Income Tax Act, or any other statute, or law, which may govern the lending and borrowing of monies within your State of residence or from where you ordinarily conduct your business.

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.

Applicable Laws:
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.

Jurisdiction:
Courts of Bangalore will have exclusive jurisdiction of dealing with all disputes arising from use of this site.