These Terms & Conditions govern the use of the website, online loan application facility and loan-related services provided by Golu Leasing & Finance Co. Private Limited.
Company
Golu Leasing & Finance Co. Private Limited
RBI NBFC Registration
B-14.01773
Effective Date
16/04/2022
Last Update
(Date)
These Terms & Conditions ("Terms", "Terms and Conditions" or "Agreement") govern the use of the website, online loan application facility and loan-related services provided by Golu Leasing & Finance Co. Private Limited ("Golu Leasing", "Company", "we", "us" or "our") to applicants and borrowers ("Customer", "Borrower", "you" or "your").
By accessing our website, submitting a loan application, or accepting any loan offer, Key Fact Statement ("KFS"), sanction letter or loan agreement issued by the Company, you confirm that you have read, understood and agreed to these Terms & Conditions.
1. About Golu Leasing & Finance Co. Private Limited
Golu Leasing & Finance Co. Private Limited is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India.
RBI NBFC Registration No.: B-14.01773
The Company provides loan facilities to eligible customers subject to applicable laws, regulatory requirements, the Company internal credit policies and the specific terms communicated to the Customer. The availability of any loan product on the website does not constitute an assurance or guarantee that a loan will be sanctioned
2. Loan Products
Golu Leasing may offer the following two personal loan products through its website and/or other authorised channels:
A. Short-Term Personal Loan / Early Salary
- Loan Type: Short-Term Personal Loan / Early Salary
- Tenure: 1 month
- Loan Amount: As approved by the Company
- Interest Rate: As communicated in the applicable KFS and/or sanction letter
- Applicable Fees and Charges: As disclosed in the applicable KFS and Schedule of Charges
B. Personal Loan
- Loan Type: Personal Loan
- Tenure: 2 to 12 months
- Loan Amount: As approved by the Company
- Interest Rate: As communicated in the applicable KFS and/or sanction letter
- Applicable Fees and Charges: As disclosed in the applicable KFS and Schedule of Charges
The Company may determine the applicable loan amount, tenure, interest rate, fees and other terms based on its internal policies, customer eligibility and applicable regulatory requirements.
3. Loan Application
The Customer may submit a loan application through the Company's website or through another channel authorised by the Company.
The Customer shall provide complete, accurate and genuine information and documents required by the Company for processing the application.
The Company may request additional information or documents whenever required for KYC, identity verification, income verification, banking verification, fraud prevention, regulatory compliance, loan assessment or other legitimate purposes.
Submission of an application does not guarantee approval or disbursement of a loan.
The Company reserves the right to approve, modify, hold or reject an application in accordance with its applicable policies and regulatory requirements.
4. Eligibility
The Customer must satisfy the eligibility requirements prescribed by the Company and applicable law.
The Company may consider factors including, but not limited to:
- Age and identity of the applicant
- Residential and contact details
- Employment/business and income information
- Repayment capacity
- KYC and verification information
- Banking information
- Existing financial obligations
- Information and documents submitted by the Customer
- Other permissible underwriting and risk assessment parameters
The Company may request additional information where reasonably required to assess the application. Meeting the basic eligibility criteria does not guarantee loan approval.
5. Accuracy of Information
The Customer represents and confirms that all information, declarations, documents and details submitted to the Company are true, complete, current and accurate.
The Customer shall immediately inform the Company if any information submitted becomes incorrect or changes materially.
Submission of false, misleading, forged or incomplete information may result in rejection or cancellation of the application, suspension of services, recall of the loan, recovery of outstanding amounts and/or other action permitted under applicable law.
6. KYC and Verification
The Customer agrees to provide documents and information required for customer identification, KYC, verification, fraud prevention and regulatory compliance.
The Company may verify information provided by the Customer through legally permissible sources and authorised service providers.
The Customer authorises the Company and its authorised service providers to undertake such verification as may be permitted under applicable law.
The Company may request re-verification or additional documents whenever required.
7. Loan Approval and Sanction
Any loan offer, indicative eligibility, pre-approved amount or communication displayed to the Customer before final sanction shall not by itself constitute an unconditional commitment to disburse a loan.
The final loan amount, tenure, interest rate, applicable fees, repayment schedule and other terms shall be specified in the applicable Sanction Letter, Key Fact Statement (KFS), Loan Agreement and/or other applicable loan documents.
The loan shall become binding upon execution or acceptance of the applicable loan documents and fulfilment of the conditions specified therein.
8. Key Fact Statement
The Company shall provide the Customer with a Key Fact Statement ("KFS") containing the material terms of the loan before execution of the loan contract.
- The KFS shall contain the particulars prescribed under applicable RBI directions, including, as applicable:
- Loan amount
- Tenure
- Interest rate
- Annual Percentage Rate (APR)
- Processing fee
- Other applicable charges
- Repayment schedule
- Penal charges
- Cooling-off/look-up period
- Grievance redressal details
- Other material information required under applicable regulatory requirements
9. Interest Rate
Interest shall be charged at the rate communicated to the Customer in the applicable KFS, sanction letter and/or loan agreement.
The applicable interest rate, Annual Percentage Rate (APR), method of calculation, repayment schedule and other material financial terms shall be disclosed to the Customer before acceptance of the loan, as applicable.
The Customer shall be responsible for paying the principal, interest and applicable charges in accordance with the agreed repayment schedule.
The Company may have different interest rates for different products or customer categories in accordance with its approved interest-rate policy and applicable regulations.
10. Processing Fee and Other Charges
The Customer shall be liable to pay applicable processing fees and other charges as disclosed in the KFS, Schedule of Charges, sanction letter and/or loan agreement.
Applicable taxes, including GST or any other statutory levy, shall be charged as applicable under law.
No fee or charge shall be payable by the Customer unless it is applicable to the relevant loan/product and is disclosed in the applicable loan documentation, subject to applicable regulatory requirements.
11. Disbursement
Loan disbursement shall be subject to completion of all applicable conditions, documentation, KYC/verification and other requirements specified by the Company.
Subject to applicable requirements, the sanctioned loan amount shall be disbursed through the designated banking/payment channel to the bank account specified and verified for the Customer.
The Company may withhold or defer disbursement if any required condition remains outstanding or if information provided by the Customer requires further verification.
12. Repayment
The Customer shall repay all amounts due under the loan in accordance with the repayment schedule communicated by the Company.
Repayment may be made through payment methods authorised or specified by the Company.
The Customer shall ensure that sufficient funds are available in the designated repayment account on or before the applicable due date.
The Customer shall make timely repayment of all principal, interest and applicable charges.
13. Delayed Payment and Penal Charges
If the Customer fails to comply with a material term of the loan agreement, including repayment obligations, applicable penal charges, if any, may be levied in accordance with the Company's approved policy and applicable loan documents.
Penal charges shall be reasonable and proportionate to the relevant non-compliance, disclosed to the Customer as applicable, not levied as an additional component of the contracted interest rate, and not capitalised for the purpose of charging further interest on such penal charges.
The quantum and reason for applicable penal charges shall be disclosed in the relevant loan documents/KFS as required.
14. Prepayment / Foreclosure
The Customer may request prepayment or foreclosure of the loan subject to the applicable terms of the loan agreement and Company's Schedule of Charges.
Any applicable foreclosure or prepayment charge shall be disclosed to the Customer before such transaction, subject to applicable law and RBI directions.
The Company shall provide the applicable outstanding amount and other relevant details required for closure/prepayment.
15. Cooling-Off / Look-Up Period
For digital loans to which the RBI Digital Lending Directions are applicable, the Customer shall be provided with the applicable cooling-off/look-up period in accordance with such directions.
The applicable cooling-off/look-up period and the terms for exercising the same shall be disclosed in the KFS and/or applicable loan documents.
During the applicable cooling-off period, the Customer may exit the digital loan by paying the principal and proportionate APR, subject to the applicable terms and regulatory requirements.
The cooling-off/look-up period applicable to the loan shall be disclosed to the Customer in the KFS and/or applicable loan documents.
16. Use of Loan Amount
The Customer shall use the loan amount only for lawful purposes.
The loan shall not be used for illegal activities, fraudulent activities, speculative activities where prohibited, money laundering, activities prohibited under applicable law, or any other purpose expressly prohibited under the applicable loan agreement.
The Customer shall remain responsible for ensuring that the use of loan proceeds complies with applicable law and the terms of the loan agreement.
17. Credit Score Check
The Company may obtain, access or verify the Customer's credit information from credit information companies and other legally permissible sources, as may be required for credit assessment, underwriting, risk management and regulatory compliance.
The Customer may submit an application by providing the information and documents required by the Company for processing and verification.
The Company may undertake KYC, identity verification, fraud prevention, income verification, banking verification, underwriting, due diligence or other assessment as may be required under applicable laws, regulations and the Company's internal policies.
Any such verification or assessment shall be carried out in accordance with applicable law and the Company's applicable policies.
The Customer's submission of a loan application does not guarantee approval or disbursement of a loan.
18. Customer Consent and Information Sharing
The Customer authorises the Company to collect, process, store and use information provided during the application and loan relationship for purposes permitted under applicable law, including:
- KYC and customer verification
- Loan processing and servicing
- Fraud prevention and detection
- Risk assessment and monitoring
- Compliance with applicable laws and regulations
- Customer service and grievance handling
- Recovery and collection of outstanding dues
- Accounting and audit
- Record keeping
- Other legitimate purposes connected with the Company's business and regulatory obligations
The Company may share information with authorised service providers, technology providers, payment service providers, collection/recovery agents, regulators, governmental authorities, professional advisers and other persons/entities where permitted or required by applicable law. The Company's processing of personal information shall be subject to its Privacy Policy and applicable data protection requirements.
19. Electronic Communications
The Customer agrees that the Company may communicate with the Customer through permitted electronic channels, including:
- Registered mobile number
- Registered email address
- SMS
- Website/app notifications
- Other authorised digital communication channels
Loan-related documents, including the KFS, sanction communication, repayment schedule, loan agreement and other applicable documents, may be provided electronically where legally permissible. The Customer is responsible for keeping registered contact details updated.
20. Customer Responsibilities
- Provide accurate and complete information
- Provide valid KYC and supporting documents
- Keep contact and banking information updated
- Make repayments on or before the applicable due dates
- Notify the Company of any material change in information
- Protect login credentials, OTPs and other authentication information
- Not share OTPs, passwords or authentication credentials with unauthorised persons
- Comply with the applicable loan documents and these Terms
The Company shall not be responsible for losses resulting from the Customer voluntarily sharing confidential authentication information with an unauthorised person.
21. Fraudulent or Unauthorised Activity
The Customer shall immediately notify the Company if the Customer becomes aware of:
- Unauthorised access to the Customer's account
- Suspicious transactions
- Fraudulent loan activity
- Misuse of personal information
- Any other security incident relating to the Customer's loan/account
The Company may take appropriate measures, including suspension of access or transactions, investigation and reporting to competent authorities, where required or permitted by law.
22. Recovery and Collection
In case of overdue amounts, the Company may undertake collection and recovery activities in accordance with applicable law, regulatory requirements and its approved recovery policies.
The Company and its authorised recovery representatives shall follow applicable requirements relating to customer communication and recovery practices.
No harassment, intimidation, coercion or unlawful recovery practice shall be used against the Customer or any person connected with the Customer.
Applicable overdue amounts, penal charges and other dues shall be communicated to the Customer as required.
23. Website Use
The Customer agrees to use the Company's website only for lawful purposes.
The Customer shall not:
- Attempt to gain unauthorised access to the website or systems
- Introduce malicious software or code
- Interfere with website operations
- Submit fraudulent information
- Copy or misuse website content without permission
- Use the website for any unlawful purpose
The Company may suspend or restrict access where reasonably necessary for security, legal, regulatory or operational reasons.
24. Website Information
The Company makes reasonable efforts to maintain accurate and updated information on its website.
However, information displayed on the website may be updated, modified or discontinued from time to time.
Product availability, eligibility, loan amounts, rates, fees and other terms may change subject to applicable law and Company policy.
The final terms applicable to a Customer shall be those contained in the relevant KFS, sanction letter, loan agreement and other applicable loan documents.
25. Third-Party Services
The Company's website may use authorised third-party service providers for activities such as:
- KYC and verification
- Payment processing
- Communication
- Technology services
- Document processing
- Fraud prevention
- Other operational services
The use of such services shall be subject to applicable law and the relevant service provider's terms and privacy requirements. Where a Lending Service Provider (LSP) or other third party is involved, the applicable role and services shall be disclosed as required by applicable regulatory requirements.
26. Limitation of Liability
To the extent permitted by applicable law, the Company shall not be liable for losses arising solely due to circumstances beyond its reasonable control, including interruption of telecommunications, internet services, banking systems, payment infrastructure or other third-party services.
Nothing in these Terms shall exclude or limit any liability that cannot legally be excluded or limited under applicable law.
27. Indemnity
The Customer agrees to indemnify and hold the Company, its officers, employees and authorised representatives harmless from claims, losses, liabilities, costs or expenses arising from:
- Fraudulent or misleading information provided by the Customer
- Breach of these Terms or applicable loan documents
- Unlawful use of the loan
- Misuse of the website or services
- Violation of applicable law by the Customer
to the extent permitted by applicable law.
28. Modification of Terms
The Company may modify these Terms from time to time to reflect changes in its products, services, operations, applicable law or regulatory requirements.
Updated Terms shall be published on the Company's website or communicated through appropriate channels where required.
Changes to an existing loan shall be governed by the applicable loan agreement and regulatory requirements.
29. Privacy
The collection, use, storage, processing and sharing of Customer information shall be governed by the Company's Privacy Policy and applicable law.
The Customer should read the Privacy Policy before submitting an application or personal information through the website.
30. Grievance Redressal
Customers may contact the Company through the designated grievance redressal channels for complaints or concerns relating to its products or services.
The Company shall maintain an appropriate grievance redressal mechanism in accordance with applicable regulatory requirements.
Grievance Officer: Vikram Gupta
Email: COMPLIANCE@GOLUFIN.COM
Address: BM-5, East Shalimar Bagh, New Delhi – 110088
Customers may submit their complaints through the above contact details. The Company shall endeavour to resolve complaints within the applicable regulatory timeframe. If the complaint is not resolved within the prescribed period or the Customer is dissatisfied with the response, the Customer may approach the appropriate RBI grievance redressal mechanism, including the RBI Ombudsman mechanism, subject to its applicability and eligibility requirements.
31. Governing Law and Jurisdiction
These Terms and the relationship between the Customer and the Company shall be governed by the laws of India.
Subject to applicable law and the terms of the applicable loan agreement, disputes shall be subject to the jurisdiction of the competent courts/authorities having jurisdiction over the Company's registered office or such other jurisdiction as may be specified in the applicable loan documents.
32. Severability
If any provision of these Terms is determined to be invalid, unlawful or unenforceable, such provision shall be modified or severed to the extent necessary, and the remaining provisions shall continue to remain effective.
33. Entire Understanding
These Terms, together with the applicable KFS, sanction letter, loan agreement, Schedule of Charges, Privacy Policy, Fair Practices Code and other applicable documents, constitute the terms governing the Customer's use of the Company's website and loan services.
In the event of any inconsistency, the applicable executed loan agreement and mandatory regulatory requirements shall prevail to the extent of such inconsistency.
Customer Declaration
By submitting a loan application or accepting a loan offered by Golu Leasing & Finance Co. Private Limited, the Customer confirms that:
- The information provided by the Customer is true, complete and accurate.
- The Customer has read and understood these Terms & Conditions.
- The Customer has reviewed the applicable KFS, charges, interest rate, repayment schedule and other material loan terms.
- The Customer understands that submission of an application does not guarantee loan approval.
- The Customer agrees to repay the loan and applicable charges according to the agreed repayment schedule.
- The Customer understands that applicable penal charges may be imposed for specified defaults/non-compliance in accordance with the loan documents and applicable regulations.
- The Customer agrees to comply with applicable law and the terms of the loan documents.
- The Customer understands that the final loan terms shall be those communicated in the applicable KFS, sanction letter and loan agreement.
- The Customer consents to the collection and processing of information for lawful purposes connected with the loan application and servicing of the loan.
Company Details
Golu Leasing & Finance Co. Private Limited
RBI NBFC Registration No.: B-14.01773
Registered/Corporate Office:
BM-5, East Shalimar Bagh,
New Delhi – 110088
Grievance Officer: Rajat Agarwal
Email: COMPLIANCE@GOLUFIN.COM
This document is intended as website-level Terms & Conditions. It should be read together with the applicable Key Fact Statement (KFS), Schedule of Charges, Privacy Policy, Fair Practices Code, Grievance Redressal Policy and Loan Agreement.
The Company reserves the right to update these Terms from time to time in accordance with applicable law and regulatory requirements.