Terms and Conditions

This document (“Term and Condition”) of Lendingkart Finance Limited, a RBI registered entity (hereinafter referred as “the Company” or “LENDINGKART”) is prepared and published by virtue of the legal requirement that require intermediaries to publish the rules and regulations, and Term and Condition.

  1. I/ we confirm that we have carefully read and fully understood all the terms of use of availing financing that are listed on LENDINGKART website at [ https://upwards.in/terms-and-conditions-v2 ] & [ https://www.lendingkart.com/privacy ] and applicable to any loan availed through LENDINGKART.
  2. I/ w e have read, understood and explicitly agree to the consent terms of TransUnion CIBIL Limited.
  3. I/ we accept the terms & conditions unconditionally and agree that these terms and conditions may be amended or modified at any time, and I/we will be bound by the amended terms & conditions that are in force.
  4. I/We understand that sanction of the loan(s) is at the sole discretion of LENDINGKART and its lending partners in NBFCs / banks (affiliated lenders) and is subject to my/our execution of necessary documents, providing any security(ies) and other closing formalities to the satisfaction of the concerned Lender. I/We agree that approval of the loan facility is at the sole discretion of LENDINGKART and its lending partners in NBFCs / banks (affiliated lenders) who may accept or even reject/ deny my application without providing any reasons, and that I/We reserve no right to appeal against this decision..
  5. I/ we declare that I am/we are citizen(s) /resident(s) of India, and I/we declare, warrant and represent that all the particulars and information and details given / filled in this application form and documents given by me/us to are true, correct and accurate and I/we have not withheld / suppressed any material information. I/We undertake to furnish any additional information/ documents that may be required by LENDINGKART from time to time. I/ we understand that LENDINGKART reserves the right to retain/discard all documents (including photographs and financial instruments) submitted along with the loan application & may not return the same to the applicant.
  6. I/ we confirm that there are no insolvency proceedings against me/ us nor have I/we ever been adjudicated insolvent. I/ we also undertake to inform LENDINGKART of changes in my/our occupation/employment and to provide any further information that the company may require. I/ we shall advise LENDINGKART on the change in my/our resident status. I shall notify the LENDINGKART, within thirty (30) calendar days, if there are any changes to the information given by me. In the specific event of change in address due to relocation or any other reason, I shall intimate the new address to LENDINGKART as soon as possible but not later than within two (02) weeks of such a change.
  7. I/ we confirm that I/we am/are making an application to LENDINGKART for availing personal loan (loan) only for legal purposes (personal needs i.e. paying school fees, renovating from home, taking a vacation etc). I/ we hereby confirm that the proceeds of the loan shall not be utilised for any speculative, anti-social, immoral or illegal purposes. I will use the loan amount for legitimate purposes. I will not use the loan for any capital market use, purchase of gold/gold bullions/gold coins/gold jewellery/gold exchange traded funds/gold mutual funds or any speculative, antisocial or prohibited purposes. If the proceeds of the loan is used for purposes as stated above, LENDINGKART shall be entitled to do all acts and things that LENDINGKART deems necessary to comply with its policies. I/ we agrees to bear all costs and expenses that LENDINGKART incurs as a result thereof. The proceeds of the loan shall be utilised only for the purpose, mentioned hereinabove, and in compliance with the terms and conditions prescribed by LENDINGKART. LENDINGKART has the right to recall the loan facility if the loan proceeds are used for any purpose other than the declared purpose.
  8. As a pre-condition, relating to grant of the loans/advances/credit facilities by LENDINGKART to me/us, I/ we agree and give consent for the disclosure by LENDINGKART of: (a) information and data relating to me/us and our directors and group companies; (b) the information or data relating to any credit facility availed of/to be availed, by me/us; and (c) default, if any, committed by me/us, in discharge of any our obligations, to all or any third parties as may be deemed necessary at the sole discretion of LENDINGKART.
  9. LENDINGKART may, as it reasonably deems appropriate and necessary, disclose and furnish information as set forth above to Credit Information Company (CIC’s) and/or any other agency authorized in this behalf by the Reserve Bank of India (“RBI”). I/ we hereby agree that LENDINGKART shall be entitled to exchange information regarding our accounts with other financial institutions or banks, as and when required in accordance with Applicable Law and regulations.
  10. I/we undertake and acknowledge that: (a) For the purpose of assessing our credit information for our credit underwriting , LENDINGKART, and it’s affiliate(s) and lending partners are authorized to pull from CIBIL and/or any other agency authorized by RBI, data of the applicant(s), directors, group companies, and any other individuals who are involved in the said business, on behalf of which this loan application is made; (b) CIBIL and any other agency so authorized may use, process the said information and data disclosed by LENDINGKART, and it’s affiliate(s) and lending partners are in the manner as deemed fit by them; (c) CIBIL, and any other agency so authorized may furnish for consideration, the processed information and data or products thereof prepared by them, to banks/ financial institutions and other credit grantors or registered users, as may be specified by the RBI in this behalf; (d) For the purpose of verification of my/ our personal data, LENDINGKART , and it’s affiliate(s) and lending partners are authorized to pull from Central KYC Records Registry, ‘Know Your Customer’ data of the applicant(s), directors, group companies, and any other individuals who are involved in the said business, on behalf of which this loan application is made; and (e) For the purpose of assessing our credit worthiness, LENDINGKART, and it’s affiliate(s) and lending partners are authorized to fetch Goods and Service Tax returns/data, of the applicant(s), group companies, on behalf of which this loan application is made.
  11. I/ we further authorize LENDINGKART to keep me/us informed (vide telephone, SMS, mail, E-mail etc.) of all promotional schemes and/or activities.
  12. LENDINGKART might charge a non-refundable amount of Rs.10/- as Signature Verification Fee which is required to be deposited through cheque directly in the specified bank account of LENDINGKART Finance Limited.
  13. I/ we agree that fees and charges specified in the Schedule of Charges, published on LENDINGKART/ UPWARDS website, may be revised by LENDINGKART from time to time and Key Fact Statement shared with me are binding on the me/ us. I/ we agree to pay applicable Goods and Service Tax.
  14. Based on the respective risk category, different rate of interest is charged to different category of loan applicant/ customers. The interest rate is determined based on the LENDINGKART Interest Rate Policy published on its website.
  15. I confirm having understood the following concepts and illustrative examples related to due dates, classification of my loan application/ account as Special Mention Account (SMA) / Non- Performing Asset (NPA) in accordance with the RBI Circular – RBI/2021-2022/125 – DOR.STR.REC.68/21.04.048/2021-22 datedNovember 12, 2021 on ‘Prudential norms on Income Recognition, Asset Classification and provisioning pertaining to Advances – Clarifications’ read along with RBI ‘Master Circular – Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances’ dated October 1, 2021 and amendments or further clarifications thereto. The said clarification note is also available on LENDINGKART/ UPWARDS website.