Service Agreement

Introduction and Acceptance of Terms

The term "Users" refers to anyone who accesses or uses the Eraavat Loan App (the "App"), including, but not limited to, individual consumers, financial institutions, data partners, and other third-party partners. By using this App, you confirm that you have read, understood, and agreed to abide by the following Terms of Service (the "Terms") and our Privacy Policy as provided within the App. Your continued use of the App constitutes your acceptance of these Terms and the Privacy Policy. If you disagree with any part of these Terms and Conditions, please do not use the App.

Eraavat Loan App is operated by Eraavat Capital Private Limited, a Non-Banking Financial Company (NBFC) registered under the laws of India, and is authorized to provide direct loan services. We specialize in offering flexible personal loans to eligible users, with the goal of making access to financial services quicker and more convenient.

By using this App, you also acknowledge that we provide a platform for loan applications, facilitate the verification of financial data, and connect borrowers with lenders to facilitate loan processing. As a registered NBFC, we adhere to all applicable regulations set forth by the Reserve Bank of India (RBI) and other relevant authorities.

If you provide any personal or financial information while using the App, you confirm that the information is accurate, complete, and up to date. You are responsible for keeping your account information secure and for any activity that occurs under your account.

Please note that these Terms govern your usage of all the services provided by Eraavat Capital Private Limited through the Eraavat Loan App, and by using the App, you agree to comply with them.

Scope of Services Provided by Eraavat Loan

The App provides access to a platform ("Platform") that connects users with various financial services, including loans, provided by Eraavat Capital Private Limited ("we", "us", "our", or the "Company"). The Platform brings together consumers, financial institutions, and other partners who are willing to abide by these Terms and Conditions.

Eligibility Requirements for Using the App

The User of this App unequivocally declares and agrees that they are a natural person or legal entity who has attained the age of at least 18 years and is legally allowed to enter into a contract in India. By registering and using the App, the User confirms they are legally eligible to utilize the services offered. If we choose not to charge any fee for services provided, by registering on the App, the User agrees to adhere to these Terms and Conditions.

In the event that the User violates any of these Terms or violates an agreement entered into through the App, we reserve the right to suspend or terminate the User's access to the Platform, delete their profile, and remove any content or information posted by the User. We may also prohibit the User from using or accessing the Platform at any time, in our sole discretion, with or without notice. This may include cases where we believe the User is under the age of 18.

User Responsibilities and Account Management

By using the App, you acknowledge that you have read, understood, and agreed to these Terms. These Terms govern your access to and use of the App and the services offered through it. If you do not agree to these Terms, please refrain from using the App.

Loan Application Process

After creating an account and logging into the Eraavat Loan App, you can begin the loan application process by selecting the loan type that suits your needs. You will need to provide necessary personal and financial details. Upon receiving your application, we will perform eligibility checks and notify you of the decision regarding your loan application.

Loan Agreement

If your loan application is approved, you will enter into a loan agreement with Eraavat Capital Private Limited, which will outline key details such as the loan amount, interest rate, repayment schedule, and any associated fees. It is important that you review and fully understand the terms specified in the loan agreement before the loan is disbursed.

Repayment Terms

Your loan agreement will include a repayment schedule with details on the loan amount, due dates, and amounts due for each payment. You must ensure timely repayment according to the agreed terms. Failure to make payments on time may result in additional late fees and potentially impact your credit score. In the case of non-repayment, we may pursue necessary legal actions in accordance with applicable laws.

Service Suspension and Termination

We reserve the right to suspend or terminate access to the services provided through the App at any time, without prior notice. Upon termination, any rights and licenses granted to you will cease immediately, and you must stop using the App. We will not be held liable for any losses or damages arising from the suspension or termination of services.

Limitation of Liability

To the fullest extent allowed by law, Eraavat Capital Private Limited, its affiliates, and its employees shall not be liable for any indirect, incidental, special, or consequential damages, or loss of revenue or profits resulting from your use or inability to use the App, including disruptions to service. You waive any claims against Eraavat Capital Private Limited in relation to data corruption, service interruptions, or delays in service delivery.

Indemnity

You agree to indemnify, defend, and hold harmless Eraavat Capital Private Limited, its affiliates, directors, officers, employees, agents, and third-party partners, from any and all claims, losses, damages, liabilities, costs, or expenses arising from your use or misuse of the App, any violation of these Terms, or any infringement of intellectual property or laws. You also agree to cooperate with us in the defense of any such claims.

Use of Information and Consent

By using the Eraavat Loan App, you consent to the collection and use of your personal and financial information for the purposes of processing loan applications. This information may include identification documents (e.g., Aadhaar, PAN), income details, and contact information. You authorize Eraavat Capital Private Limited and its third-party partners, including financial institutions, to contact you via phone, email, or SMS for loan application processing and updates on the status of your loan.

Financial Products and Services

Loan Amounts: Loan amounts range from ₹2,000 to ₹120,000, tailored to your needs.

Interest Rates: The interest rate for loans is 1.8% per month, approximately 21.6% annual rate of return (IRR), and 24.3% compounded annually.

Loan Duration: Flexible loan term of up to 12 months, subject to approval.

These services are designed to be as transparent as possible, with clear terms regarding the loan duration, interest rate, and applicable fees. All the terms related to the repayment schedule, fees, and interest will be communicated to you at the time of application.

Loan Calculation Example

Loan Amount: ₹30,000

Interest Rate: 1.8% per month (approximately 21.6% annual rate of return (IRR), 24.3% compounded annually)

Loan Term: 12 months

Calculation Breakdown:

Monthly Interest

The monthly interest on ₹30,000 is ₹540 (₹30,000 × 1.8%).

Total Repayment After 12 Months

The total repayment amount would be approximately ₹36,945.

This is calculated by multiplying the principal amount (₹30,000) by 1.2315 (which accounts for the interest over 12 months). So, the final amount you would repay after 12 months is ₹36,945.

Third-Party Links and Advertisements

The App may contain links to third-party websites or advertisements. We are not responsible for the content or functionality of these external websites. You access these sites at your own risk, and we do not endorse or guarantee the accuracy of any information provided on third-party websites.

Regulatory Compliance and Customer Support

We are committed to complying with all relevant financial regulations and guidelines. Our services, including loan offerings, adhere to the applicable laws of India, including those governing non-banking financial companies (NBFCs). Our customer support team is available to assist you with any queries related to loan applications or account management.

Data Privacy and Security

We take the privacy and security of your personal data seriously. Your information will only be shared with authorized partners for the purpose of processing your loan application or for compliance with regulatory requirements. For more details on how we collect, use, and protect your information, please refer to our Privacy Policy.

Intellectual Property Rights

This platform is owned and operated by Eraavat Capital Private Limited. All content on the App, including but not limited to text, images, logos, illustrations, audio clips, video clips, and software (collectively referred to as "Materials"), is protected by copyrights, trademarks, and other intellectual property laws.

The Materials available on the App are for your personal, non-commercial use only. You are not permitted to copy, reproduce, modify, republish, upload, post, transmit, or distribute any Materials in any form, including via email or other electronic means, either directly or indirectly. You may not assist any other person to do so.

Any unauthorized use of the Materials for purposes other than personal, non-commercial use is a violation of copyrights, trademarks, and other intellectual property rights. You must obtain prior written consent from Eraavat Capital Private Limited before using the Materials for any commercial purposes or in any manner that is not expressly authorized.

Intellectual Property and Trademark Infringement Complaints

At Eraavat Capital Private Limited, we respect the intellectual property rights of others. If you believe that your intellectual property or trademark rights have been infringed upon by any content on the App, please contact us at support@eraavatcapital.com with a detailed description of the infringement. We will investigate the issue promptly and take appropriate action as per applicable law.

Descrption of Services and Products

Eraavat Capital Private Limited does not warrant that the descriptions of its loan products, services, or other content available on the App are accurate, complete, reliable, current, or error-free. While we strive to provide accurate information, we assume no liability for any inaccuracies, omissions, or errors in the content of the App.

The content, including but not limited to loan descriptions, terms, and other materials, is for informational purposes only. You should independently verify the details and seek professional advice before making any financial decisions.

User Obligations and Restrictions

As a User of the Eraavat Loan App, you agree to:

• Provide Accurate Information: You must ensure that all personal, financial, and contact information provided is accurate, complete, and up to date.
• Use of App: You agree not to use the App for any illegal purposes, or in any manner that could damage, disable, or impair the App or interfere with other Users' use of the App.
• Comply with Laws: You agree to comply with all applicable laws, regulations, and guidelines set by the Reserve Bank of India (RBI) and other relevant authorities when using the App or entering into loan agreements.

Failure to comply with these obligations may lead to suspension or termination of your access to the App and its services.

Loan Approval and Disbursement

After you submit your loan application, Eraavat Capital Private Limited will review the application, conduct necessary credit checks, and decide whether to approve or reject the loan based on internal criteria. If your loan is approved, the loan amount will be disbursed to your designated bank account within the time frame specified in your loan agreement.

Late Payment and Default

If you fail to make payments on time as per the agreed repayment schedule, you may incur:

• Late Fees: A fee may be levied on late payments as outlined in the loan agreement.
• Credit Impact: Non-payment or late payments could negatively impact your credit score, which may affect future loan applications.
• Collection Actions: In the event of default, Eraavat Capital Private Limited reserves the right to initiate collection procedures, including legal actions to recover the outstanding loan amount.

Refund Policy

In case of a discrepancy or overpayment, we will issue a refund after verifying the details of the payment. Refunds will be processed to the same bank account or payment method used for the original transaction.

Refunds will be subject to applicable charges or deductions outlined in the loan agreement, including but not limited to transaction fees or any applicable taxes.

Amendments to Terms of Service

We reserve the right to modify or update these Terms of Service from time to time, in order to comply with legal requirements or to reflect changes in our services. Any changes will be posted on the Eraavat Loan App or our website. Your continued use of the App after such updates will be considered as your acceptance of the revised Terms.

Dispute Resolution

Any dispute arising from the use of the Eraavat Loan App or the loan services shall be resolved through:

• Negotiation: The parties agree to attempt to resolve any disputes amicably through direct negotiation.
• Arbitration: If the dispute cannot be resolved through negotiation, it shall be resolved through arbitration under the laws of India. The decision of the arbitrator will be final and binding.

The jurisdiction for resolving such disputes will be in New Delhi, India, and all related proceedings shall be conducted in English.

No Waiver of Rights

Failure by Eraavat Capital Private Limited to enforce any provision of these Terms will not constitute a waiver of that provision or any other provision of the Terms. Any waiver of any provision of the Terms will be effective only if it is in writing and signed by an authorized representative of Eraavat Capital Private Limited.

Third-Party Service Providers

The Eraavat Loan App may include services or products offered by third parties. We do not control, monitor, or endorse the third-party services, and we are not responsible for the content, products, or services provided by third parties. Any transactions you make with third-party service providers are done at your own risk, and Eraavat Capital Private Limited shall not be liable for any damages resulting from such transactions.

Force Majeure

Eraavat Capital Private Limited shall not be held responsible for any delays or failures in the performance of services, including but not limited to loan processing or disbursement, if such delay or failure is caused by events beyond our reasonable control. This includes, but is not limited to, natural disasters, pandemics, strikes, or any other events that prevent or hinder our ability to fulfill our obligations.

Severability

If any provision of these Terms is found to be unlawful, void, or unenforceable, the remaining provisions will remain in full force and effect. The unenforceable provision will be modified to the extent necessary to make it enforceable, reflecting the original intent of the provision as closely as possible.

Acknowledgement of Terms

By using the Eraavat Loan App, you acknowledge that you have read and understood the Terms of Service and Privacy Policy, and agree to comply with all terms, conditions, and guidelines outlined herein.