1.1. Binding Electronic Agreement: These Terms and Conditions, incorporated together with the integrated Privacy Policy, User Data Policy, and Grievance Policy (collectively referred to as the "Terms"), constitute a legally binding electronic agreement executed under the Information Technology Act, 2000, and rules framed thereunder, between Acolyte Technologies Private Limited, a company incorporated under the laws of India ("Company", "We", "Us", or "Our"), and any individual, entity, visitor, or applicant ("User", "You", or "Your") accessing, browsing, registering, or utilizing our proprietary software, website, digital application, or Open Network for Digital Commerce (ONDC) integrated interface (collectively, the "Platform").
1.2. Electronic Contract & No Signature Required: This document is an electronic record generated by a computer system and does not require physical, dry, or digital signatures to establish legal validity, enforceability, and binding effect. Accessing, installing, downloading, or navigating any part of the Platform constitutes Your express, affirmative, and irrevocable consent to be bound by these Terms.
1.3. Deemed Acceptance and Cessation: If You do not agree to any term, condition, obligation, restriction, or limitation contained herein, You are strictly prohibited from accessing or using the Platform, and You must immediately cease all use, uninstall any application software, and close Your session. Your continued usage shall be deemed conclusive proof of Your unequivocal acceptance of these Terms.
1.4. Unilateral Modification Rights: The Company reserves the right, at its sole and absolute discretion, to alter, modify, amend, add, or remove portions of these Terms at any time without prior individual notice to You. It remains Your sole responsibility to review these Terms periodically for updates. Your continued use of the Platform following the posting of changes constitutes Your explicit acceptance and agreement to the revised Terms.
2.1. Technology Infrastructure Provider Only: The User expressly acknowledges, understands, and agrees that the Company functions exclusively as a technology service and software infrastructure provider. The Company operates a technological gateway integrated with the Open Network for Digital Commerce (ONDC) network and acts strictly as a Lending Service Provider (LSP) facilitating data connectivity between Users and Regulated Entities.
2.2. Absence of Regulated Entity Status: The Company is NOT a Non-Banking Financial Company (NBFC), Banking Institution, Financial Intermediary, or Payment Aggregator registered or regulated under the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, or the Payment and Settlement Systems Act, 2007.
2.3. No Credit Decisioning or Underwriting: The Company does not extend credit, issue loans, offer financial accommodations, evaluate credit risk, perform underwriting, determine interest rates, establish repayment schedules, or influence sanction decisions. All credit evaluation, risk profiling, loan approval, rejection, and terms determination are conducted independently and exclusively by third-party RBI-regulated banks and NBFCs ("Lenders").
2.4. Absolute Exclusion of Financial Liability: The Company does not guarantee, warrant, or promise that any loan application initiated on the Platform will be approved, processed, or sanctioned by any Lender. The decision to grant credit rests solely within the absolute discretion of the respective Lender.
3.1. Direct Bank-to-Bank Transfer: All loan disbursements sanctioned by Lenders are remitted directly from the bank account of the Lender into the designated, verified bank account of the Borrower. Under no circumstances do loan funds, proceeds, or credit capital pass through, touch, get routed via, or sit in any bank account, escrow, or nodal account maintained or controlled by the Company.
3.2. No Pooling or Collection of Funds: The Company does not operate as a payment aggregator, collection agent, or escrow custodian. The Company does not collect, receive, hold, pool, or handle loan principal repayments, interest payments, penalties, or collateral on behalf of Borrowers or Lenders.
3.3. Technical Gateway Limitation & Zero Transfer Liability: The Company’s scope of operation is strictly limited to executing API triggers and facilitating secure data transmissions over the ONDC network. The Company assumes zero liability for fund transfer failures, bank gateway timeouts, National Automated Clearing House (NACH) delays, banking system outages, or misdirected transfers executed by Lenders or third-party payment gateways.
4.1. Capacity to Contract: You hereby represent and warrant that You are an individual legal resident of the Republic of India, at least eighteen (18) years of age, possessed of full legal capacity, and legally competent to enter into a binding agreement under the Indian Contract Act, 1872.
4.2. Truthfulness and Accuracy of Information: You represent, warrant, and covenant that all documents, identification details, Permanent Account Number (PAN), Aadhaar details, financial statements, employment verification details, and bank account information provided by You via the Platform are genuine, authentic, accurate, current, and complete.
4.3. Prohibited Activities and Misrepresentation: You strictly covenant that You shall not use the Platform for any illegal, fraudulent, unauthorized, or speculative activity. You shall not impersonate any person or entity, misrepresent Your identity, submit forged or altered identity documents, or attempt to acquire credit under false pretenses. Any such action shall result in immediate termination of access, civil liability, and criminal prosecution under applicable Indian penal laws.
5.1. Exclusive Company Ownership: All source code, object code, software architecture, user interfaces, visual design, graphic elements, algorithms, database rights, trade secrets, trademarks, service marks, logos, brand names, and content integrated within or accessible through the Platform are the sole and exclusive intellectual property of the Company or its licensors.
5.2. Scope of Limited User License: Subject to Your compliance with these Terms, the Company grants You a limited, revocable, non-exclusive, non-transferable, non-sublicensable license to access and use the Platform solely for Your personal, non-commercial use in processing credit applications.
5.3. Restrictions on Software Use: You shall not copy, modify, adapt, translate, reverse engineer, decompile, disassemble, breach, scrape, crawl, extract data from, create derivative works of, or attempt to discover the source code or underlying structure of the Platform.
6.1. Adherence to RBI Digital Lending Guidelines: The Platform is operated in strict compliance with the Digital Lending Guidelines issued by the Reserve Bank of India (RBI).
6.2. Presentation of Key Fact Statement: Prior to the execution of any loan agreement, You shall be provided with a standardized Key Fact Statement (KFS) generated directly by the respective Lender. The KFS shall detail the All-Inclusive Annual Percentage Rate (APR), total interest amount, processing fees, default penalties, cooling-off period, and repayment schedule.
6.3. No Hidden Charges by Company: The Company explicitly confirms that it does not levy, demand, or deduct any hidden, unauthorized, or undisclosed fees from the User. All financial obligations associated with a loan are strictly defined by the Lender’s sanction letter and KFS.
7.1. Compliance with DPDP Act 2023: The Company collects, stores, processes, and transmits User data strictly in accordance with the Digital Personal Data Protection Act, 2023 (DPDP Act), the Information Technology Act, 2000, and RBI guidelines.
7.2. Purpose Limitation & Secure Data Sharing: Personal and financial data collected from You (including name, contact details, PAN, and credit reports) is utilized exclusively to verify Your identity and facilitate credit applications. Such data is transmitted strictly via encrypted ONDC APIs to authorized Lenders, credit information companies (CICs), e-KYC service providers, and law enforcement agencies as required by law.
7.3. Data Storage and Localization: All personal data, transactional records, and application history collected by the Company are encrypted using industry-standard protocols both in transit and at rest, and stored exclusively on secure servers physically located within the territorial boundaries of India.
8.1. Absolute Limitation Of Liability: To the maximum extent permitted by applicable law, the company, its directors, officers, employees, agents, and affiliates shall not be liable for any indirect, incidental, consequential, special, punitive, or exemplary damages, including but not limited to loss of profits, loss of revenue, loss of data, business interruption, loan rejections, disbursement delays, ondc network outages, system failures, or any disputes arising between you and any lender.
8.2. Comprehensive User Indemnity: You agree to defend, indemnify, hold harmless, and release the Company, its parent entities, subsidiaries, officers, directors, and employees from any claims, suits, losses, liabilities, costs, damages, penalties, and legal fees arising out of or related to: (a) Your breach of these Terms; (b) Your provision of false, inaccurate, or forged documents; (c) Your default on any loan agreement entered into with a Lender; or (d) Your violation of any applicable law or third-party right.
9.1. As-Is Provision: The platform is provided on an "As is" and "As available" basis without any representations or warranties of any kind, express, implied, or statutory, including implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
9.2. No Guarantee of Continuous Operation: The Company does not warrant that the operation of the Platform will be continuous, uninterrupted, secure, error-free, virus-free, or compatible with Your hardware or software.
10.1. Appointment of Nodal Grievance Officer: In compliance with the Information Technology Act, 2000, and the RBI Digital Lending Guidelines, the Company has designated a Nodal Grievance Officer to address User queries, data protection concerns, and operational grievances.
11.1. Termination Rights: The Company reserves the right to immediately suspend, restrict, or terminate Your access to the Platform, without prior notice or liability, upon suspecting fraudulent conduct, submission of false documents, breach of these Terms, or upon regulatory directive.
11.2. Governing Law: These Terms, their validity, construction, performance, and enforcement shall be governed by and construed exclusively in accordance with the substantive laws of the Republic of India.
11.3. Exclusive Judicial Jurisdiction: Any legal action, suit, or proceeding arising out of or in connection with these Terms, the Privacy Policy, or the Platform shall be subject to the exclusive jurisdiction of the competent courts situated at Gurugram, India.
11.4. Severability and Survival: If any provision of these Terms is adjudicated to be invalid, unlawful, or unenforceable by a court of competent jurisdiction, such provision shall be severed, and the remaining provisions shall continue in full legal force and effect.