The terms are applicable to all Users.
Please read the terms and conditions as contained herein-below carefully and thoroughly, prior to proceeding further with MyGate Cash Services (‘Services’). By Clicking on ‘Proceed’ or ‘Confirm’, You agree and accept to be bound by these Services terms and conditions (‘T&Cs’) set-out herein.
These T&Cs are in addition to the Terms and Conditions and Privacy Policy of the MyGate Platform that applies to You when You access and register on the MyGate Platform for availing the MyGate Platform Services. The Terms and Conditions and these T&Cs shall be read harmoniously. In case of any conflict, these T&Cs shall prevail solely in relation to the Services and limited to the extent of conflict.
All capitalised terms used herein however not defined, shall have the meaning ascribed to them under the MyGate Platform Terms and Conditions and/or the Privacy Policy. All information collected by the MyGate Platform to provide the Services will also be covered under the Privacy Policy.
This document/agreement/understanding is a computer-generated electronic record published in terms of Rule 3 of the Information Technology (Intermediaries Guidelines and Digital Media Ethics Code) Rules, 2021 read with Information Technology Act, 2000 and does not require any physical or digital signatures.
Key attributes of MyGate Cash
Vivish Technologies Private Limited (“MyGate”) have entered agreement(s) with Banks, NBFC’s and Lending Service Providers (“LSP”), wherein the role of MyGate is merely a platform provider with user interface that facilitate borrowing by a borrower from a Banks / NBFCs partnered by LSP’s (“Lender/s”). It is expressly stated that MyGate Platform does not operate as a ‘Digital Lending Application’ or ‘DLA’ and is not an LSP as defined under the Guidelines for Digital Lending, 2022 issued by the RBI. MyGate is merely an intermediary connecting the interested users to LSP for facilitating provision of loans offered by Lenders partnered with the LSP.
MyGate Cash provides services for the following:
Lenders onboarded with QFi Technologies Private Limited (“Niro Money”)
Name of Loan Service Provider (LSP) : QFI TECHNOLOGIES PRIVATE LIMITED
Website URL : https://niro.money/our-loans
List of Activities carried out by LSP :1. Lead generation 2. Support on risk management 3. Assisted branding / marketing 4. Loan customer journey ( KYC,NACH,Agreement ) 5. Loan servicing 6. Compliance and regulatory reporting (MIS) 7. Collections 8. Customer Support
Details of Nodal Officer and Grievance Redressal Official of LSP :
Name: Mr. Sankalp Mathur
Designation: Nodal Grievance Redressal Officer of LSP
Contact No: 8095206500
Email Id : [email protected]
Address: 313/1, Workden, Ground Floor, 7th Cross, Patel Rama Reddy Road, Domlur Layout Bengaluru 560071.
Additional Information :
Sachet Portal Link: https://sachet.rbi.org.in/
Privacy Policy: https://niro.money/privacy-policy/
Process for availing MyGate Cash loans
Based on the Lender’s preliminary lending criteria, MyGate may show loan offerings to You. Provided however, MyGate may choose to introduce, vary or withdraw such offers at any time and MyGate does not guarantee or assure You of loan offerings being available. You can avail the loan by completing the loan disbursal journey on MyGate which includes – KYC verification, Video KYC verification, creation of e-NACH mandate and OTP based electronic execution of loan documents. At any stage of the loan disbursal journey, including but not limited to upon failure in completing the KYC process or upon inability to create e-NACH mandate, the Lender may decline to issue the loan. The Lender has the discretion in refusing a loan to You for any reason whatsoever.
A Key Facts Statement (KFS) along with details such as principal amount, EMI, processing fee and rate of interest will be displayed to You.
In compliance with the RBI Guidelines on Digital Lending dated 02.09.2022, the details of the third parties who are deputed for collection purposes in the case of each specific case of default shall be communicated to the defaulter at the time of sharing such personal information.
Key Borrower Covenants
All loan offers are being provided and administered by the respective Lender, in accordance with extant RBI guidelines. MyGate and/or any of its group, subsidiary, associate and/or affiliate entities, do not offer, approve, disburse or sell, any loans on their own accord and do not own or claim to own any loan products of their own. All transactions are independent bilateral transactions between You and the Lender who is offering / approving grant of loan to You.
You agree that by opting for loan services, you are interested in availing the loan facilities from the Lender. You specifically understand and agree that by using the MyGate Platform You authorize MyGate, LSP and Lender to contact you for sharing communications w.r.t any kind of promotions/ advertisements/ communication related to ongoing offers; follow ups; etc. in relation to the loan facility opted by You. You expressly waive the Do Not Call registrations on your phone / mobile number for contacting you for this purpose. You hereby authorize MyGate to share your details with third parties, including but not limited to the Lender, LSP and You can be contacted by third parties, including but not limited to the LSP, Lender, for information and for sales through email, telephone and/or SMS/WhatsApp.
Notwithstanding anything to the contrary stated under Privacy Policy (as provided for and updated from time to time), You hereby on Your own free wilful accord expresses intention to avail loan facility. You unconditionally & unequivocally grant permission to MyGate to share following information with LSP, Lender who shall be independently accessing Your information and evaluate your creditworthiness and decide on granting loan facility to You:
- Personal information such as name, date of birth, mailing address, email address, telephone number etc.
- Landlord Details (in case Rent Pay feature was availed earlier).
If you express your interest in availing the loan, you will be required to share your personal information including but not limited to your KYC documents, financial details and other documents, as may be required by the Lender to assess your loan application, directly with the LSP. MyGate does not collect or access any information furnished by You during your loan journey with the LSP. Collection, use and storage of your personal information shall be governed by LSP terms and conditions and privacy policy which shall form a binding contract between you and the LSP. You are advised to read the LSP terms and conditions and privacy policy prior to sharing your information with the LSP. MyGate shall not in anyway be liable for any claims you may have in connection with use of your personal information and documents submitted by you to the LSP as part of the loan journey. In the event of any claims against the LSP, you are required to raise your claims and concerns with the Nodal Grievance Officer of the LSP as specified in the T&C above.
You hereby declare and certify that, (a) You are 18 years of age or older; (b) You are legally entitled to enter into loan agreement with Lender to avail the said loan facility; (c) any and all information furnished by You during the course of Your journey to avail the loan facility is / shall be true, correct, updated and accurate; (d) You shall keep all Your information up to date; (e) that purpose of availing the loan facility by You is for your personal use only and that You understand that You shall not be using / permitted to use the loan facility for any other purpose including unlawful purposes and/or antisocial purpose or making investment in the capital market or speculative purposes.
You hereby expressly acknowledge, understand and warrants that grant or denial of loan facility to You is at complete, absolute and sole discretion of the Lender. You further understand that the Lender may reject or put on hold your loan application (with or without any reason) in their sole discretion and judgement. The decision of Lender shall be final and binding. MyGate in no event shall be responsible for any acts or actions of Lender including delay, rejection, cancellation, early recall of loan, act of omission or commission, negligence, breach of confidentiality, breach of applicable laws, failure on part of Lender to discharge its obligations. You understand that MyGate is merely a facilitator, who has no bearing or control over the decision-making process of Lender.
By availing the loan facility, You hereby expressly agree, covenant, and consent that, these T&Cs (read with Terms and Conditions and Privacy Policy of the MyGate Platform) along-with Key Fact Statement (KFS), Sanction Letter, Loan Agreement and all other relevant documents issued by the Lender shall constitute as legally binding agreement upon You. You hereby unconditionally and unequivocally assure that, You shall at all time remain compliant with the said agreements. Failure to remain compliant with the said agreements may result in early termination of Your loan account / suspension of loan facility, termination / suspension of Your access to MyGate Platform. You understand that the LSP, Lender, MyGate reserves the right to initiate appropriate legal action against You arising due to Your non-compliance of the said agreement and/or these T&Cs, which shall be solely at your risk, cost and expense.
You shall solely and exclusively remain responsible towards payments of any and all taxes, tariffs, fees, commissions or such charges as may arise or become applicable as a result of You availing loan facility. You should make Yourself familiar with all terms and conditions relating to loan facility proposed to be availed by You including the Annual Percentage Rate (APR), KFS, interest, charges penalty(ies), commission, fees (as may be applicable). Upon Your acceptance of Your loan facility agreement, You shall be legally bound to adhere to the entire loan facility agreement in letter and spirit.
THE INTEREST RATE MENTIONED IN OUR (GENERIC) COMMUNICATIONS AND/OR MYGATE PLATFORM (VIA BANNER, NOTIFICATIONS) IS ONLY FOR INFORMATIVE PURPOSE. DEPENDING ON YOUR PERSONAL CIRCUMSTANCES (INCLUDING YOUR CREDIT SCORE, OTHER RISK METRICS DECIDED BY LENDER) THE INTEREST RATE OFFERED TO YOU MAY BE HIGHER OR DIFFERENT. MYGATE (INCLUDING THE GROUP COMPANIES, AND EACH OF THEIR RESPECTIVE EMPLOYEES, REPRESENTATIVES, OFFICERS, DIRECTORS ETC.) DOES NOT MAKE ANY REPRESENTATION OR COMMITMENT OR ASSURANCE ON RATES AND TERMS OF BORROWING. PLEASE CHECK ALL RATES AND TERMS BEFORE BORROWING.
It is always recommended that, You should ensure to make full, complete and timely payment(s) towards your EMI amount on its due date. Delay or default in making payments your EMI payments may have adverse consequences which may include but not limited to loan recall, penalty(ies), legal / recovery proceedings and/or impact on Your creditworthiness.
You understand and agree that in case of EMI default or outstanding amount payment default, or breach by You of any terms and conditions of the loan agreement executed with the Lender, the Lender, at its sole discretion, may initiate appropriate legal / recovery proceedings or take any other action against You as per applicable law and/or as per the terms of Your Loan Agreement. You understand and agree that MyGate shall in no manner whatsoever be held liable or responsible for any such action initiated by the Lender (including reporting of your default of credit bureau) and You hereby discharge MyGate of all liabilities or claims or acts or actions in complete and absolute manner.
You hereby understand and agree that, as a prerequisite to avail loan facility You shall be required to consent and authorize the Lender to create and hold the mandate for auto debiting Your designated bank account (such as NACH / eNACH / ECS mandate) towards repayment of loan facility in EMI.
Where You use MyCash Services to pay Rent to the Landlord, You would be responsible for entering the correct bank accounts details of the Beneficiary/Landlord and You authorize the Lender to remit the amount directly to the Landlord. In no circumstances, MyGate, LSP or the Lender shall be held responsible for any wrongful payment due to incorrect bank details. You will not be entitled to receive any kind of refund for providing incorrect information.
Information and Grievance Redressal
You shall have information in relation to the loan available on the App. If the information is not sufficient to resolve the query, the user may reach out at [email protected]. However, You are also entitled to contact the relevant Lender and/or follow the relevant Lender’s grievance redressal policy.
Disclaimer
You understand that MyGate and/or LSP shall merely be facilitating in creation of such auto-debit mandates and does not hold the mandate in its own name or favor. For abundant clarity, it is stated that, all repayment(s) is executed by You directly in the Lender’s account, without any reference to MyGate.
You understand that You shall be required to pay the entire amount of the EMI for a particular month on or before the payment due date, as indicated by the Lender. In the event the payment is not made by the due date as specified, it will be construed as a default and You shall be liable to pay the EMI amount together with the additional interest and/ or late payment charges and/or such other charges indicated in your agreement with Lender. Non-payment of amounts due on the relevant due dates will have adverse consequences including: (i) having Your details reported to the credit bureaus; and (ii) suitable legal action as may be necessary to recover the outstanding amounts; and (iii) any other actions as specified under Loan Agreement.
MyGate will endeavour to have your query resolved by the LSP and/or Lender. Such resolution of query performed by MyGate is on “No liability basis” and You understand that the final resolution has to be offered by the Lender. The resolution offered by the Lender shall be final & binding. You have the right to directly reach out to Lender for resolution of your issues / concerns. Contact details of Lender(s) grievance redressal officers along with customer grievance redressal mechanism is published on our website on an as-is basis. The same may get updated as and when required and you must ensure yourself to be updated at all times about the same.
YOU AGREE AND ACKNOWLEDGE THAT THE DISPLAY OF LOAN FACILITY, OFFERED BY LENDER’S, ON THE MYGATE PLATFORM DOES NOT IN ANY WAY IMPLY, SUGGEST, OR CONSTITUTE ANY PARTNERSHIP, ASSOCIATION, RECOMMENDATION, OPINION, OR ADVICE BY MYGATE (INCLUDING ANY OF ITS GROUP, SUBSIDIARY, ASSOCIATE AND/OR AFFILIATE ENTITIES) AGAINST SUCH LOAN FACILITIES. YOU AGREE THAT MYGATE IS IN NO WAY RESPONSIBLE FOR THE ACCURACY, TIMELINESS OR COMPLETENESS OF INFORMATION IT MAY OBTAIN FROM THIRD PARTIES. YOUR INTERACTION AND ANY SHARING OF YOUR DATA / INFORMATION (INCLUDING YOUR PERSONAL INFORMATION, PAN INFORMATION) WITH ANY THIRD PARTY ACCESSED THROUGH THE PLATFORM IS AT YOUR OWN RISK & DISCRETION. MYGATE SHALL HAVE NO LIABILITY WITH RESPECT TO ANY ACTS, OMISSIONS, ERRORS, REPRESENTATIONS, WARRANTIES, BREACHES OR NEGLIGENCE OF ANY SUCH THIRD PARTIES, INCLUDING BUT NOT LIMITED TO THE LENDER, OR FOR ANY PERSONAL INJURIES, DEATH, PROPERTY DAMAGE, OR OTHER DAMAGES OR EXPENSES RESULTING FROM YOUR INTERACTIONS WITH ANY PARTIES. THE SERVICES ARE MADE AVAILABLE ON ‘AS IS’, ‘AS AVAILABLE’ BASIS, MYGATE MAKE NO REPRESENTATION OR WARRANTY WITH REGARD TO MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE.
You hereby represents, warrants and covenants that (a) You are citizen and resident of India; (b) You are competent to enter into contract, having sound mind and that You are entering into this contract on Your own wilful accord; (c) to best of Your knowledge, you have no pending litigation against Yourself or You are not party of any litigation that may adversely affect Your capability to enter into contract or otherwise may prohibit You in future to enter into a contract. You hereby undertake, warrants and covenant that, You shall keep all your information updated, true, correct and accurate. You shall keep Your Lender updated of any change in your personal information (including your phone number, communication address, permanent address etc.)
You agree that if MyGate has reasonable grounds to suspect that the information provided by You on the Platform is untrue, inaccurate, not updated or incomplete, MyGate has the right to suspend or terminate Your account and refuse any and all current or future use of the Platform (or any portion thereof) or Platform Services in connection thereto.
No failure on the part of MyGate / Lender to exercise, and no delay on part of MyGate / Lender in exercising any right or remedy under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right.
Indemnity & Limitation of Liability
You agree to indemnify, defend and hold harmless MyGate, its holding company, and their affiliates, subsidiary, their respective officers, directors, employees, agents, licensors, and any third party providers including (credit bureau, Lender) (‘Indemnified Parties’) from and against from any and all manner of liabilities, claims, demands, losses, compensation, interest, damages, costs and expenses (including court cost and reasonable attorneys’ fees), resulting from or arising out of Your decision to use the Services or your violation these T&Cs or any other terms and conditions applicable to Service (including loan agreement, sanction letter, KFS, etc.) or your violation of the intellectual property rights of Indemnified Parties.
You hereby waive any and all defenses, you may have to the enforceability of any loan resulting from loan agreement, that are based on the allegation that the loan agreement, any privacy consents, or any disclosures were supplied to You, were delivered in electronic form only, or on the allegation that Your signature / consent to the loan agreement was obtained electronically.
You shall not bring or present or make any demand(s) or claim(s), or action(s) or suit(s) or litigation(s) or proceeding(s) (including any injunctive relief) and You hereby irrevocably, unconditionally, completely and entirely release, waive and forever discharge MyGate, its holding company, and their affiliates, subsidiary, their respective officers, directors, employees, agents, licensors (‘Released Parties’), from any and all manner of liabilities, claims, demands, losses, compensation, interest, damages, costs and expenses (including court costs and reasonable attorney fees) whatsoever, in law or equity, whether now known or in future, which You may have against the Released Parties with respect to Your loan application and / or Your Loan Agreement and/or any action(s) initiated against You by Lender towards recovery of Loan and/or due to reporting of Your default to credit bureau and/or Your claim(s) towards deficiency of services towards Your loan facility.
General
These T&Cs shall be governed, interpreted, and construed in accordance with the laws of India, without regard to the conflict of law provisions and for resolution of any dispute arising out of your use of the Services or in relation to these T&Cs. Notwithstanding the foregoing, you agree that (i) MyGate has the right to bring any proceedings before any court/forum of competent jurisdiction and you irrevocably submit to the jurisdiction of such courts or forum; and (ii) any proceeding brought by you shall be exclusively before the courts in New Delhi, India.
You agree that we may transfer, subcontract or otherwise deal with our rights and/or obligations under these terms at any time without any further notice. You agree that you cannot assign or otherwise transfer, subcontract the terms or any rights granted hereunder to any third party,
Please review Privacy Policy and Terms & Conditions of the Platform. MyGate collects, uses and discloses information about You as provided in Privacy Policy.
You agree that you are legally permitted and have the power and authority to execute the Loan Documents (by way of clicking the confirm and accept via OTP) and take a personal loan.
You understand that the digital trail of the entire process of applying for the digital loan has been duly approved and authenticated by you through One Time Password (OTP) method and the digital trail shall be maintained by LSP / Lender / MyGate, which shall be the sole and binding evidence on the application, utilization and your obligation to re-pay all outstanding amount/s as per the Loan Agreement.
Updation
Please note that the information contained herein is subject to change without notice.