Last updated: 14th Feb 2023
We at Onclave Systems Private Limited ("our","us", "we", "Company","ZetLoan") have developed the Zet Loan mobile application ("App") and are happy to have you with us. Please read these terms of use ("Terms") carefully before you use the App since they constitute the agreement between: (a) you; (b) us; (c) Decimus Financial Limited ("Lending Partner"); The Lending Partner shall collectively be referred to as ("Affiliates").
For your ease, we have provided summaries of some crucial Terms. However, in case of any conflict between the summaries and these Terms, the Terms shall prevail.
These Terms incorporate the following documents (including all their variants and updates) by reference: (a) the Zet Loan Privacy Policy; and (b) the agreement(s) executed by you (and coapplicants, members, nominees, if any) for availing the Services (as defined in the Sections below) from us and our Affiliates. By accessing or using the Services of our Affiliates, you agree (on behalf of yourself and your co-applicants, members, nominees, if any) to be bound by these Terms and to the collection and use of your information as set forth in the Zet Loan Privacy Policy.
All our Services are subject to applicable laws, government notifications, the rules, regulations and guidelines issued by the Reserve Bank of India ("RBI") and any other regulatory bodies defining the rules/regulations governing the offer of any Services on the App.
We may revise these Terms as well as update the App and Services from time to time, so please keep visiting this page regularly. If you do not agree with any part of these Terms, please stop using the App immediately. If you have any queries or concerns regarding these Terms, please contact our Grievance Officers.
LENDING PARTNER SERVICES
If you avail Services from the Lending Partner this Terms will be applicable to you.
1. SCOPE OF SERVICES
Zet Loan helps you access personal loans easily. You must be legally permitted to enter into a contract and provide us with the information and permissions we need in the manner we ask for.
Eligibility: You may use our Services only if you are legally permitted to do so under applicable laws. If we discover that any person using our Services is not capable of entering into a legally binding contract, we may immediately terminate their Zet Loan Account (as defined below). Do note that if you avail a personal loan through the App, the terms of the loan will be governed by the applicable User Loan and all documents executed with the Lending Partner.
What you get from us: Zet Loan allows you to acquire (a) a personal loan from our Lending Partner in a seamless and paperless manner; Zet Loan may provide a combination of the following facilities to our users (Services): (A) enabling you to avail personal loans; We may add or subtract from the Services we are providing from time to time.
Signing up to use our Services: In order to use the App, you must create a profile (Zet Loan Account) with us through the App. To create a Zet Loan Account, you must provide us with your phone number, which we will authenticate with a one-time password. You must also permit us to gain access to your Financial SMSes, contacts, location data, storage and such other device data as we may require to provide our Services to you. You have to provide us with the following details (with supporting documents to the satisfaction of our Lending Partner):
I.Your name as provided in your pancard
II.Mobile phone number
III.Email address
IV.Date of birth
V.Marital status
VI.Residential details
VII.Employment type and place of work
VIII.Monthly income
IX.Pancard
X.aadhar Card or
XI.Such other documents and/ or information as may be requested by the Lending Partner from time to time.
You should add the information and documents requested in the manner prompted on the App. If you revoke any of the mandatory permissions sought by the App required for fraud prevention, collections and underwriting purposes, then you will not be able to avail the Personal Loan and have limited usage of the App. You will also be required to appoint us as your, and your co-applicant's authorized agent to access your, and your co-applicant's credit information from various credit information companies (such as EQUIFAX, CIBIL etc.).
We and the Lending Partner reserve the right to store information on your device in the form of cookies or similar file for purposes of modifying the App to reflect your preference. The App is deemed to be in use when it is loaded in a temporary or permanent memory of your device.
The Zet Loan Privacy Policy details the nature and type of information we collect and process (either for ourselves or on instructions and on behalf of our Lending Partner) to enable the setting up of a Zet Loan Account, completing the Know-your-Customer (KYC) processes or to provide such information to our Lending Partner as it may need to process your loan. If the information provided by you does not, in our sole discretion based on our internal policies, amount to reliable information or appears to be fraudulent, then we will not allow you to open a ZetLoan Account and you shall not be eligible to apply for a loan using the App. If we discover any deficiency in the information provided by you on a later date, then we may terminate your Zetloan Account. Please note that we may add further verification procedures in the future, whereby you may be required to provide us with more information.
2. LOAN PROCESS - HOW IT WORKS
Through your Zet Loan Account, we help you discover the maximum amount you are eligible to borrow from our Lending Partner and the terms on which our partner might lend to you. Our Lending Partner will, alone, decide whether to offer you the loan or not. If you have availed a personal loan or any other lending product, the terms of your loan will be provided in the User Loan Agreement executed between you and our Lending Partner.
Your loan is going to be sanctioned by our Lending Partner and be governed by the applicable Loan Agreement. The details of such loan, however, shall be shown on the App.
Once your Zet Loan Account has been set up, then basis the information you provide us and the information we collect from your device and through other lawful means (as detailed in the Zet Loan Privacy Policy), we will inform you of the maximum amount you are eligible to borrow from our Lending Partner. Basis this, you may decide the loan amount you wish to apply for and the monthly instalments you are willing to pay. Once you input these parameters, our Summary: Through your Zet Loan Account, we help you discover the maximum amount you are eligible to borrow from our Lending Partner and the terms on which our partner might lend to you. Our Lending Partner will, alone, decide whether to offer you the loan or not. If you have availed a personal loan or any other lending product, the terms of your loan will be provided in the User Loan Agreement executed between you and our Lending Partner. Lending Partner takes the decision on what amounts to loan you, and will provide you with the terms of the loan and interest rates you are likely to be charged by our Lending Partner.
Once these parameters have been provided and you decide to move forward with availing a loan from our Lending Partner, you will be required to undertake a KYC process with us. The KYC process must satisfy our Lending Partner. Additionally, if you are availing a home loan from our Lending Partner, you will be required to provide certain property documents, in the form and manner acceptable by our Lending Partner. Our Lending Partner may further ask for any documents and information it would require for its internal processes, in order to sanction your loan.
If you are availing a personal loan, once you accept the proposed loan terms and clear the KYC process to the satisfaction of our Lending Partner, we will direct you to a User Loan Agreement to be executed between you and our Lending Partner.
You will be required to issue appropriate auto-debit instructions for your bank account to repay the loan amount, prior to disbursal. These cannot be changed or cancelled during the term of the loan. The App will display the details of the EMI, including the due date and amount payable, as well as whether your payment was received or not, from time to time. Our Lending Partner shall directly transfer the loan amounts to the bank account of your choice. Prior to making this transfer, however, our Lending Partner will need to verify your bank account.
Please note that a copy of your loan agreement, due dates for payment of EMIs, amount of EMI due, manual repayment of EMI and other updates on your loan are provided by us through the App. Given these reasons and for facilitating a seamless digital lending journey you are advised not to remove the App from your mobile device until the loan has been repaid. In case you need to remove the App from your mobile device, please write to us at help@zetloan.com . The customer support team will reach out to help you with this. Please note, however, that fraudulent deletion of the App with an intention to avoid repayment of the loan shall amount to breach of these Terms.
3. DISCLAIMERS AND LIMITATIONS
We are a loan facilitator and not a loan provider. We provide our Services , and we make no promises or guarantees about these Services. We will not be liable for damages or losses arising from your use or inability to use the Service or otherwise arising under this arrangement.
Zet Loan only helps you gain access to loans, i.e., we are only a facilitator. You are contracting a service directly with our Lending Partner. We accept no responsibility for the provision of loans or its consequences. Our responsibility is limited to connecting you to the Lending Partner, displaying your loan eligibility and the terms of your loans. We accept no responsibility for the terms that we communicate to you in good faith. We are not liable for any losses that may occur as a result of the acts or omissions of the Lending Partner. We do not accept responsibility for any amounts transferred to your bank account or any remittance to your account that has failed. However, we shall undertake all reasonable steps to ensure such actions do not take place. In case you are facing any issues on the amount remitted to your account, please write to help@zetloan.com immediately.
The App and Services are provided on an “as is†basis without any representation or warranties, express or implied except otherwise specified in writing. We do not warrant the quality of the Services or the App, including its uninterrupted, timely, secure or error-free provision, continued compatibility on any device, or correction of any errors. In no event shall we or any of our Affiliates, successors, and assigns, and each of their respective investors, directors, officers, employees or agents be liable for any special, incidental, punitive, direct, indirect or consequential damages or losses suffered as a consequence of a breach of the Terms by another user or arising out of the use of or the reliance on any of the Services or the App.
Availing loans carries a risk and you should speak with your trusted advisors and/or financial consultant before availing any debt of any kind, whether from Zetloan or otherwise.
In the event any exclusion contained herein is held to be invalid for any reason and we or any of our Affiliates, officers, directors or employees become liable for loss or damage, then, any such liability shall be limited to the loan amount availed by you.
4. GRIEVANCE REDRESSAL POLICY
Summary of the document: The Grievance Redressal Policy provides employees of Onclave Systems Pvt. Ltd. with policies governing the customer complaint resolution. The purpose of this policy is to establish the processes for addressing the customer complaints and resolving those in stipulated timelines.
5. OBJECTIVE
Providing excellent customer service on a regular and consistent basis is very important for the organization's sustained growth. Complaint handling is an important activity of any customer†facing organization.
At the same time, we, at Onclave Systems Pvt. Ltd., believe that quick and effective handling of complaints as well as prompt corrective & preventive actions to improve product features and processes are essential to provide excellent customer service to all segments of customers.
This document formalizes an effective and suitable mechanism for receiving and addressing complaints from customers with specific emphasis on resolving such complaints fairly and expeditiously regardless of the sources of the complaints.
Objective of this policy document is to ensure that all issues raised by customers are dealt with courtesy and resolved on time. Company will treat all complaints efficiently and fairly without bias at all times.
6. SCOPE
The processes contained in this document are applicable to all branches of Onclave Systems Pvt. Ltd. across the country and to all activities where there is an interaction with customers.
The document contains two sections:
Section I Capturing Customer Grievances
It is endeavour of the company to ensure customer satisfaction by following standard norms and practices, so that complaints from customers are minimized. The various modes through which customer complaints can be captured are:
1. Visibility
Information about how and where to complain would be publicized through websites, display at offices at all locations and through welcome letters
Front-office staff should be aware of the complaint handling process and the contact details of the organisation's Grievance Redressal Officer and modes through which the customer can register a complaint.
Contact details for registering complaints should be displayed on the Notice board at branch
Welcome Kit should contain information about how complaint can be made.
Toll free number and e-mail address to be mentioned on the mailers or letter sent to customers.
Contact details of RBI DNBS office where the customer can appeal if complaint registered with the company has not been resolved past 15 working days or if the customer is not satisfied with the resolution should also be displayed on the Notice Board at the branch and on website.
2. Accessibility
Email ID of Customer care and GRO will be displayed on Company's official website. Customers can write to this designated Email ID and lodge official complaint with the company. GRO will be in charge of all the complaints marked to this designated Email ID. Complaint will be forwarded by GRO to the concerned person for resolution
Phone to Toll Free Number/Customer Care Number
Customers can lodge a complaint by way of phone to the Toll free number/Customer Care Number. The designated phone number will be displayed on the company website and in all the correspondence sent out to the customer.
Customer care executive handling the Toll free number/Customer Care Number will politely address customer and will accept the complaint on phone. (The executive would have access to data base where he can verify the genuine identity of customer)
The executive will capture the customer complaint in the Complaint Tracker. He will fill in all the fields in the tracker diligently and accurately.
Complaint will be directed to concerned team for resolution.
MIS of complaints so assigned to various branches, operations, etc is forwarded to GRO next day by the Customer Care team
Complaints received through RBI
DNBS Customer can register his complaint with the Officer-in-Charge of the Regional Office of DNBS (Department of Non-banking Supervision) of RBI If any complaint reported to the company has not been resolved within a period of 15 working days from the date of lodging the complaint with the company or if the customer is not satisfied with the resolution provided for complaint made by him.
The complaints received from RBI should be acknowledged promptly (within T+ 1 day from the date of receipt of the complaint). Complete details of the case, reference number, TAT within which the case will be resolved and name, designation & contact details of the person addressing the issue should be communicated in the correspondence.
The complaint should also be logged in the complaint register for record purpose. GRO should investigate the matter and resolve the matter within the specified timeline and the resolution should be communicated to the RBI.
If the matter is complicated and GRO is not empowered to take decisions relating to the issue, then a detailed report giving an insight of the issue, addressing the inadequacies in the process or policy if any, suggesting/recommending appropriate solution to the problem must be submitted to management .
Based on the decision or remedy received from the decision making committee/official, appropriate action should be taken and communicated to the Customer care unit, who in turn will communicate the resolution of complaint to the RBI. Care should be taken that the issue is resolved within the TAT communicated. If there is a possibility of delay in resolving the matter, then the same should be informed to RBI along with the revised timeline.
Section II -Customer Grievance Redressal Guidelines
It is extremely essential that all the complaints lodged should be efficiently and effectively resolved within the specified TAT.
It is extremely essential that all the complaints lodged should be efficiently and effectively resolved within the specified TAT.
Customer care Unit
Customer Care Unit shall be managed by Operations function supported by team of associates in various branches and Central Operations.
Responsibilities of Customer Service Cell:
Complaints received from the customers through various channels will be first logged in the Complaint Register by Customer care unit;
The complaint will then be forwarded to appropriate person in concerned Branch /department;
Monitor resolution of customers' complaints within TAT of 15 working days and do necessary followâ€up with concerned officials. Escalate the complaint to higher level when needed;
Investigate repeat complaints from customer/s within a quarter;
Attend complaint/s forwarded by the Reserve Bank on priority basis. Forward the status to Compliance cell on resolution of complaint/s.
Maintain data base of complaints received and closed.
If complaint cannot be resolved within 15 working days, then customer care unit must respond to customer that his/her complaint is being investigated and that the company will respond within next 7 days. It is necessary that GRO must be kept informed.
REDRESSAL OF CUSTOMER GRIEVANCES
Dear Customers
You may login your complaint relating to services provided by Onclave Systems Pvt. Ltd. as under :
Call Customer Care Number at registered number
Send email to registered mail id
In case complaint is not resolved within 15 working days, please escalate the same as under :
Escalation : Level 1 : Grievance Redressal Officer (GRO)
Name of the Grievance Redressal officer: Mr. Saurav Pandey
Email: grievance@zetloan.com
Timings : 10:00 AM to 5:00 PM
Our Grievance Redressal Officer will endeavour to resolve the issue to the complainant's satisfaction within 15 working days. In case, the complaint needs more time to examine, the complaint shall be acknowledged by explaining the need for more time to respond.