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Privacy Policy

Vridhi Loan is product developed by Paul Merchants Finance (P) Ltd., (hereinafter referred to as Paul Finance and we/our) a company incorporated under the Companies Act, 1956 with its registered office at Ground Floor, SCO 829-830, Sector 22-A, Chandigarh-160022. We understand the privacy and confidentiality of its customers who have shared their personal information with us. It’s our topmost priority to keep the information secure and avoid misuse of customer’s personal details. Please read the following statement to learn about our information gathering and dissemination practices.

Please find below the type of information we may collect from you and its usage for the services offered to you via our website and our business partners. This privacy policy is applicable to our current and existing and future customers. By visiting our website and registering with us, you agree to this privacy policy.

By registering online at Paul Finance, you allow us and its business partners to get in touch with you via phone call, email or SMS. The purpose of contacting you is to offer you our services for the product you have chosen, informing you about our new products, tell you about promotional offers running at Paul Finance, or by its business partners and linked third parties. Under this policy, you authorize us to make contact with you for the above-mentioned purposes.

Personal Information
Paul Finance collects personal information from its customers including first name, last name, email address, and mobile number etc.

Purpose
Paul Finance collects information from you when you register online with us or need some information regarding our products and services, visit our website. After registering with us or sharing personal details with us, you authorize us to contact you via email, call or SMS and send you promotional offers.

Use of Information
Paul Finance needs your personal information for the following purposes –

  1. To reply to your queries being submitted by you
  2. In order to resolve problems with any services provided to you
  3. To send you promotional offers, new products or services available on our website or third parties with whom we have a tie up

Information Disclosure and Sharing
Paul Finance does not sell/ rent or disclose your personal information with anyone as described in this policy. We may share personal information with our other corporate entities and affiliates. We may also disclose anonymized data derived from your personal information to third parties. This disclosure may be required for us to provide you access to our Services, to comply with our legal obligations, to enforce our User Agreement, to facilitate our marketing and advertising activities, or to prevent, detect, mitigate, and investigate fraudulent or illegal activities related to our Services. We do not disclose your personal information to third parties for their marketing and advertising purposes without your explicit consent.

We restrict the collection and use of your personal information. We may disclose your personal information in a non-personally identifiable manner that does not reveal your identity. Third parties who have tie up with us can contact you and tell you about our services but with a limited access and they are required to maintain the confidentiality of the information as mentioned in the contract with us.

We may share your personal information to the government agencies under the law in case of identity verification, investigation of cyber incidents, hearings and punishment of offences, or where disclosure of information is required for the legal purpose. We may also need to disclose the information to third parties under the law.

Your Consent
By using this website or by providing your information, you consent to the collection and use of the information you disclose on the app in accordance with this Privacy Policy, including but not limited to Your consent for sharing your information as per this privacy policy.

If we decide to change our privacy policy, we will post those changes on this page so that you are always aware of what information we collect, how we use it, and under what circumstances we disclose it.

CANCELLATION POLICY

*What is Paul Merchants Finance Pvt Ltd cancellation policy ?

Paul Merchants Finance Private limited (herein after called as the Company) provides personal loans to its customers to meet their short term and medium term requirements. Financing is done at the specific request of the applicant but solely at the Company’s discretion.

While granting loans every attempt is made to do proper assessment and scrutiny on case to case basis. However, the Company has all rights to cancel the sanction letter if it is found that the applicant has provided incorrect /false information and or submitted faulty/fake /improper documents to mislead the Company. The cancellation will be done as soon as it comes to light, at any time before or after the disbursement (full or partial) of the loan amount. The Company will recall the entire amount disbursed along with interest and penalties which the company may deem fit and the entire amount will be payable to the Company in one single installment immediately on demand. will not be liable to refund the Account opening fees and any interest on the amount. Processing Fee, Stamp duty and Documentation Charges are non-refundable charges and would not be waived/refunded in case of loan cancellation by any means. The Company will have every right to take any legal/criminal action against a person /entity who has tried to avail any loan facility through such misrepresentation /fraud.

If the borrower fails to complete the formalities/submission of documents stipulated by the terms of sanction within a period of 12 months or within the prescribed period as agreed, the Company will have every right to cancel the sanction letter.

REFUND POLICY

If an excess amount is deposited in the loan account at the end of the repayment period and there is any credit balance in the loan account of the borrower it will be refunded back on being brought to the notice of the Company.

Company will not be responsible for any delay in loan installment in loan account if the payment is made through card and there is a delay due to technical/systemic problem. However, Company will not charge any interest for the delayed period on the installment amount as it will be deemed to have been deposited on the date of debit to customer’s account.

Company will not be responsible in the event of any failed transaction of crediting loan installment through debit card due to any reason whatsoever.

If any extra installment is deposited by the borrower in his loan account, it can be reverted back at the specific request of the borrower. The Company will not be responsible for any such additional credits. In the event of any duplicate credit transactions it will be reverted back within a period of seven working days from the date it was brought to the notice of the Company.

The Company reserves all rights to change/amend/add/cancel any/all of the above rules at any time at its sole discretion with 7 days prior notice.

Grievance Officer

Please find below the details of the grievance officer:
EMAIL :- cm@paulfincap.com
Phone :- +91-9875942402
Add:- SCO 829-830,Sector 22 A Chandigarh,Pin Code – 160022

TERMS & CONDITIONS

These terms and conditions, once digitally signed/accepted by the customer, assume legally binding force as to any loan facility obtained by the customer (hereafter referred as borrower) from Paul Merchants Finance (P) Ltd. (hereafter referred as Lender) having its registered office at SCO 829 – 830, Sector 22 – A, Chandigarh – 160022. Read the terms and conditions set forth below carefully and convey your acceptance in the manner indicated by the Lender.

Definition of “Borrowers Dues” means and includes the outstanding principal amount of the Loan, all interest, penal interest, all fees, costs, charges, expenses, legal costs, stamp duty and all other monies whatsoever payable by the Borrower to Lender in accordance with these terms and conditions.

In consideration of the Lender having agreed to grant/granted to the Borrower the Loan, the Borrower irrevocably undertakes and confirms the acceptance of the following terms and conditions:-

  1. Based upon the particulars given in the Loan Application and documents submitted to the lender, the Lender has sanctioned to the borrower, a loan more particularly described in the Schedule-I.
  2. The Loan amount shall be disbursed to the Borrower net of all initial payments towards administration fees, premium, transaction/processing charges etc. Lender shall disburse the Loan by bank transfer.
  3. It is further agreed that Lender shall be entitled to require the Borrower to execute such additional documentation as may be required at any time in future as may be required in order to give effect to any provision of these terms and conditions or any other understanding with Borrower and the Borrower do hereby undertakes to execute all such documentation as and when required by Lender without any objection or delay.
  4. The applicable interest rate has been determined by taking into account the risk involved in loans under each scheme/slab. While the rate of interest shall be lower in case periodicity of payment of interest is shorter, it shall be increased progressively with increase in periodicity of payment of interest.
  5. The Loan shall be utilized by the borrower only for legitimate purposes and shall not be utilized for any speculative, improper or unlawful/purposes/activities. However, full responsibility/answerability in this respect shall solely rest on the borrower.
  6. The Loan, interest and other dues shall be paid by the borrower as per the repayment schedule as agreed in Schedule I.
  7. The lender has the right to recall the loan at any time before the expiry of the period for which the loan is sanctioned if in the opinion of the lender the loan has been availed through misrepresentation, falsification or suppression of facts or for any other reason as deemed fit by the lender. The decision of the lender in this regard shall be final and binding on the Borrower. If so demanded, the Borrower will be bound to clear the entire loan together with interest and other dues.
  8. The repayment/payment of Loan shall not be affected, impaired or discharged by insolvency or death of the Borrower.
  9. The Borrower shall have to remit the principal amount, interest and other dues as per Schedule-I. In case of any delay in payment of due interest or principal or other dues on or before the agreed due date, the loan shall automatically be shifted to the next interest slab as per Rate of Interest Schedule given in the Schedule-I, which the Borrower has understood and agreed. In case of default, the customer shall also be liable to pay penal charges as applied by the lender along with cost of recovery.
  10. Borrower understands that the Lender reserves the right to change the rate of interest at its discretion at any time taking into consideration all relevant factors such as cost of funds, risk factors, market conditions etc. Any change in the rate of interest shall have effect prospectively only.
  11. In the event of pre-payment of the loan or any part thereof by the borrower, the amount will be first adjusted towards costs/charges and interest and then towards the principal loan amount without any pre-payment penalties.
  12. Where the Loan is provided to more than one Borrower, the liability of the Borrowers to repay the Loan along with interest, costs, charges, expenses, legal costs, etc shall be joint and several and the word Borrower in these terms and conditions shall mean to include all Borrowers and their Legal Heirs.
  13. The Borrower shall bear, pay and reimburse to Lender, all charges relating to NACH failure, cheque bouncing, administration charges, Legal costs, interest tax, GST, all kinds of applicable duties (including stamp duty), and taxes of any description as may be levied from time to time by the Government or other authority and all other costs and expenses whatsoever in connection with
    (a) application for and the grant and repayment of Loan;
    (b) recovery and realization of the Loan together with interest;

    (c) clearance of arrears of all taxes and any other charges and levies of the Government in respect of the loan.
  14. An event of default shall be deemed to have occurred if the Borrower
    (a) commits a breach of any of these terms and conditions , or
    (b) fails to pay the Dues or any other amount due and payable to lender on the due date, or
    (c) has made any misrepresentation to lender
    (d) the Borrower has been declared insolvent or is subjected to insolvency proceedings and/or
    (e) If any circumstance or event occurs which is prejudicial to or impairs or imperils or jeopardize or is likely to prejudice, impair, imperil or jeopardize the interest of the Lender.
  15. Upon occurrence of any of the events of default, lender without prejudice to its rights and remedies available under these terms and conditions or otherwise, shall send a prior notice of 7 days in writing to the Borrower calling upon the Borrower to accelerate the payment or to pay forthwith all the dues payable under these terms and conditions; failing which lender shall have right to initiate Legal action against the borrower, at the costs and risks of the Borrower.
  16. The Borrower declares that :
    • The Borrower has all legal right and full power to accept these terms
    • The borrower acknowledges that lender has acted purely on the information, documents, statements and assurance given by the borrower without making any independent enquiries, on its own.
    • There is no action, suit or proceedings against the Borrower/Borrowers pending before any court of law or before any other tribunal, judicial, quasi-judicial or administrative authority, which might affect the Borrowers/Borrowers ability to perform its/their obligations hereunder.
  17. The Borrower hereby agrees that lender, as it may deem appropriate and necessary, be entitled to disclose all or any:
    • Information and data relating to the Borrower;
    • Information or data relating to these terms;
    • Obligations assumed /to be assumed by the Borrower in relation to the Loan, furnished by the Borrower for any other credit facility granted / to be granted by lender;
    • Default, if any, committed by the Borrower in discharge of the aforesaid obligations,
    to the Credit information Bureau (India) Limited (“CIBIL”), any other Credit Bureau, Reserve Bank of India (RBI), Government authorities, Regulatory authorities and any other agency authorised in this behalf by the said Agencies. Said Agencies may use and/or process the aforesaid information and data disclosed by lender, in any manner as deemed fit by them and may furnish the processed information and data or products thereof prepared by them, to financial institutions and other credit grantors or registered users, as may be specified by them in this behalf.
  18. Borrower understands that the loan is sanctioned in compliance of the Terms of “Fair Practice Code” of the Lender published on the Lender’s website: www.paulfincap.com.
  19. In case of any change in these terms and conditions, the same shall be updated on Lender’s website. It is the responsibility of the Borrower to review these Terms periodically for updates / changes and any such by the Lender will automatically become the part of these terms and conditions.
  20. In case the borrower has any grievance about any of the aspects concerning the loan availed, he/she shall first bring it to the notice of the Credit Manager of the Company on his/her email id cm@paulfincap.com or Mobile no. 9875942402 If the Credit Manager could not resolve the grievance, the borrower shall bring take up the matter with Business Head on his/her email id sonali.bansal@paulmerchants.net or Mobile no.9569444122.If the Business Head also could not resolve the grievance to the satisfaction of borrower, the borrower may write to the Grievance Redressed Cell of the Company at this address:- The Grievance Redressal Cell, Paul Merchants Finance (P) Ltd, SCO 829 – 830 Sector 22 – A, Chandigarh – 160022.
  21. Any notice, request, demand or other communication under these terms and conditions shall:
    • Be in writing, delivered to the registered email or by hand, courier or by registered post, to the address as indicated by the borrower in loan application or
    • Be sent to the Borrower at its the address mentioned in the application form or address mentioned herein and to lender at its registered office or to such other address as either party may in writing hereafter notify to the other party.
    • Be intimated by SMS or email registered with the lender
  22. If there is any change in the address or phone no. given in the loan application, the same should be intimated by the borrower to the lender by email or on the digital platform or through registered letter or through hand delivery failing which it will be presumed that notices sent at the address given in loan application is duly received by the Borrower, irrespective of its acknowledgement.
  23. The parties hereto expressly agree that all disputes arising out of and/or relating to these terms and conditions including any other loan document shall be referred to arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 as may be amended, or its re-enactment, by a sole arbitrator, appointed by lender. The costs of such arbitration shall be borne by the borrower or otherwise as determined in the arbitration award. If a party is required to enforce an arbitral award by legal action of any kind, the party against whom such legal action is taken shall pay all reasonable costs and expenses and attorney’s fees, including any cost of additional litigation or arbitration taken by the party seeking to enforce the award. The place of arbitration shall be Chandigarh. The Courts in Chandigarh shall have exclusive jurisdiction to try and entertain any dispute proceedings arising out of these terms and conditions.
  24. INDEMNITY:- Borrower agrees to indemnify, defend and hold the Lender and its directors, officers and Representatives and all related parties harmless against any and all kinds of claims, losses, damages, and liabilities, costs and expenses, including and without limitation legal fees and expenses, arising out of or related to use or misuse of the Loan, any violation of these Terms and conditions, any falsification in these Terms and conditions or any breach of the terms, representations, warranties, and covenants made by the borrower.
  25. The Borrower declares that the information and data furnished by the Borrower to lender under these terms and conditions including schedules and annexure are true and correct. The borrower further undertakes to furnish the information to lender immediately in case of any change in the information.
  26. By accepting these terms and conditions, the borrower agrees to opt for receiving the SMS and Emails about products of the lender and its associate/sister concerns and collection calls.