In consideration of BVALUE Services Private Limited (herein after referred to as” Buddy Loan”, which expression shall include where appropriate its affiliates, successors and assigns), the user agrees to be bound by these Terms and Conditions as amended, supplemented and or superseded by Buddy Loan from time to time
These Terms and Conditions/Terms of Service applies to any kind of loan including but not limited to following Loans:
1. Personal Loan
2. Vehicle Loan
3. Consumer Loan
4. Other Loans [viz. Gold Loan, Home Loan, Business Loan, Marriage Loan, Medical Loan]
Supplemental terms may apply to specific Services, for example, arrangements for a specific occasion, movement or advancement, and such supplemental terms will be uncovered to you regarding the appropriate Service(s). Supplemental terms are in addition to, and shall be deemed a part of, these Terms for the purposes of the applicable Service(s). Supplemental and/or amended terms shall prevail over these Terms in the event of a conflict with respect to the applicable Services.
BVALUE Services Private Limited may, at its sole discretion, amend the Terms from time to time. Unless otherwise set out herein, amendments will be effective upon Buddy Loan’s posting of such updated Terms at this location or the amended policies or supplemental terms on the applicable Service(s). Your continued access or use of the Services after such posting constitutes your consent to be bound by the Terms, as amended.
1. Eligibility/Condition Precedent
Buddy Loan may grant or continue to grant the loan to the borrower if the following conditions are fulfilled or continued to be fulfilled. If You are an individual you must be at least 18 years old. If You are a non-individual you must be duly authorized (by such non-individual entity) to agree to these Terms.
- You must be a solvent.
- Notwithstanding the aforesaid, you represent and warrant that you are capable of entering into these Terms and performing the obligations set out here under.
- You must be citizen of India.
- You must be a human being to enter into these Terms. Any use of Buddy Loan System by ‘bots’ or other automated tools or methods is not permitted under this Agreement.
- Your application form shall have been accepted by Buddy Loan in the manner as prescribed by Buddy Loan.
- All the required documents legal or otherwise as may be required by Buddy Loan, shall have been completed and signed to the satisfaction of Buddy Loan.
- All the primary and secondary evidence of the document as demanded by Buddy Loan must be duly furnished.
- There shall exist no potential event for default and all representations and warranties contained herein and in the application form and in the loan agreement or elsewhere shall be true.
- All other conditions precedent as Buddy Loan may require or impose have been fulfilled to the satisfaction of Buddy Loan or otherwise have been duly compiled with.
2. Account Set Up
- Account registration requires you to submit certain information such as your name, address, mobile phone number and age and any unique identifier that may be issued to you by Buddy Loan.
- You agree that you have provided from start and maintained accurate, complete, and up-to-date information in your Account. Your failure to maintain accurate, complete, and up-to-date Account information may result in your inability to access and use Buddy Loan Systems and/or the Services and/or the final referral for banking or financial that you seek or result in Buddy Loan’ termination of this agreement with you.
Solely You are responsible for all activity that occurs under your Account, and You agree to maintain the security and secrecy of your Account username and password at all times.
Unless otherwise permitted by Buddy Loan in writing, you shall only use and operate one Account with Buddy Loan. You acknowledge and agree that any misuse of your Account for reasons not attributable to Buddy Loan shall be to your account and You will be liable for any and all liabilities incurred as a result of such misuse.
- The Service establishes Your entrance to Buddy Loan System, the check of information you have given on the Buddy Loan entryway and assessment by Buddy Loan of your credit worthiness, and subject to Buddy Loan determining (in its sole and absolute discretion) that it is appropriate, your ability to submit an application (“Credit Facility Application”) for short term credit facility (“Advance”) to a duly licensed entity who has partnered with Buddy Loan (“Buddy Loan Partner”) and use of such other functionalities of Buddy Loan System as permitted by Buddy Loan. For the avoidance of doubt, Buddy Loan is under no obligation whatsoever to reveal to you (including your nominees, heirs and successors) its assessment of your creditworthiness at any point in time.
- You acknowledge that Buddy Loan allows You to submit a Credit Facility Application on the basis of a determination made by and in such formats, methodologies and algorithms in Buddy Loan Systems only.
The Buddy Loan Systems undertake a dynamic evaluation of risk in relation to each Credit Facility Application submitted by You based on various factors including the amount of the Advance, the credit eligibility parameters and other requirements set out by the Buddy Loan Partner. Buddy Loan Systems may undertake a separate determination in relation to each Credit Facility Application made by you. Given the dynamic nature of the determination made by Buddy Loan Systems, You acknowledge that there is no assurance or guarantee that Buddy Loan shall allow You to submit a Credit Facility Application for each and every Advance that you seek to avail.
- You agree and accept that Buddy Loan or a Buddy Loan Partner may in its sole discretion, by itself or through authorized persons, advocate, agencies, bureau, etc. verify any information given, check credit references, employment details and obtain credit reports to determine creditworthiness from time to time.
- The Service does not guarantee that the Advance sought by You will be disbursed to You by the Buddy Loan Partner. Buddy Loan will make a preliminary determination of Your creditworthiness in relation to every Advance sought by You and submit its determination in this regard to the Buddy Loan Partner. The final decision on whether or not to grant You the Advance will rest with Buddy Loan Partner and will be made using Buddy Loan Partner’s credit decision processes and methodologies. Buddy Loan Partner is free to reject any recommendation made by Buddy Loan to it about processing of a Credit Facility Application or grant of Advance to You.
- Buddy Loan Partner will require You to submit further documentation, information and details as required under applicable laws and its internal policies prior to taking any decision about grant of Advance to You. When Buddy Loan Partner decides to grant an Advance to You, it shall require that You execute a loan/credit facility agreement (“Loan Documentation”) with it to record the terms of the arrangement.
- Repayment: You must repay the Advance along with all interest, charges and fees payable to Buddy Loan Partner in such manner as prescribed by Buddy Loan Partner as and when it becomes due.
Services of Buddy Loan is only limited to connect you to the credit providers and the Services of Buddy Loan ends the moment the Buddy Loan Partner is connected to You / You are connected to the Credit provider.
- Separate Transactions: You acknowledge that an Advance disbursed under the Loan Documentation is a distinct transaction between You and Buddy Loan Partner, independent of Buddy Loan’ Service. Any dispute between Buddy Loan Partner and you with respect to any Advance disbursed to You, must be directly settled between Buddy Loan Partner and you and that you will not include or seek to include Buddy Loan in such dispute, failing which Buddy Loan shall be at liberty to take any and all actions that may be available to it to protect its interests.
- Collection Authorization: You agree to allow Buddy Loan to send you payment reminders from time-to-time at such frequency and in such manner as permissible under applicable law. You further permit Buddy Loan to use (a) any User Generated Content; and/or (b) other information which you have granted Buddy Loan access to, for the purposes of enabling Buddy Loan to send payment reminders to yourself or to other persons who can be contacted by Buddy Loan through you whether or not such other persons are users of the Buddy Loan System to the extent permitted under applicable law. You expressly permit Buddy Loan to use any or all of the information provided or generated by you for Buddy Loan’s collections agency services in respect of (a) any credit facility you may have availed from any credit issuing entity, irrespective of whether or not Buddy Loan facilitated the obtaining of such credit facility as provided for elsewhere in this Agreement; or (b) any credit facility availed of by a third party from any credit issuing agency where Buddy Loan’ analysis determines that the information you have provided to Buddy Loan will enable it to contact such person by either (i) deriving contact information for such third party from the information provided by or generated by you and then contacting them directly; or (ii) by contacting you and requesting if you will be willing to share contact information for such third party or by requesting you to inform such third party that Buddy Loan is attempting to contact her/him.
- Network Access and Devices: You are responsible for obtaining the data network access necessary to use the Services. Your internet network providers (be it mobile network or fixed line) data usage rates and fees will apply if you access or use the Services from a wireless-enabled device. You are responsible for acquiring and updating compatible hardware or devices necessary to access and use the Services and Buddy Loan Systems and any updates thereto. Buddy Loan does not guarantee that the Services, or any portion thereof, will function on any particular hardware or devices. In addition, the Services may be subject to malfunctions and delays inherent in the use of the internet and electronic communications.
Subject to your compliance with these Terms, Buddy Loan grants You a limited, non-exclusive, revocable, non-transferable license in India to: (i) access and use the Buddy Loan Systems through your PC Framework or other portable specialized gadget solely in connection with your use of the Services; and (ii) access and use any content, information and related materials that may be made available through the Services, in each case solely for your personal, non-commercial use. Any rights not expressly granted herein are reserved by Buddy Loan and Buddy Loan’s licensors.
You may not :
- Use the Services except as expressly provided in these Terms.
- Provide any third parties with access to the Services.
- Use the Services to post, send, transmit or otherwise make available any unsolicited or unauthorized email messages, advertising, promotional materials, junk mail, spam, or chain letters.
- Remove any copyright, trademark or other proprietary notices from any portion of the Services.
- Reproduce, modify, prepare derivative works based upon, distribute, license, lease, sell, resell, transfer, publicly display, publicly perform, transmit, stream, broadcast or otherwise exploit the Services except as expressly permitted by Buddy.
- Decompile, reverse engineer or disassemble the Services
- Cause or launch any programs or scripts for the purpose of scraping, indexing, surveying, or otherwise data mining any portion of the Services or unduly burdening or hindering the operation and/or functionality of any aspect of the Services or Buddy Loan Systems or any other computer system including by introduction of any virus, Trojan horses, worms, time bombs or such material.
- Attempt to gain unauthorized access to or impair any aspect of the Services or its related systems or networks.
- Re-sell, grant any rights to third parties to the Services, lease, time-share, lend or rent the Services.
- Use the Services to host, display, upload, modify, publish, transmit, update or share any information.
- Belongs to any other Person and to which you do not have any right to;
- Is grossly harmful, harassing, blasphemous defamatory, obscene, pornographic, paedophilic, libellous, invasive of another's privacy, hateful, or racially, ethnically objectionable, disparaging, relating or encouraging money laundering or gambling, or otherwise unlawful in any manner whatever;
- Harms minors in any manner
- Infringes any patent, trademark, copyright or other proprietary rights;
- Violates any law which is in force
- Deceives or misleads the addressee about the origin of such messages or communicates any information which is grossly offensive or menacing in nature
- Impersonates another person (H) threatens the unity, integrity, defence, security or sovereignty of India, friendly relations with foreign states, or public order or causes incitement to the commission of any cognisable offence or prevents investigation of any offence or is insulting any other nation.
- Buddy Loan shall have the on-going right to monitor your use of the Services to the extent required to determine your compliance with the terms of these Terms.
User Generated Content
You understand that all User Generated Content, to the extent permitted by the Buddy Loan System, is the sole responsibility of the person from whom such User Generated Content originated. This means that you, and not Buddy Loan is solely responsible for any User Generated Content you upload, download, post, email, transmit, store or otherwise make available through your Use of the Service. Buddy Loan does not control the User Generated Content used in the Service, nor does it guarantee the accuracy, integrity or quality of such User Generated Content. You understand and agree that your Use of the Service and any User Generated Content is solely at your own risk.
User Generated Content means any information that may be generated or encountered through your Use of the Service, such as data files, device characteristics, written text, software, music, graphics, photographs, images, sounds, videos, messages and any other like materials.
You shall not use the Services to upload, download, post, email, transmit, store or otherwise make available any User Generated Content that is unlawful, harassing, threatening, harmful, tortious, defamatory, libellous, abusive, violent, obscene, vulgar, pornographic, explicit, invasive of another’s privacy, hateful, racially or ethnically offensive, or otherwise objectionable.
You are responsible for backing up, to your own computer or other device, any important documents, images or other User Generated Content that you store or access via the Service. Buddy Loan shall use reasonable skill and due care in providing the Service, but Buddy Loan does not guarantee or warrant that any User Generated Content you may store or access through the Service will not be subject to inadvertent damage, corruption or loss.
4. Limited Warranty
- You understand and acknowledge that certain risks are inherent in the transmission of information over the internet. By entering in to this agreement You have chosen to use the security measures provided by Buddy Loan even though other security measures are available. While Buddy Loan uses industry standard information security measures to protect the Service from viruses and malicious attacks, Buddy Loan does not represent or guarantee that the Service will be free from loss, corruption, attack, viruses, interference, hacking, or other security intrusion and Buddy Loan disclaims any liability relating thereto to the extent that such loss, corruption, attack, viruses, interference, hacking, or other security intrusion occur despite Buddy Loan using the information security measures. Buddy Loan warrants that, during the term of this agreement, Buddy Loan will employ commercially reasonable system security measures. Except as expressly set forth in this section, Buddy Loan makes no representation, warranty, covenant or agreement that its security measures will be effective and neither Buddy Loan nor its affiliates shall have any liability for the breach of its security measures, or the integrity of the systems or Buddy Loan’ computer servers, unless caused by the wilful misconduct or gross negligence of its employees.
- The Services are provided to you on an “as-is” and “as available basis”. Buddy Loan is not responsible for any failure of the telecommunications network or other communications links utilised to gain access to the Services. Buddy Loan does not represent that the Services will meet your requirements or that operation of the Services will be uninterrupted or error free.
- You further acknowledge that the Service is not intended or suitable for use in situations or environments where the failure or time delays of, or errors or inaccuracies in, the content, data or information provided by the Service could lead to death, personal injury, or severe physical or environmental damage.
- Buddy loan and its affiliates, subsidiaries, officers, directors, employees, agents, partners and licensors hereby disclaims and expressly waives all other, conditions, representations and guarantees, whether express or implied, arising by law, custom, oral or written statements of Buddy Loan or third parties including, but not limited to, any warranty of merchantability or fitness for particular purpose or of error-free and uninterrupted use or of non-infringement except to the extent expressly provided above (limited warranty). In particular, Buddy Loan and its affiliates, subsidiaries, officers, directors, employees, agents, partners and licensors make no warranty that (i) the service will meet your requirements. (ii) your use of the service will be timely, uninterrupted, secure or error-free.
5. Confidential Information
- In course of your dealings with Buddy Loan, either party may share and provide the other with access to its confidential and Proprietary Information (“Confidential Information”). Confidential Information may be disclosed either orally, visually, in writing (including graphic material) or by way of consigned items. The receiving party agrees to take all reasonable security precautions, including precautions at least as great as it takes to protect its own confidential information, to protect the secrecy of the Confidential Information. Confidential Information shall be disclosed only on a need-to-know basis. Except as provided herein, the parties agree to treat the same as confidential and shall not divulge, directly or indirectly, to any other person, firm, corporation, association or entity, for any purpose whatsoever, such information, and shall not make use of such information, without the prior written consent of the disclosing party. Confidential Information includes but is not limited to the Services, documentation, third party materials, business plans, business forecasts, financial information, customer lists, development, design details, specifications, patents, copyrights, trade secrets, proprietary information, methodologies, techniques, sketches, drawings, models, inventions, know-how, processes, algorithms, software programs, and software source documents.
6. Limitation of Liability
- IN NO EVENT SHALL BUDDY LOAN BE LIABLE, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE FOR ANY LOSS OF PROFITS, BUSINESS, CONTRACTS, OR REVENUES, LOSS OF OPERATION TIME, INCREASED COSTS OR WASTED EXPENDITURE, LOSS OF GOODWILL OR REPUTATION, SPECIAL, INDIRECT, INCIDENTAL PUNITIVE OR CONSEQUENTIAL DAMAGE OF ANY NATURE WHATSOEVER OR HOWSOEVER ARISING OUT OF THIS AGREEMENT;
You shall defend, indemnify and hold harmless Buddy Loan, it’s officers, directors, employees and agents, from and against any and all claims, damages, obligations, losses, liabilities, debts and costs (including reasonable attorneys’ fees), brought against Buddy Loan by third parties alleging that
- Your use of and access of the Service.
- Your violation of these Terms.
- Your violation of any third party right, including without limitation any copyright, property, or privacy right of Buddy Loan’ service providers or Partner.
- Any claim that the User Generated Content you submitted caused damage to Buddy Loan or Buddy Loan’ Partner.
- Any rules that are mandated by the central bank of India and any other central or state rules, laws, bylaws or regulations applicable to the Services hereunder to be followed. Your indemnification obligation under this Section 8 will survive termination of this Agreement and Your use of the Services.
You shall not assign this Agreement [without the prior written consent of Buddy Loan].
10. Arbitration and Governing Law
Irrespective of Your international placement the Parties hereby agree that this Agreement shall be governed by and construed in accordance with the laws of India, without regard to its conflict of laws principles. Any and all disputes that arise under this Agreement shall be subject to the exclusive jurisdiction of the competent courts in Bengaluru, India.
All notices and other communications made or required to be given under this Agreement shall be in writing and shall be deemed given upon receipt when sent through
- Personal service, to the address specified below:
BVALUE Services Pvt. Ltd.
21st Cross, 7th Sector,
HSR Layout, Bengaluru – 560102
- Registered post acknowledgement due, or
BVALUE Services Pvt. Ltd.
21st Cross, 7th Sector,
HSR Layout, Bengaluru – 560102
- email – email@example.com
If any of the terms, conditions or provisions contained in this Agreement are determined by any court of competent jurisdiction to be invalid, unlawful or unenforceable to any extent, such term, condition or provision shall to that extent be severed from the remaining terms, conditions and provisions which shall continue to be valid to the fullest extent permitted by law under the lawful circumstances.
No waiver of any breach of any provision of this Agreement shall constitute a waiver of any prior, concurrent or subsequent breach of the same or any other provisions of this Agreement. Further, no waiver shall be effective unless made in writing and signed by an authorized signatory of the waiving party.
14. Force Majeure
Buddy Loan will not be liable to the other for failure or delay in the performance of Services, if such delay or failure is caused by strike, riot, fire, flood, natural disaster, or other similar cause beyond its control.
Bvalue Services Private Limited provide the variety of products and services to our valuable users. It goes as follows:
- Buddy Marketplace- Buddy Marketplace is an electronic platform which acts as a communication bridge to connect our users with the sellers on the interested products promoted in the App. Bvalue Services Private Limited will not collect any amount from its app user for this service. All transactions done would be directly with the Seller and the App user on the Sellers Network and will not control over any element of such transactions and shall have no liability to any party in connection with such transactions.
- Buddy Club- Buddy Club is addon feature to the Buddyloan users to participate in exclusive offers promoted by partnered clients or affiliates. Bvalue Services Pvt. Ltd. Will not directly sell nor any of this products, only list the top offers to its app users.
- Buddy Trade- This is also and exclusive service offered to Buddyloan user to get connected with the best trading app which is signed as partner with Buddy loan. Any interested user will be directed to the trading app partner on real time to get the exiting offers.
- Buddy Points is a feature offered by Bvalue Services Pvt. Ltd. to its Buddy Loan users. A user of Buddy Loan will be gratified with Rs. 50 when he/she refers the Buddy Loan app to someone and the referral signs up & applies for a personal loan through Buddy Loan. The user can take the amount to their own Bank Account via Neft or UPI. This is a promotional activity done by Bvalue Services Private Limited and has all the rights to Suspend, Discontinue the Promotional with its sole discretion.
16. Credit Card & Other Financial Services
The user acknowledges and agrees that Buddyloan being an aggregator, will have the right to pass the leads of the interested users to partnered brands associated with Credit cards and other financial products, once the user shows interest in the service. The user further agrees to receive communications through calls/SMS/emails/other modes of communication from the partnered banks Such as Standard Chartered, HDFC, SBI, ICICI, Axis, Kotak, PNB, BOI, BOB, Indusland, Yes Bank etc, and other financial institutions regarding the credit card and other financial services. Our partnered brands have the authority to call the concerned user and help in getting the service approval based on the eligibility. All financial institutions and banks have the right to retain and use your information as required.
In this context, you agree and consent to receive all information/reports/statements/announcements at the communication mode given by you.
17. Entire Agreement
These Terms along with any supplementary terms or appendage as may be prescribed by Buddy/Buddy Loan Partner constitute the entire agreement between the parties pertaining to the subject matter contained herein and any addition to this or any other written or oral agreements existing between the parties or modifications to these terms shall have no force or effect unless expressly agreed to in writing or acknowledged in writing by Buddy.
Buddy Loan is solving the fundamental problem of providing to the fingertips a quick, convenient and transparent access to credit in India.
Any modifications to these terms and conditions shall be updated on this page of Buddy Loan with the date of update, you shall be required to visit the Terms and Conditions and acquaint yourself with the Terms and Conditions from time to time and Buddy Loan shall not be liable to intimate you upon any update or modification of hereunder.
This Terms and conditions was last updated on: 29 Sep 2022
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