Loan Against Mutual Funds Terms of Use
Please read the terms of use carefully before registering, accessing, or using the CheQ Insta Cash (defined below). These terms and conditions/Terms of Use, (hereinafter referred to as “ToUs”) govern Your loans taken against Mutual Funds and such other services that may be added from time to time under the CheQ Insta Cash services offered by Bitrocket Labs Private Limited having its registered office at No.112 A Block, 7th Mile Hosur Road, AKR Tech Park Krishna Reddy Industrial Area, Garvebhavipalya, Bengaluru, Karnataka, 560068, (“Bitrocket”). Bitrocket (“LSP”) is working in association with Bajaj Finance Limited (BFL/facilitator”), a Non-Banking Finance Company (NBFC) that has been authorised in this regard by the Reserve Bank of India (“RBI”) in accordance with the provisions of the Digital Lending Guidelines, 2023, Guidelines for Fair Practices Code for Lenders, 2003 and the regulations and directions issued by the RBI from time to time.
By proceeding to use the CheQ Insta Cash, You signify your consent to be bound by these ToUs in addition to agreeing to the Bitrocket Terms and Conditions (Main T&C), Privacy Policy, and BFL Terms and Conditions (collectively referred to as, the “Agreement”). By use of CheQ Insta Cash, You shall be contracting with Bitrocket and the Facilitator, and the Agreement will constitute a legally binding arrangement between You and Bitrocket. For the purpose of these ToUs, wherever the context so requires, the terms “You”, “User”, and “Your” refers to the Customer who registers for the CheQ Insta Cash on the CheQ app, and the terms “We”, “Our”, “Issuer” refers to Bitrocket/BFL. If you do not agree to the terms and conditions of the Agreement or do not wish to be bound by the terms and conditions of the Agreement, you may not use the services.
Eligibility Criterion
Be a resident of India and at least 18 years of age.
Meet the eligibility criteria of the lending partner, including income, employment, and credit history requirements for personal loans and credit lines.
Have a mutual fund portfolio that meets the lender’s requirements for loans against mutual funds.
Have a valid identity and KYC documents
Application and Loan Disbursal Process
The User may apply for a loan under the CheQ Insta Cash to get an instant loan against their Mutual Fund Portfolio. You can input your Registered Phone Number and PAN Details.
Based on the details filled in, verification will be done through MF Central. You may receive OTPs for CAMS and KFintech.
Post confirmation, You will receive the eligible Portfolio Units and Disbursal amount on your screen for selection.
After selecting the Units, You can complete the KYC through Digilocker, create NACH with Bank details, and pledge the selected funds.
Once the Mandate is created, the disbursal amount is approved, You will receive the funds within one working day.
Refund and Cancellation
The loan includes a cooling period of 3 days from the date of disbursal during which you can cancel the loan and return the funds.
Refunds will only be processed in accordance with the terms specified by the Lender.
General Terms and Conditions
You understand and agree that:
You are authorising Bitrocket to collect/obtain/retrieve and verify/check your identity and demographic details (Know your customer i.e. KYC details) from Digilocker, based on the details shared by You with us for the purpose of authentication and for providing CheQ Insta Cash services to you.
You hereby give your consent to receive sms/email from an agency authorised by it and Bitrocket on your registered number/email address;
Any charges related to the loan, including processing fees, late payment fees, or penalties, will be disclosed during the loan application process.
Repayment terms, including due dates, EMIs, and applicable interest rates, shall be communicated transparently.
Your data will be handled as per the Privacy Policy. By using CheQ Insta Cash, you consent to the collection, storage, and processing of your data by Bitrocket and its partners.
We do not make any representations or warranties regarding the specifics of the services that are proposed to be sold, offered, or availed on the Platform. We do not implicitly or explicitly support or endorse the sale or purchase of any products or services on the Platform. We accept no liability for any errors or omissions by third parties in relation to the services.
We are not responsible for any non-performance or breach of any contract, agreement, or understanding, in whatever form, between you and the Financial Institutions whose accounts are linked to the Platform. We are not required to mediate or resolve any disputes or disagreements between you and the Financial Institutions.
For any grievances, you may contact the Grievance Redressal Officer as detailed in the CheQ Insta Cash app.
Bitrocket reserves the right to terminate or suspend your account for breach of terms or misuse of services.
User Conduct and Responsibilities
You agree and undertake to sign an e-Agreement for the purpose of availing the loan facilities from the platform.
You agree to pay off your debts at any given time for any of the loans that You have taken from the platform
You agree and undertake to foreclose your loan in order to avoid incurring interest on the outstanding tenure.
You must ensure that your registered phone number has an active connection at all times and inform Bitrocket immediately in writing of any change, cancellation, disruption, termination, or surrender of the registered phone number.
You must immediately notify Bitrocket in writing of any closure of the bank account or CAMS/Karvy account linked with the platform.
You are required to designate a nominee when you avail yourself of the services. In the event of your death, any outstanding loan facilities or dues will be transferred to the nominee upon submission of the death certificate.
You are required to pay monthly charges and interest on time. Failure to do so authorizes the lender to deduct charges from your account as per the loan agreement.
You are responsible for ensuring the security of your password and account information. In the event of a stolen password/phone or unauthorized access, Bitrocket shall not be held responsible for resulting transactions.
You shall not impersonate any person or entity, falsely claim or otherwise misrepresent an affiliation with any person or entity, access the accounts of others without permission, forge another person’s digital signatures, or perform any other fraudulent activity.
You shall not misuse the services to defraud or engage in other unlawful activities (including without limitation dealing in products or services prohibited by law).
You shall not purchase anything (products or services) using fraudulent funds and shall not use these services for money laundering, tax evasion, or any other illegal activities.
You shall not use the funds in a manner that may result in complaints, disputes, imposition of fines, penalties, charges, or any other liability to Bitrocket.
You shall apply appropriate due diligence while using the services. Bitrocket shall not be liable for errors, omissions, or any sort of refunds to You under any circumstances.
Any web link found on the website to a third-party site is not an endorsement of that web link. By using or browsing any such other web link, you shall be subject to the terms and conditions in each such web-link and You should review such terms and conditions before using such Website/application.
Bitrocket shall send all customer communications by SMS/ email/ notification or any other communication mode and they shall be deemed to have been received by You after they have been submitted for delivery to the SMS/email service providers. You are required to review all such communication and report back to Us in case of any concern or query.
You agree to receive all transactional and promotional messages from Us. However, in case You do not want to receive promotional messages, You shall Opt-Out from receiving such messages by expressing Your consent on the Opt-Out option provided as part of such emails or via any other medium made available to You on app.
You acknowledge and accept responsibility for ensuring the successful completion of transactions and understand that notifications may not always reach you. Bitrocket, however, will accommodate requests to inform/update you about generated communications.
If you are found to be involved in a fraudulent transaction or fail to pay off your debts, we will issue a warning and provide you with a 7-day opportunity to settle the matter. The lender also reserves the right to impose penalty charges and take necessary action as per the loan agreement
You shall use the services in good faith and in compliance with all applicable laws and regulations and be solely responsible for payment of any taxes, duties, or other governmental levies or any financial charges that may be imposed on services purchased or otherwise arising from transactions.
You acknowledge that information provided to Bitrocket for availing of loan services may be used in compliance with applicable laws and shared with third parties to facilitate services.
You agree that We shall not be liable or responsible for any damages, liabilities, costs, harms, inconveniences, business disruptions, or expenditures of any kind that may occur or arise as a result of or in connection with any Transaction Risks. You are solely responsible for all of the terms and conditions of the transactions conducted on, through, or as a result of using any content, information, or other material provided on the Website. This includes, without limitation, terms regarding payment, returns, warranties, shipping, insurance, fees, taxes, title, licenses, fines, permits, handling, transportation, and storage.
In the event of a dispute with any party to a transaction, You agree to release and indemnify us (and our agents, affiliates, directors, officers, and employees) from all claims, demands, actions, proceedings, costs, expenses, and damages (including, without limitation, any actual, special, incidental, or consequential damages) arising out of or in connection with such a transaction.
Ownership & Proprietary Rights
You agree that you shall have no claims or rights of whatsoever nature in the intellectual property, including but not limited to any intellectual property rights arising out of and in connection with the Platform, Website, and/or the Company Services. You further undertake that you shall not attempt to modify, alter, obscure, translate, disassemble, decompile, or reverse engineer the software underlying the application or create any derivative product based on the software
Force Majure
Bitrocket will inform you of the existence of a Force Majeure Event and will consult with you to find a mutually acceptable solution.
Bitrocket will not be liable for any failure to perform any of our obligations under these Terms of Use or the specific terms and conditions if performance is prevented, hindered, or delayed by a Force Majeure Event. In such a case, our obligations will be suspended for as long as the Force Majeure Event continues.
Limitation of Liability
In no event shall We, our officers, directors, employees, contractors, agents, licensors, partners, or suppliers be liable to you for any direct, special, indirect, incidental, consequential, punitive, reliance, or exemplary damages (including, without limitation, lost business opportunities, lost revenues, or loss of anticipated profits, or any other pecuniary or non-pecuniary loss or damage of any nature whatsoever, including but not limited to abuse or breach of data), even if We or an authorized representative have been advised of the possibility of such damages, arising out of or relating to: these terms, the platform/website/app, your use or inability to use the platform/website/app, or any other interactions with another user in connection with the app.
Without prejudice to the foregoing, in no event shall our total cumulative liability to you for any and all claims relating to or arising out of your use of the platform, our services, and/or the website/application, regardless of the form of action, exceed the amount of the service fee charged by us for our services.
In no event shall we be liable to You (or to any third party claiming under or through You) for any indirect, special, incidental, consequential, or exemplary damages arising from your use of, or inability to use, the platform, our services, and/or the website/application.
These exclusions apply to any claims for lost profits, lost data, loss of goodwill, work stoppage, bugs and errors, computer failure or malfunction, or any other commercial damages or losses, even if We knew or should have known of the possibility of such damages.
Waiver
Failure to exercise or delay in exercising any right or remedy under these Terms of Use or by law does not constitute a waiver of that right or remedy, nor does it waive any other rights or remedies. No single or partial exercise of a right or remedy under these Terms of Use or by law prevents further exercise of that right or remedy or the exercise of any other right or remedy. Any waiver must be made in writing and signed by the party to be bound.
Disputes Resolution
Any disputes against the service and operation, if not resolved amicably, shall be referred for resolution as per the governing law and jurisdiction section below.
This Agreement and the rights and obligations thereunder and the relations of the parties and all matters arising under or in connection with this Terms of Use, including the construction, validity, performance, or termination thereunder, shall be governed by and construed in accordance with the laws of the Republic of India.
The existence of any dispute or difference or the initiation shall not postpone or delay the performance by the parties of their respective obligations under this Agreement. Notwithstanding anything contained herein, the parties shall have a right to institute legal proceedings to prevent any continuing breach and to seek an injunctive or any other specific relief.
Subject to and without prejudice to the amicable settlement, the courts in Bengaluru, Karnataka shall have exclusive jurisdiction to try and adjudicate all matters arising in connection with your use of the CheQ Insta Cash or other matters covered herein.
Electronic Record
This document is an electronic record in terms of the Information Technology Act, 2000, amendments thereof from time to time and the rules thereunder as applicable, and the amended provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000. This electronic record is generated by a computer system and does not require any physical or digital signatures.
<<CUSTOMER CONSENT FORM>>
By checking the 'I Accept' button at the end of this consent form or by submitting the one-time password ("OTP") sent by Bajaj Finance Limited ("BFL"), I hereby agree and acknowledge that I: (i) am at least 18 years of age, (ii) can understand, read and write in the English language, (iii) I confirm that I have not been declared insolvent and/or barred by any law from entering into a contract with BFL, (iv) I hereby declare that the bank account details furnished in this this application is an account operated solely by me and has RTGS/NEFT/IMPS facility enabled, (v) the details provided by me under this Consent Form are true and correct and legally binding on me. I also confirm that as on the date of acceptance of the Consent Form by me, there are/shall be no litigations including any criminal proceedings initiated or pending against me.
I acknowledge and agree that my action of entering the OTP sent by the BFL and/or clicking the 'I Accept' button constitutes a valid acceptance of the terms and conditions of the Consent Form by me.
Consent Form – Bajaj Finance Limited (“BFL”):
I declare that all the particulars and information provided by me which may be used for availing finance/loan from Bajaj Finance Limited (“Purpose”) are true, correct, complete and up-to-date in all respects and that I have not withheld any information whatsoever. I understand that any offer/details provided by BFL and BFL’s group companies/business partners/permitted assigns, affiliate / subsidiaries / agents / service provider / representatives / empanelled merchants (collectively referred to as “Assigns”) with respect to the Purpose/my eligibility for availing finance (“Eligibility”) is based on the information and details provided by me to BFL and BFL shall not be responsible or liable for discrepancy for the aforesaid offer/details pertaining to my Eligibility. Further, I understand and agree that the Eligibility and offers may vary from time to time in BFL’s sole discretion.
I authorize BFL to exchange, share all information and details as provided by me in furtherance of the Purpose and in relation to my existing loans and/or repayment history to its Assigns and any third party including but not limited to, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies, empanelled merchants, Central KYC Registry, Reserve Bank of India, GST Portal, CIBIL/CRISIL/any credit rating agency/credit information company, Information Utility, NSDL e-Governance Infrastructure Limited (NSDL)/ UTI Infrastructure Technology and Services Limited (UTIITSL) for customer verification, personalization of products or services, credit rating, data enrichment, marketing or promotion of BFL services or related products or that of its Assigns or for enforcement of your obligations and I shall not hold BFL/its Assigns liable for the use/sharing of the information as stated above. Further, in furtherance of the Purpose, I authorise BFL/its Assigns to seek/obtain any other information, relating to me, from any third party.
I hereby expressly authorize BFL/ its Assigns to send me transaction and/or promotional communications for the Purpose and/or to avail loans, insurance and other products from BFL/its Assigns /or third parties (collectively "Other Products") through telephone calls/SMSes/emails /bitly/bots/ in person communication etc. or through any other means of physical and electronic communication.
I undertake to keep BFL immediately updated of any change in the information provided by me in furtherance of the Purpose.
I understand and acknowledge that BFL/Assigns shall have the absolute discretion to determine my eligibility to avail BFL’s finance facility/third party products/services (as applicable). I acknowledge that filling an application for availing loan does not create a right or entitlement and BFL/its Assigns shall hall sole discretion to accept/reject my application and accordingly BFL and its Assigns shall not be responsible/liable in any manner whatsoever for not providing any of its products/services to me.
I further understand and agree that pursuant to the Purpose, I will be required to submit documents to the satisfaction of BFL/its Assigns and accept the terms and conditions/required formalities for availing the finance facility granted to me by BFL from time to time and the terms and conditions/ policies for purchase and use of the products/services of the Assigns (if any).
I understand that BFL may be required to share/transmit my information/data through physical/electronic means and that there may be risks/loss of information involved which are beyond the control of BFL and I shall not hold BFL/its Assigns liable for the same.
I understand and acknowledge that:
BFL employees/personnel/Assigns will not contact me directly for disclosure of any sensitive and personal information unless required for the Purpose. Hence, I am solely responsible to exercise proper due diligence to verify the identity of the individual(s) contacting me before disclosing any personal and sensitive personal data / information such as reaching out to BFL’s nearest branch or BFL’s official customer care number accessible on www.bajajfinserv.com for verification/before any disclosure.
I hereby waive off from making any claims / demands / compensation against BFL and its Assigns and shall be solely liable for disclosure of any personal/sensitive personal information without exercising proper due diligence at my end.
I shall undertake to only use the official website/links of BFL/its Assigns for availing products/services by inputting the domain information.
about the potential risk of data/privacy breach and I confirm that I shall be solely liable for any unauthorized disclosure/breach of data, etc and any direct/indirect losses suffered by me due to the same. Hence, I shall exercise utmost caution to ensure that my personal data/sensitive personal data (including but not limited to any passwords, financial information, account details, etc) are NOT shared/stored/made accessible through:
any physical means with or without my knowledge (disclosure to any person/third party; etc) and/or
through any electronic means, by exercising the following precautions/safety measures:
I shall always check if “https” appears in any website’s address bar before making any online transaction, to ensure that the webpage is encrypted;
I shall avoid using third party extensions, plug-ins or add-ons on my web browser, as it may result in the risk of tracking or stealing of my personal details;
I shall always type the information and not use the auto-fill option on web browser to prevent the risk of storage of my personal/sensitive personal information;
I shall NOT access darknet, unauthorized/suspicious websites, suspicious online platforms, download applications from unreliable sources.
I shall ensure to disable cookies before accessing any domain/website, to ensure that my personal information is not tracked by any third party, unless otherwise consciously permitted by me by accepting the same;
I shall NOT respond to any generic emails from an unknown/unidentified source;
I shall check the Privacy Policy of the website/application to know the type of information that may be collected from me and the manner in which it may be processed by the website/application before accepting/proceeding/transaction on any website/application;
I shall always verify and install authentic web/mobile applications from reliable source on my computer/laptop/tab/ipad/smartphone or any other electronic device;