IMPORTANT: ICEMoney Technologies Private Limited, a company incorporated under the laws of India and has its registered office at, Unit 6, No 47, North Boag Road, T Nagar, Chennai – 600017 (hereinafter referred to as the “Company”, “We”, “Us”, “Our”) has developed and solely owns a mobile finance software application called “ICEmoney Loan App” (“App”, which expression shall include future releases of the application). Company makes the App available for download and use on mobile phones to as the end-users of the App (hereinafter referred to as “User”, “You”, “Your”), subject to these Terms of Service.

The Company also operates a website at icemoney.in (“Website”) for marketing and information purposes only. It is clarified that the Company does not use the Website for any purpose other than the said purposes. The App and the Website are hereinafter collectively referred to as the “Platform”.

The terms and conditions contained herein and the terms and conditions of use of the Website are hereinafter collectively referred to as “Terms”.

These Terms shall constitute a binding contract between Company and You when You download or use the Platform. By clicking the “I Agree” button on the Platform, You hereby undertake that You have  read, understood and accepted these Terms and acknowledge that together with the Privacy Policy (as defined in these Terms), these Terms constitute the entire rights, obligations and remedies in respect of Your use of the Platform.

If You do not agree to these Terms You must not proceed to download the Platform.

Without prejudice to any other specific requirement which may be laid out in these Terms, Your use of the Platform and specifically, Your acceptance of these Terms as aforesaid shall be deemed to be a representation from You that You are above 18 years of age, or possess legal parental or guardian consent, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in these Terms, and to abide by and comply with these Terms.

THE COMPANY IS NOT A LENDER (AS DEFINED BELOW) AND DOES NOT PROVIDE ANY LOANS OR OTHER CREDIT FACILITIES (AS DEFINED BELOW). THE COMPANY IS MERELY OPERATING THE APP TO FACILITATE YOUR APPLICATION TO AVAIL THE CREDIT FACILITIES.

Headings of clauses are only for convenience and are not intended to be used to interpret the contents thereunder. Please read these Terms in full.

I. Description of the App

The Company owns and operates the App that facilitates provision of Services as more specifically detailed herein below.

The Company is a private limited company registered under Companies Act, 2013. The Company is merely an intermediary and does not directly provide any financial services to the Users. It is not an organization registered with the Reserve Bank of India, nor Financial Institution under the Companies Act, 2013 or the Banking Regulation Act, 1949 or any other laws for the time being in force in India or a deposit taking company or a chit fund or a company offering any investment schemes as per the rules and regulations for the time being in force in India.

II. Applicability of the Terms

By clicking the “I Agree” button on the Platform, You hereby give Your unconditional consent to;

These Terms including the paragraphs at the commencement of these Terms and titled “IMPORTANT”.

The “Privacy Policy” available on the Platform and incorporated herein by reference. Click here to view the Privacy Policy.

Any other notice, disclaimer, policy, or term of use, by whatever name called, which may apply to the use of the Platform from time to time.

These Terms may be amended at any time by the Company. All such amendments shall be binding on after the amended Terms are made available on the Platform. If You do not agree with any such modification, Your sole and exclusive remedy is to terminate Your use of the Platform with no liability to the Company. Notwithstanding the foregoing, if You have availed any of the Services as detailed in these Terms, the Terms including the modified terms shall continue to apply to the extent of and in relation to the Services availed.

Although the Company may attempt to notify You when major changes are made to these Terms, it shall be solely Your responsibility to read and understand the most up-to-date version of the Terms on the Platform. Nothing in these Terms shall be deemed to confer any third-party rights or benefits.

III. Account

If You wish to use the App, You are required to maintain an account with the Company and will be required to furnish certain information and details, including Your name, email id, contact number and any other information deemed necessary by the Company. You are responsible for maintaining the confidentiality and security of Your account, password, activities that occur in or through Your account and for restricting access to Your computer to prevent unauthorized access to Your account. You agree to accept responsibility for all activities that occur under Your account or password. You should take all necessary steps to ensure that the password is kept confidential and secure and should inform Us immediately if You have any reason to believe that Your password has become known to anyone else, or if the password is being, or is likely to be, used in an unauthorized manner. Please ensure that the details You provide Us with are true, correct, accurate and complete. Upon the Company gaining knowledge of having any reasonable suspicion that the information provided by You is wrong, inaccurate or incorrect, the Company shall immediately terminate Your account without any notice to You in this regard. In the event of any changes or updates to the information shared by You at the time of registering Yourself on the App, You shall be responsible to forthwith notify the Company of the said changes. You can access and update the information You provided Us on the ‘dashboard’ area of the Your account after You log-in or by writing to Us at contact@icemoney.in. If You fail to notify Us of any changes in the information shared with Us, the Company will continue to use Your information already available with Us. The right to use this App is personal to the User and is not transferable to any other person or entity.

You shall, at all times, abide by the Terms & Conditions stated herein and any breach of the same may also lead to the Company terminating Your account and appropriate civil and criminal remedies will be sought against You as provided under the laws of India.

IV. Services

The Company provides the following services through the App (“Services”):

1. Facilitation of Lending Services

The Company facilitates the provision of personal loans, purchase finance (“Smart Pay”), business loans and other credit facilities (“Credit Facilities”) offered by NBFCs and Banks partnered with the Company (“Lender(s)”) to potential borrowers. Users acknowledge that the Company is only and intermediary and owns and operates the App for facilitating the provision of Credit Facilities offered by Lenders to Users. The Company performs these Services as a lending service provider to the Lenders and does not provide any financial services to the Users. The Credit Facilities may be extended by a Lender individually or by any two Lenders jointly as a co-lent loan. 

Pursuant to this Service, the Company collects various information from the Users as may be required by the Lenders and as detailed in the Privacy Policy. Based on the information shared by the User, the App reflects the Credit Facilities that the User is eligible to avail and the Lenders that offer the said Credit Facility. The Company, via the App, facilitates completion of the loan application form, collection of KYC documents and acceptance of the loan agreement provided by the Lender(s) for availing the Credit Facility.

The User expressly acknowledges that Company is only an intermediary facilitating the provision of Credit Facilities and is not a financial institution. The Company does not provide any guarantee on whether a Credit Facility will be granted to the User. On receipt of the loan application, the decision on whether a Credit Facility will be provided to the User solely vests with the Lender(s). Accordingly, the Lender(s) may accept or reject a loan application at their sole discretion without any obligations to clarify the reasons for their decision.

In case of a personal loan or a business loan, once the loan is approved by the Lender(s), the funds are transferred directly by the Lender(s) to the bank account of the User. In case of Smart Pay, on approval of Credit Facility, the funds are directly transferred by the Lender(s) to the bank account of the merchant from whom the User purchased the relevant goods and/or service and selected to pay for the said goods and/or service through the Smart Pay option. 

If You avail any services from the Lender(s) through the App, please refer to the privacy policy of such Lender(s). Your relationship with the Lender(s) is governed solely by privacy policy, and loan agreements executed between You and the Lender(s). In such cases, You are contracting a service directly with Our Lender(s). We accept no responsibility for the provision of Credit Facilities or its consequences. We are not liable for any losses that may occur as a result of the acts or omissions of the Lender(s).

2. Loans against Agriculture Produce

The Company may refer You to its partnered NBFCs and Banks for the provision of agriculture loans and/or loans against agriculture produce to You. In this regard, You hereby acknowledge and understand that the Company merely acts as a lead generator for such partnered NBFCs and Banks. In furtherance of the foregoing, the Company may share Your information with such partnered NBFCs and Banks subject to Our Privacy Policy. You hereby acknowledge and agree that the Company does not facilitate any portion of the services provided by such NBFCs and Banks with regard to agriculture loans and/or loans against agriculture produce, provided to You.  You understand and agree that such loans shall be provided to You at the sole and absolute discretion of the partnered NBFC or Bank subject to credit appraisal, eligibility check, rates, charges and other terms. The terms of Your agriculture loan/loans against agriculture produce shall be governed solely by terms of use and privacy policy, and other agreements executed between You and the partnered NBFC or Bank which has provided You such facility. You also acknowledge and agree that, in the course of availing agriculture loan/loans against agriculture produce from Our partnered NBFCs or Banks, You may be required to deposit Your original agriculture storage bond/warehouse receipt documents with such partnered NBFCs or Banks as a security. In such instances, the Company shall not be responsible or liable for the safe custody and return of such documents. In addition to the foregoing, You hereby acknowledge and agree that the Company shall not be responsible or liable for any acts or omissions of partnered NBFCs and Banks with regard to the services provided by them including but not limited to compliance with applicable laws. 

3. Home Loans and Loans Against Property

The Company may refer You to its partnered NBFCs and Banks for the provision of home loans and/or loans against property to You. In this regard, You hereby acknowledge and understand that the Company merely acts as a lead generator for such partnered NBFCs and Banks. In furtherance of the foregoing, the Company may share Your information with such partnered NBFCs and Banks subject to Our Privacy Policy. You hereby acknowledge and agree that the Company does not facilitate any portion of the services provided by such NBFCs and Banks with regard to home loans and/or loans against property, provided to You.  You understand and agree that such loans shall be provided to You at the sole and absolute discretion of the partnered NBFC or Bank subject to credit appraisal, eligibility check, rates, charges and other terms. The terms of Your home loan/loans against property shall be governed solely by terms of use and privacy policy, and other agreements executed between You and the partnered NBFC or Bank which has provided You such facility. You also acknowledge and agree that, in the course of availing home loan/loans against property from Our partnered NBFCs or Banks, You may be required to deposit Your original property documents with such partnered NBFCs or Banks as a security. In such instances, the Company shall not be responsible or liable for the safe custody and return of such documents. In addition to the foregoing, You hereby acknowledge and agree that the Company shall not be responsible or liable for any acts or omissions of partnered NBFCs and Banks with regard to the services provided by them including but not limited to compliance with applicable laws. 

4. Fixed Deposits 

You may open and operate Fixed Deposit (“FD”) accounts with various banks or financial institutions through the Platform. For this purpose, please note that the Company merely acts as a facilitator wherein it will facilitate the booking of FDs through SDK or API integration with a third-party business correspondent, direct selling agent (“Partnered FD Facilitator”) or a financial institution. The Partnered FD Facilitator in turn have partnered with other financial institutions for provision of FD services to You. You hereby acknowledge and understand that the Company merely manages and operates the Platform and enables such Partnered FD Facilitator to offer the FD services of various financial institutions to You. You hereby acknowledge and agree that the Company does not facilitate any portion of the services provided to You vide the opening and operation of Your FD account(s) with such financial institutions. In addition to the foregoing, You hereby acknowledge and agree that the Company shall not be responsible or liable for any acts or omissions of the Partnered FD Facilitator or the financial institutions with which You open and operate your FD account(s). For further information on the FD related services provided to You on the Platform, please visit the App for detailed FAQs. 

5. Digital Gold

You may purchase digital gold through the Platform. For this purpose, the Company acts as a facilitator and has partnered with third parties (“Digital Gold Provider”) to make digital gold available to You on the Platform. You hereby acknowledge and understand that the Company merely acts as a facilitator between You and the Digital Gold Provider, and any and all terms in relation to the purchase, redemption or exchange of the digital gold product by You, from the Digital Gold Provider, shall be governed by the terms agreed between You and the Digital Gold Provider, to the exclusion of the Company. We provide no assurances that We will be able to intervene on Your behalf with Our Digital Gold Provider in relation to any disputes and/or grievances that You may have in relation to the digital gold product, and We disclaim all liability in relation to any claims, disputes, damages, of any nature (whether direct, indirect, actual or consequential), arising out of or in relation to or in connection with any digital gold product that You may purchase from the Digital Gold Provider. For further information of digital gold related services provided to You on the Platform, please see the FAQs on our App.

6. Digital Savings Bank Account 

The App enables You to open a savings bank account (“SB Account”) with Banks that are licensed to operate by the RBI and have partnered with the Company (“Partner Bank”). The User may also transact using the SB Account opened with the Partner Bank and also view the account statement as provided by the Partner Bank through the App. 

The User acknowledges that the Company is only an intermediary providing a technology interface to the User to open and operate the SB Account with a Partner Bank and does not have any access to the SB Account or the money credited therein. 

The User shall be required to accept and be bound by the terms and conditions governing the use of the SB Account as may be specified by the Partner Bank. 

7. Pro-Saver Account (FD & OD Facility Product)

The pro-saver account is a product offered by the Partner Bank wherein all amounts available in the pro-saver account once the balance in the account is equal to or greater than a specified threshold communicated by the Partner Bank is auto-swept (“Threshold”) at the end of each day (or such other frequency as may be determined by the Partner Bank) to create a fixed deposit (FD) (“Pro-Saver Account”).

Users who wish to be onboarded to a Pro-Saver Account must open an SB Account with the same Partner Bank. Terms and conditions of the Partner Bank that are applicable to the SB Account shall also be applicable to the Pro-Saver Account and shall be binding on the User.

The transfer of funds from the Pro-Saver Account for creation of FDs shall be triggered on amounts equal to or in excess of the Threshold available in the Pro-Saver Account. In the event the balance in the Pro-Saver Account is less than the Threshold value, the amounts shall not be utilised to create an FD.

As the amounts specified under Clause 8.1 above will be transferred to create an FD, the User acknowledges that more than one FD can be created by the Partner Bank and linked to the same Pro-Saver Account. Notwithstanding multiple FDs created under this scheme, the App shall reflect only the aggregate amounts held in multiple FDs created for the User in a consolidated form.

The User shall receive an interest subject to the tenor of the FD and the terms and conditions as may be provided by the Partner Bank for the FDs created pursuant to these Terms and Conditions. The interest rate applicable to the FDs shall be displayed in a consolidated manner in XIRR format.

The Privacy Policy of the Company available here details the information that will be accessed by the Company for providing the services and the User is advised to read and accept the terms of the Privacy Policy to use this Service.

Overdraft Facility (OD) 

The User shall further be eligible to avail an overdraft facility from the Partner Bank based on the FDs created and subject to the terms and conditions for such overdraft facility as may be provided by the Partner Bank from time to time (“OD Facility”).

The OD limit to be granted to the User shall be subject to the value of the FDs created for the User. The limit for the OD shall be solely determined by the Partner Bank and such limit may be modified by the Partner Bank from time to time.  

The User will be permitted to transfer all amounts towards the OD Facility granted by the Partner Bank to other accounts of the User through the App.

If a User withdraws more than the limit set for the OD Facility from the Pro Saver Account, all the FDs created will be liquidated by settling the utilized amount towards the OD Facility. Balance amounts will be transferred to the SB Account of the User. Users can then transfer the funds to any bank account of their choice by adding such account as a payee to the SB Account vide the App.

In case of utilization of the OD Facility, Users will be charged an interest at a rate equivalent to interest rate offered by the Partner Bank on the FD. As there may be multiple FDs created, the rate of interest on the OD