Terms & Conditions

Last updated: November 01, 2024

In consideration of RBS Nidhi Limited (herein after referred to as "Buddy Finance", 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successors and assigns), the user agrees to be bound by these Terms and Conditions as amended, supplemented and or superseded by Buddy Finance from time to time

These Terms and Conditions/Terms of Service applies to any kind of loan including but not limited to following Loans:

• Personal Loan
• Business Loan

These terms of use (hereinafter the "Terms") establish an agreement between Buddy Finance having its principal place of business at Flat No 61qube, Plot IID/31/1 Flat No 612, Blk 1, Qube, Newtown, Kolkata - 700135, West Bengal, India and you and shall govern your use of Buddy Finance proprietary risk evaluation and measurement software system ("Buddy Finance System") and the services set out in these Terms ("Service") rendered by Buddy Finance.

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.

RBS Nidhi Limited may, at its sole discretion, amend the Terms from time to time. Unless otherwise set out herein, amendments will be effective upon Buddy Finance'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. General

Buddy Finance acts as a mediator between a Bank or Non-Banking Financial Company (NBFC) authorized by the Reserve Bank of India (Financial Partner or Lender) that is willing to provide loans and Users who want to avail themselves of financial products. The ultimate decision on lending and borrowing depends on the preferences of the Financial Partner and the Users, who act as lenders or borrowers.

Buddy Finance is a privately owned company that operates under the guidelines of the Companies Act, 2013. Its main role is to serve as a facilitator by providing a platform for individuals who require financial products. However, Buddy Finance does not directly offer any financial services to its users. Instead, it functions as a marketplace, connecting borrowers with partner Lenders who provide lending and financial services. It's important to note that Buddy Finance is not registered with the Reserve Bank of India, nor is it considered a Financial Institution under the Companies Act, 2013 or the Banking Regulation Act, 1949, or any other applicable laws in India. Additionally, it is not a deposit-taking company, chit fund, or a company offering investment schemes in accordance with the current rules and regulations in India.

If you decide to take advantage of any of the financial products showcased on the platform, you will need to provide specific information. Afterward, our representatives will reach out to you via phone or email to gain a better understanding of your needs and preferences. This communication will allow us to assist you further in finding the most suitable financial product for your requirements.

Buddy Finance offers a range of services, which include but are not limited to the following:

• Financial Product Access: Buddy Finance provides a platform that allows users to access a variety of financial products such as loans, insurance, investment opportunities, and other related services.
• Partner Lender Connection: The platform facilitates the connection between borrowers and partner lenders, enabling users to explore lending options and connect with financial institutions that offer suitable loan products.
• Loan Application Assistance: Buddy Finance assists users in the loan application process by providing guidance, collecting necessary information, and facilitating the submission of loan applications to partner lenders.
• Financial Product Comparison: The platform offers tools and resources to compare different financial products, helping users make informed decisions based on factors such as interest rates, terms and conditions, fees, and eligibility criteria.
• Financial Consultation: Buddy Finance may provide financial consultation services to users, offering advice and guidance on financial planning, investment strategies, and other related matters.
• Customer Support: The platform offers customer support services to address user inquiries, provide assistance, and resolve any issues related to the services provided.

It's important to note that while these services are provided by Buddy Finance, the final decisions regarding lending and borrowing are subject to the choices made by the users and the partner lenders.

Buddy Finance, in order to provide the Services mentioned above, will utilize and share the User's information with multiple lenders and other relevant parties as necessary. This is done with the intention of facilitating the services mentioned earlier. Buddy Finance may also conduct multiple credit checks to ensure that the best available offers are presented to suit the Users' needs. The collection, storage, use, and transfer of the information shared by the User will be governed by the Privacy Policy in place.

1. In case the login department is not able to solve the queries of customers with accuracy, dedication, and responsibility, then the company will cancel the login department agency.

2. The loan process of customers can take more days due to any festival.

3. The Privacy Policy and Terms & Conditions are also applied to marketing and advertising.

4. If the person has a GST number, they can add it to their portal - and the company will provide them with a GST Return.

5. The company uses blogs for advertisement purposes and that content could have been of any third-party - so the company takes no guarantee for that content/information to be accurate or correct.

6. In case a customer has any dispute/query/problem regarding the company's policy, products or service, they will have to accept the solution stated/communicated by the company.

7. If customers, employees, etc., or any other party has a problem with the company then they have to inform that problem to our company through notice; so, we can try to give you a solution of that but after that, any of them want to take legal action then they have to inform the company through notice. Only then, the legal process will be started.

8. In case any customer, employee, etc., or any third party has a dispute/problem/misunderstanding with the company, the company holds exclusive rights for taking the final decision over the concerned issue and the concerned person has to accept the solution given by the company.

9. The Company can change the Terms & Conditions at any instance and the same would be effectively applied to all the departments.

10. Once a customer has availed the services of the company, the company can use the customer's names and photographs for displaying company testimonials on any platform.

11. The OTP, documents and cheques asked by the company's employee are for loan purposes - if any issue/problem arises in future, the company won't be responsible for the same.

12. During any process on the website, if there is any kind of mistake that happens due to the software or website technical problems, the final decision on such disputes can only be taken by the company and it has to be accepted by anyone concerned.

13. The authorized person of the company can change any rules and regulations anytime. All the concerned people shall remain regularly updated with the company's terms and conditions and has to accept them without any conditions.

14. All the commitments made by the company's employees (any employee/person from the company), telecallers, or salespersons, etc. should be cross-checked by any concerned person (customer/user) from the Terms & Conditions section of rbsloan.in before using any service of the company. Only the terms and conditions and the rules and regulations mentioned on the company website will be considered official.

15. The terms, criteria, and information behind any of the company's promotional content (social media ads, banners, SMS, advertisements, emails, etc.) are mentioned in the Privacy Policy and Terms & Conditions sections of the website. Any user, customer, employee, etc., or any other concerned person shall check and accept all the rules and regulations before using the services of the company.

16. If any Customer Referral's customer gets a refund (due to any dispute like payment gateway problem or any other issue) then the referral payout will not be provided (if provided, it would be deducted from the next payout of the customer referral).

17. While generating the payout for Customer Referrals, the company uses a third-party payment gateway. So, in case the payout is stuck and put on hold due to any payment gateway issue (or any other issue), then the payout would be delayed and all the terms and conditions of the third-party payment gateway would be applied. In such cases, the payout will be released only when the third-party payment gateway releases the stuck payment. In case of a payout dispute with any bank, the bank's criteria will be applied and the payout will be released only when the bank approves the payment.

18. In case of a dispute between the company and any concerned person (user, customer, customer referral, etc.), their account will be disabled immediately by the company. In such instances, the user would be needed to contact the company for any query.

19. Though in the company's promotional content it might be mentioned/communicated/displayed that a person can get a personal loan in just 30 minutes or a business loan in just 48 hours, the actual loan processing time depends on the rules and regulations of various banks (or the concerned bank). Every customer or any other user must accept this clause and consider the bank's loan processing time only.

20. All the rates, figures, and information related to loans used in the promotional content of the company are general and for promotional purposes. The final details and specifics of the loan in terms of the loan amount, interest rate, repayment tenure, loan processing fees, loan insurance, etc., depends solely on the customer profile and the rules and regulations stated by the concerned bank. The final loan details depend on the criteria set by the concerned bank(s).

21. RBS Nidhi Limited's company name, logo, content, business concept, software and system, pattern, website structure and design, and business process and offers are copyrighted with the company. In case any individual, organization, group uses/copies any of the aforementioned by even 1%, legal action may be taken against them.

22. In case any person (customer, employee, etc.) is involved in any of the company's processes then the company is fully authorized to record the phone calls with that person.

23. If a person has applied for a loan in our company and if any external person/organization/group does fraud (like taking money or any sort of fraud) with that person, the company takes no responsibility for any sort of loss faced by that person.

24. If any customer data & information, KYC documents, or OTP is misused in future by any third-party, our company and its directors, employees, channel partners, or associate partners, cannot be held responsible for the same in any matter whatsoever including any loss, harm, or damage due to the usage of information from the portal. Customers are advised to bring in their own discretion in such matters. The information provided on the website is of financial nature. It is a mutual understanding that customers association with the website will be at the customer's will, preference and risk.

25. If any customer's documents are found to be fraud by the bank/financial institution or there's any sort of an issue with any customer's repayment of the loan to the banks/financial institution - then these matters have to be solely between the customer and the bank/financial institution. Our company and its directors, employees, channel partners, or associate partners cannot be held responsible in such cases. If the customer documents are found to be fake and fraud and are used anywhere for any purpose, the company cannot be held responsible for the same.

26. If any third-party gets a loan approved on someone else's identity and documents, then our company and its directors, employees, channel partners, or associate partners cannot be held responsible.

27. If any of the company's customers or any third-party wants a legal course, action and proceedings with the company, then only the company's legal team can be involved. There will absolutely be no involvement of the company's directors, channel partners, associate partners, or employees in any legal proceeding. For any legal action or proceeding involving our company, Kolkata, West Bengal shall remain the only jurisdiction.

2. Eligibility

The User of this Platform unequivocally declares and agrees that the User is a natural / legal person who has attained the age of at least 21 years and is legally allowed to enter into a contract in India. The User is allowed to utilize the services of the Company in accordance with the terms and conditions detailed under these Terms & Conditions. By registering on the Platform, the User hereby undertakes to agree and abide by the Terms & Conditions detailed herein. If the User violates any of these Terms & Conditions, or otherwise violates an agreement entered into through the medium of the Platform, Buddy Finance may terminate the User’s membership, delete his/her profile and any content or information posted online by the User on the Platform and / or prohibit the User from using or accessing the Platform at any time in its sole discretion, with or without notice, including without limitation if Buddy Finance believes that the User is under the age of 21 years.

3. Indemnity

You shall defend, indemnify and hold harmless Buddy Finance, it's officers, directors, employees and agents, from and against any and all claims, damages, obligations, losses, liabilities, debts and costs (including reasonable attorney's fees), brought against Buddy Finance 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 Finance service providers or Partner.
• Any claim that the User Generated Content you submitted caused damage to Buddy Finance or Buddy Finance 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.

4. Acceptance of Terms and Conditions

As a User of this Platform, You have agreed to the Terms & Conditions that Buddy Finance has provided hereunder or anywhere else on this Platform including but not limited to disclaimers on the Platform. You are advised to read and understand the said Terms & Conditions and in case You do not wish to agree to these Terms & Conditions, please refrain from using the Platform.

Buddy Finance reserves the right, at its sole discretion, to change, modify, add or remove portions of these Terms and Conditions, at any time. Any changes made to these Terms and Conditions will be communicated to the email address of the User maintained in our records, within a reasonable time from the date of modification. Buddy Finance does not take responsibility in case the email address provided by the User is either incorrect or does not belong to the user. The User’s continued use of the Platform following the notification of modification of these Terms and Conditions will be construed to mean the acceptance by the User of the modified Terms and Conditions.

5. Your Account

If You wish to use the Platform, You are required to maintain an account and will be required to furnish certain information and details, including Your name, email id, contact number and any other information deemed necessary by Buddy Finance. 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 Buddy Finance gaining knowledge of having any reasonable suspicion that the information provided by You is wrong, inaccurate or incorrect, Buddy Finance shall immediately terminate Your account without any notice to You in this regard. In the event of any changes to the information shared by You at the time of registering Yourself on the Platform, You shall be responsible for forthwith notifying the said changes to Us. You can access and update most of the information You provided Us on the ‘dashboard’ area of the Your account after You log-in or by writing to us at support@buddyfinance.in. If You fail to notify Us of any changes in the information shared with Us, Buddy Finance will continue to use your information already available with Us. The right to use this Platform 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 Buddy Finance terminating Your account and appropriate civil and criminal remedies will be sought against You as provided under the laws of India.

6. Privacy

You understand that by using the Service, you consent and agree to the collection and use of certain information about You and your Use of the Service in accordance with Buddy Finance Privacy Policy and these Terms. Buddy Finance Privacy Policy applies to all Your information collected under these Terms. You further understand and agree that this information may be transferred to the other countries for storage, processing and use by Buddy Finance, its affiliates, and/or their service providers in accordance with applicable law.

7. License and Access

Buddy Finance grants You a limited license to access and use the Platform for availing the Services, but not to download any material from it (other than page caching) or modify it, or any portion of it, except with express written consent of Buddy Finance and / or its affiliates, as may be applicable. Any unauthorized access to the Platform or any networks, servers or computer systems connected to the Platform and any attempt to modify, adapt, translate or reverse engineer any part of the Platform or re-format or frame any portion of the pages of the Platform is not permitted. This license is non-transferable and does not permit any resale or commercial use of this Platform or its contents; any downloading or copying of account information for the benefit of anyone other than Your authorized use; or any use of data mining, robots, or similar data gathering and extraction tools. This Platform or any portion of this Platform (including but not limited to any copyrighted material, trademarks, or other proprietary information) may not be reproduced, duplicated, copied, sold, resold, visited, distributed or otherwise exploited for any commercial purpose without express written consent of Buddy Finance and / or its affiliates, as may be applicable. Any unauthorized use of the Platform shall terminate the permission or revoke the license granted by Buddy Finance.

8. Monitoring of the Platform and Your Account

Buddy Finance has the right and liberty to monitor the content of the Platform at all times which shall include information provided in your account. The monitoring of the Platform is important to determine the veracity of the information provided by you and that every User remains in consonance with the Terms and Conditions provided herein. Subject to the Terms and Conditions mentioned herein Buddy Finance shall also have the liberty to remove any objectionable content which is in contravention of the Terms and Conditions herein or share such information with any governmental authority as per procedures laid down by the law for the time being in force in India.

9. Service Suspension

Buddy Finance may wish to stop providing the Services and may terminate use of the Platform at any time without giving notice of termination to You. Unless Buddy Finance informs the User otherwise, upon any termination, (a) the rights and licenses granted to You in these Terms & Conditions will end; and (b) User must stop using the Platform. Buddy Finance reserves the right to suspend or cease providing any Service and shall have no liability or responsibility to the User in any manner whatsoever if it chooses to do so.

10. Prohibited Uses

In addition to other prohibitions as set forth in the Terms & Conditions, You are prohibited from using the Platform: (a) for any unlawful purpose; (b) to solicit others to perform or participate in any unlawful acts; (c) to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances; (d) to infringe upon or violate our intellectual property rights or the intellectual property rights of others; (e) to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; (f) to submit false or misleading information; (g) to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the Internet; (h) to collect or track the personal information of others; (i) to spam, phish, pharm, pretext, spider, crawl, or scrape; (j) for any obscene or immoral purpose; or (k) to interfere with or circumvent the security features of the Service or any related website, other websites, or the Internet. We reserve the right to terminate Your use of the Service or any related website for violating any of the prohibited uses.

11. Refund & Cancellation Policy

Any extra payment made by the User will be refunded within 30 days following the reconciliation of accounts by Buddy Finance. However, once the User has received the loan amount in their bank account, the service cannot be canceled.

12. Limitation of Liability and Disclaimer of Warranties

Notwithstanding anything to the contrary contained under these Terms & Conditions, neither Buddy Finance nor its affiliated companies, subsidiaries, officers, directors, employees or any related party shall have any liability to You or to any third party for any indirect, incidental, special or consequential damages or any loss of revenue or profits arising under or relating to these Terms & Conditions. To the maximum extent permitted by law, You waive, release, discharge and hold harmless Buddy Finance, its affiliated and subsidiary companies, and each of its directors, officers, employees, and agents, from any and all claims, losses, damages, liabilities, expenses and causes of action arising out of Your use of the Platform.

Buddy Finance does not make any representations or warranties on behalf of the financial service providers, banks or NBFCs partnered with Buddy Finance with respect to the financial products provided by such Lenders. Buddy Finance does not endorse the products offered by its Lenders. Buddy Finance shall be responsible only to the extent of providing the Services and all liabilities and obligations with respect to the financial products provided by the Lenders partnered with Buddy Finance shall be governed by the separate agreement executed between such Lenders and the Users.

Buddy Finance makes no representations or warranties about the accuracy, reliability, completeness, current-ness and/or timeliness of any content, information, software, text, graphics, links or communications provided on or through the use of the Platform or that the operation of the Platform will be error free and/or uninterrupted or that the error will be rectified. The Service is provided on an "as is" and "as available" basis. Buddy Finance expressly disclaims all warranties of any kind as to the Service and all information, products and other content (including that of third parties) included in or accessible from the Service, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose. Consequently, Buddy Finance assumes no liability whatsoever for any monetary or other damage suffered by You on account of the delay, failure, interruption, or corruption of any data or other information transmitted in connection with use of the Platform; and/or any interruption or errors in the operation of the Platform.

YOUR USE OF THE SERVICE AND ALL INFORMATION, PRODUCTS AND OTHER CONTENT (INCLUDING THAT OF THIRD PARTIES) INCLUDED IN OR ACCESSIBLE FROM THE SERVICE IS AT YOUR SOLE RISK. THE SERVICE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. COMPANY EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND AS TO THE SERVICE AND ALL INFORMATION, PRODUCTS AND OTHER CONTENT (INCLUDING THAT OF THIRD PARTIES) INCLUDED IN OR ACCESSIBLE FROM THE SERVICE, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. COMPANY MAKE NO WARRANTY THAT: (i) THE SERVICE WILL MEET YOUR REQUIREMENTS, (ii) THE SERVICE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, (iii) THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE SERVICE WILL BE ACCURATE OR RELIABLE, (iv) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU THROUGH THE SERVICE WILL MEET YOUR EXPECTATIONS, OR (V) ANY ERRORS IN THE TECHNOLOGY WILL BE CORRECTED AND YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY SUCH MATERIAL. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU FROM COMPANY OR SERVICE PROVIDER THROUGH OR FROM THE SERVICE WILL CREATE ANY WARRANTY NOT EXPRESSLY STATED IN THESE TERMS.

YOU FURTHER AGREE THAT NEITHER COMPANY OR THIRD PARTY SERVICE PROVIDER NOR ANY OF THEIR AFFILIATES, ACCOUNT PROVIDERS OR ANY OF THEIR AFFILIATES WILL BE LIABLE FOR ANY HARMS, WHICH LAWYERS AND COURTS OFTEN CALL DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES, EVEN IF COMPANY OR SERVICE PROVIDER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, RESULTING FROM: (i) THE USE OR THE INABILITY TO USE THE SERVICE / PLATFORM; (ii) THE COST OF GETTING SUBSTITUTE GOODS AND SERVICES, (iii) ANY PRODUCTS, DATA, INFORMATION OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO, THROUGH OR FROM THE SERVICE; (iv) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; (v) STATEMENTS OR CONDUCT OF ANYONE ON THE SERVICE; EVEN IF THE PROVIDER HAS BEEN ADVISED PREVIOUSLY OF THE POSSIBILITY OF SUCH DAMAGES; OR (vii) ANY OTHER MATTER RELATING TO THE SERVICE. THE MAXIMUM LIABILITY OF Buddy Finance SHALL BE LIMITED TO THE AMOUNT ACTUALLY PAID BY YOU TO THE COMPANY FOR THE SERVICE.

13. Advertisers/ Third Party Links on the Website

Buddy Finance accepts no responsibility for advertisements contained within the Platform. Buddy Finance has no control over and accepts no responsibility for the content of any website or mobile application to which a link on the Platform exists. Such linked websites and mobile applications are provided “as is” for User’s convenience only with no warranty, express or implied, for the information provided therein. Buddy Finance does not provide any endorsement or recommendation of any third party website or mobile application to which the Platform provides a link.

14. Acknowledgements

You acknowledge that Buddy Finance is a platform solely engaged in providing services relating to facilitation of provision of financial services to the Users. Buddy Finance is not engaged in either grant of loan or any other financial products. You acknowledge that the use of the financial products is entirely based on the negotiations between You and the Financial Partners of Buddy Finance and Buddy Finance or its affiliates, contractors, employees, officers, directors, agents and its third party associates or licensors do not have any liabilities with respect to any financial products or assistance procured or intended to be procured by a User. You acknowledge that Buddy Finance will not be responsible for any claim or damage in case of use of the financial products by You. Buddy Finance in no manner warrants or guarantees the performance of a service provider/financial partner that is offering the various financial products or services on the Platform.

15. Applicable Laws

Your use of this Platform and any Term & Conditions stated in this agreement is subject to laws of India. In case of any disputes arising out of the use of the Website, Courts of Kolkata will have exclusive jurisdiction.

15. Grievances

Users have complete authority to file a complaint/ share feedback if they are disappointed by services rendered by Buddy Finance. They can give their complaint/ feedback in writing or by way of an email to the following:

Helpline: 011-6926-1584

Email: grievance@buddyfinance.in