Terms and Conditions for Loan Application of Piramal Finance Ltd. (Formerly Piramal Capital & Housing Finance Ltd.) (“PFL”)
1. Data Privacy and Usage
Piramal Finance Ltd. ("PFL") is committed to protecting your privacy. By providing your personal data on this Website, Web Application, Mobile Application, Domain, or URL owned, hosted, and operated by PFL (collectively, the "Technology Platform"), you hereby agree to and authorize PFL, its affiliates, and/or its assigns to utilize this information for legitimate business purposes such as credit evaluation, comprehensive due diligence, adherence to legal and regulatory obligations, and risk management procedures. All collected information shall be stored, handled, and processed in a fair, secure, and confidential manner. PFL shall implement reasonable technical and organizational measures to ensure the security and confidentiality of your personal data. For detailed information, please review our 'Privacy Policy', 'Website Usage Policy', and 'Disclaimer' on our official website.
2. Applicant Declarations and Undertakings
By proceeding with this application for a loan (the "Loan") through the Technology Platform, I/We (the "Applicant(s)"), hereby, solemnly declare, undertake, and agree to the following terms and conditions:
2.1 Agreement to Governing Policies
• I/We have carefully read, fully understood, and irrevocably accept the terms and conditions outlined in PFL’s Privacy Policy, Website Usage Policy, and Disclaimer, as stipulated on the Technology Platform.
• I/We acknowledge and agree that PFL reserves the right to amend or modify these terms and conditions at any time, and I/We shall be legally bound by the most current amended terms and conditions in force.
2.2 Consequences of Discrepancy
• I/We agree that if any discrepancy is found or observed between the information provided by me/us on the Technology Platform and the supporting documents, PFL shall have the sole and absolute discretion to:
o Cancel or revoke the sanction of the Loan at any stage.
o Recall the Loan if it has already been disbursed.
o In the event of cancellation/recall, any processing or other fees paid shall be liable for forfeiture.
2.3 Credit Investigation and Information Sharing
• I/We irrevocably authorize PFL or its appointed agent(s) to:
o Obtain my/our credit report(s) from credit bureau agencies as recommended by the Reserve Bank of India (RBI), Regulatory Authorities, Government of India, and/or third-party entities.
o Share information related to this application and the Loan on a periodical basis with credit bureaus.
o Make necessary references, inquiries, and obtain any information considered requisite by PFL for the processing and evaluation of this application.
• I/We shall indemnify PFL against any loss or damage (including claims by third parties) that PFL may suffer as a result of making references, conducting investigations, and/or making disclosures as authorized herein.
2.4 Consent for Data Use
• I/We grant specific consent to PFL to utilize my/our personal information, Permanent Account Number (PAN), Date of Birth, and Email ID, as shared in relation to existing PFL products or services, for the purpose of pre-filling this Loan application and for my/our credit assessment.
• I/We understand and acknowledge that, subject to my/our consent, PFL (by itself or through its service provider) may fetch my/our data—such as banking information, capital market data, GSTIN details, etc., as applicable—from participants in the Account Aggregator (“AA”) ecosystem. The AA is an RBI‑regulated entity that enables the secure access and sharing of authorized financial data between regulated financial institutions. I/We further understand that I/we may receive an SMS from PFL’s partner AA containing a link requesting my/our consent to share such data with PFL. Once provided, the consent shall remain valid throughout the tenure of the loan, and PFL shall be entitled to access such data periodically through the AA for the purposes of ongoing review and monitoring of my/our loan account(s).
2.5 Application Fees and Payments
• I/We acknowledge that PFL shall be under no obligation to refund the registration, upfront, processing, or any other fee, along with applicable taxes, in any event, including the rejection or withdrawal of the application.
• I/We confirm that no payment (in cash, cheque, or otherwise) has been made (and will not be made) by me/us to any Executive, Direct Selling Agent (DSA), or any other individual in their personal name for the grant or processing of the Loan. I/We shall not hold PFL liable for any such unauthorized payments made by me/us.
2.6 Loan Purpose and Utilization
• I/We confirm and undertake that the Loan proceeds (or any part thereof) shall be used exclusively for the purpose specified herein and shall not be utilized for any improper, illegal, speculative, anti-social, or unlawful activities. Any breach of this undertaking shall constitute a material breach of the Loan terms.
2.7 Representations and Warranties
• I/We represent and warrant that:
o I/We have never been a defaulter with PFL or any other financial institution.
o There has never been an adverse judgment, decree, or award in a court case involving breach of contract, tax malfeasance, or other serious misconduct that would adversely affect my/our ability to repay the Loan.
o No criminal proceedings have been initiated and/or are pending against me/us in any courts of India.
o No insolvency or bankruptcy proceedings have been initiated against me/us, nor have I/we ever been adjudicated insolvent.
2.8 Competence and Age
• I/We confirm that I am/We are above 18 years of age (if applying as an individual) and are otherwise competent and fully authorized to execute this declaration, undertake all obligations, and submit documents/details for the purpose of availing the Loan.
2.9 PFL's Discretion and Liability
• PFL shall have the absolute discretion to reject the Loan application without assigning any reason (unless required by applicable law).
• PFL shall not be responsible or liable for any costs, losses, damages, expenses, or other consequences arising from such rejection, or any delay in notifying me/us of such rejection.
• PFL disclaims all responsibility for:
o Any loss, injury, liability, or damage arising from my/our use of the Technology Platform.
o Loss of use, data, or profits connected with the use of the Technology Platform.
o Delay or inability to use the Technology Platform or failure to provide services.
o Information, data, statement, or any services obtained through the Technology Platform.
2.10 Communication and Platform Security
• I/We agree that PFL shall be entitled to presume that any communication received by PFL through the Email ID or Mobile Number provided by me/us on the Technology Platform is genuine, valid, and legally binding on me/us. PFL shall not be held liable for ensuring the validity of such communication.
• It is my/our sole responsibility to ensure that the username, password, and/or One-Time Password (OTP) used to access the Technology Platform are kept confidential and are not disclosed to any third party, including PFL representatives or agents.
• PFL reserves the right to suspend services of the Technology Platform at its sole discretion if it believes security is compromised or for any other reason, and the Applicant(s) shall contact PFL for clarification in such an event.
2.11 Promotional Consent
• I/We hereby consent to receive WhatsApp/SMS updates and communications from PFL on the mobile number provided.
• I/We agree that my/our contact details may be used by PFL for sharing promotional information about other products/services offered by Piramal Group, its affiliates, business partners, and related companies.
2.12 Statutory and Regulatory Compliance
• I/We hereby expressly consent and authorize PFL to collect, store, and process my/our application details, personal data, Sensitive Personal Data or Information (SPDI), KYC information, credit information, and any other relevant data, including the use of external agencies for credit due diligence and investigations.
• I/We consent and authorize PFL to download KYC details from the Central KYC (CKYC) Registry using my/our CKYC ID and consent to receive CKYC-related information via SMS/Email.
• I/We hereby consent and submit voluntarily at my/our own discretion and without coercion, the physical copy of Aadhaar card/e-Aadhaar/Aadhaar secure Quick Response (QR)/Offline Aadhaar xml as issued by UIDAI (Aadhaar), with PFL and/or any Third Party to i) establish my/our identity/address proof for the purpose of processing my/our loan application, ii) enabling me/us to e-sign the loan related documents and e-sign the Mandate and authenticate my/our identity through the Aadhaar Authentication system (Aadhaar based e- KYC services of UIDAI) in accordance with the provisions of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016 and the allied rules and regulations notified thereunder (Purpose). I/We hereby explicitly authorise PFL and any other third party appointed by PFL (Third Party) to fetch and verify my/our information regarding Aadhaar Number, Aadhaar XML, Virtual ID, e-Aadhaar, Masked Aadhaar, Aadhaar details, demographic information, identity information, Aadhaar registered mobile number, face authentication details, and/or biometric information (“Aadhaar Information”) from UIDAI for the Purpose as mentioned above. I/We agree to take all necessary actions to authenticate and verify my/our Aadhaar Information. I/We further agree that I/We have been sufficiently informed by the Lender of alternative documents that may be submitted to establish proof of identification and address.
• I/We voluntarily submit physical/electronic/masked Aadhaar or e-Aadhaar XML as issued by UIDAI to PFL to establish my/our identity/address proof for the purpose of processing the Loan application and consent to PFL's verification of the Aadhaar details as per UIDAI norms. The purpose of collecting Aadhaar has been explained.
• PFL has informed me that my Aadhaar submitted herewith shall not be used for any purpose other than mentioned above, or as per the requirements of law, and is not stored by the Third Party. The Aadhaar number has been redacted or blacked out through appropriate means. I/We give a valid, binding, irrevocable, and explicit authorization and consent as may be required under applicable laws, rules, regulations, and guidelines for availing the Aadhaar API
• services of PFL and/or Third Party, including, but not limited to, the transmission and storage of my Aadhaar Information by PFL and/or Third Party.
2.13 Declaration on Relationship with PFL Director/Senior Officer
I/We hereby declare that I/We do not have any relationship, affiliation, or association with any Director or Senior Officer of PFL.
2.14 Cooperation for Additional Documentation and Regulatory Compliance
I/We agree to fully cooperate with PFL and furnish any additional documents, information, or execute such other agreements, deeds, writings, confirmations, or undertakings as may be required by PFL to enable it to comply with any existing or future directives, guidelines, instructions, notifications, or requirements issued by any statutory authority, regulatory authority, governmental authority, or any authority acting under any applicable law.
2.15 Product Explanation and Key Disclosures Acknowledgement
I/We confirm that the Loan product features, including the applicable charges and the applicable document checklist (available on PFL’s website at https://www.piramalfinance.com/gold-loan and/or communicated through the Technology Platform/representative), have been explained to me/us.
2.16 Competence and Authority to Execute Documents
I/We hereby confirm that I am/We are fully competent and duly authorized to provide all declarations, undertakings, confirmations, and information, and to execute and submit this Loan application and all supporting documents required for the purpose of availing the Loan, creating security, and undertaking all acts, deeds, and formalities connected therewith or incidental thereto.
2.17 Authorization for Loan Processing and Security Creation
I/We further confirm that I/We possess the full legal capacity and requisite authority to enter into all agreements, deeds, undertakings, writings, and instruments required by PFL for the processing of the Loan, creation and perfection of security, disbursement of the Loan, and for complying with all requirements stipulated by PFL or under applicable law.
2.18 Consent for External Legal, Technical, and Field Investigations
I/We understand and agree that PFL may, at its sole discretion, engage external agencies, service providers, or professionals to conduct legal, technical, valuation-related, document verification, due diligence, field investigations, or any other checks considered necessary by PFL for processing, sanctioning, or monitoring the Loan. I/We hereby provide my/our unconditional consent for such investigations.
3. General Conditions, Disclosures, and Insurance Services
3.1. Interest Rate Disclosure
The Interest Rate for each loan will be determined after considering various factors, such as customer profile, loan tenor, loan type, value of security, etc. Gradation of interest will be based on factors such as Credit Bureau score, income, etc. For more details, please refer to our website https://www.piramalfinance.com/gold-loan
3.2 Reset of Interest Rate and Charges Based on Customer Category and Risk Profile
I/We agree that PFL reserves the right to charge the interest rate and other applicable charges as specified in the sanction letter and the loan agreement. Such interest rates and charges may vary based on customer category, risk profile, product type, internal policies, and other assessment parameters. I/We further agree and acknowledge that PFL may reset the rate of interest and other charges at such intervals (“reset date”) and frequency as determined by PFL in its sole discretion and in accordance with applicable laws and internal policies. Any change in the rate of interest shall be communicated to me/us in advance and shall be applied prospectively.
3.3. Mandatory Information Update and KYC Continuity
1. I/We confirm that all particulars, information, and documents submitted by me/us on the Technology Platform are true, correct, complete, and updated in all respects, and that no material or relevant information has been withheld or concealed.
2. I/We hereby declare that I/We will provide my/our current address if my current address is different from the one mentioned in my Aadhaar card or identity information available in the Central Identities Data Repository.
3. The Borrower agrees to promptly notify the Lender of any subsequent changes in the information provided by the Borrower to the Lender at the time of establishing the business relationship or thereafter, as required by applicable laws and regulations, including but not limited to changes in the Borrower's identification documents, address, contact information, or financial status. The Borrower shall provide the Lender with updated documentation within 30 days of any such change.
4. The Borrower's failure to comply with this obligation may be considered a material breach of these terms & conditions and may result in PFL taking appropriate action, including but not limited to terminating the loan or taking other remedial measures.
5. The KYC details submitted for the current loan application will be updated for all the existing loans, if any, and will replace any previously provided details.
3.4. Document Retention
On rejection/withdrawal of the Loan, PFL shall be under no obligation to return the documents submitted by me/us along with the application form.
3.5. Insurance Services Disclosure (Third-Party Products)
1. PFL is registered with IRDAI bearing Certificate of Registration No CA0052 to act as a Corporate Agent (Composite) & is a Group Insurance Organizer/ Administrator/Master Policy holder and is thereby authorized to solicit and service insurance business of both Life and General Insurance. For more details, please visit our website https://www.piramalfinance.com/stakeholders/insurance-services.
2. The Contract of Insurance is strictly between the Insurance Company and the insured/policyholder. Insurance products are offered & underwritten by the Insurance Company, and PFL does not underwrite the risk or act as an insurer.
3. Participation by PFL’s customers in any insurance product is optional and purely on a voluntary basis. The customer may opt for insurance through PFL or the open market at his/her sole discretion. Insurance is the subject matter of solicitation.
4. Note: If the Applicant/Co-Applicant is Non-Individual, then the authorized signatory is to sign and affix the company’s/firm’s rubber stamp.
3.6 GST Address Usage and Applicant Responsibility
I/We understand and agree that the place, address, or state as indicated by me/us in this loan application shall be used by PFL for any requirements under the Goods and Services Tax Act, 2017 (“GST”), including but not limited to determination of place of supply, invoicing, and tax reporting. I/We further undertake to promptly inform PFL of any change in my/our current address. I/We shall indemnify and hold PFL harmless against any loss, claim, liability, penalty, cost, or consequence arising due to my/our failure or delay in notifying PFL of such change.
3.7 POLITICALLY EXPOSED PERSON DECLARATION
Politically Exposed Persons (PEPs) are individuals who are or have been entrusted with prominent public functions in a foreign country, e.g., Heads of States/Governments, senior politicians, senior government/judicial/military officers, senior executives of state-owned corporations, important political party officials, etc., as defined and amended by the Reserve Bank of India from time to time
I/we declare that I am not a PEP nor am I related to any PEP.
4. Acceptance and Electronic Signature
I/We electronically sign these Terms and Conditions and agree to be legally bound by their terms. This acceptance constitutes my/our agreement to irrevocably accept and be unconditionally bound by all terms and conditions set out herein and serves as my/our acknowledgment and confirmation that these Terms and Conditions have been duly read and fully understood by me/us.