These Terms & Conditions ("Terms") govern your access to and use of the BenevoLoan mobile application (the "App"), provided by BENEVOLENT BPO SERVICES (OPC) PRIVATE LIMITED ("we," "us," "our," or "Company"). BenevoLoan serves as a platform to facilitate loans provided by our authorized Loan Provider/Lender, JAI BABA FINANCE COMPANY PRIVATE LIMITED, a Non-Banking Financial Company (NBFC) registered and regulated under Indian law.
By accessing or using the App, you agree to be bound by these Terms and our Privacy Policy. If you do not agree with these Terms, please discontinue use of the App immediately.
Platform: BenevoLoan
Service Provider: BENEVOLENT BPO SERVICES (OPC) PRIVATE LIMITED
Loan Provider/Lender: JAI BABA FINANCE COMPANY PRIVATE LIMITED
BenevoLoan is a digital loan service platform operated by BENEVOLENT BPO SERVICES (OPC) PRIVATE LIMITED, which acts as the service provider. The primary function of the platform is to facilitate loan services, including application, approval, and repayment, on behalf of the Loan Provider.
The Loan Provider, JAI BABA FINANCE COMPANY PRIVATE LIMITED, is a Non-Banking Financial Company (NBFC) registered under Indian laws. As a certified NBFC, it is authorized to offer loans and manage related financial services. The Loan Provider has appointed and authorized BenevoLoan to provide loan services through its platform.
Service Provider
Company Name: BENEVOLENT BPO SERVICES (OPC) PRIVATE LIMITED
CIN: U82990DL2023OPC420852
Country of Registration: India
Loan Provider/Lender
Company Name: JAI BABA FINANCE COMPANY PRIVATE LIMITED
CIN: U65910UP1995PTC019184
Registered Entity Type: Non-Banking Financial Company (NBFC)
Country of Registration: India
By using the App, you confirm that you have read, understood, and agreed to these Terms. We reserve the right to modify these Terms at any time, and such modifications will be effective immediately upon posting on the App. Your continued use of the App following any changes indicates your acceptance of the new Terms.
To use BenevoLoan, you must be at least 18 years old and a resident of India. You must also provide accurate and complete information when applying for a loan.
Loan Amount: ₹1,000 to ₹1,00,000
Interest Rate: 0.05% per day
Flexible Terms: 90 to 180 days
Maximum APR: 18.25%
Service Fee: 0-5% (inclusive of 18% GST)
Example Calculation:
If you borrow ₹10,000 for 90 days:
Daily Interest: ₹10,000 × 0.05% × 90 days = ₹450
Service Fee (0% Example): ₹10,000 × 0% = ₹0
Amount Received: ₹10,000 - ₹0 = ₹10,000
Repayment Amount: ₹10,000 + ₹450 = ₹10,450
When you apply for a loan through BenevoLoan, you agree to provide accurate, complete, and truthful information. We reserve the right to verify this information and may request additional documentation.
a. Accuracy and Completeness:
You must provide accurate, complete, and truthful information in your loan application. This includes, but is not limited to, personal identification details, financial information, income sources, employment status, and any other relevant data required to assess your loan application.
b. Identity Verification:
We use your PAN card and Aadhaar card to confirm your identity. These documents will be used to verify your personal information and ensure that it matches the details provided in your application.
c. Accuracy of Information:
You are responsible for ensuring that all information provided in your application is up-to-date and accurate. Any misrepresentation or omission of information may result in rejection of your application, cancellation of your loan, or legal consequences.
d. Changes in Information:
You must notify BenevoLoan immediately of any changes to the information provided in your application, such as changes in employment status, contact details, or financial situation. Failure to update your information may impact the status of your loan or result in other consequences.
e. Consequences of Inaccurate Information:
Providing false, misleading, or incomplete information may constitute a breach of these Terms & Conditions and may result in legal action, financial penalties, or other remedies available to us under applicable laws.
a. Internal Review Process:
Loan approval is based on a thorough review of your application, including verification of your PAN card and Aadhaar card, credit history, and financial status. We assess your ability to repay the loan and the associated risks.
b. Approval Decision:
If your application meets our criteria and passes our review process, you will receive a loan offer detailing the amount, interest rate, repayment terms, and any fees.
c. Disbursement of Funds:
Once you accept the loan offer, funds will be transferred to the bank account you provided in your application. The disbursement typically occurs within 7 business days, subject to completion of all required verifications.
BenevoLoan charges an interest rate of 0.05% per day. Additional fees may apply as detailed in your loan agreement. Please review the terms carefully before accepting a loan offer.
a. Repayment Schedule:
You agree to repay the loan in full according to the repayment schedule specified in your loan agreement. The schedule will outline the frequency of payments, the amount due for each payment, and the total repayment term. It is important to adhere to this schedule to ensure timely repayment of the loan.
b. Payment Obligations:
Each payment must be made by the due date specified in your loan agreement. Payments should be made using the methods provided by BenevoLoan, and you are responsible for ensuring that payments are completed on time and for the full amount due.
c. Late Payments:
Failure to make timely payments may result in additional fees or penalties as specified in your loan agreement. These fees may include late payment charges or other costs associated with the delay.
d. Impact on Credit Score:
Timely repayment is crucial to maintaining a good credit history. Failure to make payments on time may lead to a negative impact on your credit score. This could affect your ability to obtain credit in the future and may result in increased borrowing costs.
e. Consequences of Non-Payment:
In the event of continued non-payment or default, BenevoLoan reserves the right to take appropriate actions to recover the outstanding amount. This may include pursuing legal remedies, reporting the default to credit bureaus, and other measures as allowed by law.
f. Communication:
If you anticipate difficulty in making a payment or need to discuss your repayment schedule, please contact BenevoLoan’s customer support team as soon as possible. We may be able to provide assistance or discuss options for adjusting your repayment terms.
You are responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account. Notify us immediately if you suspect any unauthorized use of your account.
We reserve the right to suspend or terminate your access to BenevoLoan if you breach these Terms & Conditions or if required by law. You may also terminate your account by contacting our support team.
To the fullest extent permitted by law, BenevoLoan is not liable for any indirect, incidental, special, or consequential damages arising from your use of the app or your loan.
We may update these Terms & Conditions from time to time. Changes will be effective upon posting the updated terms on the app. Your continued use of BenevoLoan constitutes acceptance of the revised terms.