Please read these Terms of Service carefully before using the OwnPaisa platform. These Terms govern your relationship with OwnPaisa India Pvt. Ltd., an RBI-registered NBFC. If you have any questions, contact us at legal@ownpaisa.in.
1. Acceptance of Terms
By accessing or using OwnPaisa's platform, mobile applications, or services, you agree to be bound by these Terms of Service and all applicable laws and regulations of India. If you do not agree with any part of these terms, you may not use our services.
2. Eligibility
You must be an Indian citizen, at least 21 years of age, with valid identity proof (Aadhaar and PAN), a valid bank account, and meet our credit criteria to apply for a loan. We reserve the right to reject any application at our sole discretion.
3. Loan Agreement
Upon approval of your loan application, a separate Loan Agreement will be executed between you and OwnPaisa. The terms of the loan (principal, interest rate, EMI, tenure, processing fees) are as agreed in that Loan Agreement. The Loan Agreement supersedes any indicative rates shown on the platform.
4. Interest Rates and Fees
Interest rates are stated as annual percentages. The actual rate applicable to you will depend on your credit profile. Processing fees of 1–2% of the loan amount are deducted at disbursal. GST is applicable on all fees as per the prevailing rate. There are no hidden charges — all applicable fees are disclosed upfront.
5. Repayment
You agree to repay your loan via NACH mandate on the due date. Dishonoured ECS/NACH mandates will attract a penalty as specified in your Loan Agreement. Delayed payments may be reported to credit bureaus and will negatively impact your CIBIL score.
6. Prepayment
You may prepay your loan after 6 EMIs with zero foreclosure charges. Partial prepayment is allowed after 3 EMIs. We will provide a fresh repayment schedule after any prepayment.
7. Default
Failure to pay 3 or more consecutive EMIs constitutes default. In case of default, OwnPaisa may report the default to credit bureaus, initiate legal recovery proceedings, charge additional interest as per the Loan Agreement, and take any other action permitted under applicable law.
8. Intellectual Property
All content, trademarks, logos, and intellectual property on the OwnPaisa platform are owned by OwnPaisa India Pvt. Ltd. You may not copy, reproduce, or distribute any content without express written permission.
9. Limitation of Liability
OwnPaisa shall not be liable for any indirect, incidental, consequential, or punitive damages arising from your use of our services. Our total liability in any claim shall not exceed the principal loan amount disbursed to you.
10. Governing Law
These Terms are governed by the laws of India. Any disputes arising from your use of OwnPaisa services shall be subject to the exclusive jurisdiction of courts in Delhi.
11. Grievance Redressal
If you have any grievances, contact our Grievance Officer: Deepa Nair, OwnPaisa India Pvt. Ltd., JankpuriWest,Delhi. Email: Support@Ownpaisa.Com | Phone: +91-9599584626. We resolve grievances within 30 days.