Welcome to https://paywithring.com/ (the "Site") operated by OnEMI Technology Solutions Pvt Ltd ("Ring"). OnEMI Technologies (Ring) is engaged in merchant acquisition / tie-ups, development of credit gateway technology, assessing the creditworthiness of the customers. OnEMI Technology uses its proprietary software, algorithm, and credit marketplace platform for provisioning instant consumer loans through our financing partners. However, the entire credit assessment, KYC processing, credit approval, financing of consumer loans for the purchase of goods and services from online and offline channels is taken care by RBI-registered NBFCs tied up with Ring. The process of collection of repayments and EMIs is undertaken by Ring and NBFC partners through registered intermediaries.

Before you may use the Site, you must read and accept all of the terms and conditions in and linked to, the Terms of Use (ToU) and the linked Privacy Policy. We reserve the right at any time, at our sole discretion, to change or otherwise modify the Terms of Use without prior notice. The headings contained in this agreement are for reference purposes only. All individuals (the "customers" or "users") visiting the website https://paywithring.com/ are required to read & understand the Terms of Use prior to proceeding to use the Website. The "customers" or "users" using this site by implication, means that they have gone through and agreed and abide by the Disclaimer, TOU and Privacy Policy.

Terms and conditions for Application for Loan:

• The user hereby accepts
  the applicable schedule of charges, fees, commissions including the key facts informed to them by Ring and as more particularly mentioned in the "Schedule of Charges" of this policy.
• That Goods & Services tax and/or such other tax is applicable and will be charged in connection with the loan.
• That no discount or free gift or any other commitment whatsoever is given to customers by Ring or any of its authorized representative(s) other than what is documented herein.
• Ring shall not process incomplete/defective application form, for which if any loss or delay is caused to customers, customers will not hold Ring liable for such loss or delay.
• That submission of loan application to Ring does not imply automatic approval and the Financer will decide the quantum of the loan at its sole and absolute discretion. The Financer in its sole and absolute discretion may either sanction or reject the application for granting the loan.
• That the Financer shall have the right to make disclosure of any information relating to me/us including personal information, details in relation to Loan, defaults, security, etc. to the Credit Information Bureau of India (CIBIL) and/or any other governmental/regulatory/statutory or private agency/entity, credit bureau, RBI, the Financer's other branches/subsidiaries/affiliates/rating agencies, service providers, other banks/financial institutions, any third parties, any assignees/potential assignees or transferees, who may need, process and publish the information in such manner and through such medium as it may be deemed necessary by the publisher/ Company/ RBI, including publishing the name as part of wilful defaulter's list from time to time, as also use for KYC information verification, credit risk analysis, or for other related purposes.
• The Financer reserves its right to reject the loan application and retain the loan application form along with the photograph, information and documents.
• In respect of any delayed payments, without prejudice to all other rights of the Financer under these Terms & Conditions: The Financer shall be entitled to recover Penal Charges me/us described in the Schedule of Charges.
• That I/ We shall furnish any additional documents as and when required by the Financer.
• That there is no impediment or restriction (whether legal or judicial) against customers and/or their asset filed/reported by any other bank/financer.
• That the funds shall be used for the purpose for which loan has been applied and will not be used for speculative or antisocial purpose.
• That the information furnished by customers is true and accurate.
• The Borrower agrees that he/she is not a Politically Exposed Person (PEP) (“Politically Exposed Persons” (PEPs) are individuals who are or have been entrusted with prominent public functions by a foreign country, including the Heads of States/Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials) and further undertakes to immediately intimate the lenders’ in the event that he/she and/or any of their family members /close relatives becomes a PEP. In this situation, the lenders’ will seek senior management approval to sustain the business relationship. The account will then undergo Customer Due Diligence procedures, including ongoing enhanced monitoring, as required for PEP category customers.

Other Declarations:

• Customers advise PaywithRing in writing of any change in their residential or employment address
• Customers hereby authorize and give consent to the Financer to disclose, without notice to me/ us, information furnished by me/us in the application form(s)/ related documents executed/ to be executed in relation to the facilities to be availed by customers from the Financer , to the Financer's other branches/ subsidiaries/ affiliates/ Credit Bureaus/ Rating Agencies/ Service Providers, banks/ financial institutions, governmental/ regulatory authorities or third parties for information verification, credit risk analysis, or for other related purposes that the Financer may deem fit. Customers waive the privilege of privacy and privity of contract.
• Customers hereby confirm having received, read and understood the terms and conditions applicable to this loan including the application form and the Terms and Conditions/ Agreement and accept the same.
• Customer confirms that he/she is citizen of India.
• Customers confirm that PaywithRing shall not be liable for any delay in delivery or no delivery of the product and or with respect to the quality, condition, fitness, suitability or otherwise whatsoever of the said Product.
• Customers hereby confirm that he/she and his/her family members are not politically exposed person. Customers further declare that any time in future if there is any change in the status as declared above, He/She shall promptly inform us in writing. Customers is aware that a false declaration could render him/her liable to prosecution under the applicable act, rules and regulations.

Customers also confirm that:

• In the case of loan cancellation, the applicable pro-rata Annualised Percentage Rate on any outstanding loan amount will have to be borne by Customers and understand that Processing Fee is non-refundable charges and would not be waived/ refunded in case of loan cancellation or where the loan has not been disbursed.
• The sanction or any other loan communication received by customers online is only be a conditional approval and shall not give rise to any obligations to the Financer to disburse the loan or otherwise. The conditional approval shall be subject to the final sanction issued by the Financer after receipt of all documents including KYC documents from me.
• The loan related information like "welcome letter", “key fact statement” "repayment schedule", "Terms and condition", "disbursal advice (as applicable to Personal Loan/ Business Loan)", will be sent on the e-mail id mentioned by customers in this loan application form.
• Customers can log on to https://paywithring.com/ or Ring Mobile App to view the welcome letter and repayment schedule. Customers may also request for a physical copy of Welcome Letter and Repayment Schedule separately if need be.
• The Financer reserves the right to transfer the loan to another entity at its own discretion.
• If Customers desire to question any statement or any part thereof Customers shall furnish the Financer full details of the same within 15 days of the receipt of the statement. It is however clarified that the Customers shall not be entitled to default or delay the payment of the instalments on the ground of the Statement of Account furnished by the Financer being inaccurate or any other ground.
• The Sanctioned Loan, interest, additional penal charges, fees, expenses and all other sums whatsoever including but not limited to Outstanding payable by Customers to the Financer hereunder may, if required by the Financer be secured by the product on which the Financer shall have first and exclusive rights. This does not include products where, as per law, no lien is allowed such as jewellery items. Loans, under which such products are purchased, will be deemed unsecured.

Payment of EMI dues:

Customers hereby agree that:

• Customers have given NACH Mandate in favour of the Financer covering all the amounts due to the Financer under these Terms & Conditions including the EMI towards the Sanctioned Loan as stipulated herein or that the Customer hereby confirms/agrees to pay the amounts due to Financer on or before the dates provided in repayment schedule.
• Customers shall ensure availability of funds in the account on which such NACH Mandate/ have been drawn and that the Customers will not at any time close his account and/ or issue any notice instructing the Financer not to present any of such NACH Mandate towards repayment of EMI payable by the Borrower to the Financer under these Terms & Conditions.
• As a part of the loan application, the Financer may require to access Customer’s CIBIL/Credit score. Customers authorize the Financer to make any enquiries with any other finance company / bank / registered credit bureau regarding customer’s credit history with them.
• Customers, would like to know through telephonic calls, or SMS on their mobile number mentioned in the Application Form as well as in this undertaking, or through any other communication mode, various loan offer schemes from the Financer or loan promotional schemes or any other promotional schemes and hereby authorize the Financer, it's employees, agents, associates to do so. Customers confirm that laws in relation to the unsolicited communication referred in "National Do Not Call Registry" (the "NDNC Registry") as laid down by TELECOM REGULATORY AUTHORITY OF INDIA will not be applicable for such communication/calls/SMSs received from the Financer, its employees or agents and have read and agree by the privacy policy of Ring at https://paywithring.com/consumer/privacy-policy
• The loan will be governed by separate terms and conditions and/ or other documents ("Loan Documents") entered into with the Financer as the case may be. In case of any inconsistency between these terms and conditions and the provisions of the Loan Documents, the provisions of the Loan Documents shall prevail.
• Ring is solely responsible for the website https://paywithring.com/ and all contents thereof and for all data or information that may be submitted thereon as also for all products and services offered therein.

Other terms & conditions

• It will be the sole responsibility of the Customer to ensure that the use of name and password are kept confidential and not disclosed to any third party, including any representative of Ring, or its agents and shall take all possible care to prevent discovery of the under name or password by any person.
• Ring makes no representations about the timeliness, of the services contained on the Ring web site for any purpose.
• Ring makes no representations about the suitability, reliability, availability, of the services contained on the Ring web site for any purpose.
• Ring shall not be responsible if any information/ database/ statement/ certificate/ page is printed/ downloaded from Ring's site and after printing/ downloading complete/partial, text/information is altered/ removed/ obscured contained therein.
• Ring, at no event, be liable/ responsible for any direct, indirect, punitive, incidental, special, consequential damages or any damages for the delay or inability to use the Ring web site, or failure to provide services, or for any information, date, statement, certificate, software, and any other services obtained through the Ring web sites, or otherwise arising out of the use of Ring web site.
• Ring reserves the right to suspend these services if in Ring's opinion security of the site or of the data could be compromised.
• Ring may also suspend services on the web site for any customer at its sole discretion without assigning any reason whatsoever. In such event user shall contact Ring offices for any clarification.

Interest

Effective for loan sanctioned w.e.f 01-04-2024

Interest:

We give loans to our customers through a fixed rate loan. The products offered by us and the interest rate charged on different products are as follows:

• Loans with tenure of 6 months and higher – Up to 36%
• Loans with tenure of less than 6 months – Up to 45%

Schedule of Charges

Effective for loan sanctioned w.e.f 01-04-2024

Processing Fees:

We charge processing fee of up to 6% of the loan amount depending upon the tenure of the loan (plus applicable taxes). We do not charge any other fees/charges on processing of the loan. All fees and charges recovered are expressly stated in the loan documents.

Penal Charges:

The late payment charges are as follows:

• Bounce Charges (One-time fee) of Rs. 750 + Applicable Taxes per EMI per instance of default and the same is payable apart from payment of applicable Daily Penal charges
• Daily Penal Charges for continuing default in repayment of EMI @ 0.2% + Applicable Taxes of the overdue principal amount

Important Note:

Bounce Charges & Daily Penal Charges will be applied if the EMI repayment is done after the scheduled due date or if otherwise applicable as per the terms of the Financing Document (collectively referred to as “Overdue Penalty Charges”).

Other Contingent charges:

Foreclosure Charges

If the loan is closed within cooling off period, then no foreclosure charges will be levied. If the loan is closed after cooling off period, then the borrower shall be levied foreclosure charges as per the foreclosure charges levied by the loan financier. If your loan is financed by our NBFC “SiCreva Capital Services Private Limited.” then foreclosure charges @ 4% + Applicable Taxes on the amount foreclosed will be levied.

Changes to Website or Policy

• Ring reserves the right to modify the User Interface, appearance, contents, organization, location and accessibility of the Website and/ or the Policy on Website Use at any time without prior notice.
• The User is expected to keep himself/ herself updated of any changes made in this Website and the information available on it on a regular basis and Ring undertakes no responsibility about advising/intimating the User about any such changes.
• It is imperative to note that Ring has taken required efforts to ensure that the information/ statement/ certificate provided on Ring’s Web Site is reasonably accurate, however, Ring does not warrant its accuracy, completeness or suitability, correctness, adequacy validity, whatsoever for any purpose. As such database provided is without any warranty, express or implied, as to their legal effect.

Non-Compliance with Policy/Terms of Website Use

If you (User) breach the terms & conditions/Policy on Website Use in any way, or if we suspect that you have breached these terms & conditions/Policy on Website Use in any way, we may take necessary steps as follows:

(i) send you one or more formal warnings; (ii) temporarily/permanently block your access to the Website; (iii) block all computers/devices using your IP address from accessing the Website; (v) request your internet service providers to block your access to Website; (vi) commence legal action against you, for recovery of amounts due or damages arising out of your breach of terms & conditions/Policy on Website Use; and/or (vii) suspend or delete your account on Website.

The User herein agrees to indemnify and hold us harmless from and against any and all claims, action, liability, cost, loss, damage, endured by us by your access to the Website.

Links to Other Sites

The Website may offer links to sites that are not under Ring’s control. If the Customers (Users) visit any of these links, it’s their responsibility to review each site's terms of use. Ring does not assume any responsibility/liability for any obligations or offers given on such sites and is neither responsible for the contents, policies and practices of such sites as well as Ring is not liable for any loss, damage or expense arising from use of such sites.

Governing Law

The use of this Website and the Policy on Website Use shall be governed by Indian law. The Policy on Website Use and your activity under this Policy are an 'electronic record' in accordance with the (Indian) Information Technology Act, 2000.

Limitation of Liability

Though, Ring has taken proper care/precaution to make the database reliable, Ring will not be held responsible for any liability that may arise out of any such error in the data base. Further, Ring does not represent/claim that Ring’s Web Site is free of viruses or harmful components.

Use of any information/statement/certificate on Ring’s Web site shall be at your own risk. All information/statements/certificates should be used in accordance with applicable laws. Ring, its subsidiary companies, its affiliates, and their directors and employees, accept no liability and will not be liable for any loss or damage arising directly or indirectly from use of this Website.

In case of transaction/ statement /certificate is not in agreement with your record or with the information that you have, you are requested to write to Ring. You are free to mail your queries on care@paywithring.com

Ring has provided information/data base on the Web Site on an "as is where is " basis. Ring expressly disclaims to the maximum limit permissible by law, all warranties, express or implied, including, but not limiting to implied warranties of merchantability, fitness for a particular purpose and non-infringement.

Ring disclaims all responsibility for any loss, damage or expense arising from, but not limited to, any defect, error, omission, interruption, imperfection, fault, mistake or inaccuracy with this Website, its Contents or associated services, or due to any unavailability of the web site or any part thereof or any contents or associated services even if the Entities are advised of the possibility of such damages, losses or expenses.