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Participant Terms & Conditions

Terms of Service for Lenders

The following terms & conditions shall be applicable to all lenders on the Rang De P2P platform:

1. The Lender is a registered participant on the Platform and intends to provide a loan to the Borrower.
2. The amount once lent to a Borrower shall only be repaid to the Lender when the Borrower makes a repayment.
3. The Lender undertakes to keep the communication address, contact number, banking details and such other details as may be required by Rang De P2P Financial Services Pvt. Ltd. updated on the Platform at all times.
4. Rang De P2P Financial Services Pvt. Ltd. shall give notice to the Lender of any change in the terms and conditions of the Loan including the disbursement schedule, interest rates, other charges, repayment terms etc. The Lender (as the case may be) shall keep himself/herself/itself informed about all such notifications and confirms that he/she/it would be bound by such change, without any dispute.
5. Loan will be disbursed directly to school.
6. The Tenure of the loan shall be as per the loan details published on the platform and shall commence from the date of disbursal of the Loan Amount to the Borrower.
7. The loan application made by a borrower would stand cancelled, if the minimum loan amount is not raised within the fund raising timeline confirmed in the application form, despite the platform’s best efforts. In such a case, the amount contributed by the Lender would be reflect as a credit in the Lender’s Rang De account which may then be lent to another borrower.
8. The Repayment Installment from the Borrower shall be appropriated first against the interest, then the principal Loan Amount and thereafter against the other charges. However, in the event of a default / delay in payment of the Repayment Installment beyond 90 (ninety) days from the Payment Due Date, any portion of the Outstanding Amounts recovered shall be apportioned first against the principal Loan Amount, followed by the interest and thereafter the other charges.
9. The Terms & Conditions shall remain in full force and effect and shall be binding on the Lender until all Outstanding Amounts are repaid by the Borrower to the Lender. It is clarified that even in the event that Rang De P2P Financial Services Pvt. Ltd. ceases to do business and/or ceases to operate the Platform, these Terms & Conditions shall continue in full force and effect till the loan outstanding is settled.
10. The Lender hereby confirms that he/she has read, understood and accepted the ‘Pricing Policy’ listed on www.rangde.in.
11. The following acts, as set out below, shall constitute an ‘Event of Default’ by the Borrower:
1. The default in paying the Repayment Installment on or within the Payment Due Date; or
2. Breach of any of the terms and conditions agreed upon; or
3. If any certification or document delivered by the Borrower shall have been proven to be incorrect in any material respect when made; or
4. Breach of any of the terms of use of the Platform; or
5. Occurrence of any fraud, misrepresentation or failure to submit any material information; or
6. Borrower becomes bankrupt or insolvent, voluntarily or involuntarily becomes the subject of proceedings under any bankruptcy or insolvency law; or
7. It is or becomes unlawful for the Borrower to perform any of its obligations under this Agreement; or
8. Death of the Borrower.
12. The Lender hereby authorizes Rang De P2P Financial Services Pvt. Ltd. to facilitate the recovery of defaulted Outstanding Amounts by the Borrower & take actions as it may deem fit to recover the Outstanding Amounts on his/her/its behalf.
13. Upon the occurrence of an Event of Default as specified above, without prejudice to the other remedies available under law or in equity, the Lender through Rang De P2P Financial Services ltd shall be entitled to exercise the following rights and remedies and may give a notice to the Borrower in this regard to:
1. Terminate this Agreement and
2. Call upon the Borrower to pay the Outstanding Amounts immediately without demand or protest.
14. Rang De P2P Financial Services Pvt. Ltd. on behalf of the Lender reserves the right to engage one or more persons to collect dues from the Borrower. Rang De P2P Financial Services Pvt. Ltd. may furnish to such person(s) such information, facts and figures pertaining to the loan, contact details of such Borrower, as it may deem fit to facilitate recovery of Outstanding Amounts from the Borrower.
15. The Lender agrees and understands that Rang De P2P Financial Services Pvt. Ltd. has the right to report the Borrower to any credit bureau, RBI, or any other regulatory authority for any default on the Outstanding Amounts by the Borrower.
16. The Lender makes the following representations and warranties to the Borrower and Rang De P2P Financial Services ltd,
1. The Lender hereby certifies and warrants that he/she/it have not and shall not lend (in aggregate) in excess of Rs. 10,00,000/- (Rupees Ten Lakhs only) at any point of time, across peer-to-peer lending platforms (including the Platform) in India;
2. The Lender hereby certifies and warrants that he/she/it has not and shall not lend (in aggregate) in excess of Rs. 50,000/- (Rupees Fifty Thousand only) at any point of time, to the same Borrower through any peer-to-peer lending platforms (including the Platform) in India;
3. The Lender hereby certifies that he/she is a major, of sound mind and is capable of entering into this Agreement (whether directly or through his/her power of attorney holder);
4. The Lender agrees and confirms that he/she/it has read, understood and accepted the terms and conditions and undertakes to abide by the terms hereof. The Lender acknowledges that the Loan to the Borrower is an unsecured Loan and that neither the Platform nor RBI guarantees the repayment of the Loan Amount;
5. That all information/ documents furnished by or on behalf of the Lender in connection with providing the Loan, whether prior to the date hereof or contemporaneously with the execution of the Loan Agreement and all information furnished hereinafter, is and will be true, correct and complete;
6. That the Lender shall promptly notify Rang De P2P Financial Services Pvt. Ltd. on the occurrence of any event which may make any information provided to it untrue or incorrect including any change in personal information or banking details;
7. The Lender agrees that all obligations undertaken thereunder are legal, binding and enforceable;
8. The Lender agrees that he/she/it has understood that the Loan is provided to the Borrower and that he/she/it shall have no claims whatsoever against Rang De P2P Financial Services Pvt. Ltd. for any reason whatsoever.
17. The Lender hereby covenants that he/she/it:
1. Shall ensure that the Loan Amount provided is raised legally and not through any illegal activity whatsoever and is not counterfeit;
2. Shall promptly notify Rang De P2P Financial Services Pvt. Ltd., of any change in the Lender’s details such as mobile number, postal address or any other details provided.
3. Shall execute any and all documents, as Rang De P2P Financial Services Pvt. Ltd. may require, from time to time with respect to the Loan and/or the services provided by Rang De P2P Financial Services Pvt. Ltd. through its Platform.
4. The Lender agrees to indemnify and hold the other Parties (including Rang De P2P Financial Services Pvt. Ltd. ) and its affiliates harmless from and against all losses, damages, costs, claims, suits and expenses whatsoever they may at any time incur, sustain, suffer or is likely to suffer in connection with:
1. Any misrepresentation or breach of representation, warranty, covenant or any other provisions of the Loan Agreement; or
2. Any unauthorized use of the Platform
18. In no event shall a Lender be liable to any other for any special, incidental, indirect, punitive or consequential damages whatsoever (including, without limitation, damages of loss of goods or services, loss of business profits, business interruption, loss of information, or any other pecuniary loss)
19. It is understood and agreed between the Parties that in no event (save in the case of proven fraudulent actions) shall Rang De P2P Financial Services Pvt. Ltd. be liable to the Lender as the case may be, for any loss, expense or claim whatsoever arising out of:
1. The use of, or inability to use or access the Platform or for any virus, bug, unauthorized intervention, defect, technical malfunctioning, temporary disablement, permanent discontinuance of the Platform or for any consequences resulting from such actions, whether or not foreseeable;
2. Acts done by on the instruction of any person impersonating himself/herself as a Lender or as an unauthorized representative of the Lender;
3. The exercise by Rang De P2P Financial Services Pvt. Ltd. of its right to terminate the functioning of the Platform; or
20. Notwithstanding anything to the contrary contained herein or under any other transaction documents, the provisions of this clause shall survive the termination of the Loan Agreement.
21. Rang De P2P Financial Services Pvt. Ltd. shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on the deposits of any kind and nature by the Borrower into the Borrower Escrow Account and Rang De P2P Financial Services Pvt. Ltd. is entitled without any notice to the Borrower or the Lender, to settle any indebtedness whatsoever owed by the Borrower or the Lender (as the case may be) to Rang De P2P Financial Services Pvt. Ltd. (whether actual or contingent, or whether primary or collateral, or whether joint and/or several).
22. In addition to the above mentioned right or any other right which Rang De P2P Financial Services Pvt. Ltd. may at any time be entitled whether by operation of law, contract or otherwise, : (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Borrower with or to any other loan availed by the Borrower through the Platform; (b) to institute any judicial proceedings in case of non- payment of outstanding dues by the Borrower
23. The Lender acknowledges and agrees that neither the Reserve Bank of India (RBI) nor Rang De P2P Financial Services Pvt. Ltd. shall be liable towards the repayment of the Loan Amount nor any of the charges set forth in the Loan Agreement.
24. The Lender acknowledges and agrees that neither Reserve Bank of India (RBI) nor Rang De P2P Financial Services Pvt. Ltd. shall be liable towards any of the terms and conditions set forth in the Loan Agreement except where specifically mentioned otherwise in the Loan Agreement.
25. All notices, replies, requests, reports, or other communications under the Loan Agreement shall be in writing (including by way of electronic mail), effective upon receipt, on the address notified by the Parties under the Loan Agreement.
26. The Lender shall address their grievances through the grievance redressal mechanism set up by Rang De P2P Financial Services Pvt. Ltd. through its platform. The grievances raised shall be resolved in accordance with such mechanism established.
27. The Loan Agreement and the rights and obligations of the Lender hereunder shall be construed and governed by the laws of India and the courts of Bengaluru, Karnataka shall have exclusive jurisdiction to try any matter arising out this Agreement.
28. The entire Loan Agreement along with the Terms & Conditions of the Platform contain the entire understanding of the Lender with respect to the subject matter contained herein and supersedes all prior agreements and understandings both oral and written between the Parties with respect to such subject matter.
29. Amendment: No amendment, modification or addition to the Loan Agreement shall be effective or binding upon the Lender unless set forth in writing and executed by them or their duly authorized representatives.
30. Waiver: It is clarified that no failure or delay of the Lender to insist upon the strict performance of any of the terms, conditions and provisions of the Loan Agreement shall be construed as a waiver or relinquishment of future compliance therewith.

Terms of Service for Borrower

1. The following terms and conditions shall be applicable to all Borrowers on the Rang De P2P platform: The Borrower is a registered participant on the Platform and wishes to avail the Loan Amount from the Lender.
2. Rang De P2P Financial Services Pvt. Ltd. shall reserve the right to process the Loan Application & mere submission of the application shall not assure any Loan Amount provisioning.
3. The Borrower shall receive without denial whatever Loan Amount is raised on the platform subject to the minimum loan amount requested, being raised within the fund raising timeline confirmed by the Borrower in the application form.
4. The Borrower accepts that the loan application would stand cancelled, if the minimum loan amount is not raised within the fund raising timeline confirmed in the application form, despite the platform’s best efforts.
5. The Borrower gives his/her full consent to provide a fully filled & signed mandate of ECS along with the loan application form or to provide standing instructions through their bank account to facilitate repayments of the instalments.
6. The Borrower is aware that the ECS mandate rejection or failure to set up the standing instruction shall have a direct bearing on the loan application process & shall also have the loan application rejected at the discretion of the platform.
7. The Borrower hereby gives his/her consent to Rang De P2P Financial Services Pvt. Ltd. in terms of fetching his/her credit report from any of the four authorized credit bureaus & using it appropriately for processing the loan application.
8. The Borrower is responsible for the accuracy of all personal information and any other information provided at the time of registering on the Platform. It is clarified that Rang De P2P Financial Services Pvt. Ltd. would not be liable in any manner whatsoever for any information uploaded on the Platform by the Borrower.
9. The Borrower undertakes to keep the communication address, contact number, banking details and such other details as may be required by Rang De P2P Financial Services ltd updated on the Platform at all times.
10. The Borrower understands and agrees that the Loan cannot be cancelled upon going live on the platform for raising the requisite funds in demand.
11. The Tenure of the Loan shall be as per the loan details in the application form and shall commence from the date of disbursal of the Loan Amount to the Borrower.
12. The Borrower shall repay the Loan Amount along with the applicable Interest in the form of EMIs on or within the payment due date.
13. In the event of Repayment Installment not being paid within the Payment Due Date, it shall be construed, as a default on part of the Borrower and he/she/it shall become liable to pay the penalty on defaulted Repayment Installment as indicated by Rang De P2P Financial Services Pvt. Ltd. on its official website.
14. The Borrower shall not be permitted to foreclose the Loan or make any pre-payment of the Loan Amount prior to the Payment Due Date.
15. Rang De P2P Financial Services Pvt. Ltd. shall give notice to the Borrower of any change in the terms and conditions of the Loan including the disbursement schedule, interest rates, other charges, repayment terms etc. The Borrower (as the case may be) shall keep himself/herself/itself abreast with all such notifications and confirms that he/she/it would be bound by such change, without any dispute.
16. The Borrower shall avail the auto debit facility for paying the Repayment Installment. On availing the auto debit facility, the bank account of the Borrower will be debited, for the Repayment Installment on or within the Payment Due Date. In case the Payment Due Date is not a Business Day, the bank account shall be debited on the next business day. In the event if the bank account does not have sufficient funds on the Payment Due Date, the Borrower shall be liable to pay all the default charges applicable in addition to the Repayment Installment. Neither the Lender nor Rang De P2P Financial Services ltd shall be liable if any auto debit transaction is delayed or not effected at all, for any reason whatsoever.
17. The Repayment Installment shall be appropriated first against the interest, then the principal Loan Amount and thereafter against the other charges. However, in the event of a default / delay in payment of the Repayment Installment beyond 90 (ninety) days from the Payment Due Date, any portion of the Outstanding Amounts recovered shall be apportioned first against the principal Loan Amount, then the interest and thereafter the other charges
18. In the event of death or insolvency of the Borrower the Outstanding Amount shall be recovered from his/her/its legal heir/s, successors, legal representative/s, executor/s, and administrator/s.
19. The Terms & Conditions shall remain in full force and effect and shall be binding on the Borrower until all Outstanding Amounts are repaid by the Borrower to the Lender. It is clarified that even in the event that Rang De P2P Financial Services Pvt. Ltd. ceases to do business and/or ceases to operate the Platform, these Terms & Conditions shall continue in full force and effect.
20. The following acts, as set out below, shall constitute an ‘Event of Default’ by the Borrower:
    1. The default in paying the Repayment Installment on or within the Payment Due Date; or
    2. Breach of any of the terms and conditions agreed upon; or
    3. If any certification or document delivered by the Borrower shall have been proven to be incorrect in any material respect when made; or
    4. Breach of any of the terms of use of the Platform; or
    5. Occurrence of any fraud, misrepresentation or failure to submit any material information; or
    6. Borrower becomes bankrupt or insolvent, voluntarily or involuntarily becomes the subject of proceedings under any bankruptcy or insolvency law; or
    7. It is or becomes unlawful for the Borrower to perform any of its obligations under this Agreement; or
    8. Death of the Borrower
21. Upon the occurrence of an Event of Default as specified above, without prejudice to the other remedies available under law or in equity, the Lender through Rang De P2P Financial Services Pvt. Ltd. shall be entitled to exercise the following rights and remedies and may give a notice to the Borrower in this regard:
    1. Terminate this Agreement and
    2. Call upon the Borrower to pay the Outstanding Amounts immediately without demand, protest.
22. Rang De P2P Financial Services Pvt. Ltd. on behalf of the Lender reserves the right to engage one or more persons to collect dues from the Borrower. The Lender and/or Rang De P2P Financial Services Pvt. Ltd. may furnish to such person(s) such information, facts and figures pertaining to Loan, contact details of such Borrower, as it may deem fit to facilitate recovery of Outstanding Amounts from the Borrower
23. The Borrower agrees and understands that Rang De P2P Financial Services Pvt. Ltd. has the right to report the Borrower to any credit bureau, RBI, or any other regulatory authority for any default on the Outstanding Amounts by the Borrower.
24. In the event a demand or claim for settlement of the Outstanding Amount to the Borrower is made, either by the Lender or any person acting on behalf of the Lender, the Borrower agrees and acknowledges that such demand or claim shall not be regarded as an act of defamation or an act prejudicial to or reflecting upon the character of the Borrower in any manner.
25. The Borrower makes the following representations and warranties to the Lender and Rang De P2P Financial Services Pvt. Ltd.
    1. The Borrower hereby certifies and warrants that he/she/it have not and shall not avail loans (in aggregate) in excess of Rs. 10,00,000/- (Rupees Ten Lakhs only) at any point of time, across peer-to-peer lending platforms (including the Platform) in India;
    2. The Borrower hereby certifies and warrants that he/she/it has not and shall not avail loans (in aggregate) in excess of Rs. 50,000/- (Rupees Fifty Thousand only) at any point of time, from the same Lender through any peer-to-peer lending platforms (including the Platform) in India;
    3. The Borrower hereby certifies that he/she is a major, of sound mind and capable of entering into this Agreement (whether directly or through his/her power of attorney holder);
    4. The Borrower agrees and confirms that he/she/it has read, understood and accepted the terms and conditions and undertakes to abide by the terms hereof including repayment of all Outstanding Amounts;
    5. Upon the execution of the Loan Agreement, it shall constitute to be a valid, enforceable and legally binding obligation of the Borrower and that by availing the Loan Amount, it creates a relationship of debtor and creditor between the Borrower and the Lender;
    6. That all information/ documents furnished by or on behalf of the Borrower in connection with obtaining the Loan, whether prior to the date hereof or contemporaneously with the execution of the Loan Agreement and all information furnished hereinafter, is and will be true, correct and complete and that such information shall not have any adverse effect on the repayment of the Loan Amount or any charge applied thereof;
    7. That the Borrower shall promptly notify the Lender and/or Rang De P2P Financial Services Pvt. Ltd. on the occurrence of any event which may make any information provided to them untrue or incorrect including any change in personal information or banking details;
    8. That all persons authorized to act on behalf of the Borrower are true and bona fide. The Borrower agrees that all obligations undertaken thereunder are legal, binding and enforceable;
    9. The Borrower agrees that he/she/it has understood that the Loan is availed from the Lender and that he/she/it shall have no claims whatsoever against Rang De P2P Financial Services Pvt. Ltd. for any reason whatsoever.
26. The Borrower hereby covenants that he/she/it shall:
    1. Ensure timely payment of all Outstanding Amounts within the Payment Due Date;
    2. Utilize the Loan Amount solely for the Purpose and not use it for another purpose.
    3. Utilize the Loan Amount for legal purposes and shall refrain from entering into any activity that shall be deemed illegal or partake in activities restricted by law and/or for any anti-social purpose.
    4. Promptly notify the Lender and/or Rang De P2P Financial Services Pvt. Ltd., of any change in the Borrower’s details such as mobile number, postal address or any other details provided.
    5. Execute any and all documents, as the Lender and/or Rang De P2P Financial Services ltd may require, from time to time with respect to the Loan
27. The Borrower agrees to indemnify and hold the other Parties (including Rang De P2P Financial Services Pvt. Ltd. ) and its affiliates harmless from and against all losses, damages, costs, claims, suits and expenses whatsoever they may at any time incur, sustain, suffer or is likely to suffer in connection with:
    1. Any misrepresentation or breach of representation, warranty, covenant or any other provisions of the Loan Agreement; or
    2. Any unauthorized use of the Platform.
28. In no event shall a Borrower be liable to any other for any special, incidental, indirect, punitive or consequential damages whatsoever (including, without limitation, damages of loss of goods or services, loss of business profits, business interruption, loss of information, or any other pecuniary loss).
29. It is understood and agreed between the Parties that in no event (save in the case of proven fraudulent actions) shall Rang De P2P Financial Services Pvt. Ltd. be liable to the Borrower as the case may be, for any loss, expense or claim whatsoever arising out of:
    1. The use of, or inability to use or access the Platform or for any virus, bug, unauthorized intervention, defect, technical malfunctioning, temporary disablement, permanent discontinuance of the Platform or for any consequences resulting from such actions, whether or not foreseeable;
    2. Acts done by on the instruction of any person impersonating himself/herself as a Borrower or as an unauthorized representative of the Borrower;
    3. The exercise by Rang De P2P Financial Services Pvt. Ltd. of its right to terminate the functioning of the Platform; or
30. Notwithstanding anything to the contrary contained herein or under any other transaction documents, the provisions of this clause shall survive the termination of the Loan Agreement
31. Rang De P2P Financial Services Pvt. Ltd. shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on the deposits of any kind and nature by the Borrower into the Borrower Escrow Account and Rang De P2P Financial Services Pvt. Ltd. is entitled without any notice to the Borrower or the Lender, to settle any indebtedness whatsoever owed by the Borrower or the Lender (as the case may be) to Rang De P2P Financial Services Pvt. Ltd. (whether actual or contingent, or whether primary or collateral, or whether joint and/or several).
32. In addition to the above mentioned right or any other right which Rang De P2P Financial Services Pvt. Ltd. may at any time be entitled whether by operation of law, contract or otherwise,: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Borrower with or to any other loan availed by the Borrower through the Platform; (b) to institute any judicial proceedings in case of non- payment of outstanding dues by the Borrower.
33. The Borrower undertakes and acknowledges that Rang De P2P Financial Services Pvt. Ltd. shall, be entitled to disclose all or any information related to the Borrower, Loan, and/or liabilities/obligations of the Borrower under the Loan Agreement to any credit bureaus/credit reference agencies, to Reserve Bank of India (“RBI”) and/or to any other regulatory authorities.
34. The Borrower agrees and confirms that Rang De P2P Financial Services Pvt. Ltd. may also disclose any of the aforesaid information to the Lender and/or its employees, representatives, service providers for the facilitation of the services to the Borrower through the Platform and for the purposes of the Loan Agreement including but not limited to (a) collection of documents/ information of the Borrower; (b) verification of information / documents of the Borrower; (c) procuring of credit score/ rating of the Borrower from Credit Information Companies (CIC) and sharing of such information with the potential Lenders and sharing of repayment information relating to the Loan with such CICs and other agencies authorized by the Reserve Bank of India
35. The Borrower expressly accepts and authorizes Rang De P2P Financial Services Pvt. Ltd. (and/or any such third party as Rang De P2P Financial Services Pvt. Ltd. may appoint from time to time) on behalf of the Lender to contact third parties (including the family members of the Borrower) and disclose all necessary or relevant information pertaining to the Borrower and the Loan, and the Borrower hereby consents to such disclosure Rang De P2P Financial Services Pvt. Ltd. to the Lender (and/or any such third party as the Lender may appoint).
36. The Borrower acknowledges and agrees that neither the Reserve Bank of India (RBI) nor Rang De P2P Financial Services Pvt. Ltd. shall be liable towards the repayment of the Loan Amount nor any of the charges set forth in the Loan Agreement.
37. The Borrower acknowledges and agrees that neither Reserve Bank of India (RBI) nor Rang De P2P Financial Services Pvt. Ltd. shall be liable towards any of the terms and conditions set forth in the Loan Agreement except where specifically mentioned otherwise in the Loan Agreement.
38. The Parties shall address their grievances through the grievance redressal mechanism set up by Rang De P2P Financial Services Pvt. Ltd. through its platform. The grievances raised shall be resolved in accordance with such mechanism established.
39. This Agreement and the rights and obligations of the Parties hereunder shall be construed and governed by the laws of India and the courts of Bengaluru, Karnataka shall have exclusive jurisdiction to try any matter arising out this Agreement.
40. All notices, replies, requests, reports, or other communications under the Loan Agreement shall be in writing (including by way of electronic mail), effective upon receipt, on the address notified by the Parties under the Loan Agreement.
41. Entire Loan Agreement along with the Terms & Conditions of the Platform contains the entire understanding of the Parties with respect to the subject matter contained herein and supersedes all prior agreements and understandings both oral and written between the Parties with respect to such subject matter.
42. Amendment: No amendment, modification or addition to the Loan Agreement shall be effective or binding upon any Party unless set forth in writing and executed by them or their duly authorized representatives.
43. Waiver: It is clarified that no failure or delay of any Party to insist upon the strict performance of any of the terms, conditions and provisions of the Loan Agreement shall be construed as a waiver or relinquishment of future compliance therewith.