As used herein, “Unocoin and/or Company” refers to the holding company of Unocoin being Unocoin Technologies Private Limited (‘Company’), a private limited company incorporated under the laws of India and having its registered office on 2nd floor, Gurudas Building, S.S. Puram Main Road, Tumkur, India - 572102 its owners, directors, investors, employees or other related parties. Where the context so permits, depending upon the context, “Unocoin” may also refer to the services, products, website, content or other materials (collectively, “Materials”) provided by the Company.
The Service operated by the Company in the name of Unocoin allows buyers (“Buyers”) and sellers (“Sellers”) to buy and sell Bitcoin (for more information on Bitcoin, please refer to http://www.bitcoin.org) and other crypto assets (collectively called Crypto Assets).
The Service provided by Unocoin also allows all registered users of the Service (“Members”) to:
- Transfer crypto assets to other Members or other users of Crypto Assets outside the Website
- Send and receive Crypto Assets
- Purchase and Sell Crypto Assets
- Use Crypto Assets for availing loan.
It is your responsibility to determine, collect, report, and submit any taxes applicable to the payments you make or receive in connection with the use of the Website and the Service to the appropriate tax authority. Unocoin is not responsible for determining whether taxes apply to your transaction or for collecting, reporting or remitting any taxes arising from any transaction unless explicitly mentioned.
To comply with AML/KYC recommendations, we require our clients to verify their identity by providing scanned copies* of the following**:
- PAN card (mandatory)
- Photo identity - Aadhaar card or driving license
- Selfie photo (mandatory)
*Copies should be in colour and have a good resolution.
** The above documents provided by the clients shall be kept on the server safely, and the Company shall not disclose the same to any third party unless we are mandated to do so under the provisions of any applicable laws.
Unocoin may use your personal information:
- To identify you.
- To process transactions.
- To send periodic emails with updates, promotions, company news, and notices regarding changes to policies.
- Customise, measure, and improve Unocoin Service and the content and layout of our Website and applications.
- To analyse the use of the Website.
- Prevent potentially prohibited or illegal activities.
- To undertake a verification of your identity with third party electronic identification providers.
By opening an account to use the Service (“Account”), you expressly represent and warrant that:
- You do have read and understood the information provided by the Website through its How-it-works and Resources section.
- Cryptoassets like “Bitcoin” are merely software, as reflected in the relevant blockchain and in the public addresses of Users, that creates a digital asset, which is not regulated by any central authority and has no independent existence.
- The price or value of such Crypto Assets is not set or regulated by any central or governmental authorities.
- Crypto Assets may not even have an identified creator.
- Unocoin only offers a platform to users for rendering the Unocoin Services set out herein and performs only the role of an intermediary. Unocoin does not advise on the purchase or sale of any Crypto Asset, does not guarantee returns from any investment or transactions, and does not itself buy or sell any of the Crypto Assets that are made available for purchase or sale by Users on the Unocoin platform.
- Users are cautioned against speculative investments in Crypto Assets in the light of the above and are directed to avail these services, including purchase or sale of Crypto Assets or investing therein, upon fully understanding the technology that has created Crypto Assets and subject to the risks that arise from such an unregulated asset, which only exists in digital form.
The use of the Website and the Service may entail the following risks:
- Bitcoin & other Crypto Asset transactions are technically irreversible once it hits the network. If you lose or delete your own wallet, you will lose your Crypto Assets in it, and the same cannot be restored. The Crypto Asset wallet address provided to you by Unocoin is only a way for you to deposit or accept Crypto Asset into your Unocoin wallet. The owner of these Crypto Assets wallet addresses will be Unocoin, and the outgoing transactions from these Crypto Asset wallet addresses will not be related to you or to your Unocoin account. When you send out Crypto Assets from Unocoin wallet to other Crypto Asset addresses, the “From” address for such transaction will be a temporary address, and it won't be the same as the Crypto Asset wallet address provided to you. If there are any chances of reversals or pay-back for a Crypto Asset transaction you initiated from Unocoin, it will be your responsibility to explicitly provide your Crypto Asset address provided by Unocoin to receive such Cryptoasset payment. Any Crypto Asset that is not sent to your Unocoin provided wallet address cannot be claimed to be from you. You also can neither request any reversals of such transaction nor request for the credit of those Crypto assets into Crypto Asset balance in your account at Unocoin.
- Crypto Asset value tends to fluctuate on a minute to minute basis, due to which there may be an increase or decrease in the value of the Crypto Assets. Crypto Assets are subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading in Crypto Assets.
- Crypto Assets is an as-yet autonomous and the largely unregulated worldwide system of value transfer between individuals. It is not backed by any government or commodities and hence may be susceptible to risks not generally associated with government or central bank-backed currencies.
- There is also the risk of loss of confidence in Crypto Assets trading, which could collapse demand relative to supply. For example, confidence might collapse in Crypto Assets because of unexpected changes imposed by the software developers, the creation of superior competing alternatives, a deflationary or inflationary spiral, or due to governmental actions. Confidence might also collapse because of technical problems, for instance, if the anonymity of the system is compromised or if any entity is able to prevent any transactions from settling.
You should carefully assess whether your financial situation and tolerance for risk are suitable for buying, selling or trading Crypto Assets.
We use our banking service providers only for the receipt of client money and making payments. Our banking service providers do not transfer Crypto Assets, exchange Crypto Assets, or provide any services in connection with Crypto Assets.
Limitations On Use Of Unocoin Services
- Unocoin offers a platform for trading in Crypto Assets through the Unocoin Platform. Presently the platform offers to trade in Bitcoin & some Crypto Assets, although the Unocoin Services may extend to other Crypto Assets as well in the future (for which all of the terms contained herein will apply). Unocoin is neither the creator nor the administrator of any Crypto Assets, including Bitcoin and is not in any way responsible for the global pricing of any Crypto Assets, the operation of any blockchain with respect to any Crypto Assets, or the mining process in relation to any Crypto Assets. It merely facilitates the trading in Crypto Assets by Users on the Unocoin platform and does not engage in such trading itself or buy or sell any Crypto Assets for its own account or for its own benefit. Unocoin has no control over the generation, distribution, retention (except in its wallets), verification, termination, or market volatility of any Crypto Assets. It merely acts as an intermediary for the trading in Crypto Assets by User and provides other ancillary services in relation thereto, which are more fully set out hereunder.
- Unocoin does not provide any warranty of any kind, either express or implied, in relation to the Unocoin Services. The Unocoin Services and the products offered therein, including facilitation services for the trading of Crypto Assets between Users, are provided on an “as-is” and “as available” basis. Users avail of the Unocoin Services and deal in Crypto Assets at their own risk and with full awareness of the risk of the possible diminishment, devaluation and (potentially) complete loss of the entire holding or valuation of the User Account and all Crypto Assets held therein, in the event of the occurrence of any of the risk factors outlined in this Agreement (as well as other risk factors inherent in any transactions involving Crypto Assets), including, but not limited to, changes in the regulatory or legal regime in India and/or outside India, and any legal, regulatory, contractual or other restrictions that may be placed on Unocoin. It is hereby expressly declared that Unocoin offers no warranty of any kind regarding the Unocoin Services.
- Unocoin Services are strictly available for use only within India or for Indians, to the extent (and till such time) that transactions or trading in Crypto Assets are permitted and not been curtailed in such parts of India. In the event that a User resides in any such jurisdiction within India where any transactions in Crypto Assets may be prohibited (“Prohibited Jurisdiction”), Users are not permitted to use the Unocoin Services in any form (“Prohibited Jurisdiction Use”). Any Prohibited Jurisdiction Use will amount to a breach of this Agreement, and Unocoin shall forthwith be entitled to terminate this Agreement and the use and operation of the relevant User Account, shall extend all cooperation to the relevant governmental and enforcement authorities, and shall not be liable in any manner whatsoever for any loss arising out of such, in relation to, or subsequent to such Prohibited Jurisdiction Use. Users are therefore duly warned against availing of the Unocoin Services in any manner whatsoever in or from a Prohibited Jurisdiction, or from anywhere outside India if the jurisdiction does not support the use of Unocoin and/or Services. Users shall be solely responsible for ensuring compliance with this requirement and for compliance with the laws and regulations of the jurisdiction in or from where they are availing of the Unocoin Services. Subject to confirmation by the User to be bound by the terms contained herein and compliance with the terms contained herein at all times, Unocoin hereby grants to the User a personal/business, revocable, non-exclusive, non-transferable, non-sublicensable, and limited right to use the Unocoin Services.
- Users are hereby duly cautioned that presently in India, ‘virtual currencies’(including all Crypto Assets) have not been recognised or authorised as a medium for payment, as a commodity for trade, or in any form, by the central bank, monetary authority, or governmental or regulatory body in India. The Reserve Bank of India (“RBI”) has currently issued three press releases viz. dated 24th December 2013, 1st February 2017 and 5th December 2017 respectively, cautioning users, holders and traders against the use of, and trading in, virtual currencies. Later in April 2018, RBI restricted all entities regulated by RBI to not provide services to crypto assets dealing individuals/companies which was later overturned by the Honourable Supreme Court on the 4th of March 2020. Users shall therefore avail of the Unocoin Services subject to the above caution issued by the RBI and should be aware of the regulatory and financial risks inherent in dealing with Crypto Assets in any manner.
- Unocoin may use third-party service providers to render some or all of the Unocoin Services or to facilitate the same. User agrees to the use of such third parties and hereby provides consent for the collection, analysis, use, dissemination and retention by such third parties of any and all personal data, or sensitive personal data and information, of the User. User shall be bound by the terms of service of such third parties to the same extent as Unocoin would be bound. Unocoin shall, however, not be responsible or liable for any act, inaction, commission or omission by such third parties, including with respect to data protection, privacy, security practices, or compliance with applicable laws and regulations with respect thereto, including (but not limited to) the Information Technology Act 2000.
- These terms shall be applicable to all existing and new Users. Unocoin reserves the right to modify or amend the terms herein, and possibly an intimation thereof shall be sent to existing Users, who may decide to opt-out of the Unocoin Services at such time by intimating Unocoin of such intention in writing. Continued use of the Unocoin Services shall be deemed to amount to confirmation and acceptance of the modified or altered terms hereof.
- The Parties agree that the terms set out hereunder are in consideration of good and valuable consideration and shall be and are intended to be binding on both Parties.
Limited Right of Use
Unless otherwise specified, all Materials on this Website are the property of the Company and are protected by copyright, trademark, and other applicable laws. You may view, print, and/or download a copy of such Materials on any single computer solely for your personal, informational, non-commercial use, provided you keep intact all copyright and other proprietary notices.
The trademarks, service marks, and logos of Unocoin and others used in this Website (“Trademarks”) are the property of the Company and its respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Website belong to Company. The Trademarks and Materials should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other website or networked computer environment for any other purpose is strictly prohibited; any such unauthorised use may violate copyright, trademark, and other applicable laws and could result in criminal or civil legal actions and penalties.
Maintaining Your Account: Our Rules
The Website is for your personal/business use only. We are vigilant in maintaining the security of our Website and the Service. By registering with us, you agree to provide Company with current, accurate, and complete information about yourself as prompted by the registration process and to keep such information updated. You further agree that you will not use any Account other than your own or access the Account of any other Member at any time or assist others in obtaining unauthorised access.
The creation or use of Accounts without obtaining the prior express permission from the Company will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Members or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Members being terminated, in addition to Unocoin, at its sole discretion, initiating any civil or criminal legal action against you and such others.
You are also responsible for maintaining the confidentiality of your Account information, including your password, safeguarding your own Crypto Assets, and for all activity, including transactions that are posted to your Account. If there is suspicious activity related to your Account, we may, but are not obligated, to request additional information from you, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests; otherwise, Unocoin, at its sole discretion, may choose to terminate your Account. You are required to notify Unocoin immediately of any unauthorised use of your Account or password or any other breach of security by an email addressed to [email protected] The membership of a Member who violates these rules may be terminated and further be also held liable for losses incurred by Company or any user of the Website.
You hereby agree that you shall not use the Website or our Service in connection with any activity violating any law, statute, ordinance, or regulation. Further, you shall not deposit Crypto Assets into your Unocoin wallet that is obtained through illegal activities and you will also not use the Service to perform an illegal activity of any sort, including but not limited to, money laundering illegal gambling operations, terrorist financing, or malicious hacking. The Source of Crypto Assets paid to your Unocoin wallet is not known to Unocoin, and you hereby agree to ensure that it always comes from legitimate sources. Unocoin only acts as an information intermediary as far as your Unocoin wallet is concerned. In case of any technical or manual error that happens from Unocoin, the Company will take steps to do the needed corrections, including the involved transactions and/or records and will inform you about the correction in a timely manner. If such correction creates liability on you, then you will be required to clear that liability and keep your account in good standing, failing which the Company can take technical and legal actions against you to recover the liability.
Maintaining Your Account: Our Rules
These terms apply to you when you sign up for the merchant gateway provided by the Company for you to start accepting Crypto Assets as a mode of payment for your products and services. These apply for both PoS app usage and the online merchant gateway integration through API or through 3rd party support providers using our APIs.
As a Business User, you shall not offer any Products, which are illegal or offensive or banned as per the list provided below and/or are not in compliance with applicable laws, rules and regulations, whether central, state, local or international, of all jurisdiction from where the Customers avail the Products. In addition, you shall comply with and shall ensure compliance by the Customers with all applicable guidelines, rules, regulations issued by RBI if any and guidelines set by Unocoin, Acquiring Banks and/or Card Associations. You agree and understand that Unocoin reserves the right to suspend Unocoin Services to you until such time that you do not discontinue selling such banned/illegal Products or does not conform to all applicable laws and regulations in force from time to time. In addition, Unocoin reserves the right to terminate the Agreement signed with you without further notice in the case of breach of this Clause.
The banned list of Products referred to in this Agreement is as mentioned herein below. Please read the below list carefully and make sure you are confirming your adherence for the same:
- Securities including shares, bonds, debentures, share tips etc. and/or any other financial instruments/assets of any description.
- Living, dead creatures and/or the whole or any part of any animal which has been kept or preserved by any means Endangered species, which includes plants, animals or other organisms (including product derivatives) in danger of extinction. E.g Elephant Tusks, Rhino Horns, etc.
- Weapons which includes firearms, ammunition, knives, brass knuckles, gun parts, and other armaments.
- Tobacco and cigarettes which include cigarettes, cigars, chewing tobacco, and related products.
- Alcohol which includes alcohol or alcoholic beverages such as beer, liquor, wine, or champagne.
- Drugs and drug paraphernalia which include illegal drugs and drug accessories, including herbal drugs like salvia and magic mushrooms. Psychotropic (mood-altering) substances, narcotics, intoxicants of any description, medicines, palliative/curative substances. Prescription drugs or herbal drugs, or any kind of online pharmacies which includes drugs or other products requiring a prescription by a licensed Medical Practitioner. Herbal and Ayurvedic products.
- Religious items, including books, artefacts, etc. of any description or any other such item which is likely to affect the religious sentiments of any person.
- “Antiquities” and “Art Treasures”.
- Adult goods and services and other sexually suggestive materials (including literature, imagery and other media); escort or prostitution services; Website access and/or Website memberships of pornography or illegal sites.
- Body parts which include organs or other body parts.
- Child pornography which includes pornographic materials involving minors.
- Copyrighted media which includes unauthorised copies of books, music, movies, and other licensed or protected materials. Digital download/PDF (eBook, software) e.g.: Music/Movies: content downloaded from the internet and burned on CDs and sold as genuine.
- Copyrighted software which includes unauthorised copies of the software, video games and other licensed or protected materials, including OEM or bundled software. E.g., Downloaded software copied/ burned on a marketable CD and sold as authentic/ trial versions of software downloaded and sold as genuine. Bundled software is software distributed with another product such as a piece of computer hardware or other electronic devices or a group of software packages that are sold together and are released/ authorised by Manufacturers Only.
- Counterfeit and unauthorised goods which include replicas or imitations of designer goods; items without a celebrity endorsement that would normally require such an association; fake autographs, counterfeit stamps, and other potentially unauthorised goods.
- Endangered species which includes plants, animals or other organisms (including derivatives) in danger of extinction.
- Gaming/gambling which includes lottery tickets, contests, sports bets, memberships/ enrollment in online gambling sites, and related content.
- Hacking and cracking materials which include manuals, how-to-do guides, information, or equipment enabling illegal access to software, servers, websites, or other protected property.
- Illegal goods which include materials, products, or information promoting illegal goods or enabling illegal acts.
- Offensive goods which include literature, products or other materials that:
- Defame or slander any person or group(s) of people based on race, ethnicity, national origin, religion, sex, or other factors.
- Encourage or incite violent acts.
- Promote intolerance or hatred.
- Offensive goods, a crime which includes crime scene photos or items, such as personal belongings, associated with criminals.
- Pyrotechnic devices, combustibles, corrosives and hazardous materials which include explosives, fireworks and related goods; toxic, flammable, and radioactive materials and substances.
- Regulated goods which include airbags; batteries containing mercury; Freon or similar substances/refrigerants; chemical/industrial solvents; government uniforms; car titles; license plates; police badges and law enforcement equipment; lock-picking devices; pesticides; postage meters; recalled items; slot machines; surveillance equipment; goods regulated by government or other agency specifications.
- Wholesale currency which includes discounted currencies or currency exchanges.
- Any product or service which is not in compliance with all applicable laws and regulations of India or international, whether federal, state, local.
- Businesses or websites that operate within the scope of laws that are not absolutely clear or are ambiguous in nature (e.g. Web-based telephony, Websites supplying medicines or controlled substances, websites that promise online match-making).
- Businesses banned/kept strict vigil on, by law (e.g. Betting & Gambling/lotteries/sweepstakes & games of chance).
- SIM cards.
- Selling of medical packages.
- Unauthorized Wallet services.
- Sites booking online appointments, websites selling VIA Call Centers
- Technical Support Eg: Web Hosting, SEO, Web designing, and allied services.
- Pyramid/Referral Schemes Eg: A pyramid scheme/ referral scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public.
- Marketing – Bulk Emails, Bulk SMSs. E.g., mails/messages sent via mail servers and/or Bulk SMS service providers.
- Spy Camera’s and Likewise.
- Protein Supplements, Height increaser, Weight Loss/Gain, Impotency, Hair Loss/Hair Fall, Memory Enhancement, etc.
- Counselling and consulting services/market research – Online Consulting – Of any Kind.
- Recruitment classifieds/job portals. work-at-home jobs/information.
- Rental services for goods.
- Government IDs or documents which includes fake IDs, passports, diplomas, and noble titles.
- Drop-shipped merchandise. E.g., Dropshipping is a supply chain management technique in which the retailer does not keep goods in stock but instead transfers customer orders and shipment details to either the manufacturer or a wholesaler, who then ships the goods directly to the customer.
- Portfolio design. E.g., Financial services like Mutual Funds, Stocks, IPOs, etc.
You need to understand that you agree to the above and authorise Company to suspend your Account if you are found to be in violation of the above terms.
You may terminate this agreement with Company and close your Account (get your account blocked) at any time, following settlement of any pending transactions.
We also reserve the right to cancel unverified Accounts or Accounts that have been inactive for a period of 6 months or more and/or to modify or discontinue our Website or Service. Members agree that Unocoin will not be liable to them or to any third party for termination of their Account or access to the Website.
You hereby agree that the suspension of an Account shall not affect the payment of the commissions due for past Transactions. Upon termination, Members will receive any monies owed to them via their registered bank account with Unocoin.
All Services are provided without warranty of any kind and either express or implied. While we strive to provide you with uninterrupted Service, we do not guarantee that access to this Website will not be interrupted or that there will be no delays, failures, errors, omissions or loss of transmitted information.
The Website may provide links or other forms of reference to other websites (“External Websites”) or resources over which we may not have control. You acknowledge that Unocoin is providing any such links or references of External Websites or resources to you only as a convenience and that Unocoin makes no representations whatsoever about any External Websites which you may access through this Website, including such External Websites being free of such items as viruses, worms, Trojan horses, and other items of a destructive nature. Unocoin is not responsible for the availability of, and content provided on any External Websites. You are requested to review the policies posted by such External Websites regarding privacy and other topics before use. Unocoin is not responsible for third party content accessible through the Website, including opinions, advice, statements, prices, activities, and advertisements, and you shall bear all risks associated with the use of such content.
Our business model, and our Service, consists of facilitating the buying, selling, sending and receiving of Crypto Assets and their use to purchase goods in an unregulated yet responsible, international open payment system. The Service we provide is currently unregulated within India.
Email messages sent over the Internet are not always secure, and Unocoin is not responsible for any damages incurred by the result of sending email messages over the Internet. We recommend sending sensitive emails by visiting the ‘contact-us’ form or by creating a support ticket by visiting support.unocoin.com on the Website where the information passes under the security layer and is encrypted.
Limitation of Liability
Users of this website are responsible for their actions in connection with the use of the Website, Service, and their Accounts. Users are also responsible for protecting access information to the Website, including, but not limited to, user names, passwords, and bank account details. Unocoin is not responsible for the outcome, whether positive or negative, of any action performed by any of its users within or related to the Website. Some deposits and withdrawal methods require Unocoin to use personal details of the user, including, but not limited to, name, address, email, phone number, bank account number, IFSC code, etc., and you agree that Unocoin can use this information to facilitate deposits and withdrawals.
- Unocoin services are offered only in the digital domain, which is subject to risks, including offensive attacks. Unocoin shall not be liable for any loss caused to the User’s account or the monies or Crypto Assets accrued therein if the same arises due to any Force Majeure event, including commissions or omissions by third parties, forces of nature, offensive attacks on Unocoin servers or on the personal devices of the users, changes in applicable Law, or any loss caused by conditions or events beyond the reasonable control of Unocoin.
- The above limitation on liability includes any Force Majeure event set out hereunder, including acts of God; fire, an act of terrorists, an act of civil or military authorities, civil disturbance, war, strike or other labour dispute, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond the reasonable control of Unocoin; offensive attacks including virus attack, hacking, denial of service attack or theft of the personal devices of the User resulting in Loss to the account.
- Unocoin shall not be liable for any loss caused to User due to a data breach of confidential information of the User, including of the User account details or User password, including when such breach has occurred due to the User sharing such details with third parties or due to the User’s failure to follow reasonable due diligence. Unocoin shall also not be liable or responsible for any disclosure by User of any User Account details, including on account of a phishing attack or other third-party disruption.
- “Force Majeure” shall mean and include any cause arising from or attributable to acts, or events, beyond the reasonable control of Unocoin, including natural calamity, strikes, terrorist action or threat, civil commotion, riot, crowd disorder, invasion, war, a threat of or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, structural damage, epidemic or other natural disasters, calamity, attacks including through computer viruses, hacking, denial of service attacks, ransomware or other manmade disruptions or any law, order enactment, statutory direction, legislation, regulation, rule or ruling of government or any court of law or of a Government or regulatory authority.
- Unocoin shall indemnify the User and hold harmless against and in respect of any losses incurred or suffered by the User solely due to any proven wilful and malicious act or default on the part of Unocoin. This indemnity is subject to the representations and warranties set out hereinabove, i.e., Unocoin shall not be liable for any losses arising out of risks or consequences set out in the representations and warranties, which have been read, acknowledged and understood by the User by virtue of their use of the Unocoin Services, or for actions initiated by Unocoin against User for suspension, cancellation or termination of their User Account for any reason. The liability of Unocoin, in any event, shall be limited to the amounts actually received from the User, in INR, or INR 1,00,000 whichever is lower as consideration for the services rendered by Unocoin in relation to the transaction to which the indemnity claim relates. If the claim does not relate to any transaction in particular, then Unocoin’s liability shall be limited to the amounts actually received from the User, in INR, or INR 1,00,000, whichever is lower as consideration for the services rendered by Unocoin in relation to the three transactions immediately preceding the date on which the claim is made by the User.
- These provisions shall survive the expiration or termination of this Agreement.
Modification of Terms
Lending Service Usage
These terms apply to you when you use our lending service provided by the Company. No provision herein shall constitute investment or loan advice or consultation, and in no way shall any of the Parties view Lending Service as an investment advisor or a loan intermediary. The customer confirms that they understand and accept that the Lending Platform creates an opportunity for him/her to enter into loan agreements and use cryptoassets as collateral for the said agreements.
- The minimal amount of the Collateral to be provided shall be calculated on the basis of the Loan-To-Value ratio (hereinafter LTV). LTV is usually 50%. This information is displayed to you at the time of taking a loan. The company is entitled to change this rate at any time, and it will be effective for subsequent loans.
- When you are applying for the loan, you will be given some of the choices like payment date of the month (in case of EMI) which will be binding on you once your loan is approved. The received loan may either be in crypto assets or in fiat currency as chosen by you or displayed to you when you are applying for the loan.
- The User shall add cryptoasset funds into the joint lending account to increase the collateral to avoid liquidation in case the price of collateral drops.
- All the payments you need to make towards the loan should be made to your loan account. The payment of EMIs/interests/fee/penalties/principal is automatically paid from your loan account to your loan.
- The User takes the responsibility to pay the EMIs (Easy Monthly Installments) or interest payments in a timely manner, failing which the user will be subject to additional fees/penalties/interests as mentioned to you when you are applying for the loan.
- The Company reserves the right to liquidate a part of the collateral or full collateral at the prevailing rates on the website to settle EMIs, fees, penalties, interests, principal and any other monies due against the loan account.
- While the Company does its best to avoid liquidation of your assets, the discretion of the Company will be final and binding.
- In case the Company is undergoing restructuring, change of management or being transferred, then the Company reserves the right to ask the loan seekers to settle the loan accounts within 30 days from the time you have received your notice. The customers may be able to apply for a new loan later.