Privacy Policy

This Privacy Policy outlines the practices regarding the collection, usage, and sharing of personal data on the CreditSpike mobile application (referred to as the "Platform"). This policy only applies to data collected through the Platform and does not extend to data collected offline or via other means by Mahavira Finlease Limited ("the Company"). By accessing and using the Platform, you accept the terms of this Privacy Policy. If you do not agree with these terms, you must refrain from using the Platform.

Introduction

The CreditSpike mobile application is owned and operated by Mahavira Finlease Limited ("We," "Us," or "Our"). The app facilitates short-term loan applications, with loans granted by Mahavira Finlease Limited (referred to as the "LENDER"). The loans are sanctioned based on a loan agreement executed between you ("the User") and the LENDER.

The Company and LENDER are authorized to collect, use, access, and share personal data ("Personal Information") as necessary to process loan applications. This data is collected through the app's application form and is critical for loan approval.

Types of Data Collected
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Personal Information

During the loan application process, users are required to register through the CreditSpike mobile app by entering their mobile number and verifying the OTP (One Time Password). The Personal Information collected during this process may include but is not limited to:

Full Name
Contact Details (mobile number, email)
Financial information (bank account detail, income)
Identity verification document (Aadhaar, PAN card, etc.)

Users are solely responsible for the accuracy and veracity of the information provided during registration and throughout the loan application process. Any inaccuracies in the data could result in the rejection of the loan application or affect future transactions.

Sensitive Data

The Platform may collect sensitive personal data, as defined under applicable privacy laws, such as financial details, KYC (Know Your Customer) documents, and identity proof. Sensitive data is collected only with your explicit consent.

Access, Collection, and Use of Data
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Access to Personal Information

Only authorized personnel of the Company, LENDER, and third-party service providers are permitted to access and handle your Personal Information. Access is limited to what is necessary to fulfill business purposes, including processing loan applications, verifying user identity, and providing customer support.

Use of Personal Information

Your Personal Information is used primarily for the following purposes:

Loan Processing: To evaluate and approve loan applications.
Verification: To verify your identity and eligibility for loans.
Customer Support: To provide assistance and respond to queries.
Service Improvement: To enhance user experience and improve the services offered on the Platform.
Compliance: To comply with applicable legal and regulatory requirements, such as KYC norms, anti-money laundering regulations, and tax obligations.

Data Sharing and Disclosure
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Sharing with Third Parties

Your Personal Information may be shared with the following entities under specific circumstances:

Administrators: Authorized administrators of the Platform who need access for internal business purposes, such as customer support or fraud detection.
Business Partners: Third-party companies or individuals who assist in providing or improving the Platform’s services, such as payment gateways, KYC verification providers, or data analytics services.
Service Providers: Companies or individuals engaged by the Company to perform services on our behalf, including the LENDER. This may involve sharing your data to facilitate the processing and approval of loan applications.

Legal and Regulatory Authorities

We may be required to disclose Personal Information to government or regulatory authorities to comply with legal obligations, such as court orders, law enforcement requests, or other lawful processes.

Business Transfers

In the event that the Company is involved in a merger, acquisition, or sale of assets, your Personal Information may be included in the transferred assets. You will be notified via prominent notice on the Platform before your Personal Information is transferred.

Protection of Personal Information
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Security Measures

We take the security of your Personal Information seriously and employ industry-standard practices, including encryption, to protect your data. The data is stored securely on cloud servers that are safeguarded with appropriate firewalls, encryption protocols, and security measures.

However, while we strive to protect your information, the Company cannot guarantee complete security due to potential unauthorized hacking, breaches, or technical malfunctions. As such, users are responsible for safeguarding their account credentials (e.g., login ID and password) and should avoid sharing account details with third parties.

Retention of Personal Information
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Data Retention Policy

Personal Information is retained for as long as your registration with the Platform is active, and until any outstanding dues related to loans have been fully settled. We may also retain your Personal Information beyond this period to comply with legal obligations, resolve disputes, and enforce our agreements.

Even after requests for deletion or discontinuation of service, it may take time to completely remove Personal Information from all our systems, especially backups. Users should understand that merely uninstalling the app or discontinuing the use of services does not absolve them from their obligations to repay any outstanding loans.

User Rights and Control
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Accessing and Modifying Personal Information

Users have the right to access and review their Personal Information at any time by logging into their account on the CreditSpike app. You can update or modify your information to ensure it remains accurate and up-to-date. However, certain historical information may be retained for compliance with legal requirements or for security purposes.

Ancillary Services and Communication
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Ancillary Services

If the Platform offers additional services such as chat rooms or blogs, any communication made through these services may be visible to other users and is considered non-confidential. By using these features, you assign all rights over your shared content to us.

Service Announcements and Marketing Communications

You may receive service announcements, notifications, or marketing communications from the Platform. While marketing messages can be opted out of, certain service announcements required by law cannot be declined.

Legal Compliance and Indemnity
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Governing Laws

This Privacy Policy is in compliance with Indian laws, specifically the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011, and other relevant data privacy regulations.

Indemnification

You agree to indemnify the Company against any legal claims or liabilities arising from the Personal Information submitted by you or from any violation of this Privacy Policy.

Changes to this Policy

The Company reserves the right to update or modify this Privacy Policy at any time without prior notice. Users are encouraged to review this policy regularly for any changes. Continued use of the Platform after changes are posted will signify your acceptance of the updated policy.

Contact Information

For any questions, concerns, or grievances regarding this Privacy Policy, you may contact Mahavira Finlease Limited at the provided contact details within the app.