Terms and Conditions – CashPey Personal Loan

Welcome to CashPey. These Terms and Conditions are governed by the guidelines of the Reserve Bank of India (RBI) and apply to all customers availing personal loans through CashPey, a product of NBFC Naman Commodities Private Limited.

By applying for a personal loan, the Borrower acknowledges they have read and agreed to the updated terms, as per RBI and regulatory directives. These terms may be amended as per future legal or policy updates.

Regulatory Compliance

CashPey strictly follows the norms of RBI applicable to NBFCs. We ensure transparency, privacy, and data protection as per the Information Technology Act, 2000 and RBI digital lending standards.

  • Collection of basic contact details (email, phone, address)
  • Sharing of necessary financial data for loan processing or recovery
  • Use of cookies to improve digital experience
  • Sharing data with authorized third parties while maintaining full security

Loan Amount & Tenure

Loan range: ₹25,000 to ₹2,50,000 – based on eligibility, salary, credit score, and liabilities.

Loan tenure: 3, 6, 9, 12, 18, or 24 months – chosen based on profile and preference.

No additional or pre-approval charges. Processing fee is deducted from disbursal.

Interest Rate & Charges

  • Interest Rate: 18% to 36% p.a. (reducing balance basis)
  • Processing Fee: 5% of the sanctioned amount + GST
  • Stamp Duty: ₹100 for Delhi NCR; varies by state

No hidden charges. All terms are documented in the Loan Agreement & Key Fact Statement (KFS).

Eligibility Criteria

  • CIBIL Score: Minimum 650 with no recent defaults
  • Income: At least ₹20,000/month (salaried)
  • Employment: Minimum 6 months in current job and 1 year total experience
  • Residential Stability: Minimum 6 months at current residence
  • Age: 21–60 years (at loan maturity)

Documentation & Verification

  • KYC documents: Aadhaar, PAN, Address Proof, Employment Proof
  • Last 6 months' bank statements and last 3 months' salary slips
  • Physical verification at residence or office as required

All submitted information must be accurate and complete. False or missing data may lead to rejection.

Disbursement & Repayment

Loan is credited to the borrower’s bank account. EMI repayment is via e-NACH on scheduled dates (2nd, 5th, 7th, or 10th of each month). Maintain sufficient balance to avoid penalties.

Prepayment & Foreclosure

Prepayment/foreclosure is allowed. Charges are mentioned in the Loan Agreement & KFS as per RBI guidelines.

Borrower’s Rights (As per RBI Fair Practices Code)

  • Right to clear disclosure of loan terms, charges, and rates
  • Right to receive KFS at sanction
  • Right to receive a written copy of the loan agreement
  • Right to raise complaints via Customer Grievance Redressal

Borrower’s Obligations

  • Timely repayment of EMIs
  • Maintain balance in linked bank account
  • Update CashPey on any change in job, residence, or contact
  • Avoid misuse of loan amount for unauthorized purposes

Defaults & Consequences

  • Penal interest as per loan agreement
  • Reporting to credit bureaus (CIBIL)
  • Legal recovery if necessary

Recovery is done ethically and in accordance with RBI fair practice norms.

Data Privacy & Security

All customer data is handled as per RBI Digital Lending Guidelines, IT security standards, and applicable data protection laws. No data is shared without consent except under legal or regulatory obligations.

Grievance Redressal

For any concerns or issues, borrowers can contact the grievance redressal details in the loan agreement. If unresolved, escalation to RBI is permitted.

Governing Law & Jurisdiction

This agreement is governed by Indian law. Disputes shall be subject to the jurisdiction of courts in Delhi NCR.

Consent & Authorisation

By availing a CashPey personal loan, you:

  • Authorize access to your credit score via CIBIL or RBI-approved bureaus
  • Consent to verification of KYC, income, employment, and address
  • Agree to all terms & conditions, RBI regulations, and the Loan Agreement