NAVI TERMS OF USE
Last updated: January 17, 2022
We at Navi Technologies Limited (formerly known as Navi Technologies Private Limited) ("our","us", "we","Company","Navi") have developed the Navi mobile application ("App") and are happy to have you with us. Please read these terms of use ("Terms") carefully before you use the App since they constitute the agreement between: (a) you; (b) us; (c) Navi Finserv Limited (formerly known as Navi Finserv Private Limited and Chaitanya Rural Intermediation Development Services Private Limited), ("Lending Partner"); (d) Navi General Insurance Limited ("Insurance Partner"); and (e) Navi AMC Limited ("Navi AMC"). The Lending Partner, Insurance Partner and Navi AMC shall collectively be referred to as ("Affiliates").
For your ease, we have provided summaries of some crucial Terms. However, in case of any conflict between the summaries and these Terms, the Terms shall prevail.
These Terms incorporate the following documents (including all their variants and updates) by reference: (a) the Navi Privacy Policy; and (b) the agreement(s) executed by you (and coapplicants, members, nominees, if any) for availing the Services (as defined in the Sections below) from us and our Affiliates. By accessing or using the Services of our Affiliates, you agree (on behalf of yourself and your co-applicants, members, nominees, if any) to be bound by these Terms and to the collection and use of your information as set forth in the Navi Privacy Policy.
All our Services are subject to applicable laws, government notifications, the rules, regulations and guidelines issued by the Reserve Bank of India ("RBI"), the Securities and Exchange Board of India ("SEBI"), and Insurance Regulatory and Development Authority ("IRDAI"), and any other regulatory bodies defining the rules/regulations governing the offer of any Services on the App.
We may revise these Terms as well as update the App and Services from time to time, so please keep visiting this page regularly. If you do not agree with any part of these Terms, please stop using the App immediately. If you have any queries or concerns regarding these Terms, please contact our Grievance Officers (please refer Clause 4 of Section 1, Clause 4 of Section 2 and Clause 4 of Section 3 below for details of our Grievance Officers).
SECTION 1: LENDING PARTNER SERVICES
If you avail Services from the Lending Partner, Section 1 of this Terms will be applicable to you.
1. Scope of Services
Summary: Navi helps you access personal loans easily. You must be legally permitted to enter into a contract and provide us with the information and permissions we need in the manner we ask for.
Signing up to use our Services: In order to use the App, you must create a profile (“Navi Account”) with us through the App. To create a Navi Account, you must provide us with your phone number, which we will authenticate with a one-time password. You must also permit us to gain access to your Financial SMSes, contacts, location data, storage and such other device data as we may require to provide our Services to you. You have to provide us with the following details (with supporting documents to the satisfaction of our Lending Partner):
You should add the information and documents requested in the manner prompted on the App. If you revoke any of the mandatory permissions sought by the App required for fraud prevention, collections and underwriting purposes, then you will not not be able to avail the Personal Loan or Home Loan and have limited usage of the App. You will also be required to appoint us as your, and your co-applicant's authorized agent to access your, and your co-applicant's credit information from various credit information companies (such as EQUIFAX, CIBIL etc.).
We and the Lending Partner reserve the right to store information on your device in the form of cookies or similar file for purposes of modifying the App to reflect your preference. The App is deemed to be in use when it is loaded in a temporary or permanent memory of your device.
The Navi Privacy Policy details the nature and type of information we collect and process (either for ourselves or on instructions and on behalf of our Lending Partner) to enable the setting up of a Navi Account, completing the Know-your-Customer (“KYC”) processes or to provide such information to our Lending Partner as it may need to process your loan. If the information provided by you does not, in our sole discretion based on our internal policies, amount to reliable information or appears to be fraudulent, then we will not allow you to open a Navi Account and you shall not be eligible to apply for a loan using the App. If we discover any deficiency in the information provided by you on a later date, then we may terminate your Navi Account. Please note that we may add further verification procedures in the future, whereby you may be required to provide us with more information.
2. Loan Process - How it Works
Summary: Through your Navi Account, we help you discover the maximum amount you are eligible to borrow from our Lending Partner and the terms on which our partner might lend to you. Our Lending Partner will, alone, decide whether to offer you the loan or not. If you have availed a personal loan or any other lending product, the terms of your loan will be provided in the User Loan Agreement executed between you and our Lending Partner.
3. DISCLAIMERS AND LIMITATIONS
Summary: We are a loan facilitator and not a loan provider. We provide our Services ‘as is’, and we make no promises or guarantees about these Services. We will not be liable for damages or losses arising from your use or inability to use the Service or otherwise arising under this arrangement.
Navi only helps you gain access to loans, i.e., we are only a facilitator. You are contracting a service directly with our Lending Partner. We accept no responsibility for the provision of loans or its consequences. Our responsibility is limited to connecting you to the Lending Partner, displaying your loan eligibility and the terms of your loans. We accept no responsibility for the terms that we communicate to you in good faith. We are not liable for any losses that may occur as a result of the acts or omissions of the Lending Partner. We do not accept responsibility for any amounts transferred to your bank account or any remittance to your account that has failed. However, we shall undertake all reasonable steps to ensure such actions do not take place. In case you are facing any issues on the amount remitted to your account, please write to help@navi.com immediately.
The App and Services are provided on an “as is” basis without any representation or warranties, express or implied except otherwise specified in writing. We do not warrant the quality of the Services or the App, including its uninterrupted, timely, secure or error-free provision, continued compatibility on any device, or correction of any errors. In no event shall we or any of our Affiliates, successors, and assigns, and each of their respective investors, directors, officers, employees or agents be liable for any special, incidental, punitive, direct, indirect or consequential damages or losses suffered as a consequence of a breach of the Terms by another user or arising out of the use of or the reliance on any of the Services or the App.
Availing loans carries a risk and you should speak with your trusted advisors and/or financial consultant before availing any debt of any kind, whether from Navi or otherwise.
In the event any exclusion contained herein is held to be invalid for any reason and we or any of our Affiliates, officers, directors or employees become liable for loss or damage, then, any such liability shall be limited to the loan amount availed by you.
4. GRIEVANCE OFFICER
Summary: You may reach out to the Grievance Officer at: help@navi.com to enquire about your concerns.
In order to address any questions or grievances that you may have regarding the use of App or Services, please contact our Grievance Officer in the following manner:
SECTION 2: NAVI MUTUAL FUND SERVICES
If you avail Services from Navi AMC, Section 2 of this Terms will be applicable to you.
1. Scope of Services
Summary: We help you make investments in mutual funds easily. You must be legally permitted to enter into a contract and provide the information and permissions we need in the manner we ask for.
Words and expressions used but not defined herein shall have the same meanings assigned to them in such Scheme Related Documents. In case of any conflict between the provisions of these Terms and the provisions of the Scheme Related Documents, the provisions of the Scheme Related Documents shall prevail.
Signing up to use our Services: In order to use the App, you must create a profile (“Navi Account”) with us through the App. To create a Navi Account, you must provide us with your phone number, which we will authenticate with a one-time password. You must also permit us to gain access to your Financial SMSes, contacts, location data, installed applications, storage and such other device data as we may require to provide our Services to you. You have to provide us with the following details (with supporting documents to the satisfaction of Navi AMC and Navi Mutual Fund):
The user hereby agrees to abide by these Terms and all applicable laws / rules / regulations in force, including compliance with KYC / Central KYC (“CKYC”) requirements under the Prevention of Money Laundering Act, 2002, and the changes thereto from time to time relating to the access to the App and/or the Services, including those relating to execution of transactions in schemes of Navi Mutual Fund. The user further confirms that he is not restricted by any legal/ regulatory/ judicial/ quasi-judicial /other authority, to access the App and the Services.
Subsequent to the registration, for the purpose of compliance with applicable laws/regulations, the user may be required to submit such other documents as may be stipulated by the RTA/ Navi AMC from time to time and the user hereby undertakes to submit such details/documents as and when required. The user further acknowledges that any failure to submit such documents/details may result in the Navi Account being suspended/ terminated.
If you revoke any of the mandatory permissions in the App, then your utilization of the App shall be limted.
We, Navi AMC and Navi Mutual Fund reserve the right to store information on your device in the form of cookies or similar file for purposes of modifying the App to reflect your preference. The App is deemed to be in use when it is loaded in a temporary or permanent memory of your device.
The Navi Privacy Policy details the nature and type of information we collect and process (either for ourselves or on instructions and on behalf of Navi AMC and Navi Mutual Fund) to enable the setting up of a Navi Account. If the information provided by you does not, in our sole discretion based on our internal policies, amount to reliable information or appears to be fraudulent, then we will not allow you to open a Navi Account and you shall not be eligible to apply for a policy using the App. If we discover any deficiency in the information provided by you on a later date, then we may terminate your Navi Account. Please note that we may add further verification procedures in the future, whereby you may be required to provide us with more information.
2. INVESTMENT IN NAVI MUTUAL FUND -- HOW IT WORKS
3. DISCLAIMERS AND LIMITATIONS
Summary: We are a mutual fund service facilitator and not a mutual fund service provider. We provide our Services ‘as is’, and we make no promises or guarantees about these Services. We will not be liable for damages or losses arising from your use or inability to use the Service or otherwise arising under this arrangement.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
All mutual funds and securities investments are subject to market risks, and there can be no assurance that the objectives of the schemes will be achieved. The NAV of the schemes may go up or down depending upon the factors and forces affecting the securities market. Investment in mutual fund units involves investment risks such as trading volumes, settlement risk, liquidity risk, default risk including the possible loss of principal. As the price/value/interest rates of the securities in which the schemes invest fluctuate, the value of your investment in the schemes may go up or down. The schemes do not offer any guaranteed or assured returns. Anmol Como Broking Private Limited (“Sponsor”) is not responsible or liable for any loss resulting from the operation of the schemes beyond the initial contribution of Rs 1,00,000/- made by it towards setting up the Mutual Fund. Past performance of the Sponsor and its affiliate do not indicate future performance of the Mutual Fund or any of its schemes. The names of the schemes do not indicate either the quality of the schemes nor their future prospects or returns. Please refer to the scheme information document(s) for details on scheme specific risk factors.
Navi only provides the platform for undertaking investments, i.e., we are only a facilitator. You are contracting a service directly with Navi AMC and Navi Mutual Fund. We accept no responsibility for the provision of Services by Navi AMC and Navi Mutual Fund. Our responsibility is limited to connecting you to Navi AMC and Navi Mutual Fund, displaying your eligibility to make investments in the available schemes. We accept no responsibility for the terms that we communicate to you in good faith. We are not liable for any losses that may occur as a result of the acts or omissions of Navi AMC and Navi Mutual Fund. We do not accept responsibility for any amounts transferred to your bank account or any remittance to Summary: We are a mutual fund service facilitator and not a mutual fund service provider. We provide our Services ‘as is’, and we make no promises or guarantees about these Services. We will not be liable for damages or losses arising from your use or inability to use the Service or otherwise arising under this arrangement. your account that has failed. However, we shall undertake all reasonable steps to ensure such actions do not take place. Please note that if you subscribe to Mutual Fund Schemes of Navi Mutual Fund through a third party service provider, you will be subject to terms and conditions governing use of that third party's service and that third party's personal information collection practices. Please review such terms and conditions and privacy policy before using the third party's services. Navi AMC or Navi Mutual Fund shall not be liable for any loss or damage occurring due to breach of applicable laws or act or omission of such third party.
Unless otherwise expressly stated, we, Navi AMC or Navi Mutual Fund make no representation that materials on the App are appropriate or available for use in any location. Those who choose to access the App are responsible for compliance with local laws. The services/products which are part of the App do not constitute an offer to sell or a solicitation of an offer to buy any policies/products to any person in any jurisdiction where it is unlawful to make such an offer or solicitation. If you choose to access the App from locations other than India, you shall do so on your own initiative and you would be responsible for compliance with applicable local laws and regulations of such location/territory.
Your use of the App shall be at your sole risk. Except as explicitly warranted in these Terms, we make no express or implied warranty with respect to the Services provided on the App, including, without limitations, any warranties of uninterrupted/error free performance of the App, that any identified defects will be corrected, that the Mobile App is free from viruses or other malicious, destructive or corrupting code, non-infringement of third party rights, title, merchantability, data accuracy and completeness, satisfactory quality and/or fitness for a particular purpose. Whilst every reasonable precaution has been taken to ensure the accuracy, security and confidentiality of data and information on the App, there cannot be any guarantee from internet frauds, hacking and other similar actions.
We do not warrant the quality of the Services or the App, including its uninterrupted, timely, secure or error-free provision, continued compatibility on any device, or correction of any errors. In no event shall we or any of our affiliates, successors, and assigns, and each of their respective investors, directors, officers, employees or agents be liable for any special, incidental, punitive, direct, indirect or consequential damages or losses suffered (including, but not limited to, damages caused by any virus, personal injury, loss of profits, data or other intangible, business interruption, loss of privacy, or any other pecuniary loss) arising out of or in any way connected with the use/delivery/performance of the App, with the delay or inability to use the App or any links or items on the App, the provision of or failure to provide Services, or for any information, software, products, services and related graphics obtained through the App, or otherwise arising out of breach of the Terms by another user or reliance on any of the Services or the App, whether based on contract, tort, strict liability or otherwise, or for cost of procurement of substitute goods and repair & correction services or messages received or transactions entered into through or from the App or resulting from unauthorized access to or alteration of your transmissions or data, even if you have been advised of the possibility of such damages.
In the event any exclusion contained herein is held to be invalid for any reason and we or any of our affiliate entities, officers, directors or employees become liable for loss or damage, then, any such liability shall not exceed the amount paid by you, if any, for accessing the App.
Suspension or Termination of Services: Navi AMC and/or Navi Mutual Fund may, at its sole discretion, suspend / disallow / modify / restrict all or any of the facilities offered under the App or deny access to the App to any specific user at any time and for such time period and for such reasons as it deems fit, including on account of inactive/dormant user ID, noncompliance of these Terms, death, insolvency, or bankruptcy of the user, any restriction imposed by any legal/judicial/regulatory authority, or for any other cause arising out of the law/regulation or for such other reasons as we may deem fit.
Navi AMC and/or Navi Mutual Fund shall be entitled to withdraw or terminate all or any Services without assigning any reason whatsoever, without any prior notice to the user. We shall not be liable for any loss or damage that may be sustained by any user on account of such suspension / withdrawal / termination by Navi AMC and/or Navi Mutual Fund.
Liability: Navi AMC and/or Navi Mutual Fund shall not be liable for any damages or losses sustained by the user (direct and/or indirect) whatsoever, due to disruption or non-availability of the Services due to any technical fault/error or any failure or failure in telecommunication network or any error in any software or hardware systems.
Navi AMC or Navi Mutual Fund shall not be liable for any unauthorised transactions occurring through the App and the user hereby fully indemnifies and holds Navi AMC or Navi Mutual Fund harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. Navi AMC or Navi Mutual Fund shall under no circumstance be held liable to the user if the App or all or any part of the facilities on the App is not available in the desired manner for reasons including but not limited to legal restraints, faults in the telecommunication network or network failure, or any other force majeure events (such as flood, extraordinary weather condition, earthquake or other act of God, fire, war, insurrection, riot, labour dispute, accident, action of government, communications, power failure, equipment or software malfunction)or any other reason beyond the control of Navi AMC / Navi Mutual Fund. Under no circumstances shall Navi AMC Limited or Navi Mutual Fund be liable for any damages whatsoever whether such damages are direct, indirect, incidental consequential and irrespective of whether any claim is based on loss of revenue, interruption of business or any loss of any character or nature whatsoever and whether sustained by the user or by any other person.
4. GRIEVANCE OFFICER
Summary: You may reach out to the Grievance Officer at: mf@navi.com to enquire about your concerns.
In order to address any grievances that you may have regarding the insurance policy, please contact our Grievance Officer – Mr. Devansh Jain, at mf@navi.com.
All correspondence and/or delivery by Navi AMC and Navi Mutual Fund shall be made only at the address and/or email address available with Navi AMC and Navi Mutual Fund respectively. We shall send communications/letters etc. to the user through courier/messenger/email/SMS or through any other valid mode at its own discretion and the user shall not hold us liable for any loss and/or delay arising there from.
4. OTHER INFORMATION
Statutory details: Navi Mutual Fund has been set up as a trust and is sponsored by Anmol Como Broking Private Limited (liability restricted to Rs. 1,00,000) with Navi Trustee Limited (Trustee established under the Indian Trusts Act, 1882) as the Trustee and with Navi AMC Limited as the Investment Manager.
All information in this App is provided on an "as is" basis, and without guarantees or warranties of any kind, express or implied. Furthermore, any ideas / information provided or gained from the App would not necessarily reflect the views of the Company, Navi AMC and/or Navi Mutual Fund or any of its associates or subsidiaries or its directors or employees. The material/ information available or obtained through this App is/are not guaranteed or warranted in terms of completeness, correctness, accuracy, reliability or otherwise howsoever by Navi Mutual Fund. The information obtained at /or through this App is not and should not be construed as an offer document.
Nomination: Subject to the terms contained herein, the Scheme Related Documents, and the applicable SEBI Regulations, nomination shall be mandatory for individual users having a single mode of holding. Users who do not wish to nominate are required to confirm their nonintention to nominate. The user can also fill up the nomination form available on the Navi Mutual Fund website and submit the same in physical form to Navi AMC office or any of the offices of its RTA, KFin Technologies Private Limited.
Navi AMC reserves the right to decide the type of services/facilities that may be offered on the App from time to time. There is no assurance by that all Services available under the offline/physical mode shall be available to the user on the App. We may also make additions and/or deletions to the services and/or facilities that are currently offered on the App at its sole discretion.
SECTION 3: INSURANCE PARTNER SERVICES
If you avail Services from the Insurance Partner, Section 3 of this Terms will be applicable to you.
1. Scope of Services
Summary: We help you avail insurance policies easily. You must be legally permitted to enter into a contract and provide the information and permissions we need in the manner we ask for.
Signing up to use our Services: : In order to use the App, you must create a profile (“Navi Account”) with us through the App. To create a Navi Account, you must provide us with your phone number, which we will authenticate with a one-time password. You must also permit us to gain access to your Financial SMSes, contacts, location data, storage and such other device data as we may require to provide our Services to you. You have to provide us with the following details (with supporting documents to the satisfaction of our Insurance Partner):
You should add the information and documents requested in the manner prompted on the App. If you revoke any of the mandatory permissions sought by the App required for fraud prevention, collection of premiums and underwriting purposes, then you will have limited usage of the App. You also hereby authorize us and the Insurance Partner to carry out your instructions, effecting such transactions as may be permitted on the App or by the Insurance Partner, from time to time, in accordance with these Terms and such other terms as may be specified by us or the Insurance Partner.
We and the Insurance Partner reserve the right to store information on your device in the form of cookies or similar file for purposes of modifying the App to reflect your preference. The App is deemed to be in use when it is loaded in a temporary or permanent memory of your device.
The Navi Privacy Policy details the nature and type of information we collect and process (either for ourselves or on instructions and on behalf of our Insurance Partner) to enable the setting up of a Navi Account, completing KYC processes or to provide such information to our Insurance Partner as it may need to issue the policy or disburse claims. If the information provided by you does not, in our sole discretion based on our internal policies, amount to reliable information or appears to be fraudulent, then we will not allow you to open a Navi Account and you shall not be eligible to apply for a policy using the App. If we discover any deficiency in the information provided by you on a later date, then we may terminate your Navi Account. Please note that we may add further verification procedures in the future, whereby you may be required to provide us with more information.
2. ISSUE OF POLICY PROCESS - HOW IT WORKS
Summary: Through your Navi Account we help you avail an insurance policy from our Insurance Partner and provide the best estimates of the premium amounts and the terms of the policy. Our Insurance Partner will, alone, decide whether to offer you an insurance policy or not. If you have availed an insurance policy, the terms of your policy will be provided in the Policy Document executed between you and our Insurance Partner.
3. DISCLAIMERS AND LIMITATIONS
Summary: We are an insurance policy facilitator and not an insurance provider. We provide our Services ‘as is’, and we make no promises or guarantees about these Services. We will not be liable for damages or losses arising from your use or inability to use the Service or otherwise arising under this arrangement.
Navi only helps you to buy insurance policies, i.e., we are only a facilitator. You are contracting a service directly with our Insurance Partner. We accept no responsibility for the provision of Services by our Insurance Partner. Our responsibility is limited to connecting you to the Insurance Partner, displaying your eligibility for an insurance policy and the terms of your policy. We accept no responsibility for the terms that we communicate to you in good faith. We are not liable for any losses that may occur as a result of the acts or omissions of the Insurance Partner. We do not accept responsibility for any amounts transferred to your bank account or any remittance to your account that has failed. However, we shall undertake all reasonable steps to ensure such actions do not take place. In case you are facing any issues on the amount remitted to the designated bank account, please write to gro@navi.com immediately.
Unless otherwise expressly stated, we or the Insurance Partner make no representation that materials on the App are appropriate or available for use in any location. Those who choose to access the App are responsible for compliance with local laws. The services/products which are part of the App do not constitute an offer to sell or a solicitation of an offer to buy any policies/products to any person in any jurisdiction where it is unlawful to make such an offer or solicitation.
Except as specifically set forth herein the information contained on the App is not an offer to sell any security, insurance product or other product or service. No security, insurance product or other product or service is offered or will be sold in any jurisdiction in which such offer or solicitation, purchase or sale would be unlawful under the securities, insurance or other laws of such jurisdiction. Some products and services may not be available in all jurisdictions.
The App and Services are provided on an “as is” basis without any representation or warranties, express or implied except otherwise specified in writing. We do not warrant the quality of the Services or the App, including its uninterrupted, timely, secure or error-free provision, continued compatibility on any device, or correction of any errors. In no event shall we or any of our affiliates, successors, and assigns, and each of their respective investors, directors, officers, employees or agents be liable for any special, incidental, punitive, direct, indirect or consequential damages or losses suffered (including, but not limited to, damages caused by any virus, personal injury, loss of profits, data or other intangible, business interruption, loss of privacy, or any other pecuniary loss) arising out of or in any way connected with the use/delivery/performance of the App, with the delay or inability to use the App or any Summary: We are an insurance policy facilitator and not an insurance provider. We provide our Services ‘as is’, and we make no promises or guarantees about these Services. We will not be liable for damages or losses arising from your use or inability to use the Service or otherwise arising under this arrangement. links or items on the App, the provision of or failure to provide Services, or for any information, software, products, services and related graphics obtained through the App, or otherwise arising out of breach of the Terms by another user or reliance on any of the Services or the App, whether based on contract, tort, strict liability or otherwise, or for cost of procurement of substitute goods and repair & correction services or messages received or transactions entered into through or from the App or resulting from unauthorized access to or alteration of your transmissions or data, even if you have been advised of the possibility of such damages.
In the event any exclusion contained herein is held to be invalid for any reason and we or any of our affiliate entities, officers, directors or employees become liable for loss or damage, then, any such liability shall not exceed the amount of premium paid by you, if any, for accessing the App.
4. GRIEVANCE OFFICER
Summary: You may reach out to the Grievance Officer at: gro@navi.com to enquire about your concerns.
In order to address any grievances that you may have regarding the insurance policy, please contact our Grievance Officer in the following manner:
SECTION 4: Account Aggregator Services
If you avail services of the account aggregator and enable Navi Technologies Limited (formerly known as Navi Technologies Private Limited) ("our","us") to connect you with an account aggregator ("Account Aggregator") for the purpose of creating your account with the Account Aggregator of your choice, Section 4 of these Terms will also be applicable to you.
An Account Aggregator is an entity regulated by the Reserve Bank of India with an NBFC-AA license that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institutionin the account aggregator network. The Account Aggregator ecosystem ("AA Ecosystem” ) allows the User to create accounts with Account Aggregators of their choice for the purpose of sharing financial information from a variety of entities that hold financial information with Navi’s Lending Partner. This streamlines the process and allows transfer of data from financial entities in a secure and efficient manner. All information shared shall always be with the consent of the User as obtained by the Account Aggregator.
By using the App and selecting an Account Aggregator on the App for the purpose of sharing your information, you affirm that Section 4 of these Terms are legal and binding on you. You represent and warrant that You have full legal capacity and authority to agree and bind yourself to these Terms.
The App allows the User to select an Account Aggregator of their choice from the list of Account Aggregators with whom Navi has entered into agreements with. At present Navi has agreements with the following Account Aggregators:
a. FinSec AA Solutions Private Limited ("One Money”)
Navi may modify this list from time to time as and when Navi enters into agreements with new Account Aggregators.
On selection of the Account Aggregator, the User shall be directed to a fresh page where the User is required to link their bank account to the AA Ecosystem for the purpose of creating an account with such Account Aggregator. On doing so, the User shall also be bound by the terms and conditions and privacy policy of the Account Aggregator in relation to transfer of data through the Account Aggregator to the Lending Partner. The terms and conditions of the Account Aggregator shall be available on the website of the Account Aggregator. On creation of the account with the Account Aggregator, the User shall direct the Account Aggregator to obtain and share the User’s data with the Lending Partner by issuing consent for the same.
The Account Aggregators shall share the User’s bank profile and transaction data with the Lending Partner in the manner as set out in the consent artifact provided by the User to the Account Aggregator.
The User agrees that the consent submitted under the consent architecture permits the Lending Partner to underwrite and undertake analytics using the data received from the Account Aggregator. You further consent and agree to the Lending Partner sharing the data received with Navi for underwriting purposes and to undertake analytics. The data shared with Navi shall be processed as per the Privacy Policy of Navi available at: AA Architecture https://navi.com and available on the App.
To the fullest extent permissible by law, Navi, the Lending Partner and our affiliates, and related parties each disclaim all liability towards You for any loss or damage arising out of or due to: (i) Your use of, inability to use, or availability or unavailability of the Account Aggregators services; or (ii) any information provided to the Account Aggregator; or (iii) the occurrence or existence of any defect, interruption, or delays in the operation or transmission of information to, from, or through the AA Ecosystem; (iv) any security breach that occurs on the AA Ecosystem that is not directly attributable to Navi or its Lending Partner; or (v) any acts or omissions of the Account Aggregators.
The User agrees and understands that opening an account and sharing data through the Account Aggregator is a voluntary process and is not mandated by Navi or its Lending Partner. The Lending Partner still retains the sole right to determine whether the User is eligible to receive a personal loan as per the parameters devised by the Lending Partner. The Lending Partner’s determination of the User’s eligibility shall be final and binding on the User.
Notwithstanding anything to the contrary contained herein, neither Navi, its Lending Partner nor any of our affiliates or related parties shall have any liability to You or any third party for any indirect, incidental, special or consequential damages or any loss of revenue or profits arising under, directly, or indirectly, or relating, in any manner whatsoever, to these Terms or any breach by the Account Aggregators.
You shall indemnify and hold Navi, our Lending Partner, our subsidiaries, affiliates, and their officers, employees, directors, agents, and representatives, harmless from and against any claim, demand, lawsuits, judicial proceeding, losses, liabilities, damages, and costs (including, without limitation, all damages, liabilities, settlements, and attorneys’ fees) arising out of or due to Your access to or use of the AA Ecosystem, or any infringement of these Terms.
SECTION 5: GENERAL
If you avail any Services from us or our Affiliates, Section 4 of this Terms will be applicable to you.
PRIVACY OF DATA
Summary: You can read about how we handle and use your data in our privacy policy available here.
The Navi Privacy Policy ( available here ) provides the manner in which we and our Affiliates store, process, collect, use and share the data that is collected from you. Please read it so you know your rights in this regard.
2. YOUR OBLIGATIONS
Summary: You must always (a) provide us with correct information; (b)keep your mobile device secure; and (c) be responsible for all costs in case we suffer any damages or claims owing to your use of the App. Lastly, remember to keep the App updated.
3. Restrictions on You
Summary: You shall not hack or in any way jeopardize the App. You should not use the App for any forward lending purposes or to grant loans to any third parties. You should not use the App/Services for any illegal purposes. These are explicitly barred.
4.INTELLECTUAL PROPERTY
Summary: We own the content on the App. You cannot duplicate or commercially exploit the App or its content.
5.REGULATORY CHANGES
Summary: Financial technology is an evolving sector. This may lead to changes in law and regulations which may lead to us to modify the App or shutting it down.
Regulation around technology companies such as ours is ever changing. You understand that the Company may have to modify the Services as well as the App on account of the regulatory landscape we are subject to. In such case, if you become incapable of using all or any part the App or the Services, the same shall not be our fault.
6.THIRD PARTY LIABILITY
Summary: In order to provide you with a working ecosystem, we collaborate with various third parties. These third parties have their own protocols, terms of use and privacy practices. We cannot be responsible for their activities.
In providing the Services to you, we will need to use third-party services. This is done to facilitate checking your credit score, facilitating payment to and from you and other practical and functional purposes in order to enhance the Services we provide you. While we have appropriate agreements in place with these third parties, we do not accept any liabilities that may arise from our use of or reliance on such third-party services. Further, it may so happen that you are unable to link your bank account with the App – whether to credit or debit the loan amounts - in which case, we will not be liable for any damages or losses suffered by you.
7.THIRD PARTY CONTENT AND ADVERTISEMENTS
Summary: Ads/third party services displayed on the App are not endorsed. Please use them at your own risk. Please read the terms of use of such third parties before using their services.
We may, from time to time, display offers and advertisements from third parties on our App for your benefit. However, this does not mean we endorse these third parties. If you accept any of the services of such third parties, such arrangement shall be solely between you and the third party, you should avail of such services only after you have read their terms of use and privacy policies.
8.TERMINATION
Summary: We may terminate your Navi Account by informing you by email. However, you will continue to make the payments/ premiums owed to our Affiliates as agreed under the respective documents/ policies.
If we decide to terminate your Navi Account for any reason, we will inform you of such decision on the App or by email. However, this will not extinguish your obligations under the applicable documents/policies. We will not be liable for any losses or damages that you may suffer from such termination of your Navi Account.
9. OPT-OUT REQUEST
Summary: Email us at help@navi.com to opt out of receiving any updates from us.
Users who have availed our Services may not, prior to such Services being completed/closed, either uninstall the App or deactivate their Navi Account due to the reasons provided in these Terms. Such users may further note, that in the event you either delete the App and/or deactivate your account, at any point prior to the closure of the respective Services, such an act will not extinguish your responsibilities under the applicable documents/policies.
If the user , does not want to continue using our App and the Services and/or wants to deactivate their Navi Account, and/or unsubscribe from the mailing lists, they may do so by contacting us at help@navi.com.
10. FORCE MAJEURE
Summary: We cannot be held responsible for any deficiency or loss of Services owing to any reasons outside of our control.
Without limiting the foregoing, under no circumstances shall we be held liable for any damage, loss, loss of services of App, due to deficiency in provision of the Services resulting directly or indirectly from acts of nature, forces, or causes beyond its reasonable control, including, without limitation, internet failures, computer equipment failures, telecommunication equipment failures, or any other government regulations, floods, storms, electrical failure, civil disturbances, riots.
11. GENERAL PROVISIONS