ECS Credit

1. Terms of Use

1.1 Thank you for using ECS Credit. By accessing or using the website www.ecscreditsloan.com, whether automated or otherwise, you (the "User"), whether registered or as a guest user by the eligibility criteria defined herein, consent to be governed by these Terms of Use as well as any additional terms and conditions that may apply to specific parts of the website from time to time. Users are requested to carefully read these Terms of Use before using the website.

1.2 Yaksh Infinlease Private Limited, a private company incorporated by the provisions of the Companies Act, 2013, having the corporate identity number (CIN) (U67120DL1996PTC077232), owns and operates the website. All references to the "Website" in these Terms of Use shall be construed as referring to this entity.

1.3 Under the Information Technology Act, 2000 and applicable rules, these Terms of Use constitute an electronic record. No physical or digital signatures are required for this document, and it constitutes a valid and binding agreement between the website and the User. These Terms of Use are provided under Rule 3(1) of the Information Technology (Intermediaries Guidelines) Rules, 2011, which require the publication of rules, regulations, privacy policy, and terms of use regarding access to or utilisation of the website.

1.4 These Terms of Use are subject to modification at any time. Changes will apply from the date and time of posting. By continuing to use the website after changes are published, you agree to the updated Terms of Use.

2. Customer Eligibility

2.1 The Website is available only to individuals who are legally competent to contract under the Indian Contract Act, 1872. Individuals classified as "incompetent to contract," such as minors and undischarged insolvents, are prohibited from utilising the website.
2.2 The Website reserves the right to cancel any membership or deny access if it is found that the individual is below 18 years of age.
2.3 By agreeing to these Terms of Use, the User confirms that he/she is at least 18 years of age and eligible to enter into a binding agreement.
2.4 The User must hold a rupee-denominated savings or current account with a bank in India.
2.5 The User is required to have a valid Permanent Account Number (PAN) issued by the Income Tax Department of India.
2.6 By agreeing to these Terms of Use, the User confirms that he/she has read and comprehends the risks associated with lending and/or borrowing on the website.
2.7 To qualify as a Borrower, the User must:
- Be a salaried individual
- Be a resident of India
- Not have experienced unemployment during the previous six months
- Have no pending civil or criminal litigation
- Receive his/her salary directly into a bank account.

3. Sign-Up and Registration

3.1 Users may access the website either as registered users or as guest users. However, guest users will not be entitled to access all features of the website.

3.2 Eligible Users who wish to register must create an account by providing details as required on the website.

3.3 By registering, the User authorises ECS Credit to conduct necessary checks and verifications, including:

Identity and KYC verification
Credit rating checks through authorised credit bureaus
Residence and/or workplace verification.

3.4 If any information provided by the User is found to be false, inaccurate, outdated, or incomplete, the Website may suspend or cancel the account and prohibit future access.

3.5 Users may be required to provide personal information and expressly consent to its collection, storage, and use by the website’s privacy policy at term-and-conditions.php.

3.6 Registration as a Borrower is free of charge.

4. Use of Website

4.1 To borrow through the platform, Users must log in to their ECS Credit account.

4.2 Each User is fully responsible for activities conducted through their account. ECS Credit shall not be liable for misuse, unauthorised access, hacking, or any unlawful activities associated with a User’s account.

4.3 Users acknowledge that they have been provided with a copy of the loan agreement ("Loan Agreement") to be entered into between the Lender and Borrower. By signing the Loan Agreement, Users confirm that they have read, understood, and agree to comply with its terms.

4.4 If there is unauthorised access or misuse of an ECS Credit account, the User shall notify the website immediately.

4.5 ECS Credit reserves the right not to act on any instruction if it:

is unclear
was not given by the User
may lead to a legal violation
implies illegal use of the website

4.6 The Website holds no responsibility for any claims resulting from misuse of the User's account, website unavailability, or unauthorised access that is outside its reasonable control.

4.7 The Website might experience temporary unavailability as a result of maintenance or other operational needs. ECS Credit will not be responsible for any ensuing losses, and Users forego any claims resulting from such inaccessibility.

4.8 The Site provides Users with a revocable, limited, non-exclusive license to use and access the Site, subject to compliance with these Terms of Use.

4.9 It is the sole responsibility of the Users to acquire access to the website, which could be through third-party fees (e.g., internet service provider charges). Users are required to supply all the equipment needed to access the website.

4.10 Breach of unauthorised access or misuse of the website will cancel the license provided to the User.

4.12 The Website strictly forbids:

Using website material to the advantage of third parties or competitors
Unauthorised caching, linking or framing
Altering, distributing, or creating derivative works from website material
Uploading malicious software or code
Data scraping, mining, or similar use.
Participating in actions that impose an excessive strain on the website's infrastructure.

4.13 ECS Credit may, at its sole discretion, without prior notice to any individual or entity, refuse or cancel registration, erase accounts, or limit access.

6. Terms and Conditions for Borrowing

6.1 A Borrower can apply for a loan by posting their loan need on the site and going through the application process.

6.2 At registration, Borrowers are required to give valid bank account details for repayment of the loan and payment of the loan.

6.3 By making a Loan Request, the Borrower agrees to:

PROCESSING FEES: Upto 10 % on the loan amount
GST: 18% on admin fees/processing fee
Delay charges will be applicable after the due date
a. Give correct and comprehensive details. Any incomplete or misleading information will make the Loan Request null and void, and ECS Credit may take proper action.
b. Permit ECS Credit to check their credit rating with authorised Indian credit bureaus to judge repayment capacity.
c. Recognise that credit bureaus are entitled to cross-check financial associates of the Borrower (e.g., joint account holders) while giving credit information.
d. Give express consent as under:
"I hereby voluntarily authorise Yaksh Infinlease Private Limited and its service providers, by providing my personal information, to obtain my Credit Information Report and Credit Score from Equifax Credit Information Services Pvt. Ltd. This document is exclusively designed to evaluate risk and conduct credit underwriting.”
e. Accept loan amounts as made available by participating Lenders.

6.4 ECS Credit can, following a review of a Borrower's profile, call for a co-signer as a condition of disbursement. Refusal to produce a co-signer, when called for, can lead to the loan application being refused.

6.5 Formation of Loan Agreements

a. Borrowers will accept loan offers meeting their borrowing criteria.
b. Borrowers consent to enter into loan agreements electronically or in physical form. In cases where there are several agreements, ECS Credit will give a consolidated statement of obligations in the Borrower's account.

7. Loan Administration

7.1 Loan Repayments will begin on the date indicated in the Loan Agreement. Lenders will begin receiving applicable returns five (5) days after the date of their investment in a loan or from the loan disbursement date, whichever is earlier.

7.2 Prepayment Terms

Borrowers may prepay their loans without any prepayment penalty. For initiating prepayment,
Borrowers must notify the Company via info@ecscreditsloan.com.
Borrowers who have already made at least three repayments at the time of prepayment shall pay the outstanding principal and accrued interest up to the prepayment date. Where fewer than three repayments have been made, the Borrower shall additionally pay interest equivalent to three repayment cycles.

7.3 Missed Repayments If a Borrower foresees difficulty in making a scheduled repayment, they must immediately inform ECS Credit by emailing info@ecscreditsloan.com. Upon notification:

a. Applicable delay charges and repayment options will be communicated.
b. The concerned Lender will be informed.
c. The case may be transferred to ECS Credit’s recovery team for legal recovery if classified as a default.
d. The Borrower’s default will be reported to credit bureaus, which may negatively impact their future access to credit.

7.4 Default Classification A Borrower will be categorised as “in default” under the following circumstances:

a. Failure to make repayments for three consecutive months.
b. Notification of the Borrower’s death.
c. The Borrower entering into a terminal arrangement affecting loan agreements.
d. Other situations, at the discretion of ECS Credit, where a loan agreement is deemed to be in default.

7.5 Changes in Repayment Date Borrowers may request a change to their repayment date (“Repayment Date”) under the following conditions:

Privacy and Data Protection

Service Communications

We respect your concerns regarding unnecessary communications. However, certain service-related messages (“Service Messages”) are essential and may be sent via email, SMS, phone, or post. These include reminders and important updates relating to your loan or investment.

Periodic Updates

When you join ECS Credit, you may opt to receive periodic updates about new features, services, and surveys. These updates are optional. If you wish to opt out, you may adjust your preferences in the “My Contact Preferences” section of your ECS Credit account or notify us via info@ecscreditsloan.com.

Use of Content

By using the ECS Credit website, you agree not to host, upload, publish, transmit, or share any content that:

Belongs to another party without proper authorisation.
Is defamatory, obscene, offensive, harassing, unlawful, pornographic, hateful, or otherwise unsuitable.
Harms minors in any way.
Impersonates another person or misrepresents your identity.
Encourages unlawful activity or obstructs the investigation of an offence.
Infringes upon intellectual property rights, such as copyrights, trademarks, or patents.
Contains malicious code, viruses, or software designed to disrupt systems.
Is misleading, threatening, or intended to deceive recipients.
Interferes with or disrupts the website, its servers, or connected networks.
Attempts unauthorised access to any system, account, or feature of the website.
Tests or violates the website’s security or authentication procedures.
Causes harm to or interferes with systems, networks, accounts, or associated services.
Uses the website for illegal purposes or to solicit unlawful acts.
Alters or removes legal notices, credits, or ownership labels from content.
Violates any code of conduct or policies applicable to ECS Credit’s services.

Intellectual Property Rights

Intellectual Property Rights (“IPR”), as referenced in these Terms of Use, shall include, but not be limited to: copyrights (registered or unregistered), patents (including the right to file patents), trademarks, trade names, trade dress, house marks, collective marks, associated marks, and rights to register them; industrial and layout designs; geographical indicators; moral rights; broadcasting, display, distribution, sales, abridgment, translation, reproduction, performance, communication, adaptation, circulation, protection, joint and reciprocal rights; infringement rights; as well as all text, graphics, user interfaces, visual interfaces, sounds, artwork, and computer code relating to the website.

Indemnity

The User agrees to indemnify, defend, and hold harmless ECS Credit, its subsidiaries, affiliates, vendors, partners, agents, and their respective directors, officers, employees, and contractors (collectively, “Indemnified Parties”) against all damages, claims, liabilities, legal proceedings, penalties, costs, and expenses (including legal fees and statutory charges) arising from:

Feedback and Information

8.1 ECS Credit may use User feedback or information to improve or enhance the website.
8.2 ECS Credit reserves the right to modify the website or its content based on such feedback without restriction.
8.3 Users acknowledge that they shall not acquire any rights (including IPR) in any modifications or improvements arising from such feedback.
8.4 By providing feedback, Users confirm that:
1. the information does not contain confidential or proprietary material, and
2. no compensation or reimbursement shall be owed by ECS Credit about such feedback.

Dispute Resolution

Failing amicable resolution, disputes shall be referred to arbitration under the Indian Arbitration and Conciliation Act, 1996. Arbitration shall be conducted in Mumbai, in English, before a sole arbitrator appointed by ECS Credit.

Jurisdictional Issues

Unless otherwise specified, all products and services offered on the website are intended for use within India only. ECS Credit will not be responsible for the accessibility or utilisation of its services beyond the borders of India.

General Provisions

Notice: Any notice under these Terms of Use shall be given via email or through a general notice posted on the website. Notices to ECS Credit must be addressed to the Grievance Officer at info@ecscreditsloan.com.
Assignment: Users may not assign or transfer these Terms. ECS Credit, however, may assign or transfer its rights and obligations under these Terms to any third party without requiring the User’s consent.
Severability: If any provision of these Terms is held invalid or unenforceable, such provision shall be severed, and the remaining provisions shall remain valid and enforceable.
Waiver: The failure or delay of either party to exercise any right or remedy shall not be deemed a waiver. Any waivers must be documented in writing and signed by an officer who is duly authorised by the waiving party.
Relationship and Exclusivity: These Terms shall not establish any agency, partnership, joint venture, or comparable relationship between the parties. No party shall have authority to bind or incur obligations on behalf of the other.
Force Majeure: ECS Credit shall not be liable for failure or delay in performing its obligations where such failure is due to causes beyond its reasonable control, including but not limited to natural disasters, labour disputes, war, terrorism, cyber-attacks, government orders, or other force majeure events. Performance shall be excused during the duration of such events.

Defined Terms

For these Terms of Use, the following definitions apply:

Borrower: A person registered as a borrower on the website.
Credit Information: Comprises data acquired from credit reporting agencies, including CIBIL, Experian, Equifax, and CRIF Highmark.
Escrow Account: Bank account established for managing lender-borrower transactions.
Lender: Any person or entity registered as a lender on the website/app. (Details such as CIN/GSTIN may apply where relevant)
ECS Credit Account: This refers to the account maintained by the User on the website or application.
Prohibited Sectors: Any business sectors that are restricted or forbidden by the Government of India.
RBI: Reserve Bank of India.
Insurance Company: Any company registered with IRDA and licensed to conduct insurance business in India.

Terms & Conditions

GENERAL TERMS AND CONDITIONS