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Monexo Privacy Policy

PLEASE READ THIS POLICY CAREFULLY BEFORE USING THE APP

The Monexo-Instant Loan App(“App”) is made available by Monexo Fintech Private Limited (“our”, “us”, “we”, “Company”), having its registered office at 1D, Apex Plaza, Old #3, New #77, Nungambakkam High Road, Nungambakkam, Chennai 600 034, through which we shall provide our respective services to you (“Services”).

In order to facilitate and provide you (and co-applicants, members, nominees, if any) with the Services through the App, we (i.e., the Company) need to collect various data and information from you with your prior and explicit consent. The manner in which this data and information is collected, retained, shared, stored, and processed by us (i.e., the Company), our affiliates is addressed in this Monexo Privacy Policy (“Policy”). By setting up an account on this App, you agree to the processing, storage, usage and sharing of the data provided by you pursuant to this Policy.

We may revise this Policy as well as update the Services and the App from time to time, so please keep visiting this page regularly to take notice of any changes we make. If you do not agree with any part of this Policy, please stop using our Services immediately. Please also read our Terms of Use (“Terms”), which describe the terms under which we provide our Services and the terms under which you can use our Services.

You can learn more further below in this Privacy Policy about the ways in which we share information across our affiliates. This Policy applies to all our  Services unless specified otherwise.

This Policy, incorporates, and includes our Terms and the Agreement(s) executed by you (and co-applicants, members, nominees, if any) for availing our Services. Words and phrases not defined in this Policy shall mean the same as provided in the Terms. All references to you (as a user / visitor) shall include references to all co-applicants, covered members or nominees, if any.

1. What Data is Collected?

By using the App, you consent to providing us with your prior and explicit consent, data in the ways listed below. We collect the data you provide to ensure that we can provide you Services in the best manner possible. We use this data to underwrite (i.e., assess the risk the lenders registered on our platform will be taking) any loan we might facilitate you with and to determine the interest rates for such loans. The data being asked from you helps us to provide services to you in a robust and user-friendly manner. We have detailed below the manner in which we collect data:

1.1 Data you input in the  course of signing up and  using our Services

Monexo account data: We collect the data you provide to us when you create or update your Monexo Account. This includes your name, phone number, email ID, PAN, date of birth, pin code, nature of employment, official employment email address and name of employer, monthly income, marital status and relationship with the co-applicant (in case the loan is being sought by more than a single applicant). We or our Lending Partner may require you to share further information on a later date to confirm the veracity of your information or pursuant to any additional features added to the App.

Financial and KYC information: We collect the data you provide to us when you accept the tentative terms of the loans. This includes your photograph, Aadhaar Number, PAN, parents’ names, bank account number, IFSC, proof of address (which can be your electricity bill, rental/lease agreement, gas bill, passport or driver’s license, or any other document our App may be able to record).

Other data solicited: You may be required to provide further information to us for the purposes of processing your loan application. Such additional information may include (without limitation) bank statements, goods and services tax returns, salary and income statements. You may also be required to provide this information to us via physical documents, e-mail or other digital and offline methods.

Feedback Data and Other Data: This includes the following:

  • If you call our call centres, we may record information provided by you to service you or record the calls for quality and training purposes.
  • Data you input when you participate in our referral programs or use any discount codes offered by us.
  • If you provide any feedback or comments to us on the App or as part of our research programs for improving the App.

1.2 Data we collect from your usage of our Service

Geolocation data:  We collect the location data from you in two ways: (i) when you add the pin code as part of your Monexo Account data; and (ii) from your mobile device when enabled by you to do so. We collect this data when our App is running in the background of your mobile device. You will not be able to use the App if you disable the location services.

User Personal Information:  Our App collects user account data which includes email address, name to log in to the app. This information is required as part of the registration process to access our service and it is also used to auto populate relevant fields during the interface of our app. Our App also collects mobile numbers for verification to check the active SIM status on the device, uniquely identify you and prevent fraud and unauthorized access.

Phone Book Contacts:  When you grant us access to the address book on your mobile device, then we access the names and contact information from your address book to facilitate invitations and to assess your phone usage and habits. As part of the loan journey, we access your phonebook contacts which includes their contact names, phone numbers, account types, favourites (starred) and contact labels to enrich your financial profile. We use this data to identify fraudulent contacts in your network, for underwriting purposes and for promotional and marketing purposes. This helps us in detecting fraud loan applications and reducing credit risk.

Financial SMS data:  When you grant us access to the SMSs on your mobile device, then we collect SMS data stored on your mobile device. You will not be able to use the App if you disable this access. We read and securely store your SMS data to analyse your financial profile, process your loan requests, and assess your loan eligibility in order to give you the best loan offer.

App Data: We collect the data about your installed applications, including the applications that you have installed on and from the date you create your Monexo Account and the manner in which you use them. This also includes having access and permission to send you messages and notifications via your social media and instant messaging applications. You will not be able to use the App if you disable this access.

Usage data:  We collect data about how you interact with our Services. This includes data such as access dates and times, App features or pages viewed, App crashes and other system activity, type of browser, and third-party sites or services used before or in the course of interacting with our Services.

Transaction information:  We collect transaction information related to the use of our Services, including the type of Services requested, date and time the Service was provided, loan availed, interest payable, EMI selected, and payment method. Additionally, if someone uses your promotion code, we may associate your name with that person and their usage of the App.

Device data:  We collect data about the devices used to access our Services, including the hardware models, device IP address, operating systems and versions, software, preferred languages, unique device identifiers, advertising identifiers, serial numbers, device motion data and mobile network data.

Storage: This permission is required so that user’s documents can be securely downloaded and saved on user’s phones and upload the right documents for a faster approval and disbursal of the loan. This helps provide a very smooth and seamless experience while using the app.

How we use this data: For Enabling the App and its Services; For Loan Processing and KYC Authentication; For assessing the quantum and interest rate of loan to be extended; For Enabling Customer Support; For Research and Development; For Enabling Communications Between You and Us; For enabling Marketing and Outreach; For Automated Decisions; For Legal Compliance and Requirements. For enabling and servicing of loan products offered by us. All the above usages are explained in detail in clause 2 below.

1.3 Information we receive from other sources

We may also be working closely with third parties(including, for example, credit information bureaus, business partners, partner banks and financial institutions, technical sub-contractors, analytics providers, search information providers) and may lawfully receive information about you and your co-applicant from such sources. Such data may be shared internally and combined with data collected on the App. We may also use the content you have shared publicly, including on third party platforms or applications, to promote our Services (including by quoting your content, reviews and/ or recommendations, or displaying screenshots of your content, reviews and/ or recommendations).

How we use this data:  For Enabling the App and its Services; For Loan Processing and KYC Authentication; For assessing the quantum and interest rate of loan to be extended; For Enabling Customer Support; For Research and Development; For Enabling Communications Between You and Us; For enabling Marketing and Outreach; For Automated Decisions; For Legal Compliance and Requirements. For enabling and servicing of loan products offered by us. All the above usages are explained in detail in clause 2 below.

2. How and Why Is the Collected Data Used

The data that is collected will be used in the manner detailed below:

2.1 For Enabling the App and its Services

We use the data collected to personalize, maintain and improve our Services. This includes using the data to:

  • Create and update the Monexo
  • Analyze your loan eligibility and estimate your loan
  • Track the disbursement and repayment of the
  • Enable features that allow you to add and remove bank accounts for your loan repayment and disbursements from time to
  • Enable features that help you check your loan history, credit scores (as provide on government databases), and other such App features as may be added from time to time.
  • Perform internal operations necessary to provide our Services, including to troubleshoot software bugs and operational problems; to conduct data analysis, testing, and research; and to monitor and analyze usage and activity trends.

2.2 For Loan Processing and KYC Authentication

We use the data to analyze your creditworthiness, loan eligibility, KYC documents, current employment verification and, and the terms of your loans. While we collect the Financial and KYC Information, we are required to individually process the loan requests and verify the KYC documentation received. Failing to process such data means that you cannot be provided any loans. You hereby grant us explicit consent to fetch your KYC (Know Your Customer) details from the Central KYC Records Registry using the details provided by you.

We also use the data to track disbursement and repayment of your loan

2.3 For enabling and servicing of Loan Products offered by us

We use the data to analyze your credit worthiness, loan eligibility, KYC documents, current employment verification and, and the terms of your loans. You hereby grant us explicit consent to fetch your KYC (Know Your Customer) details from the Central KYC Records Registry using the details provided by you.

We also use the data for underwriting, to track disbursement and repayment of your loan.

2.4 For Enabling Customer Support

We use the information to provide customer support, including to resolve your concerns from the use of the Services, and train our customer service executives.

2.5 For Research and Development

We may use the data so collected for research, analysis, and product development to improve the UI/UX experience – all of which will ultimately improve how you experience the App. This also helps us develop automated actions to be triggered in certain events, such as when we need to identify if photographs uploaded are not clear, fraud takes place, IFSC is incorrect etc.

2.6 For enabling communications between you and us

We may add features that allow you to call us (through the App or otherwise), similarly, we may also need to contact you (through the App or any other channels that you give us access to, such as WhatsApp or Facebook).

2.7 For Marketing and Outreach

We may use the data we collect to market the App and our Services. This includes sharing your feedback, ratings and screen names for purely promotion and marketing purposes. Such promotion and marketing may be done, inter alia, via hoardings, banners, pamphlets, calls, SMSes, emails and other means.

2.8 For Automated Decisions

The App may provide automated features for customer responses, reimbursement tracking, etc. As our App grows, we will keep adding more automated features to the App.

2.9 For Legal Compliance and Requirements

We may use the data we collect to investigate or address claims or disputes relating to use of our Services, or as otherwise allowed by applicable law, or as requested by regulators, government entities, and official inquiries.

2.10 For Product Innovation

We may use the data we collect to offer new products and services for your use.

3. How Do We Share the Collected Information?

We are very protective about your data. We may enter into data-sharing agreements or disclose the collected data in order to provide the Services and new product offerings to you. We have detailed the manner in which we and the Lending Partner share the collected data below:

3.1 Sharing with third parties

Service Providers: We work with third party service providers to execute various functionalities of the App and we may share your information with such service providers to help us provide the App. Some of these functionalities may include:

  • Analyzing transaction behavior and cashflows via your SMSs, bank statements, goods and services tax returns, salary and income statements, income tax returns, basis which your loan offer is generated.
  • Validating and authenticating the official verification  documents provided by you.
  • Validating your preferred bank account, as well as  transferring the loan amounts to you.
  • E-signing of the loan agreement or sanction letter, populating the loan agreement or the sanction letter. The information shared with these service providers is retained  for auditing of the agreements.
  • eNACH set-up to enable autopay.
  • Analyzing customer behaviour, conducting research into customer behaviour and contacting the customers for the said purpose, and to automate our marketing and outreach efforts.
  • Detection and flagging of fraud.
  • Cloud services.
  • Gathering of additional information regarding your bank account and statement details, in case adequate information has not been provided by you or through the  other service providers we work with.
  • For manually collecting any sums owed by you to our Lending Partner.
  • Validating and authenticating your employment status, employment information and employment duration.

Details of the third parties we share your personal information with are set out below:

S.No. Vendor Name & Address Contact information Information Shared
1 Finbonacci Softsys Private Ltd Unit 804, 8th Floor, Brigade IRV Centre, Nallurhalli, Whitefield, Bangalore 560 066 Karnataka, India https://fin360.in Transactional SMSs, Bank Account statements (pdfs), Bank Account Details
2 HyperVerge Technologies Private Limited, Transit, 363, 8th Main 3rd Block Koramangala Bangalore 560034 https://hyperverge.co KYC data and e-kyc verification
3 Transunion CIBIL Limited One World Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013 www.cibil.com KYC Data & Loan Performance reporting
4 Crif High Mark Credit Information Services Pvt Ltd FOF-B-04,05,06 B-Wing, Fourth Floor Art Guild House Phenix Market City LBS Marg Kurla, Mumbai 400070 www.crifhighmark.com KYC Data & Loan Performance reporting
5 Equifax Credit Information Services Pvt Ltd Unit No.931, Third Floor Building No.9 Solitaire Corporate Park Andheri-Ghatkopar Link Road Chakala, Andheri (E) Mumbai 400 093 www.equifax.com KYC Data & Loan Performance reporting
6 Experian Credit Information Company Limited 5th Floor, East Wing Tower 3, Equinox Business Park, LBS Marg, Kurla (West), Mumbai -400070 www.experian.in KYC Data & Loan Performance reporting
7 LotusPay Solutions Private Limited 18th Floor, Tower A, Building No. 5, DLF Cyber City, DLF Phase III, Gurgaon 122002 www.lotupay.com Bank Account Details for validation of bank account and e-NACH setup to enable autopay

Third Party Services: The App may allow you to connect with other websites, products, or services that we don’t have control  over (for example, if we allow you to pay through an external wallet facility then we will have to share your usage information with the facility provider). However, usage of such third-party services is subject to their privacy policies and not within our control. We recommend that you have a look at their privacy policies before agreeing to use their services.

Link to Third-Party SDK

Our application has links to registered third party SDKs which collect data on our behalf and data is stored to a secured server to perform a credit risk assessment. We ensure that our third-party service providers take security measures in order to protect your personal information against loss, misuse or alteration of the data.

Our third-party service provider(s) employ separation of environments and segregation of duties and has strict role- based access control on a documented, authorized, need-to- use basis. The stored data is protected and stored by application-level encryption. They enforce key management services to limit access to data.

Furthermore, our registered third-party service provider(s) provide hosting security – they use industry-leading anti-virus, anti-malware, intrusion prevention systems, intrusion detection systems, file integrity monitoring, and application control solutions.

Change in Control: While negotiating or in relation to a change of corporate control such as a restructuring, merger or sale of our assets, we may have to disclose our databases and information we have stored in the course of our operations.

3.2 Sharing with Lenders Registered on our Platform

We work with identified lenders registered on our platform as per guidelines of Reserve Bank of India applicable to NBFC-P2P companies to facilitate lending through the App, and we may share  your information with such lenders as permitted by RBI.

The Monexo App is a digital lending application facilitating the loan transactions between borrowers and Lenders. Details of the lenders are provided to you to the extent permitted by Reserve Bank of India at the time of your availing the loan.

3.3 Sharing with law enforcement agencies if and when needed

If any governmental authority or law enforcement officers request or require any information and we think disclosure is required or appropriate in order to comply with laws, regulations, or a legal process.

4. How We Work With Our Affiliates and Partners?

As part of our Policy, we (i.e., the Company) and the Affiliates receive information from, and share information with each other. We may use the data we have collected for:

  1. product research and development, marketing outreach and advertising relevant products to you;
  2. tailoring product offerings for your benefit;
  3. improving infrastructure and delivery systems of our services;
  4. understanding and driving analytics on how our services are used;
  5. promoting safety, security and integrity of our services, g., securing systems and fighting spam, threats, abuse, or infringement activities; and improving our services, our Affiliates’ services and your experiences using them, such as making suggestions for you, personalizing features and content, helping you complete purchases and transactions, and showing relevant offers and ads across the App.

5. General

5.1 Contact Information

Our grievance redressal officer is Mr. Sundar Mahalingam. You may contact us on any aspect of this policy or for any discrepancies/grievances with respect to your personal data, by writing to our data grievance officer at  loan@monexo.co

5.2 What are Your Rights Regarding The Data?

It is important for us that you remain in control of your data. Please write to us at loan@monexo.co if you wish to exercise any of your rights under the Policy. You shall have the following rights:

S.No. Your Rights Details
1 Right to rectification In the event that any personal data provided by you is inaccurate, incomplete or outdated then you shall have the right to provide us with the accurate, complete and up to date data and have us rectify such data. It may take up to 10 days to process your request. We urge you to ensure that you always provide us with accurate and correct information/data to ensure your use of our Services is uninterrupted.
2 Right to withdraw consent You have the right to withdraw your consent to this Policy by uninstalling the App. However, if you have availed any services from our Affiliates, we shall have the right to continue processing your information while you are availing such services.
However, we shall not retain your data and information if it is no longer required by us and there is no legal requirement to retain the same. Do note that multiple legal bases may exist in parallel, and we may still have to retain certain data and information at any time.
3 Right to opt-out You can opt out of receiving push notifications through your device settings. You can opt-out of sending promotional and marketing communication to your phone book contacts by writing to us at loan@monexo.co Please note that opting out of receiving push notifications may impact your use of the App.

5.3 What Is Our Data Security Practice?

We use requisite technical and organizational security measures to ensure a level of protection for personal data appropriate to the nature, scope and purpose of processing personal data, the risks associated with such processing, and the likelihood and severity of the harm that may result from such processing. The transfer of personal data between your end device and us is carried out via best-in- class encryption protocols. If you communicate with us by e-mail, access by third parties cannot be ruled out. In the case of confidential information, we recommend using the mail, i.e., post or encrypted e-mail communication (PGP).

5.4 Consent Mechanism

By setting up a Monexo Account, you agree to our processing, storage, usage, and sharing of the data provided by you pursuant to this Policy. If you do not agree with any of the terms of this Policy or the Terms or wish to  revoke any consent you have provided to us, please write to us at loan@monexo.co. However, please note that if you revoke any mandatory permissions or revoke the consent to process and store information such as your Monexo Account data, Financial and KYC Information and/or any other information needed to facilitate your loan amounts, then we may have to cease the provision of Services to you. You cannot withdraw your consent once you have availed services using the App till you have closed all services with us and our Affiliates.

5.5 Data Retention

We shall retain the information you provide to facilitate your smooth and uninterrupted use of the App, and (i) to provide, improve and personalize our Services; (ii) to contact you about your account and give customer service; (iii) to personalize our advertising and marketing communications; and (iv) to prevent, detect, mitigate, and investigate fraudulent or illegal activities. We do not retain your personal data for longer than required for the purpose for which the information may be lawfully used. We store your personally identifiable data in our servers in encrypted form. For any other information, we may entertain your request for deletion, however, you may not be able to use our Services at all after such deletion.

5.6 Children’s Privacy

Our Services are not directed to children, and we do not knowingly solicit or collect personal information from persons under the age of 18 (eighteen). If we find out that a child has given us personal information, we will take steps to delete that information and terminate the relevant Monexo Account.

5.7 Communications from Us

We may from time to time contact you via calls, SMS, emails, and other communication channels to provide you with information pertaining to our Services, notifications on updates vis-à-vis our Services (when we consider it necessary to do so), educational information and promotions. We may also notify you if we need to temporarily suspend the App for maintenance, and keep you informed on security, privacy, or administrative-related communications. By setting up an account on Monexo, you consent to us contacting you via call, SMS, push notifications, or through any other communication channel, as we may deem fit.

5.8 Updates To This Notice

Monexo reserves the right to change, modify, add to, or remove portions of this Privacy Policy at any time. Any updates to the privacy policy become effective when posted on the Platform. If we make any material changes, we will notify you by email or by providing the revised privacy policy on https://www.monexo.co/in/ or in the Apps.

Your continued use of our services following the update means that you accept Monexo’ s updated privacy policy, and you shall be bound by the modified Privacy Policy as on the date and time of browsing / usage of the app.

You are advised therefore to periodically visit this page to review the current Privacy Policy to which you are bound. All terms not defined in this document shall have the meanings ascribed to them in the Terms of Use or any other such agreement entered into between Monexo and you.

If you have any questions or complaints regarding our privacy policy or practices, or if you need assistance in exercising any of your choices under this policy, please reach out to us at loan@monexo.co