ECW Consultants Pvt. Ltd. Terms And Conditions

1.INTRODUCTION

  1. 1.1. This agreement outlines the terms and conditions (the “Terms”) between you (a “Borrower”, “Buyer” or “you”) and ECWConsultants Private Limited (“ECW”, the “Company”, “we”, or “us”) under which you agree to publish Loan requirement and avail financing for your vehicle purchase through the Company’s Peer-to-Peer lending Platform www.ecarworld.in (the “Platform”) from third party lenders.

  2. 1.2. It is important that you read these Terms carefully. It is also important that you understand that Peer-to-Peer lending business and the associated risks and the manner of disbursement. In case of any doubt regarding the services offered under the Platform by ECW, we request you to contact our customer care at info@ecarworld.in. Apart from this, we strongly recommend that you seek independent financial, tax and legal advice when considering whether to publish Loan Requirement on the Platform.

  3. 1.3. ECW does not provide any advice, nor does it make any recommendations to you. ECW only gives you access. It is your responsibility to assess whether the Platform is suitable or appropriate for your needs and any decision made to use our Services is done so entirely at your own risk. Please be aware that execution of these Terms does not imply that we have confirmed that use of the Platform and our Services are suitable or appropriate for you. By using the Platform, you confirm that you have the necessary experience and knowledge to understand the risks involved, or are able to take advice from a relevant qualified investment professional or advisor to assist you in understanding the risks involved.

  4. 1.4. You confirm your agreement to these Terms by registering on the Portal as a Borrower. You should read these Terms carefully before registering

  5. 1.5. Where ECW has published a document which is referred to within these Terms (such as Policy Document), that document shall also form part of these Terms and shall be deemed to have been agreed to by you. In the event of any conflict between these Terms and a document referenced within them, the transaction documents shall prevail. It is also brought to your notice that apart from these Terms, your transaction and services in the Platform and the relationship between Borrower and the Lender is also regulated by agreements including Loan Agreement and such other agreements felt necessary by ECW (“Transaction Documents”).

2. ABOUT THE PLATFORM

  1. 2.1. The Company through the Platform provides the facility to the Lenders and Borrowers to issue and avail Sharia compliant lending and borrowing opportunities for the purchase of vehicles.

  2. 2.2. Under the Sharia Compliant Financing model, the ownership on the financed asset will be deemed to accrue to the lenders and borrowers in proportion to their respective investments in the financed asset. The monthly payments made by the borrower will comprise of rental as well as asset repurchase. Depending upon the amount repaid by the borrower, the deemed ownership of the borrower will correspondingly increase and at the time of full and final settlement of the Loan, the borrower will have acquired the complete ownership. However, the legal ownership under the Indian laws, will always vest with the borrower right from the date of purchase based on the endorsement of his name in the registration certificate. The enforcement of rights of the Lender are as available under the Indian legal system.

3. HOW IT WORKS

  1. 3.1. ECW provides services to Lenders and Borrowers, whereby ECW publishes loan requirements (“Debt Offer”) by registered individuals (“Borrower”) for purchase of Vehicles as identified by them and the Lenders can subscribe to these Debt offer through the Platform subject to the terms and conditions

  2. 3.2. Borrowers provide information to ECW regarding the finance requirement and the details of the Vehicle which the Borrower intends to purchase with the financing (“Loan Application”). Loan Applications are made by Borrowers and published on the Platform (subject to ECW’s sole discretion) and include the following information:

    1. Debt Amount;
    2. Type of Debt;
    3. Term of Debt;
    4. Report on the Borrowers ability to service the Debt;
    5. Purpose of the Debt;
    6. Monthly repayment amounts.
    7. Projected cashflows from the Loan

  3. 3.3. When the Borrower has submitted the Loan Application, ECW will review it and decide in its sole discretion whether to approve the Loan Application for publication on the Platform. If the Loan Application is approved for publication ECW will publish the Debt Offer with terms of repayment on the Debt Offer (“Loan”).

  4. 3.4.The publishing of the Loan:

    1. does not guarantee that the Borrower can or will repay all or any part of the Loan or any interest charged;
    2. reflects the information available to ECW at the relevant time and will not be updated during the term of the Loan;
    3. is provided to the Lender solely in order to: categories Loan Applications and set interest rates for the purpose of for subscription; and
    4. determine the platform fee payable by the Lender and Borrower to ECW pursuant to the Transaction Documents;
    5. is merely to enable the Lenders and Borrowers to connect with the interested borrowers and Lenders and the information regarding the Lenders as available on the Platform shall not be misused by the Borrowers and Lenders. You acknowledge that you have paid no consideration for it and that you shall under no circumstances hold ECW liable in respect of it.
  5. 3.5.The publishing of the Loan

    1. i) does not constitute a guarantee by ECW that the Borrower can or will repay all or any part of the Loan or any interest charged;
    2. ii) reflects the information available to ECW at the relevant time and will not be updated during the term of the Loan;
    3. iii) is merely to enable the lenders to connect with the interested borrowers and the information regarding the Borrowers as available on the platform shall not be misused by the Lenders. You acknowledge that you have paid no consideration for it and that you shall under no circumstances hold ECW liable in respect of it.
  6. 3.6. ECW undertakes various checks on the Borrowers and Lenders and their Loan Applications including identity, fraud and credit checks and categorizes the Loan Applications in the Platform in order that such applications which are considered most worthy by ECW have the best chance of attracting Lenders;

  7. 3.7. ECW publishes the Loan and provides tools on its Platform so that Loan requirements are easily understood by and are attractive to Lenders and enables the Loan to be subscribed to.

  8. 3.8. Lenders can agree to lend money to any Borrower who has a Loan Application published on our Platform, provided the Lender complies with any special conditions relating to the Loan Application, the provisions of the Loan Agreement and the laws of India

  9. 3.9. The Borrower may withdraw the Loan Application from the Platform at any time before an agreement to lend has been completed

  10. 3.10. In the event the Lender wishes to subscribe to the Loan, the Lender shall transfer the Loan along with any applicable fees to the Bank Account designated by ECW (“Lender Escrow Account”)and the Borrower and the Lender shall enter into Tripartite Agreements for availing and subscribing to the Loan.

  11. 3.11. As per the RBI regulations, the Lender Escrow Account and the Borrower Escrow Account (defined) shall be managed and maintained by a third party trustee promoted by the bank and appointed by the Platform especially for this purpose.

  12. 3.12. When the amount sought in the Loan Application has been fully funded (“Lender’s Contributions”) and the Transaction Documents have been completed and any special conditions have been fulfilled then:

    1. a. The Trustee will be notified that an agreement to lend has been completed. At this point a legally binding contract exists between you and the Borrower;
    2. b. The Trustee will clear the Loan from the Lender Escrow Account to the Borrower Account or the account endorsed by the borrower for the purpose, which would typically be the account of the authorized dealer of the Vehicle. A confirmation of the transfer and proof of payment shall be provided to the Lender.
  13. 3.13. In the event the lending and the transaction documents could not be completed for any reason, the Lender’s Contribution shall be remitted back by the Platform by informing the Trustee.

  14. 3.14. The Lender shall be appointing ECW as the agent for the management of the repayment, to the extent stipulated under the Transaction Documents.In the event of default of repayment by the Borrower, the responsibility for recovery of the Loan shall be the responsibility of the Lender and ECW shall be assisting the Lender to the limited extent as the lenders agent and in accordance with the policies of ECW and RBI regulations.

  15. 3.15. ECW shall, at any time in its sole discretion refuse to act as the Lenders Agent and the Borrower and the Lender may appoint a third party for the management of the Loan and the repayment thereof without any obligations to the Lender and the Borrower.

  16. 3.16. For the purpose of tracking and ensuring the protection of the Loan, ECW shall mount a GPS Vehicle Inhibitor Device in the Vehicle for the control of the vehicle in the event of default by the Borrower for the repayment of the Loan.

  17. 3.17. ECW is not a lender and does not involve in lending or accepting of deposits.

  18. 3.18. In order to enable subscriptions and issue Loan and submit Loan Application through Platform, it is necessary for Lenders and Borrowers to register on the Platform. The registration process enables a Lender and Borrower to agree to the basis on which the Lender and Borrower is using Platform, to the process used for subscriptions to Loan published on Platform, and to make all necessary disclosures.

  19. 3.19.The Repayment of the Loan as per the payment schedule shall be made by the Borrower by the Tenth of Every month, starting from the month following the month in which delivery of the vehicle was made. The repayment would be made to the Borrower Escrow Account managed by the Trustee and the upon the receipt of the Repayment Amount, ECW shall provide instruction to the trustee on behalf of the Borrower to transfer the Repayment amount to the Lender and shall issue a receipt to the Borrower for the same.

  20. 3.20. The Borrower shall not be allowed for an early closure (pre-closure) and has a fixed repayment obligation up to a period of one year (12 months) from the date on which the first repayment was due. Thereafter the Borrower may at their discretion close the early repayment of the Loan by paying the balance amount due.

  21. 3.18. In order to enable subscriptions and issue Loan and submit Loan Application through Platform, it is necessary for Lenders and Borrowers to register on the Platform. The registration process enables a Lender and Borrower to agree to the basis on which the Lender and Borrower is using Platform, to the process used for subscriptions to Loan published on Platform, and to make all necessary disclosures..

4. PRUDENTIAL NORMS

  1. 4.1. The Lender and Borrower shall be subjected to the Prudential Norms applicable to users availing Peer to Peer lending services as per the RBI P2P Lending Platform (Regulations), 2017 as amended;

    1. a. The Aggregate Exposure Of A Lender To All Borrowers At Any Point Of Time, Across All P2Ps, Shall Be Subject To A Cap Of ₹ 10,00,000/-.
    2. b. The Aggregate Loans Taken By A Borrower At Any Point Of Time, Across All P2Ps, Shall Be Subject To A Cap Of ₹ 10,00,000/-.
    3. c. The exposure of a single lender to the same borrower, across all P2Ps, shall not exceed ₹ 50,000/-.
  2. 4.2. ECW shall obtain an exposure certificate from the Lender and Borrower to ensure compliance with the Prudential norms of RBI;

5. BORROWER REGISTRATION

  1. 5.1. To register as a Borrower and subscribe for a Loan you must:

    1. a. Complete the Borrower registration process on the Platform including the uploading of information required to verify your identity being any of the following:
      1. i. PAN Card details
      2. ii. India driver’s license details;
      3. iii.Indian passport details;
      4. iv. Aadhar Card
    2. b. acknowledge that you have read and agree to the Terms and any Other policy documents by clicking the “Agree” button on the Borrower registration page;
    3. c. pass the following checking by us:
      1. i. Identity checks;
      2. ii. Credit assessment checks; and
      3. iii. any other checks ECW deems appropriate in its sole discretion.
    4. d. receive from us acceptance as a Borrower (at our sole discretion), notification of which shall be sent to you and shall include any terms and conditions on the use of our Platform. Acceptance is subject to ongoing checks of your identity which may take place at any time.

6. BORROWER ELIGIBILITY CRITERIA

  1. 6.1. To qualify as a Borrower you, must be

    1. a. A natural persons be over the age of 18 years;
    2. b. not be bankrupt or insolvent, in receivership or liquidation;
    3. c. have no previous convictions for fraud or dishonesty; and
    4. d. otherwise comply with the laws of India.
    5. e. You must satisfy our identity checks, which may take place at any time, and you will be required to provide your details including
      1. i. full legal name;
      2. ii. residential address or registered address (whichever is applicable) and address for service;
      3. iii. date of birth;
      4. iv. occupation (if applicable);
      5. v. a copy of passports , driver’s licences and Aadhar Card (if applicable);
      6. vi. India Bank account number;
      7. vii. certificate of incorporation if a company or other corporate entity.

7. AGREEMENT

  1. 7.1. By your registering and ECW accepting your registration, an agreement is formed between you and ECW on the terms and conditions set out herein and on the Transaction Documents entered into

8. FURTHER CONDITIONS AND AVAILABILITY OF PLATFORM

  1. 8.1. We may by written notice to you, in our absolute discretion, impose conditions at any time that must be fulfilled by you to subscribe to Debt Offer published on the Platform.

  2. 8.2. We do not guarantee that provision of the Platform will be continuous or fault free. You acknowledge that access to the Platform may not be available from time to time and that ECW will not be liable to you for any loss whatsoever arising from any inability to access the Platform.

9. CONTACT DETAILS OF ECW

  1. 9.1. ECW may send you communications, including notices and disclosures, by mail or in an electronic form, including by email or SMS messaging

  2. 9.2. You must provide notices to ECW by mail (posted to its postal address) or by email to the email address below.

    1. Name: ECW Consultants Private Limited

    2. Address: Maliyekkal Towers, Pallisseri Road, Thammanam PO, Cochin 682032

    3. Email Address: info@ecarworld.in

  3. 9.3.ECW will not publish on the public pages of the Platform any information about the Borrowers and Loan Applications.

  4. 9.4. Information regarding the Borrower and Loan Application will only be disclosed to Lenders and the Lender is bound by Non Disclosure norms set out in Section 16 of this document.

  5. 9.5. Information accessible to the registered Lenders may include:

    1. a. Borrower identity information, including full legal name;
    2. b. Loan Application;
    3. c. The norms of repayment
    4. d. Identity and credit checks on the Borrower;
    5. e. Any loan history the Borrower has with ECW; and
    6. f. Any limits and conditions affecting the Borrower.
  6. 9.6. ECW will review the disclosure information prior to publication to ensure that it is timely and understandable.

10. FEES AND CHARGES PAYABLE

  1. 10.1. ECW hereby discloses, and you hereby acknowledge:

    1. a. The Borrower will be liable to pay to ECW a Service Charge, in the nature of a commission on the amount being sought, (“Consultancy Fee”) which shall be equal to 2 percentage of the Loan Amount requested plus any levies and less any discount that ECW at its sole discretion might decide to give. The Net amount payable as the Consultancy Fee will be charged at the time of approval of the loan. If the deal is not closed at any subsequent stage, for an reason, 1.5% of the Loan Amount would be duly refunded by ECW.
    2. b. The basis for calculating all fees and charges, including Platform Commission and Maintenance Commission, payable by Borrowers to ECW will be published on the Platform from time to time.
    3. c. ECW shall in its sole determination, may change the fees and charges payable and the Borrower and Lender has to regularly keep themselves updated.
    4. d. All payments by the Lender and the Borrower shall attract applicable taxes including GST.

11. EVENT OF DEFAULT

  1. 11.1. Event of Default shall be deemed to have occurred conducted by the Borrower if any of the following shall occur:

    1. a. The Vehicle is/are endangered / stolen or suffer total loss/damage due to any accident.
    2. b. If a cheque/ECS mandate in respect of any payment including but not limited to EMI is dishonoured for any reason; or
    3. c. If any default shall have occurred in payment of EMIs or any part thereof and/or in payment of any other amounts due and payable to the Lender or the Platform in terms of this Agreement and/or in terms of any other agreement(s)/document(s) which may be subsisting or which may be executed between the Parties hereafter; or
    4. d. If any information given by the Borrower in the Loan Application or by the Lender or otherwise is found to be misleading or incorrect in any material respect or any representation or warranty referred to in the Transaction Documents is found to be incorrect; or
    5. e. If default shall have occurred in the performance of any other covenants, conditions or agreements on the part of the Borrower or Lender under this Agreement or any other agreement(s) between the Borrower and the Lender in respect of the peer to peer lending or any other loan; or
    6. f. If the Borrower fails to deliver post dated cheques/ECS mandate in accordance with the terms of the Loan or as and when demanded by the Lender or Platform; or
    7. g. If the Borrower fails to furnish any information or documents required by the Lender; or
    8. h. If the Borrower fails to inform the Platform or Lender of the occurrence of any Event of Default or any event which after the notice or lapse of time, or both, would become an Event of Default; or
    9. i. If the Borrower makes a default in performance of any of the terms, covenants and conditions of any other loan in the portal; or
    10. j. If the Vehicle is sold, disposed off, charged, encumbered, sub-let or leased or let or otherwise alienated in any manner whatsoever without written approval of the Lender or Platform; or
    11. k. Where the Borrower is an individual, if the Borrower commits an act of insolvency or makes an application for declaring himself an insolvent or an order is passed against the Borrower declaring him an insolvent any insolvency proceedings are initiated; Where the Borrower is a partnership firm, if the Borrower, is dissolved or a notice of dissolution is given to it by any of its partners or if the Borrower or any of its partners commits an act of insolvency or makes an application for being declared insolvent or an order is passed declaring it or them or any of them an insolvent any insolvency proceedings are initiated; Where the Borrower is a company, if the Borrower is unable to pay its debts within the meaning of Insolvency and Bankruptcy Code or any insolvency proceedings are initiated or a resolution for winding-up of the Borrower is passed or any petition for its winding-up filed or any order for winding-up is made against the Borrower or if a liquidator is appointed in respect of any property or estate of the Borrower; or

12.REMEDIES ON EVENT OF DEFAULT

  1. 12.1. Apart from the legally available remedies including those specified in the Transaction Documents, in the event there is a failure to meet the obligation by the Borrower, ECW shall shall have the right to enforce the Vehicle Inhibitor installed in the Vehicle in the event of default of payment by the Borrower. However, before exercising such right, the ECW shall give a minimum of 7 days to the Borrower requesting the Borrower to clear the pending EMIs or to rectify the event of default. The Borrower shall also be liable to pay incidental charges and costs to the ECW and shall be bound by the terms of the Vehicle Inhibitor Agreement.

  2. 12.2. Upon the inhibition of the Vehicle or otherwise on the occurrence of event of default the Lender shall have the right to recover the vehicle and pursue such other legal remedies including the sale of the Vehicle.

  3. 12.3. ECW shall be providing all assistance in its sole discretion to the Lender as the Lenders Agent in this regard.

  4. 12.4. The Borrower shall be responsible shall be responsible for any damage or fees or any loss incurred by the Lender and ECW in this regard.

13. LOCK IN

  1. 13.1. The prepayment of the Loan by the Borrower shall not be permitted for a period of 1 year from the date of disbursement of Loan Amount.( Prepayment Lock In Period)

  2. 13.2. After the Prepayment Lock in period, the borrower may be permitted by the Platform to close the Loan.

14. WARRANTIES

  1. 14.1. You warrant to ECW that:

    1. a. all information you provide to ECW is true, accurate, and complete, and there is no information which has not been provided which would impact on ECW’s:
      1. i. decision to approve you as a Borrower; and/or
      2. ii. provision of information in the preparation and completion of the Loan and security documentation.
    2. b. you will provide ECW with updated information in respect of yourself if any of your or your Association Person’s circumstances have materially changed
    3. c. After having made the non-disclosure declaration in relation to viewing Lender and Loan Application information (Information), you will not under any circumstances:
      1. i. disclose it to any third parties whatsoever;
      2. ii. use the Information for any purpose other than for selecting and investing in Loans in accordance with the terms of this Agreement;
      3. iii. use the Information for unlawful or illegitimate purposes.
      4. iv. You will comply with all India laws in connection with the use of our Platform.
  2. 14.2. You will comply with, agree to and be bound by:

    1. a. This Agreement and the Transaction Documents;
    2. b. The decision of ECW in relation to whether any of your conduct has breached ECW policies, the Act or any other applicable India laws, including your fair dealing obligations.
  3. 14.3. You agree promptly on request by ECW to provide it with any information and documents that are reasonably required to enable ECW and the Lender/s to comply with those obligations.

  4. 14.4. You authorise ECW to disclose any information or documents it holds about you (including any information or documents you provide to ECW under this clause) to any Lender for this purpose.

  5. 14.5. You acknowledge that you do not rely on ECW’s skill or judgment as to the suitability or otherwise of Loan Applications and the Platform for your specific needs.

  6. 14.6. You agree that ECW may communicate with you by electronic means, including SMS messaging and email, including for the purposes of marketing to you.

15. SUSPENSION OR CANCELLATION OF PLATFORM ACCESS

  1. 15.1. We may at any time, and in our absolute discretion, do any one or more of the following, without giving you any reasons or prior notice:

    1. a. immediately terminate this Agreement;
    2. b. suspend your access to the Platform;
    3. c. Remove you as a Borrower;
    4. d. remove content from the Platform;
    5. e. refuse to publish content on the Platform;
    6. f. disclose any information on the Platform or otherwise necessary to comply with the Loan Agreement, Terms and applicable law; and
    7. g. publish a censure of, or statement relating to your conduct, if we consider such conduct warrants such a censure. Except where we have acted in bad faith, you waive all claims you or they may have in respect of such censure or statement and indemnify us against any such claims.

16. INTELLECTUAL PROPERTY

  1. 16.1. You acknowledge and agree that we own all of the intellectual property rights in respect of ECW and the Platform.

17. LIABILITY AND INDEMNITY

  1. 17.1. ECW and it’s directors, shareholders, employees, agents, contractors and Associated Persons are not liable in any way for:

    1. a. the failure of any Lender Contributions;
    2. b. any failure to provide the Platform or otherwise to comply with this Agreement, if the failure or non-compliance is caused by events beyond our reasonable control; or
    3. c. to achieve any funding in respect of any Loan Application.
    4. d. We are not liable to you and do not have to pay you for anything else caused by or resulting from any action or inaction by us. This exclusion applies whatsoever you are claiming (including loss of profits, savings, revenue or business) and however liability might arise but for this clause (including for breach of contract or in tort, including negligence).
  2. 17.2. You hereby indemnify us against all liabilities, losses and costs, including legal costs, incurred by us arising out of or in connection with any action or inaction we take in relation to you, your Associated Persons and your Loan/s and which is in accordance with this Agreement.

  3. 17.3. You hereby indemnify us against any liability we incur to any Lender, co-Lender, co-Borrower or third party arising out of or in connection with the Loan, your performance or breach of this Agreement and your use of the Platform including in relation to information posted on the Platform or to any Lender, co-Lender or co-Borrower or former Lender, co-Lender or coBorrower where such liability arises out of or in connection with the Loan.

  4. 17.4. In this clause “we” and “us” includes our subsidiaries, Associated Persons, and our directors, officers, employees and contractors.

  5. 17.5. In this clause “you” includes your subsidiaries, Associated Persons, and your directors, officers, employees and contractors.

18. CONFIDENTIALITY

  1. 18.1. You acknowledge and agree that the any information whether or not, provided by or accrued to you directly or indirectly through the platform regarding any Borrower or Lender or Co Borrower or Co Lender (including the identity of a potential or actual Borrower) (“Party Information”) is strictly confidential and you may not disclose such Party information to anyone (subject as otherwise required by law or regulation).

  2. 18.2. Without limitation this means that such Party information may not be reported or discussed on any discussion forum or Q&A forum on the Platform or anywhere else.

  3. 18.3. You acknowledge and agree that Information on the Portal is only made available to Lenders and Borrower for the purposes of deciding whether to make an Loan Application or Loan Contribution. It is not intended for any other purpose and the contents may not be disclosed or copied to any third party site or used for any other purpose without the Borrower’s written authorisation

19. MISCELLANEOUS

  1. 19.1.Assignment

    a. The Borrower shall not assign this Agreement or a right under this Agreement.

  2. 19.2. Survival

    a. Any indemnity or obligation of confidentiality under this Agreement is independent from the other obligations of the parties and survives termination of this Agreement. Any other term which by its nature is intended to survive termination of this Agreement survives termination of this Agreement.

  3. 19.3. No merger

    a. ECW may modify this Agreement, and the way in which it provides the Platform, at any time by notice on the Platform. You should check the notices section of the Platform regularly. Any such modifications will apply from the date stated on the Platform.

  4. 19.4. Amendment

    a. The rights and obligations of the parties under this Agreement do not merge on completion of any transaction contemplated by this Agreement.

  5. 19.5 Severability

    b. A term or part of a term of this Agreement that is illegal or unenforceable may be severed from this Agreement and the remaining terms or parts of the term of this Agreement continue in force.

  6. 19.6. Waiver

    c. A party does not waive a right, power or remedy if it fails to exercise or delays in exercising the right, power or remedy. A single or partial exercise by a party of a right, power or remedy does not prevent another or further exercise of that or another right, power or remedy. A waiver of a right, power or remedy must be in writing and signed by the party giving the waiver.

  7. 19.7. Governing law and jurisdiction

    d. These Terms and any dispute arising out of or in connection with their subject matter shall be governed by the law of India and each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of Ernakulam, Cochin.

  8. 19.8. Complaints

    a. In the event that you have a complaint, the ECW will make every effort to rectify the problem as soon as practicably possible.

    b. Please write to us making clear the details surrounding your complaint. You can send your complaint by e-mail to info@ecarworld.in or by post to ECW Consultants Private Limited, Maliyekkal Towers, Pallisseri Road, Thammanam PO, Cochin 682032

1.INTRODUCTION

  1. 1.1. This agreement outlines the terms and conditions (the “Terms”) between you (a “Lender”, “Investor” or “you”) and ECW Consultants Private Limited (“ECW”, the “Company”, “we”, or “us”) under which you agree to lend money through the Company’s Peer-to-Peer lending Platform www.ecarworld.in(the “Platform”) to third party borrowers.

  2. 1.2. It is important that you read these Terms carefully. It is also important that you understand that Peer-to-Peer lending business and the associated risks and the manner of disbursement. In case of any doubt regarding the services offered under the Platform by ECW, we request you to contact our customer care at info@ecarworld.in. Apart from this, we strongly recommend that you seek independent financial, tax and legal advice when considering whether to lend your money through the Platform.

  3. 1.3. ECW does not provide any advice, nor does it make any recommendations to you. ECW only gives you access to Borrowers on the Platform. It is your responsibility to assess whether the Platform is suitable or appropriate for your needs and any decision made to use our Services is done so entirely at your own risk. Please be aware that execution of these Terms does not imply that we have confirmed that use of the Platform and our Services are suitable or appropriate for you. We advise you to consider whether lending through the Platform meets your required risk levels and investment objectives, and you should only commit such funds that you are able to financially bear the risk of losing considering your other financial commitments. By using the Platform, you confirm that you have the necessary experience and knowledge to understand the risks involved, or are able to take advice from a relevant qualified investment professional or advisor to assist you in understanding the risks involved.

  4. 1.4. You confirm your agreement to these Terms by registering on the Portal as a Lender. You should read these Terms carefully before registering.

  5. 1.5. Where ECW has published any document which is referred to within these Terms (such as Policy Document), that document shall also form part of these Terms and shall be deemed to have been agreed to by you. In the event of any conflict between these Terms and a document referenced within them, the specific transaction documents shall prevail wherever applicable.It is also brought to your notice that apart from these Terms, your transaction and services in the Platform and the relationship between Borrower and the Lender is also regulated by agreements including Loan Agreement and such other agreements felt necessary by ECW (“Transaction Documents”).

2. ABOUT THE PLATFORM

  1. 2.1. The Company through the Platform provides the facility to the Lenders and Borrowers to issue and avail Sharia compliant lending and borrowing opportunities for the purchase of vehicles.

  2. 2.2. Under the Sharia Compliant Financing model, the ownership on the financed asset will be deemed to accrue to the lenders and borrowers in proportion to their respective investments in the financed asset. The monthly payments made by the borrower will comprise of rental as well as asset repurchase. Depending upon the amount repaid by the borrower, the deemed ownership of the borrower will correspondingly increase and at the time of full and final settlement of the Loan, the borrower will have acquired the complete ownership. However, the legal ownership under the Indian laws, will always vest with the borrower right from the date of purchase based on the endorsement of his name in the registration certificate. The enforcement of rights of the Lender are as available under the Indian legal system.

3. HOW IT WORKS

  1. 3.1. ECW provides services to Lenders and Borrowers, whereby ECW publishes loan requirements (“Debt Offer”) by registered individuals (“Borrower”)for purchase of Vehicles as identified by them and theLenders can subscribe to these Debt offer through the Platform subject to the terms and conditions.

  2. 3.2. Borrowers provide information to ECW regarding the finance requirement and the details of the Vehicle which the Borrower intends to purchase with the financing (“Loan Application”). Loan Applications are made by Borrowers and published on the Platform (subject to ECW’s sole discretion) and include the following information:

    1. Debt Amount;
    2. Type of Debt;
    3. Term of Debt;
    4. Report on the Borrowers ability to service the Debt;
    5. Purpose of the Debt;
    6. Monthly repayment amounts.
    7. Projected cash flows from the Loan

  3. 3.3. When the Borrower has submitted the Loan Application, ECW will review it and decide in its sole discretion whether to approve the Loan Application for publication on the Platform. If the Loan Application is approved for publication ECW will publish the Debt Offer with terms of repayment on the Debt Offer (“Loan”).

  4. 3.4.The publishing of the Loan

    1. i) does not constitute a guarantee by ECW that the Borrower can or will repay all or any part of the Loan or any interest charged;
    2. ii) reflects the information available to ECW at the relevant time and will not be updated during the term of the Loan;
    3. iii) is merely to enable the lenders to connect with the interested borrowers and the information regarding the Borrowers as available on the platform shall not be misused by the Lenders. You acknowledge that you have paid no consideration for it and that you shall under no circumstances hold ECW liable in respect of it.
  5. 3.5. ECW undertakes various checks on the Borrowers and Lenders and their Loan Applications including identity, fraud and credit checks and categorizes the Loan Applications in the Platform in order that such applications which are considered most worthy by ECW have the best chance of attracting Lenders;

  6. 3.6. ECW publishes the Loan and provides tools on its Platform so that Loan requirements are easily understood by and are attractive to Lenders and enables the Loan to be subscribed to.

  7. 3.7. Lenders can agree to lend money to any Borrower who has a Loan Application published on our Platform, provided the Lender complies with any special conditions relating to the Loan Application, the provisions of the Loan Agreement and the laws of India.

  8. 3.8. The Borrower may withdraw the Loan Application from the Platform at any time before an agreement to lend has been completed.

  9. 3.9. In the event the Lender wishes to subscribe to the Loan,the Lender shall transfer the Loan along with any applicable fees to the Bank Account designated byECW (“Lender Escrow Account”)and the Borrower and the Lender shall enter into Tripartite Agreements for availing and subscribing to the Loan.

  10. 3.10. As per the RBI regulations, the Lender Escrow Account and the Borrower Escrow Account (defined) shall be managed and maintained by a third party trustee promoted by the bank and appointed by the Platform especially for this purpose.

  11. 3.11. When the amount sought in the Loan Application has been fully funded (“Lender’s Contributions”) and the Transaction Documents have been completed and any special conditions have been fulfilled then:

    1. a. The Trustee will be notified that an agreement to lend has been completed. At this point a legally binding contract exists between you and the Borrower;
    2. b. The Trustee will clear the Loan from the Lender Escrow Account to the Borrower Account or the account endorsed by the borrower for the purpose, which would typically be the account of the authorized dealer of the Vehicle. A confirmation of the transfer and proof of payment shall be provided to the Lender.
  12. 3.12. In the event the lending and the transaction documents could not be completed for any reason, the Lender’s Contribution shall be remitted back by the Platform by informing the Trustee.

  13. 3.13. The Lender shall be appointing ECW as the agent for the management of the repayment, to the extent stipulated under the Transaction Documents.In the event of default of repayment by the Borrower, the responsibility for recovery of the Loan shall be the responsibility of the Lender and ECW shall be assisting the Lender to the limited extent as the lenders agent and in accordance with the policies of ECW and RBI regulations.

  14. 3.14. ECW shall, at any time in its sole discretion refuse to act as the Lenders Agent and the Borrower and the Lender may appoint a third party for the management of the Loan and the repayment thereof without any obligations to the Lender and the Borrower.

  15. 3.15. For the purpose of tracking and ensuring the protection of the Loan, ECW shall mount a GPS Vehicle Inhibitor Device in the Vehicle for the control of the vehicle in the event of default by the Borrower for the repayment of the Loan.

  16. 3.16. ECW is not a lender and does not involve in lending or accepting of deposits.

  17. 3.17. In order to enable subscriptions and issue Loan and submit Loan Application through Platform, it is necessary for Lenders and Borrowers to register on the Platform. The registration process enables a Lender and Borrower to agree to the basis on which the Lender and Borrower is using Platform, to the process used for subscriptions to Loan published on Platform, and to make all necessary disclosures.

  18. 3.18. For Lenders who do not want to go through the various Debt Offers and subscribe to them individually, but would like ECW to make the investment decisions on his or her behalf, there is an option of Auto Invest . Under this option, the Lender can specify the amount he would like to invest in the deals. Based on his preferences, ECW will allocate the funds by subscribing on his behalf to the various Debt Offerings. Investors who want to opt for Auto Invest will have to transfer the entire amount along with fees to the Lender Escrow Account.

  19. 3.19. The Repayment of the Loan as per the payment schedule shall be made by the Borrower by the Tenth of Every month, starting from the month following the month in which delivery of the vehicle was made. The repayment would be made to the Borrower Nodal Account managed by the Trustee and the upon the receipt of the Repayment Amount, ECW shall provide instruction to the trustee on behalf of the Borrower to transfer the Repayment amount to the Lender and shall issue a receipt to the Borrower for the same.

  20. 3.20. The Borrower shall not be allowed for an early closure (pre-closure) and has a fixed repayment obligation up to a period of one year (12 months) from the date on which the first repayment was due.. Thereafter the Borrower may at their discretion close the early repayment of the Loan by paying the balance amount due.

4. PRUDENTIAL NORMS

  1. 4.1. The Lender and Borrower shall be subjected to the Prudential Norms applicable to users availing Peer to Peer lending services as per the RBI P2P Lending Platform (Regulations),2017 as amended;

    1. a. The Aggregate Exposure Of A Lender To All Borrowers At Any Point Of Time, Across All P2Ps, Shall Be Subject To A Cap Of ₹ 10,00,000/-.
    2. b. The Aggregate Loans Taken By A Borrower At Any Point Of Time, Across All P2Ps, Shall Be Subject To A Cap Of ₹ 10,00,000/-.
    3. c. The exposure of a single lender to the same borrower, across all P2Ps, shall not exceed ₹ 50,000/-.
  2. 4.2. ECW shall obtain an exposure certificate from the Lender and Borrower to ensure compliance with the Prudential norms of RBI;

5. LENDER REGISTRATION

  1. 5.1. To register as a Lender and subscribe for a Loan you must:

    1. a. complete the Lender registration process on the Platform including the uploading of information required to verify your identity being any of the following:
      1. i. PAN Card details
      2. ii. India driver’s license details;
      3. iii.Indian passport details;
      4. iv. Aadhar Card
    2. b. acknowledge that you have read and agree to the Terms and any Other policy documents by confirming your agreement to the Lenders Terms and Conditions while signing up on the Lender registration page;
    3. c. receive from us acceptance as a Lender (at our sole discretion), notification of which shall be sent to you and shall include any terms and conditions on the use of our Platform. Acceptance is subject to ongoing checks of your identity which may take place at any time.

6. LENDER ELIGIBILITY CRITERIA

  1. 6.1. To qualify as a Lender you, must be

    1. a. A natural persons be over the age of 18 years;
    2. b. not be bankrupt or insolvent, in receivership or liquidation;
    3. c. have no previous convictions for fraud or dishonesty; and
    4. d. otherwise comply with the laws of India.
    5. e. You must satisfy our identity checks, which may take place at any time, and you will be required to provide your details including
      1. i. full legal name;
      2. ii. residential address
      3. iii. date of birth;
      4. iv. occupation (if applicable);
      5. v. a copy of PAN, passport, driver’s licence or Aadhar Card (as applicable);
      6. vi. Indian Bank account number;

7. AGREEMENT

  1. 7.1. By your registering and ECW accepting your registration, an agreement is formed between you and ECW on the terms and conditions set out herein and on the Transaction Documents entered into.

8. FURTHER CONDITIONS AND AVAILABILITY OF PLATFORM

  1. 8.1. We may by written notice to you, in our absolute discretion, impose conditions at any time that must be fulfilled by you to subscribe to Debt Offer published on the Platform.

  2. 8.2. We do not guarantee that provision of the Platform will be continuous or fault free. You acknowledge that access to the Platform may not be available from time to time and that ECW will not be liable to you for any loss whatsoever arising from any inability to access the Platform.

9. CONTACT DETAILS OF ECW

  1. 9.1. ECW may send you communications, including notices and disclosures, by mail or in an electronic form, including by email or SMS messaging

  2. 9.2. You must provide notices to ECW by mail (posted to its postal address) or by email to the email address below.

    1. Name: ECW Consultants Private Limited

    2. Address: Maliyekkal Towers, Pallisseri Road, Thammanam PO, Cochin 682032

    3. Email Address: info@ecarworld.in

10. DISCLOSURE ARRANGEMENTS AND ASSESSMENTS

  1. 10.1. ECW will not publish on the public pages of the Platform any information about the Borrowers and Loan Applications.

  2. 10.2. Information regarding the Borrower and Loan Application will only be disclosed to Lenders and the Lender is bound by Non Disclosure norms set out in Section 16 of this document.

  3. 10.3. Information accessible to the registered Lenders may include:

    1. a. Borrower identity information, including full legal name;
    2. b. Loan Application;
    3. c. The norms of repayment
    4. d. Identity and credit checks on the Borrower;
    5. e. Any loan history the Borrower has with ECW; and
    6. f. Any limits and conditions affecting the Borrower.
  4. 10.4. ECW will review the disclosure information prior to publication to ensure that it is timely and understandable

11. FEES AND CHARGES PAYABLE

  1. 11.1. ECW hereby discloses, and you hereby acknowledge:

    1. a. The Lender will be liable to pay to ECW a Service Charge, in the nature of a commission on the amount lent, (“Consultancy Fee”) which shall be equal to 2 percentage of the Loan Amount plus any levies and less any discount that ECW at its sole discretion might decide to give.. The Net amount payable as the Consultancy Fee will be displayed to the Lender before signing the Loan Agreement so that it may be transferred along with the Loan Amount
    2. b. The basis for calculating all fees and charges, including Platform Commission and Maintenance Commission, payable by Lenders to ECW will be published on thePlatform from time to time.
    3. c. ECW shall in its sole determination, may change the fees and charges payable and the Borrower and Lender has to regularly keep themselves updated.
    4. d. All payments by the Lender and the Borrower shall attract applicable taxes including GST.

12. WARRANTIES

  1. 12.1. You warrant to ECW that:

    1. a. all information you provide to ECW is true, accurate, and complete, and there is no information which has not been provided which would impact on ECW’s:
      1. 12.1.a.1 decision to approve you as a Lender; and/or
      2. 12.1.a.2. provision of information to the Trustee in the preparation and completion of the Loan documentation.
    2. b. you will provide ECW with updated information in respect of yourself if any of your or your Association Person’s circumstances have materially changed.
    3. c. After having made the non-disclosure declaration in relation to viewing Borrower and Loan Application information (Information), you will not under any circumstances:
      1. 12.1.c.1. disclose it to any third parties whatsoever;
      2. 12.1.c.2. use the Information for any purpose other than for selecting and investing in Loans in accordance with the terms of this Agreement;
      3. 12.1.c.3. use the Information for unlawful or illegitimate purposes.
      4. 12.1.c.4. You will comply with all India laws in connection with the use of our Platform.
  2. 12.2. You will comply with, agree to and be bound by:

    1. a. this Agreement;
    2. b. The decision of ECW in relation to whether any of your conduct has breached ECW policies, the Act or any other applicable India laws, including your fair dealing obligations.
  3. 12.3. You agree promptly on request by ECW to provide it with any information and documents that are reasonably required to enable ECW and the Borrower/s to comply with those obligations.

  4. 12.4. You authorize ECW to disclose any information or documents it holds about you (including any information or documents you provide to ECW under this clause) to any Borrower for this purpose.

  5. 12.5. You acknowledge that you do not rely on ECW’s skill or judgment as to the suitability or otherwise of Loan Applications and the Platform for your specific needs.

  6. 12.6. You agree that ECW may communicate with you by electronic means, including SMS messaging and email, including for the purposes of marketing to you.

13. SUSPENSION OR CANCELLATION OF PLATFORM ACCESS

  1. 13.1. We may at any time, and in our absolute discretion, do any one or more of the following, without giving you any reasons or prior notice:

    1. a. immediately terminate this Agreement;
    2. b. suspend your access to the Platform;
    3. c. Remove you as a Lender;
    4. d. remove content from the Platform;
    5. e. refuse to publish content on the Platform;
    6. f. disclose any information on the Platform or otherwise necessary to comply with the Disclosure Statement, the Lender Agreement, the Borrower Agreement and India law; and
    7. g. publish a censure of, or statement relating to your conduct, if we consider such conduct warrants such a censure. Except where we have acted in bad faith, you waive all claims you or they may have in respect of such censure or statement and indemnify us against any such claims.

14. INTELLECTUAL PROPERTY

  1. 14.1. You acknowledge and agree that we own all of the intellectual property rights in respect of ECW and the Platform.

15. LIABILITY AND INDEMNITY

  1. 15.1. ECW and its directors, shareholders, employees, agents, contractors and Associated Persons are not liable in any way for:

    1. a. the failure of any Borrower payments;
    2. b. any failure to provide the Platform or otherwise to comply with this Agreement, if the failure or non-compliance is caused by events beyond our reasonable control;
    3. c. We are not liable to you and do not have to pay you for anything else caused by or resulting from any action or inaction by us. This exclusion applies whatsoever you are claiming (including loss of profits, savings, revenue or business) and however liability might arise but for this clause (including for breach of contract or in tort, including negligence).
  2. 15.2. You hereby indemnify us against all liabilities, losses and costs, including legal costs, incurred by us arising out of or in connection with any action or inaction we take in relation to you, your Associated Persons and your Loan/s and which is in accordance with this Agreement.

  3. 15.3. You hereby indemnify us against any liability we incur to any Borrower, co-Borrower, co-Lender or third party arising out of or in connection with the Loan, your performance or breach of this Agreement and your use of the Platform including in relation to information posted on the Platform or to any Borrower, co-Borrower or co-Lender or former Borrower, co-Borrower or coLender where such liability arises out of or in connection with the Loan.

  4. 15.4. In this clause “we” and “us” includes our subsidiaries, Associated Persons, and our directors, officers, employees and contractors.

  5. 15.5. In this clause “you” includes your subsidiaries, Associated Persons, and your directors, officers, employees and contractors.

16. CONFIDENTIALITY

  1. 16.1. You acknowledge and agree that the any information whether or not, provided by or accrued to you directly or indirectly through the platform regarding any Borrower or Lender or Co-Borrower or Co-Lender (including the identity of a potential or actual Borrower) (“Party Information”) is strictly confidentially and you may not disclose such Party information to anyone (subject as otherwise required by law or regulation).

  2. 16.2. Without limitation this means that such Party information may not be reported or discussed on any discussion forum or Q&A forum on the Platform or anywhere else.

  3. 16.3. You acknowledge and agree that Information on the Portalis only made available to Lenders and Borrower for the purposes of deciding whether to make an Loan Application or Loan Contribution. It is not intended for any other purpose and the contents may not be disclosed or copied to any third party site or used for any other purpose without the Borrower’s written authorization

17. MISCELLANEOUS

  1. 17.1.Assignment

    a. The Lender shall not assign this Agreement or any right under this Agreement. /p>

  2. 17.2. Survival

    a. Any indemnity or obligation of confidentiality under this Agreement is independent from the other obligations of the parties and survives termination of this Agreement. Any other term which by its nature is intended to survive termination of this Agreement survives termination of this Agreement.

  3. 17.3. No merger

    a. The rights and obligations of the parties under this Agreement do not merge on completion of any transaction contemplated by this Agreement.

  4. 17.4. Amendment

    a. ECW may modify this Agreement, and the way in which it provides the Platform, at any time by notice on the Platform. You should check the notices section of the Platform regularly. Any such modifications will apply from the date stated on the Platform.

  5. 17.5. Severability

    a. A term or part of a term of this Agreement that is illegal or unenforceable may be severed from this Agreement and the remaining terms or parts of the term of this Agreement continue in force.

  6. 17.6. Waiver

    a. A party does not waive a right, power or remedy if it fails to exercise or delays in exercising the right, power or remedy. A single or partial exercise by a party of a right, power or remedy does not prevent another or further exercise of that or another right, power or remedy. A waiver of a right, power or remedy must be in writing and signed by the party giving the waiver.

  7. 17.7. Governing law and jurisdiction

    a. These Terms and any dispute arising out of or in connection with their subject matter shall be governed by the law of India and each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of Ernakulam, Cochin, Kerala.

  8. 17.8. Complaints

    a. In the event that you have a complaint, ECW will make every effort to rectify the problem as soon as practicably possible.

    b. Please write to us making clear the details surrounding your complaint. You can send your complaint by e-mail to info@ecarworld.in or by post to ECW Consultants Private Limited, Maliyekkal Towers, Pallisseri Road, Thammanam PO, Cochin 682032