arzooo

Registration Services

  • 1. General Terms
    1. By checking the Submit button below, The User i.e., the User of Arzooo website or Arzooo Mobile Application hereby agree and acknowledge that: a. The User has read and understood/been made to understand in my vernacular language the terms and conditions contained below ("Terms").
  • 2. Meaning & Understanding
    1. The term “User” shall mean a natural legal person who is at least 18 years of Age capable of entering into a contract, and may also include the legal business entity such as Proprietorship, Partnership, Company etc.
    2. The term “Arzooo” is the marketing/trade name for Sterne India Private Limited, being an Online B2B platform and includes its associates, subsidiaries, agents, etc.
  • 3. Acceptance of the Terms
    1. The User agree that the User’s action of entering the details and clicking the "Submit" button, constitutes a valid acceptance by the User of the Terms contained herein and creates a binding and enforceable agreement between the User and Arzooo.
    2. The Use of the Arzooo’s website, Arzooo Mobile Application or any other service rendered by Arzooo or its group of companies, lending Partner, associates, Agents, affiliates is governed by the “Terms & Conditions ", including the applicable policies, rules and guidelines, which are incorporated herein by way of reference. By mere use of the Platform, The User shall be contracting with Arzooo hereby consents to the associated policies, rules, and guidelines constitute the User’s binding obligations with Arzooo.
    3. The terms and conditions as detailed herein below are applicable to the Users of the Arzooo website and Arzooo Mobile Application platforms.
    4. By agreeing to the Terms & Conditions the User confirms that user is a legal business entity or natural person who is at least 18 years of age, sound mind and is legally competent to enter into a contract with Arzooo in accordance with the terms and conditions.
  • 4. Offer & Acceptance
    1. The Product(s) or Service(s) and their corresponding information displayed on the Arzooo website or Arzooo Mobile Application is an "invitation to offer" to the User. The User’s order for purchase of Product(s) or Service(s) constitutes the "offer" made by the User which shall be subject to these terms and conditions. Arzooo itself as well as on behalf of its affiliates business partners, affiliates, associates, service providers reserve the right to accept or reject the User’s offer.
  • 5. Data Collection & Sharing
    1. At the time of registration as a User/business entity with Arzooo and in order to avail the products or services from Arzooo, the User will need to provide the Information & details to get enlisted as a business entity. As an empaneled business entity the User is required to provide Arzooo with accurate information. Provision of another person’s details or any other third-party detail as User’s/business entity’s as their own shall not be submitted by the User/business entity.
    2.By accepting the terms and conditions the User grants an unconditional right to Arzooo to share, assign, transfer, transmit through various mode of digital and physical communications including but not limited to APIs, Webhooks, Sheets, files on mails, access restricted drives, etc., all data and information, documents, KYC details, GST and transaction data, as provided by the User or generated by Arzooo based on the details provided by the user, and in relation to the User’s existing loans and/or repayment history to any third party including but not limited to its group companies, service providers, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies, business partners etc., for administration, customer verification, credit evaluation of the User and personalization of products or services, credit rating, data enrichment, credit reporting, marketing or promotion of Arzooo services or related products of its associates, Lending partners and affiliates or for enforcement of the User’s obligations.
    3.By Accepting the terms and conditions contained herein the User authorizes Arzooo, its group companies, service providers, banks, financial institutions, business partners to share the personal information of the User with the Credit Information Companies or any statutory/ government/ adjudicatory/ administrative body, in the event of or as per the directions, guidelines issued by the Reserve Bank of India or such other regulatory entity, government/administrative body/judicial forum/ quasi-judicial forum, or as required by any statute to share the information with any person not defined herein above.
    4.The Accuracy and fairness of the information given by the user to Arzooo shall be the sole responsibility of the User/business entity registered with Arzooo. In the event of any direct or indirect loss to Arzooo, or its partner lenders or any third party who had in due course of their service had access to the data occurring on account of any error in sharing information/details or any mis-information shared by the User, User shall be held solely responsible to make good for such loss occurred.
    5.In the event of any misinformation being shared, or error in the information shared, the User shall not be absolved from the liability to repay the amount towards invoices for the products or service to Arzooo or to Arzooo’s Lending Partners, Affiliates.
    6.The User declares that all the particulars and information provided by the user are true, and correct, complete and up to-date in all respects and that no information has been withheld whatsoever.
  • 6. Communication
    1. The User understands that Arzooo may contact and communicate with the User over . telephonic calls, or SMS on the mobile number, email registered with Arzooo, or through any other communication mode (” Communication Modes”) to verify the details provided over the Arzooo Platform. Further, the user consents that Arzooo would share with the User through the above-mentioned Communication Modes any information or communication regarding products/services including but not limited to various offers, schemes or loan promotional schemes, or any other promotional schemes relating to various products/services offered by Arzooo/ its group companies/Lending partners from time to time and hereby also authorize Arzooo or it’s lending partners, their group companies, employees, agents, associates, business partners to contact the User from time to time.
  • 7. Credit Terms
    1. The user understands that Arzooo under a credit arrangement facility with its lending partners makes available and supplies various products to the user, as per the respective terms and conditions agreed between the User and the lending partner(s). Further, the credit facility availed by the User herein is considered to be a loan granted to the User on the basis of the respective Lending partner’s evaluation of the User’s profile and credit verification measures.
    2.The User understands and agrees that pursuant to the application the user will be required to submit documents to the satisfaction of Arzooo’s lending partners/its group companies/agents and accept the credit terms and conditions for availing the credit granted to the user by Arzooo as well as its respective lending partners/its group companies from time to time.
    3.The User & the Lender Partner understands and agrees that Arzooo is the facilitator of the loan through the lending partner to the User, on the basis of the lender’s own credit evaluation parameter, underwriting, and risk algorithm. In no case, Arzooo is responsible, answerable, or places any role in the approval or rejection of the credit application of the User. The User agrees and acknowledges that Arzooo is neither a Lender nor a Loan service provider as defined by RBI in its guidelines and other communications and that Arzooo’s role is limited to the definition of an Anchor or a connector as far as the lending services are concerned.
    4.The User understands and agrees that the User shall be responsible to repay the amount of the loan to the Lending Partner for the products purchased over the Arzooo Website and Arzooo Mobile Application. In the event Arzooo is in receipt of any amount from the User as repayment towards the Loan instead of its lending partner, Arzooo Shall transfer the said amount to the Lender, However, Arzooo shall not be responsible for any delay in transferring the said amount to the Lender. The user shall also be liable to pay the interest amount on the loan if applicable.
    5.Irrespective of whether the Lending Partner has accepted/ approved/ disbursed the credit application of the user, if any Product is purchased by the User through/from Arzooo Website and Arzooo Mobile Application under a system of deferred payment (Check out through Arzooo Credit option), and under such circumstances where the repayment by the User is delayed beyond the timeline extended by Arzooo or it’s lending partners, Arzooo may initiate measures including but not limited to any one of the following:
    a. Accept the repayment of the invoices by way of a bank transfer, payment through payment gateway, intra-account adjustment, Journal Voucher, or any such mode acceptable at the sole discretion of Arzooo.
    b. Initiate its own collection services to collect the amount towards the invoices of the products purchased by the User for which credit is provided.
    c. Take appropriate Legal recourse against the User to recover the amount of the due Invoices payable by the User to Arzooo.
    d. Facilitate the Lending Partner or their agent in the collection of the due amount and in taking any legal action against the User.
    6.The User hereby expressly consents and authorizes Arzooo/Lending Partner/ Group Companies/Affiliates to validate and verify the various documents like PAN, Aadhaar, GST, ITR Details filed with the Ministry of Corporate Affairs, Bank transactions with or without the Account Aggregator system, other related documents to evaluate the User’s credit application.
  • 8. Repayments & Return
    1. The User understands and agrees that the User shall be responsible to repay the amount of the loan to the Lending Partner for the products purchased on the Arzooo Website and Arzooo Mobile Application, on the basis of a credit availed by the User through Arzooo’s Lending Partner.
    2.Where the Products have been purchased by the User which is not funded by the lending partners, Arzooo shall accept the repayment of such invoices by the User into Arzooo’s account, under a system of deferred payments, within 15 days from the date of delivery of the products to the User as per the credit policy of Arzooo.
    3.The User agrees that in the event of a return request being placed by the User and the said request is not fulfilled for any reason whatsoever and the repayment of the loan to the Lending Partner is due, the User shall be responsible to repay the amount of the loan to the Lending Partner as per the due date. However, Arzooo shall reimburse the amount repaid by the User to Lending Partner in line with the Return and Refund Policy.
    4.The User Understands and agrees that the User may place orders over the Arzooo website or Arzooo Mobile Application and the said orders shall be delivered to the User through the Arzooo Platform. However, in the event of default in the repayment of the amount towards the invoices to Arzooo or towards the Loan to the Arzooo’s Lending Partner, Arzooo at its sole discretion, may initiate measures including but not limited to any one of the following:
    a. Suspension of the services to the User by Arzooo till the repayment of the due amount is received by Arzooo or by Arzooo’s Lending Partner to a certain time till payment is made or until perpetuity.
    b. Arzooo reserves the right to exercise lien against the amount paid by the User towards prepaid / partial paid orders or such other repayments by the User to Arzooo or the Lending Partner by way of an adjustment of the delayed repayments if any, of the User on FIFO method (First in First Out).
    c. Arzooo reserves the right to accept and repossess the products it sold from the User towards the partial or total satisfaction of the delayed repayments by the User, or with the consent of the user to purchase products which User is in possession with, towards the partial or total satisfaction of the delayed repayments by the User. However, Arzooo reserves the right to accept and repossess or purchase the products at the price as determined by Arzooo, which shall be similar to the price of such products available to Arzooo through its market sources.
  • 9. Miscellaneous
    1. The User understands and acknowledges that Arzooo and its lending partner shall have the absolute discretion, without assigning any reason to reject the credit application of the User to avail the Goods on Credit under a system of deferred payment from Arzooo or a Credit facility, or under an arrangement with the Arzooo's Lending Partners. The User shall not hold Arzooo or its Lending Partner liable in any manner whatsoever for such rejection.
    2.The User confirms that there is no insolvency proceedings pending against the User or in the name of the business entity nor has ever been adjudicated insolvent by any Court of Law or other competent authority.
    3.Arzooo reserves the right to change these Terms and Conditions of its Service without informing the User. It is for the User should check the Arzooo website and Arzooo Mobile Application for any updated Terms and Conditions.
    4.The User agrees to indemnify and hold Arzooo (and its officers, directors, agents, subsidiaries, and employees,) harmless from any claim or demand, including attorneys’ fees or arising out of or related to the breach of this T&C, or on account of violation of any law or the rights of a third-party service provider or partner, or any issue arising in regard to sharing and exchange of personal information of the user with any financial institution/ business partner/affiliates or arising out of violation of any applicable laws, regulations including but not limited to Intellectual Property Rights, payment of statutory dues and taxes, claim of libel, defamation, violation of rights of privacy or publicity, loss of service by business partners/affiliates and infringement of intellectual property or other rights. This clause shall survive the expiry or termination of this T&C.
    5.The User agrees and undertakes to accept as final and binding proof of the correctness of any such claim to be due from the User to Arzooo or its Lending Partner under the following circumstances:
    a. The statement of Invoices comprising the amount due and payable against the invoices raised to a User by Arzooo, or statement of loan account raised by Arzooo’s Lending Partner to the User.
    b.The User agrees to accept the status of return on order or product requested for return, as final and conclusive, as communicated by Arzooo.
    c. The User agrees to accept the resolution arrived at and recommended by Arzooo to the User, where the User fails to request for the return of the products on account of any patent or latent defect or inefficiency in the products, as per Arzooo’s Return and Refund Policy.
    6.Notwithstanding anything to the contrary contained herein, any dispute, controversy, or claim arising out of or in relation to these terms and conditions, including its construction, meaning, scope, or validity thereof, shall be referred to arbitration in accordance with the Arbitration and Conciliation Act 1996 as amended till date.
    1. The Parties to these Terms & Conditions i.e. Arzooo and or the User hereby expressly consent to refer any such dispute to arbitration. The arbitration proceedings shall be carried out electronically/virtually or through physical appearance before the arbitrator. It shall be the prerogative of the learned arbitrator to finally decide on the mode of arbitration.
    1. The Lending partners though not a party to these terms and conditions, in case of any dispute, as the case may be, authorize Arzooo to refer such dispute to arbitration, arising out of or in relation to these terms and conditions, under an agreement with the User.
    1. The Parties agree that the aforesaid proceedings shall be carried out by a sole arbitrator appointed by either of the following modes:
    2. Arzooo, after communicating such intent of appointment from a list of two or more arbitrators/ or arbitral institutions to the User. The User undertakes to respond to such intent, in writing, within 5 working days from the date of receipt of such communication. Failure to respond shall be deemed acceptance of Arzooo's intent of appointing Sole Arbitrator from within an option of two or more qualified arbitrators. The dispute shall be referred to the Sole Arbitrator after the completion of this process.
    3. Arzooo may refer the dispute to an independent institution conducting arbitrations, and the User agrees to be amenable to the jurisdiction of the same.
    4. And any other mode of appointing Sole Arbitrator in consonance with Arbitration and Conciliation Act, 1996.
    5. The juridical seat of Arbitration shall be in Bangalore, India. The parties are free to decide the venue of arbitration, based on their comprehensive convenience.
    6. The language of the arbitration shall be English.
    7. The arbitration shall be conducted as fast-track proceedings as per Section 29B of the Act.
    8. The law governing the arbitration proceedings shall be Arbitration and Conciliation Act, 1996 as amended till date.
    h. The decision of the arbitrator shall be final and binding on the parties to this Agreement.
    7. The user undertakes to keep Arzooo updated on any change in the information provided by the user within 7 days from the date of the change. In case of any change in the User’s business address or nature of the business or business ownership or contact information like mobile number, email id, etc., the User shall be responsible to intimate/update to Arzooo by addressing an email notifying the changes, to help@Arzooo.com. Failure on the part of the user to fulfill this obligation would constitute a breach of the Terms & Conditions, in pursuance of any such breach of the terms and conditions by the User, Arzooo reserves the right to initiate appropriate Legal proceedings against the User.
    8. Arzooo reserves the rights to initiate appropriate legal action against the User on account of the products withheld by the User and under a Malafide intention of non-payment of dues towards invoices under the system of deferred payment or towards the credit facility availed under the arrangement with the Lending Partners of Arzooo..
    9. The User has authenticated the registration process through OTP delivered over the User’s mobile number registered with Arzooo which is provided by the User at the time of registration with Arzooo.
    10. The User represents and warrants that the registered owner/licensed user of the brand/trademark in the Product and further, agree and undertake to permit Arzooo to use the brand, logo, trademark and tradename of the User’s Business entity for marketing and promotional purposes. User can use the trademark and logo of Arzooo for the purpose of this Agreement only. The ownership of such brand trademarks tradename and logo shall always remain with the Arzooo. If Arzooo wishes, it can terminate the use of the said trademark and logo by the User by intimating them.
    11. In case any liability arises on Arzooo because of any act or omission of the User, the User shall be liable to compensate the loss suffered by Arzooo.
    12. The User will comply with all taxation, statutory and regulatory compliance. In case any liability comes on Arzooo because of User’s non-compliance or Arzooo has to incur any losses because of User, User will compensate the same entirely. User shall indemnify the Arzooo for any cost, fine, interest, expenses, damages, etc arising due to non-compliance of laws as per government or statutory authority including but not limited to GST, etc.
    13. If any of the Terms shall be deemed void, invalid, or unenforceable for any reason, that condition shall be deemed several and shall not affect the enforceability of any remaining provisions.

Delivery Services

Orders once placed, are usually delivered in 5-10 business days across pan-India. Delivery time may vary depending upon the shipping address and other factors (public holidays, extreme weather conditions, etc.).

You can track your order once it has been dispatched from our warehouse. A notification will be sent on dispatch of the order. You can also track it from the application by using the received Order ID.

On delivery of the consignment the retailer must confirm the received order and return a copy of the attested invoice with our executive.

Return and Refund

All packages are sealed and the retailers need not accept packages where the seal is tampered. Acceptance of a tampered of a damaged box will automatically disqualify any return claims for physically damaged or defective products, incorrect product or missing accessories.

A retailer can request for replacement due to the following reasons: damaged in shipping, Defective item, Item(s) missing, wrong item shipped. One must raise a replacement request within a duration of 3 days through the application.


Once the replacement request has been raised, the following steps shall be followed:
1. The Retailer is asked for "Reason for Return".

2. An intimation shall be provided to Arzooo seeking either "approval" or "rejection" of the replacement request.
a) In case Arzooo accepts the replacement request, the retailer shall return the product to Arzooo and only after return of the product, Arzooo shall be obliged to provide the replacement product.
b) If the replacement request is denied, within seven 3 days from the date of replacement request, refund shall be processed in favor of retailer and Arzooo shall be liable to refund the amount within 7 business days.

3. All items to be returned must be in their original conditions along with the following:
a) Original order invoice
b) Original packaging with labels, user manuals and warrantee cards.
c) Serial number of the product being returned should match our system.
d) Any accessories or components, combo, freebies you received with the purchase

4. All shipping and other replacement charges shall be borne and incurred by the Arzooo.

Privacy Policy

The Privacy Policy applies to information collected and processed by the Arzooo consisting of following:

1. Sensitive personal data or information is such personal information that is collected, received, stored, transmitted or processed by the Company, consisting of:

• Financial information such as bank account or credit card or debit card or other payment instrument details.

• PAN/GST details

• Any detail relating to the store information categories as provided to the Company for providing service;

• Any of the information received under above retails store information categories by the Company for processing, stored or processed under lawful contract or otherwise.

2. COLLECTION OF FINANCIAL SMS INFORMATION

We don’t collect, read or store your personal SMS from your inbox.We collect and monitor only financial SMS sent by 6-digit alphanumeric senders from your inbox which helps us in identifying the various bank accounts that you may be holding, cash flow patterns, description and amount of the transactions undertaken by you as a user to help us perform a credit risk assessment which enables us to determine your risk profile and to provide you with the appropriate credit analysis. This process will enable you to take financial facilities from the regulated financial entities available on the Platform. This Financial SMS data also includes your historical data.

3. COLLECTION OF DEVICE LOCATION AND DEVICE INFORMATION

We collect and monitor the information about the location of your device to provide serviceability of your loan application, to reduce risk associated with your loan application and to provide pre-approved customised loan offers. This also helps us to verify the address, make a better credit risk decision and expedite know your customer (KYC) process. Information the App collects, and its usage, depends on how you manage your privacy controls on your device. When you install the App, we store the information we collect with unique identifiers tied to the device you are using. We collect information from the device when you download and install the App and explicitly seek permissions from You to get the required information from the device. The information we collect from your device includes the hardware model, build model, RAM, storage; unique device identifiers like IMEI, serial number, SSAID; SIM information that includes network operator, roaming state, MNC and MCC codes, WIFI information that includes MAC address and mobile network information to uniquely identify the devices and ensure that no unauthorized device acts on your behalf to prevent frauds.

4. COLLECTION OF INSTALLED APPLICATIONS

We collect a list of the installed applications’ metadata information which includes the application name, package name, installed time, updated time, version name and version code of each installed application on your device to assess your credit worthiness and enrich your profile with pre-approved customized loan offers.

5. STORAGE

We require storage permission so that your KYC and other relevant documents can be securely downloaded and saved on your phone. You can then easily upload the correct KYC related documents for faster loan application details filling and disbursal process. This ensures that you are provided with a seamless experience while using the application.

6. CAMERA

We require the camera information permission to provide you an easy/smooth experience and to enable you to click photos of your KYC documents along with other requisite documents and upload the same on the App during your loan application journey.

7. COLLECTION OF OTHER NON-PERSONAL INFORMATION

We automatically track certain information about you based upon your behaviour on our Platform. We use this information to do internal research on our users’ demographics, interests, and behaviour to better understand, protect and serve our users and improve our services. This information is compiled and analysed on an aggregated basis. We also collect your Internet Protocol (IP) address and the URL used by you to connect your computer to the internet, etc. This information may include the URL that you just came from (whether this URL is on our Website or not), which URL you next go to (whether this URL is on our Website or not), your computer browser information, and your IP address. Cookies are small data files that a Website stores on Your computer. We will use cookies on our Website similar to other lending websites / apps and online marketplace websites / apps. Use of this information helps Us identify You in order to make our Website more user friendly. Most browsers will permit You to decline cookies but if You choose to do this it might affect service on some parts of Our Website. If you choose to make a purchase through the Platform, we collect information about your buying behaviour. We retain this information as necessary to resolve disputes, provide customer support and troubleshoot problems as permitted by law. if you send us personal correspondence, such as emails or letters, or if other users or third parties send us correspondence about your activities or postings on the Website, we collect such information into a file specific to you.

6. LINK TO THIRD-PARTY SDK

The App has a link to a registered third party SDK which collects 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 provider takes extensive security measures in order to protect your personal information against loss, misuse or alteration of the data. Our third-party service provider employs separation of environments and segregation of duties and have 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 provides hosting security – they use industry-leading anti-virus, anti-malware, intrusion prevention systems, intrusion detection systems, file integrity monitoring, and application control solutions.


Please note that any information that is freely available or accessible in public domain or furnished under the Right to Information Act, 2000 or any other law for the time being in force shall not be regarded as sensitive personal information.

Payment Policy

To ensure User convenience, Arzooo offers multiple payment options to Users. Without prior notice to Users, reserves the right to add or delete payment options from the ones listed below:

• Payment through net banking facilities;
• Payment through select credit cards;
• Payment through select debit cards;
• Payments through prepaid payment instruments and electronic wallets;
• Payment through equated monthly instalments (“EMI”);
• Any other payment option as may be provided by Arzooo from time to time.

The payment options referred to above shall hereinafter collectively be referred to as “Payment Options”. While reasonable endeavors are made to offer the Payment Options through varied banking channels, presently, Arzooo accepts payments only from major, select banking avenues. Arzooo does not accept payments made through international debit/credit cards.

While using the Payment Options, Users agree to provide correct, complete and accurate financial information such as credit/debit card details or prepaid payment instrument account details which may be stored by Arzooo or its third party payment gateway provider. Users shall not use a credit/debit card or prepaid instrument which is not lawfully owned by him/her or which the User has not been lawfully authorized to use. The User shall solely be responsible for the security and confidentiality of his/her financial information. Arzooo disclaims all liabilities that may arise because of any unauthorized use of the User’s financial information and/or identity, including, details relating the Payment Options.

Arzooo shall not be held responsible and shall not assume any liability in respect of any loss or damage suffered by a User owing to:

• lack of authorization for any transaction, including such transactions carried out on gift cards and vouchers issued to Users as a part of Arzooo promotions
• the exceeding of the credit/debit limit mutually agreed between the User and the issuing bank
• any payment issue arising out of technical glitches occurring during a transaction
• A declination of transaction for reasons beyond Arzooo’s control.

Amendment to User(s) Agreement

Arzooo may change, modify, amend, or update this agreement from time to time without any prior notification to user(s) and the amended and restated terms and conditions of use shall be effective immediately on posting. You are advised to regularly check for any amendments or updates to the terms and conditions contained in this User Agreement. If you do not adhere to the changes, you must stop using the service. Your continuous use of the service will signify your acceptance of the changed terms.

COLLECTION OF FINANCIAL SMS INFORMATION

We don’t collect, read or store your personal SMS from your inbox.We collect and monitor only financial SMS sent by 6-digit alphanumeric senders from your inbox which helps us in identifying the various bank accounts that you may be holding, cash flow patterns, description and amount of the transactions undertaken by you as a user to help us perform a credit risk assessment which enables us to determine your risk profile and to provide you with the appropriate credit analysis. This process will enable you to take financial facilities from the regulated financial entities available on the Platform. This Financial SMS data also includes your historical data.

COLLECTION OF DEVICE LOCATION AND DEVICE INFORMATION

We collect and monitor the information about the location of your device to provide serviceability of your loan application, to reduce risk associated with your loan application and to provide pre-approved customised loan offers. This also helps us to verify the address, make a better credit risk decision and expedite know your customer (KYC) process. Information the App collects, and its usage, depends on how you manage your privacy controls on your device. When you install the App, we store the information we collect with unique identifiers tied to the device you are using. We collect information from the device when you download and install the App and explicitly seek permissions from You to get the required information from the device. The information we collect from your device includes the hardware model, build model, RAM, storage; unique device identifiers like IMEI, serial number, SSAID; SIM information that includes network operator, roaming state, MNC and MCC codes, WIFI information that includes MAC address and mobile network information to uniquely identify the devices and ensure that no unauthorized device acts on your behalf to prevent frauds.

COLLECTION OF INSTALLED APPLICATIONS

We collect a list of the installed applications’ metadata information which includes the application name, package name, installed time, updated time, version name and version code of each installed application on your device to assess your credit worthiness and enrich your profile with pre-approved customized loan offers.

STORAGE

We require storage permission so that your KYC and other relevant documents can be securely downloaded and saved on your phone. You can then easily upload the correct KYC related documents for faster loan application details filling and disbursal process. This ensures that you are provided with a seamless experience while using the application.

CAMERA

We require the camera information permission to provide you an easy/smooth experience and to enable you to click photos of your KYC documents along with other requisite documents and upload the same on the App during your loan application journey.

COLLECTION OF OTHER NON-PERSONAL INFORMATION

We automatically track certain information about you based upon your behaviour on our Platform. We use this information to do internal research on our users’ demographics, interests, and behaviour to better understand, protect and serve our users and improve our services. This information is compiled and analysed on an aggregated basis. We also collect your Internet Protocol (IP) address and the URL used by you to connect your computer to the internet, etc. This information may include the URL that you just came from (whether this URL is on our Website or not), which URL you next go to (whether this URL is on our Website or not), your computer browser information, and your IP address. Cookies are small data files that a Website stores on Your computer. We will use cookies on our Website similar to other lending websites / apps and online marketplace websites / apps. Use of this information helps Us identify You in order to make our Website more user friendly. Most browsers will permit You to decline cookies but if You choose to do this it might affect service on some parts of Our Website. If you choose to make a purchase through the Platform, we collect information about your buying behaviour. We retain this information as necessary to resolve disputes, provide customer support and troubleshoot problems as permitted by law. if you send us personal correspondence, such as emails or letters, or if other users or third parties send us correspondence about your activities or postings on the Website, we collect such information into a file specific to you.

LINK TO THIRD-PARTY SDK

The App has a link to a registered third party SDK which collects 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 provider takes extensive security measures in order to protect your personal information against loss, misuse or alteration of the data. Our third-party service provider employs separation of environments and segregation of duties and have 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 provides hosting security – they use industry- leading anti-virus, anti-malware, intrusion prevention systems, intrusion detection systems, file integrity monitoring, and application control solutions.

Convenience fees

“Arzooo” is the brand name of the company: Sterne India Private Limited, engaged into B2B and B2B2C supply of electronics and electricals across India through the proprietary platform on Arzooo app. “Arzooo Credit” is a division of the company established with a view to facilitate the credit purchase on the Arzooo platform. It facilitates the supply chain lending transactions between lender (registered financial institutions, NBFCs, Banks, etc.) and borrower (buyer on the Arzooo platform).
Arzooo is approved as an Anchor partner with the lending institutions and have legal MOU/Agreement in place with the lenders for extending line of credit to the users / buyers on Arzooo platform.
The buyer / borrower is underwritten by the lender and accordingly a limit amount is offered and the borrower executes an agreement to opt for the facility offered by the lender.
To promote the purchase through the platform, and by the terms of the agreement with the lenders, the borrower can avail interest free credit facility for 14/15 days. The interest charged by the lender is born (subvented) by the Anchor / Platform as per the terms and conditions of the master agreement between Anchor and the Lender. However, to opt for the credit facility as mode of payment on the platform (Arzooo app), the buyer/borrower has to pay a convenience fee to the platform.
The Invoice gets discounted on or immediate next working day of the delivery date by the Anchor / platform and due date is decided based on the date of delivery.
The convenience fee is computed at 0.5% of invoice amount prior to TCS (if applicable) and same is added on the invoice along with the shipping cost and GST is charged on such fees / charges at the applicable rate in accordance with the GST Act.
In case the buyer / borrower defaults on repayment of the invoice amount on the due date, he/she is liable to pay bounce charge / late fee / penal interest that is charged by the lender. Anchor/Platform is in no case liable for the payment of such interest / penalty / fees / charges, by whatsoever name called to the lender, irrespective of the nature of the delay in payment, whether technical or non-technical.
Computation of such late fee / penal interest differs from lender to lender and it is in terms of the agreement executed between the borrower and the lender. However, for ease of understanding, below is an illustration:
  • Lender is Rupifi (or the partner lender of Rupifi ie. Muthoot or Western Capital or Dhanvarsha or Piramal, etc), Invoice amount is 1,00,000/-, Date of delivery is 1 st Dec 2021, hence due date is 15 th Dec 2021. Assuming this invoice remains unpaid till 10 th Jan 2022. As per the terms of the agreement, the borrower has to pay penal interest of 0.1% per day (ie. 36.5% pa). No. of days overdue: 10 th Jan – 15 th Dec = 26 days * (0.1% * 100000) = Rs. 2600/- is total penal interest to be paid over and above the invoice amount.
  • Lender is Arthan Finance or IIFL or Home Credit or Trust Lenders through finbox as their embedded credit line product, Invoice amount is 1,00,000/-, Date of delivery is 1 st Dec 2021, hence due date is 15 th Dec 2021. Assuming this invoice remains unpaid till 10 th Jan 2022. As per the terms of the agreement, the borrower has to pay late fee of Rs. 40/- per day. No. of days overdue: 10 th Jan – 15 th Dec = 26 days * Rs. 40 = Rs. 1040/- is total late fee to be paid over and above the invoice amount.
  • Lender is Blacksoil, Invoice amount is 1,00,000/-, Date of delivery is 1 st Dec 2021, hence due date is 15 th Dec 2021. Assuming this invoice remains unpaid till 10 th Jan 2022. As per the terms of the agreement, the borrower has to pay penal interest of 2% over and above the rate of interest per month (let’s say 1.43% pm normal interest + 2% = 3.43% per month ie. 41.16% pa). No. of days overdue: 10 th Jan – 15 th Dec = 26 days * (3.43% pm / 30 days * 100000) = Rs. 2973/- is total penal interest to be paid over and above the invoice amount.
  • Lender is ePayLater (including the partner lenders of ePayLater e.g Arthashastra, Mothoot or Fullerton) Invoice amount is 1,00,000/-, Date of delivery is 1 st Dec 2021, hence due date is 15 th Dec 2021. Assuming this invoice remains unpaid till 10 th Jan 2022. As per the terms of the agreement, the borrower has to pay late payment interest of 0.1% per day (ie. 36% pa). No. of days overdue: 10 th Jan – 15 th Dec = 26 days * (0.1% * 100000) = Rs. 2600/- is total penal interest to be paid over and above the invoice amount.
There can be bounce charges levied by the lender in accordance with the sanctioned terms and conditions and agreement executed by the borrower, which shall be payable by the borrower in case of any missed payment and that will be over and above the above computed penal interest / late fees.
If the lender has NACH registered to collect the due amount on the due date or immediate next working day, such NACH instrument shall get initiated and the intimation of the due amount and due date is shared with the clearing house atleast 3 working days prior to the due date. If the NACH returns for lack of funds or any other technical issue at the borrower’s bank or at clearing house, borrower’s bank may charge a NACH return charge or EMI bounce charge as per it’s terms and conditions. In no case, the Anchor / Platform or the Lender is liable to bare or make good to the borrower such charge so levied by the banker. In certain case where the borrower is making advance payment prior to the due date, NACH shall not be initiated. However, if the payment is received at the lender’s end after the intimation of NACH initiation is shared with the clearing house, it shall not be stopped. Extra money so received by the lender can get refunded to the borrower upon request or get adjusted to other due invoices with the lender.