Terms & Conditions for loan services

This document is an electronic record in terms of Information Technology Act, 2000 and Rules thereunder as applicable and the amended provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000. This electronic record is generated by a computer system, and does not require any physical or digital signatures. These Terms and Conditions for Loan Services shall be made effective through checkbox consent mechanism or any other digital mode of acceptance as may be facilitated by PhonePe Lending Services Private Limited (formerly known as “Explorium Innovative Technologies Private Limited”) (“PhonePe Credit” / “We” / “Us” / “Our”). Alternatively, these may be made effective over email correspondence and acceptances or simply by obtaining physical signatures of the Merchant.

PhonePe Credit is acting as an intermediary for making available loan to the Users (defined below) through its Partners. In order to avail these services, you agree and confirm to have read the Terms and Conditions for Loan Services set out herein.  You acknowledge and agree that the services rendered by PhonePe Credit to You as an intermediary are distinct and mutually exclusive from that of services offered by PhonePe Private Limited (“PhonePe India”). 

    • Please read the terms and conditions carefully before accessing or using the PhonePe Credit Services (defined below). The terms and conditions are a legal contract (“Agreement“) between You and PhonePe Credit having its registered office at Office 2, Floor 4,5,6,7, Wing A, Block A, Salarpuria Softzone, Service Road, Green Glen Layout, Bellandur, Bengaluru 560103,. You agree and acknowledge that you have read the terms and conditions set forth below. If you do not agree to these terms and conditions or do not wish to be bound by these terms and conditions, you may not use the PhonePe Credit Services and/or immediately terminate the PhonePe Credit Services.
    • USING PHONEPE PLATFORM INDICATES YOUR AGREEMENT TO ALL THE TERMS AND CONDITIONS UNDER THESE TERMS OF USE, SO PLEASE READ THE TERMS OF USE CAREFULLY BEFORE PROCEEDING. By impliedly or expressly accepting these Terms and Conditions for Loan Services, You also accept and agree to be bound by PhonePe Credit and PhonePe Group Entity Policies (including but not limited to Privacy Policy) available on the PhonePe Platform as amended from time to time.
    • We may amend the Terms and Conditions at any time by posting an updated version at PhonePe Platform. The updated version of the Terms of Service shall take effect immediately upon posting. It is Your responsibility to review these Terms and Conditions for Loan Services  periodically for updates / changes. Your continued use of PhonePe Platform and its services following the posting of changes will mean that You accept and agree to the revised version of the Terms and Conditions for Loan Services including additional Terms or removal of portions of these Terms, modifications etc. As long as You comply with these Terms and Conditions for Loan Services, We grant You a personal, non-exclusive, non-transferable, limited privilege to  avail the Services.
    • Credit Information Companies” or “CIC” shall mean TransUnion CIBIL Limited (Formerly Credit Information Bureau (India) Limited), Equifax Credit Information Services Private Limited, Experian Credit Information Company of India Private Limited, CRIF High Mark Credit Information Services Private Limited or any other credit information company which has been granted a certificate of registration by Reserve Bank of India (RBI).
    • Credit Information” shall mean any information relating to (i) the amounts and the nature of loans or advances, amounts outstanding under credit cards and other credit facilities granted or to be granted, by a credit institution to any borrower; (ii) the nature of security taken or proposed to be taken by a credit institution from any borrower for credit facilities granted or proposed to be granted to him; (iii) the guarantee furnished or any other non-fund based facility granted or proposed to be granted by a credit institution for any of its borrowers; (iv) the credit worthiness of any borrower of a credit institution; or (v) income and/or expense details of any borrower.
    • KYC” shall refer to the documents under the ‘know your customer’ guidelines issued by the Reserve Bank of India and shall include address proof, identity proof, income proof, PAN or such other officially valid documents. 
    • Partner” shall mean any bank and/or non-banking financial company or other credit providers who will provide loans to the Users through PhonePe Credit.
    • PhonePe Group Entities” shall mean and include group, affiliates or subsidiary entities of PhonePe Credit including without limitation PhonePe Private Limited. 
    • PhonePe Platform” shall mean any platform owned/subscribed/used by PhonePe Credit and/or its service provider(s), including but not limited to websites, mobile applications, devices, URLs/links, notifications, chatbot, or any other communication medium used by PhonePe Credit to provide its services to its Users.
    • PhonePe Services” – shall mean the services extended / to be extended by PhonePe Credit and/or PhonePe entity as a group including but not limited to providing loans services through its Partners on the PhonePe Platform.
    • “Personal Information” shall mean any information that relates to an identified or identifiable natural person and includes sensitive personal information. 
    • Users” shall mean any customer/merchant who is using the PhonePe Platform for availing loan from the Partners.  The term User shall also be referred to as “You” / “Your”. 
    1. The User is 18 years of age or above, an Indian Citizen and a tax resident of India;
    2. The User is not barred or otherwise legally prohibited from accessing or availing the services of PhonePe Credit and/or the Partner under the laws of India;
    3. The User is capable of entering into a contract /legally binding agreement; and
    4. The User is going to avail the services and the loan proceeds only for legitimate purposes and not use the services and the loan proceeds for any illegal or prohibited purposes.
    1. PhonePe Credit is facilitating the provision of loan facility by the Partners  to the Users; PhonePe is not providing the loan to the User; the Partners are registered entities with RBI and are authorised to provide the credit products as per their certificate of registration issued by RBI. 
    2. The loans provided by the Partners will be subject to and governed by the relevant Partner’s terms and conditions, key facts statement, loan agreement, loan application form, privacy policy and/or any other documents accepted or executed by the User as part of the loan processing system. The aforesaid documents shall govern the borrower and lender relationship between the User and the Partner. The Partner will share these documents through email/SMS with the User and/or will make it available on the Partner’s website/app and/or on PhonePe Platform. 
    3. PhonePe Credit shall not take any responsibility or be held liable in any manner whatsoever for the services being offered by Partners on the PhonePe Platform or any acts or omissions of the Partner or any other person (other than PhonePe Credit) acting on behalf of the Partner.
    4. PhonePe Credit has no role in determining the KYC procedure, credit analysis, sanction/approval/rejection of the loan and it shall be at the sole discretion of the relevant Partner.
    5. The sanction/approval of loan shall be subject to credit analysis, completion of KYC requirement, execution of loan agreement, and/or any other document by the User to the satisfaction of the Partner. 
    6. PhonePe Credit will endeavour to provide the services on a best effort basis, and it is not guaranteeing, representing or undertaking that the services will be available at all times, to all users or will be free of any errors or defects. 
    7. PhonePe Credit may receive fees or commission from the Partner for providing the services to the Partner or making the PhonePe Platform available to the Partner. 
    1. You understand that based on your Personal Information and other details available with PhonePe Credit, you may be shown indicative loan offers. It is not a commitment from PhonePe Credit and/or the Partner to provide a loan or any credit facility. 
    2. You agree and acknowledge that for undertaking the services through the PhonePe Platform, PhonePe Credit(or the Partner) may seek additional Personal Information or other information from the Users which as a User, You are obliged to give, for facilitating/ascertaining eligibility for availing the loan and processing the loan application.
    3. You provide consent that :
      1. PhonePe Credit may share Your Personal Information, loan information, bank account details, mandates for repayment and all such information with its service providers, Partners and/or PhonePe Group Entities for rendering loan collection, loan management and other services to you or Partners.
      2. PhonePe Credit may also collect/share some of Your documents/information/personal details/KYC documents from You and/or available with the PhonePe Group Entities to make it available on the PhonePe Platform as per the User consent and/or the information required by the Partner, for the processing of Your loan application.
      3. PhonePe Group Entities may share Your existing as well as any additional Personal Information and other information including KYC details/documents, bank account details (for disbursement of the loan and/or for any other purpose related to loan), and/or transaction value/volume with its group entities/Partners/third party entities or Credit Information Companies for the purpose of fulfilling the PhonePe Services. 
      4. You authorise PhonePe Credit  to  collect your loan details, Personal Information, loan amount, loan agreement, disbursal, repayment, collection from PhonePe India and/or PhonePe Group entities along with other information including without limitation KYC details/documents from Partners for rendering you PhonePe Services from time to time. 
    4. You agree and understand that the KYC procedure may be carried out by the Partner through any permissible means including through Central KYC Records Registry (“CKYCR”), DigiLocker, Aadhar based offline or online KYC through Unique Identification Authority of India (UIDAI), Video KYC and/or Digital KYC or a combination of permissible means as per applicable laws and regulations. You agree , understand and give consent for the Partner (and its service providers including PhonePe Credit) to carry out the KYC process and to use, collect, receive, store, verify and/or process  data of the User  from CKYCR, DigiLocker, NSDL, UIDAI data base or any other source for the purpose.
    5. You further authorize PhonePe Credit to access your loan related information and use the information to send notifications on the PhonePe Platform and/or to provide PhonePe services from time to time. 
    6. We may retain Your Personal Information and other information you have consented to share with Us during Your loan application as long as necessary for the legitimate business interests to provide You with the PhonePe Services and to comply with Our legal obligations. If You no longer want us to use Your Personal Information or any other information, then You can request for consent revocation or data deletion. Please write to Our support at [email protected] for consent revocation or data deletion. However, please note We may retain such data / information of You, as We may be required to retain by the Partner for the purpose of resolving future grievances, responding to Your queries, rendering You the PhonePe Services and/or in compliance with retention requirements under applicable laws.
    7. You confirm that all information given to PhonePe Platform and/or PhonePe Credit is true, valid, complete, accurate and not misleading. You agree to provide any additional documents to PhonePe Credit or any of its partners as may be required from time to time. We shall not be responsible to verify the accuracy, completeness and validity of the information/ details provided by You. You will be liable to inform PhonePe Credit and its Partners of any change in the details or information provided initially. You confirm and undertake to not hold PhonePe Credit liable for any loss or damage that may be sustained by You on account of such error on Your part.
    8. You acknowledge and agree that PhonePe Credit does not lend any money to You, but merely facilitates the provision of the loan for You from one or more Partners.
    9. Partners may collect Your credit related information (e.g. credit score) from third parties (e.g. Credit Information Companies / Information Utilities / Account Aggregators) for processing of Your loan application.
    10. Partner/PhonePe Credit may receive Your additional information, such as information to help detect fraud and safety issues, from third party service providers and / or Partners.
    11. You agree and acknowledge that PhonePe Credit and/or its Partners and/or service providers/affiliates/representatives may contact You  through calls, SMS, email, physical visit, and/or via Your online account on PhonePe Platform and/or any other communication mode as may be deemed fit by PhonePe Credit to a) promote/market its and/or its Partner’s products/services or b) provide You assistance with your existing products/services or c) to take feedback or d) for any other purposes as it may deem fit.  
    1. You agree that PhonePe Credit may access and use the Credit Information for the purpose of checking the eligibility for the Users. 
    2. You agree and understand that the Partner may pull Credit Information of the User from CICs, for the purpose of assessing User’s credit worthiness. The Partner may use, collect, verify and process the Credit Information received from CICs or from other sources for the purpose of the credit checks and processing of loan application. 
    •  On completion of entire loan application process including but not limited to KYC procedure, credit analysis, acceptance of loan agreement, execution of any other documents, setting up of eNach, e-mandate, UPI mandate or any other method for repayment and/or payment of fees/charges, the Partner shall disburse the loan amount directly into the bank account of the User.
    1. The repayment amount and frequency of the repayment shall be pre-decided based on the options chosen by the User before availing the loan.
    2. The repayment of the loan amount shall be in the form of equated monthly instalments (“EMI”)/equated daily instalments (“EDI”) as mentioned in the loan agreement/Key facts statement/terms and conditions and the User shall continue to be indebted to the Partner until such time all amounts due and payable by the User to the Partner have been discharged in full to the satisfaction of the Partner.
    3. You authorise PhonePe Credit (directly or through its service providers/PhonePe Group Entities) to send you notifications, alerts and/or communications on the  PhonePe Platform to show the details of the Daily Collection Amount not paid to the Partner, the total amount that can be paid as Daily Collection Amount to the Partner on a particular date and/or to nudge you to make the payment to the Partner directly. 
    4. The amount of EMI/EDI/Daily Collections Amount shall be displayed on the PhonePe Platform on the basis of the information received from the Partner. 
    5. PhonePe Credit is providing these facilitation services to the User on a best effort basis and shall not be liable to the User for any delay or non-availability of the service. PhonePe shall not be liable for any downtimes, system issues, network/bank issues etc. arising out of its services. PhonePe Credit shall not be liable for the repayment of the loan. The repayment obligation of the User towards the Partner shall continue as per the loan agreement/terms and conditions executed/accepted by the User and not reduced or extinguished unless the Partner receives the due amount along with all other charges, interests etc.. PhonePe Credit does not owe any repayment obligation to the User/Partner and/or is not guaranteeing the repayment of loan amount or payment of any amount on behalf of the User to the Partner. 
    6. You agree and understand that it is Your obligation to make payment of the loan amount and any other outstanding amount to the Partner on the due date. In case of non-payment on the due date, the Partner may charge default interest, additional fees or penalty as per the loan agreement/terms and conditions executed/accepted by You. You understand that You may be provided with multiple payment options to repay/prepay (including payment of the Daily Collection Amount) the loan amount directly to the Partner as per the terms of the loan agreement/terms and conditions executed/accepted by the User or as made available by the Partner. The details for making such payments(amounts/methods) may be displayed on the PhonePe Platform. 
    7. You agree and undertake to submit an e-NACH Mandate and/or eMandate and/or UPI mandate (or any other method as directed by the Partner) in favour of the Partner for the repayment of loan amount and other payments. Any activation failure/ dishonor / revocation of e-NACH / eMandate will attract applicable charges. You shall maintain adequate balance in the relevant bank account for realization of the amount on the due date. The e-NACH / eMandate/ UPI mandate registration will be done on the User’s bank account that is registered with PhonePe Group Entities. The User understands and undertakes that User cannot change and shall not close this bank account till any amount is outstanding under the loan provided by the Partner. 
    8. You agree and understand that no payment in relation to the loan will be accepted in cash. PhonePe Credit will not accept or collect any amount in its own account and/or escrow/nodal accounts on behalf of the User/Partner.
    9. In case of any instance of double debits (for any valid reason-like ‘Pay Now’ and/or inadvertent mandate debit afterwards), the lender is responsible for directly refunding the excess amount to the borrower’s bank account associated with the lender’s records (‘Loan Disbursement Account’). However, the refunds cannot be made to the source account. This provision must be explicitly stated in the customer’s terms and conditions.
    10. If you pay ‘Due Payments’ through external channels i.e. outside of PhonePe Platform such as BBPOU or direct branch visits, automatic mandate debits will still occur based on the predetermined timelines. 
    11. You agree and understand that no payment in relation to the loan will be accepted in cash. PhonePe Credit will not accept or collect any amount in its own account and/or escrow/nodal accounts on behalf of the User/Partner.
    1. You agree and understand that PhonePe Credit may facilitate the recovery process for any overdue amount as a facilitator of the Partner and you hereby provide your consent to PhonePe Credit to contact you through phone, IVR call, SMS, email, physical visit, and/or via Your online account on PhonePe Platform and/or any other communication mode as may be deemed fit by PhonePe Credit for the said purpose. PhonePe Credit may carry out this activity either through its employees, representative, officers, agents or affiliates .PhonePe Credit shall perform its obligation strictly as per the applicable laws and RBI regulations.
    2. You agree and understand that in case of default of payment of the loan outstanding amount or breach of any terms and condition of the loan agreement and/or any other document, the Partner may, at its sole discretion, initiate appropriate legal/recovery proceedings or take any other action against You as per applicable law and/or as per the terms of the loan agreement. You understand and agree that PhonePe Credit and/or PhonePe Group Entities shall not be liable for any such action initiated by the Partner.
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    • You expressly provide your consent and authorize PhonePe Credit and its employee, agent, associate to make telephonic calls, IVRs, send whatsapp messages or SMS on Your mobile number and/or send emails on your email address as mentioned in the application form providing other offers or loan offer schemes or loan promotional schemes from PhonePe Credit and its Partners. You confirm that laws in relation to the unsolicited communication referred in “National Do Not Call Registry” (the “NDNC Registry”) as laid down by Telecom Regulatory Authority of India will not be applicable for such communication/calls/ SMS/messages through whatsapp messenger application received from PhonePe Credit, its employees, agents and/or associates.
    • By choosing to avail PhonePe Credit services, You agree to the following
      • You will not engage in any activities related to the PhonePe Services that are contrary to any applicable law or regulation or any terms of PhonePe Services;
      • You will not solicit others to perform or participate in any unlawful acts;
      • You will not provide information belonging to any person other than yourself.
      • You will not use or attempt to access an account that belongs to another person for yourself or on behalf of another person.
      • You will not attempt to collect or track the Personal Information of others.
      • You agree not to create multiple accounts, or fraud or fake accounts, with false information or false identity or use the PhonePe Platform for any unlawful or immoral purpose
      • You will not use any device, software, routine, file or other tool or technology, including but not limited to any viruses, trojan horses, worms, time bombs or cancelbots, intended to damage or interfere with the PhonePe Services, to surreptitiously intercept or expropriate any system, data or Personal Information from the Services, or to affect the functionality or operation of the Portal or any related website, other websites, or the Internet;
      • You will not breach these terms or any other terms or policy that You have agreed to with PhonePe Credit and/or PhonePe Platform;
      • You will not commit unauthorized use of the PhonePe Platform and systems including but not limited to unauthorized entry into PhonePe Credit / PhonePr Group Entity’s systems, misuse of passwords, misuse of any information posted to a site, or interfere with or circumvent the security features of the Portal or any related website, other websites, or the internet.
      • You will not impersonate another person.
      • You shall be solely liable for any damages resulting from any violation of the foregoing restrictions, or any other harm resulting from Your posting of content on the PhonePe Platform.
    1. You agree that PhonePe Credit at its sole discretion may modify/terminate/suspend or cancel the PhonePe Services provided herein without prior notice. The termination of the PhonePe Services shall not affect the respective rights and liabilities of the parties accrued prior to such termination and all the provisions of the Terms and Conditions  shall continue in full force and effect till such time as the loan amount is repaid by the User, to the satisfaction of the Partner.
    2. The clauses related to Intellectual Property, Indemnity and Limitation of Liability shall survive any termination of these Terms and Conditions for Loan Services.
    1. The right, title and interest of all Intellectual Property including but not limited to the trademarks, logos and service marks belong to PhonePe Credit and PhonePe Group Entities.  The Users shall not use the Intellectual Property in any manner whatsoever without the prior written consent of PhonePe Credit and PhonePe Group Entities.
    2. All material on the PhonePe Platform is protected by copyrights, trademarks, and other intellectual property rights. You must not copy, reproduce, republish, upload, post, transmit or distribute such material in any way, including by email or other electronic means and whether directly or indirectly and You must not assist any other person to do so. Without the prior written consent of PhonePe Credit and PhonePe Group Entities , modification of the materials, use of the materials on any other platform or networked computer environment or use of the materials for any purpose other than personal, non-commercial use is a violation of the copyrights, trademarks and other proprietary rights, and is prohibited.
    1. You shall indemnify and hold PhonePe Credit, PhonePe Group Entities (and their officers, directors, agents, affiliates, , subsidiaries, joint ventures, and employees) harmless from any and against any claims, causes of action, demands, recoveries, losses, damages, fines, penalties or other costs or expenses of any kind or nature, including reasonable attorneys’ fees, or arising out of or related to Your breach of the Terms and Conditions, Your violation of any law or the rights of a third party, or Your use of PhonePe Platform .


  1. You agree and understand that PhonePe Credit has a limited role in the entire process, and it is only acting as a facilitator between You and the relevant Lender. You agree and understand that in case of any issue with the loan or service of the Partner (or any person other than PhonePe Credit), your rights will be governed as per the applicable laws and the loan documents executed/accepted by You. You further agree and undertake not to make PhonePe Credit and/or PhonePe Group Entities a party to any dispute and/or make any claim against PhonePe Credit and/or PhonePe Group Entities unless the dispute or claim directly relates to the acts or omissions of PhonePe Credit and PhonePe Group Entities in relation to the services provided under the Terms and Conditions for Loan Services.   
  2. Without prejudice to the generality of clause (a) above, in no event shall PhonePe Credit and/or PhonePe Group Entities, its subsidiaries, affiliates, directors & officers, employees, agents, partners and licensors be liable for any direct, indirect, consequential, incidental, special or punitive damages, including, but not limited to, damages for loss of profits or revenues, goodwill, business interruption, loss of business opportunities, loss of data or loss of other economic interests, whether in contract, negligence, tort or otherwise, arising from the use of or inability to avail the PhonePe Services.
    • These Terms and Conditions for Loan Services and the relations of the parties shall be governed by and construed in accordance with the laws of India and both the parties hereby submit to the exclusive jurisdiction of the courts in Bengaluru, Karnataka to try and adjudicate all matters arising in connection with your use of the PhonePe Services or other matters covered herein.
    • In the event that any provision of the Terms and Conditions shall be deemed by any court having jurisdiction thereon to be illegal, invalid or unenforceable, it shall in no way affect or prejudice the legality, validity or enforceability of any other provision of the Terms and  Conditions. If any provision of the Terms and Conditions shall be deemed by such court to be unenforceable because such provision is too broad in scope, such provision shall be construed to be limited in scope to the extent such shall deem necessary to make it enforceable, and if any provision shall be deemed inapplicable by any such court to any person or circumstances, it shall nevertheless be construed to apply to all other persons and circumstances.
    • The failure of PhonePe Credit and/or PhonePe Group Entities to enforce any term hereof shall not be construed to be a waiver of such term and shall in no way affect the right of PhonePe Credit and/or PhonePe Group Entities thereafter to enforce such term or any term hereof.
    The User may reach out to PhonePe Credit for any complaints/queries/issues in relation to the loan at the below mentioned details:

    Name: Harshit Kumar Jain
    Contact Details: 080-68727374
    E-mail ID:  [email protected]

    PhonePe Credit shall endeavour to resolve any such complaints/queries/issues in coordination with the Partner. PhonePe Credit may have to direct the User to the Partner for resolution of some of the complaints/queries/issues. 

    Alternatively, the User may reach out to Partner for any complaints/queries/issues as per details mentioned in the loan agreement/terms and conditions executed/accepted by the User.