Terms of Service

01Acceptance and eligibility

By accessing or using loanos you confirm that you have read, understood, and accept these Terms. If you do not agree, you must not use the platform.

You may use loanos and apply for credit only if you meet our basic eligibility criteria. We may decline any application at our sole discretion and are not obliged to disclose the reasons beyond what regulation requires.

• You are at least 18 years of age.
• You are a resident citizen of India with a valid PAN and Aadhaar (e.g. PAN in the form ABCDE****F).
• You are applying for yourself and not on behalf of any other person.
• You have the legal capacity to enter into a binding loan agreement under the Indian Contract Act, 1872.
• The mobile number, email, and bank account you provide belong to you and are active.

02Account, mobile number and OTP

Your account is created and secured against your registered mobile number. Access is authenticated using a one-time password (OTP) sent to that number; you are responsible for keeping your device and OTP confidential.

You agree that any application, consent, or transaction completed after a valid OTP verification is deemed to be authorised by you. Notify us immediately if you suspect unauthorised access or lose control of your registered number.

• Never share your OTP with anyone, including persons claiming to represent loanos.
• We will never ask for your OTP, full card number, or net-banking password over a call or message.
• You are responsible for activity conducted under your authenticated session.

03Loan application, AI decisioning and sanction

When you apply, you authorise us to collect and verify your identity, income, banking, and credit information, and to use automated decisioning (including AI/ML models) to assess your eligibility, credit limit, and pricing.

An application is an offer, not a guarantee of credit. A loan is sanctioned only when we issue a sanction decision and you accept the loan agreement by e-sign. We may approve, partially approve, reject, or seek additional information at any stage.

• Decisioning may be fully or partially automated; you may request a review where required by law.
• You must provide true, current, and complete information; misrepresentation may lead to rejection or recall.
• Sanctioned terms are valid only for the offer window stated to you and may lapse thereafter.

04Interest, APR, fees, GST and the Key Fact Statement

Interest is charged on a reducing-balance basis at the rate disclosed in your Key Fact Statement (KFS). The Annual Percentage Rate (APR) reflects the all-in annualised cost of the loan, including interest and applicable fees, computed in line with RBI guidelines.

A one-time processing fee may apply and is disclosed up front. Goods and Services Tax (GST) is levied on fees and charges at the prevailing statutory rate. Before disbursal you will receive a KFS that consolidates all material commercial terms in a standard format.

The KFS forms part of your loan agreement. By proceeding to disbursal you confirm that you have reviewed the KFS and agree to the rate, APR, fees, GST, EMI schedule, and recovery terms set out in it.

• Interest rate and APR are stated in your individual KFS and loan agreement.
• Processing fee is deducted or collected as disclosed, plus applicable GST.
• No charge will be levied that is not disclosed in the KFS.

05Repayment, EMI and e-NACH auto-debit mandate

You agree to repay the loan in Equated Monthly Instalments (EMIs) on the due dates set out in your repayment schedule. Disbursal is made to your verified bank account via UPI or bank transfer.

You authorise an e-NACH (electronic National Automated Clearing House) mandate so that EMIs are auto-debited from your registered bank account on each due date. You must maintain sufficient balance ahead of every due date.

• Keep your registered account funded by the EMI due date to avoid bounce and penal charges.
• You may also repay manually via UPI where the platform supports it.
• Failure of an e-NACH mandate does not relieve you of your obligation to pay the EMI.
• You authorise re-presentation of a failed mandate in accordance with NACH rules.

06Prepayment and foreclosure

You may prepay part of the outstanding principal or foreclose the loan in full, subject to the terms in your loan agreement. Any prepayment or foreclosure charges, if applicable, are disclosed in your KFS.

On full foreclosure and realisation of all dues, we will close the loan, cancel the e-NACH mandate, and report the closure to the relevant credit bureaus within the prescribed timeline.

• Partial prepayment reduces principal and may shorten tenure or lower EMI as configured.
• Foreclosure requires payment of outstanding principal, accrued interest, and any applicable charges.
• A closure confirmation is made available once dues are cleared.

07Default, penal charges and consequences

If you miss an EMI or breach the loan agreement, your account may be marked as delinquent. Penal charges, where applicable, are levied as a reasonable, disclosed amount and not capitalised into the principal, consistent with RBI norms.

Continued default may lead to acceleration of the outstanding amount, lawful recovery action, and reporting of your default status to credit bureaus, which can adversely affect your credit score.

• Penal charges are a fixed/disclosed amount on the overdue instalment, not additional interest on interest.
• Recovery is conducted in a fair and lawful manner consistent with the RBI Fair Practices Code.
• Default may result in loss of eligibility for future credit on the platform.

08Credit-bureau reporting and acceptable use

We report your loan account, repayment behaviour, and outstanding status to RBI-licensed credit information companies (such as CIBIL) on a periodic basis, as required by law. Timely repayment helps your credit profile; defaults harm it.

You agree to use loanos only for lawful, personal, non-commercial borrowing and to refrain from any activity that compromises the platform or other users.

• Do not provide false, forged, or third-party identity, income, or banking details.
• Do not attempt to access, probe, scrape, or disrupt the platform or its systems.
• Do not use the platform for money laundering, fraud, or any purpose prohibited by law.
• Do not use automated means to interact with the platform except as expressly permitted.

09Intellectual property

The loanos name, logo, software, design, content, and underlying technology are owned by us or our licensors and are protected by applicable intellectual property laws. These Terms grant you a limited, non-exclusive, non-transferable, revocable licence to use the platform for its intended purpose.

You may not copy, modify, distribute, reverse-engineer, or create derivative works from any part of the platform without our prior written consent.

10Disclaimers and limitation of liability

The platform is provided on an "as is" and "as available" basis. To the maximum extent permitted by law, we disclaim all implied warranties, including merchantability, fitness for a particular purpose, and uninterrupted or error-free operation.

To the extent permitted by law, our aggregate liability arising out of or relating to your use of the platform is limited to the fees paid by you to us in respect of the relevant loan. We are not liable for indirect, incidental, or consequential losses.

11Governing law and jurisdiction

These Terms are governed by and construed in accordance with the laws of India. Subject to applicable consumer-protection and RBI grievance-redressal mechanisms, the courts at our registered office location in India shall have exclusive jurisdiction over any dispute.

Disputes may also be referred to the RBI Integrated Ombudsman Scheme where eligible, after exhausting our internal grievance-redressal process.

12Amendments and contact

We may update these Terms from time to time to reflect changes in law, regulation, or our services. Material changes will be notified to you, and your continued use of the platform after the effective date constitutes acceptance of the updated Terms.

For questions, grievances, or to reach our Grievance Redressal Officer, please use the contact channels published within the loanos app and on our website.

• Check the effective date at the top of this document for the current version.
• Grievances are acknowledged and resolved within the timelines mandated by RBI.