Privacy Policies

Moneymela is dedicated to safeguarding the personal data of its borrowers, lenders, partners, and anyone interacting with the company through various channels such as the office, website, portal, application, or communication methods like telephone, WhatsApp, or face-to-face interactions. Our Privacy Commitment outlines how we handle your personal data, including the collection, usage, disclosure, transfer, and storage processes. We prioritize the protection and confidentiality of your personal information, ensuring compliance with applicable privacy laws and regulations.

We strongly recommend that you carefully read and understand the Privacy Commitment before using our platform, application, or any other channels to communicate with us or share information/data. It is important to take responsibility for maintaining the privacy and security of your personal information. Moneymela will not be held liable or responsible for any privacy breaches that occur as a result of user negligence. By using our services, you acknowledge and accept this responsibility to safeguard your own privacy.

If you have any queries or concerns regarding our privacy policy, please don't hesitate to reach out to the Moneymela support team. You can contact us at support@moneymela.co.in . Our dedicated support team will be more than happy to assist you and provide the necessary information or clarification you need. Your privacy and satisfaction are our top priorities, and we are here to address any questions you may have.

• What type of information and data do we collect from you? And what do we use it for?

  • We collect personal information such as your name, contact details (email address, phone number), and any other information requested during the registration process.
  • We may collect financial information, including income details, bank account information, credit history, and bank statements.
  • To comply with regulatory requirements, we collect and verify user identification documents, such as PAN card, Aadhaar card, or other applicable documents.
  • We collect communication data, including information about your interactions with us, references, and preferences.
  • The Website uses cookie, which gathers website usage information, such as your IP address, browser type, device information, and browsing behavior. Please note that this privacy policy only covers the usage of cookies by us and does not cover the usage of cookies by any of our business partners.

• Why do we collect the above-mentioned data from you?

  The data collected is used to provide our services, verify identity, assess creditworthiness, process loan applications, communicate with you, improve our services, and comply with legal obligations. We handle your data, with utmost care and employ strict security measures to safeguard your privacy.

• What type of information do we disclose and whom do we disclose

  • To the lender :-

    • We collect personal information such as your name, contact details (email address, phone number), and any other information requested during the registration process.
    • Details of about all terms and conditions of the loan, including likely return, fees and taxes.

  • To the borrower :-

    • Details about the lenders including proposed amount, interest rate offered but excluding personal identity and contact details.

  • To the third parties :-

    • Personal information may be provided to external service providers for customer verifications.
    • Financial (Including historical) & personal information to be provided to credit bureaus for credit report generations.
    • Moneymela may be required to disclose your personal data to the statutory authorities in connection with any legal process that may be initiated by such authorities in accordance with applicable laws.

  • To the public :-

    • Overview of credit assessment/ score methodology and factors considered
    • Details of usage & protection of data
    • Grievance redressal mechanism
    • Live day to day portfolio performance
    • Moneymela business model

• Can Moneymela change its privacy policy ?

  Moneymela retains the right to amend, revise, or update its privacy policy as needed to align with changes in RBI regulations, industry standards, or internal practices. We are committed to maintaining the privacy and security of our users' information, and any changes made to the privacy policy will be communicated to users and visitors through the Moneymela website.

  We recommend that our users regularly review our privacy policy to stay informed about any updates or modifications. By continuing to access or use our services, you acknowledge and accept the changes and the updated privacy policy.

  If you do not agree with the revised privacy policy, you have the opportunity to opt out. However, please note that by opting out, certain features or services may no longer be available to you.

  At Moneymela, we value transparency and strive to ensure that our privacy policy reflects our commitment to protecting your personal information. If you have any questions or concerns about our privacy practices, please contact moneymela support team.

• How long do we retain your personal information?

  Moneymela shall not retain any personal or financial information longer than permissible. Such information however may be retained for a longer period where we need the information for legal, regulatory, accounting or other legitimate purposes which may include but not be limited to filing/ addressing complaints, responding to any queries raised by any of our regulators/ customers/ governmental bodies, any legal claims etc.

  Moneymela only collects data from Users in accordance with the consents obtained from such Users.

  Moneymela ensures that an appropriate data privacy commitment is provided to the Users at the time or before collecting their personal data including Sensitive Personal Data either by the terms of this Privacy Commitment or otherwise.

• What are cookies?

  In addition to the previous information, Moneymela utilizes cookies to facilitate a seamless and continuous connection with our users. Cookies are small pieces of data stored on users' computers that help us gather website usage information, including IP addresses, browser types, device information, and browsing behavior. This information is used to enhance your browsing experience, personalize content, and analyze website traffic.

  Cookies also enable you to navigate different pages of our secure site without the need to re-enter your password information. Any data collected through cookies is stored in secure databases, protected by various access controls, and treated as confidential information by Moneymela. It is important to exercise caution in the use of your username and password, maintaining confidentiality and ensuring that you do not knowingly or accidentally share or facilitate unauthorized use of this information.

  Please note that while this privacy policy covers the usage of cookies by Moneymela, it does not extend to the usage of cookies by our business partners or third-party service providers. We recommend reviewing the privacy policies of these third parties to understand how they collect, use, and store your information.

  By continuing to use the Moneymela website, you consent to the usage of cookies as described in this privacy policy. However, if you prefer not to have cookies stored on your device, you have the option to block or disable cookies. It's important to note that disabling cookies may impact the functionality of certain features on our website.

• How can you exercise your privacy rights and what are they?

  • Moneymela acknowledges your right to access, review, correct, and request the deletion of your personal data, subject to applicable laws and regulations. To protect your privacy, we will take reasonable steps to verify your identity before granting access to your personal data.-

  • Moneymela reserves the following rights for its users regarding their personal data :-

    • Confirmation of Data Processing: You have the right to confirm whether Moneymela processes data about you.
    • Access to Your Data: You have the right to access and review your personal data held by Moneymela.
    • Correction or Update: If your personal data held by Moneymela is inaccurate or incomplete, you have the right to request correction or updates to ensure its accuracy.
    • Data Portability: You have the right to request a copy of the personal data we hold about you,
    • Data Deletion: You have the right to request the deletion of your personal data from our records, subject to legal obligations and legitimate business purposes.
    • Withdrawal of Consent: If you have provided consent for the processing of your personal data, you have the right to withdraw your consent at any time.
    • Complaint Filing: You have the right to file a complaint with the relevant authorities if you believe that your rights regarding your personal data have been violated.

  • To exercise any of the rights mentioned above, please contact our Privacy/Grievance Officers using the provided contact details. To assist us in handling your request efficiently, please provide your full name, address, date of birth, email address, and a suitable identification document.

• Phishing

  "Phishing" is a fraudulent activity where scammers trick website users into revealing sensitive personal information by using deceptive websites or email addresses. If you provide information or respond to an email that is not associated with us, you may fall victim to phishing.

  We want to emphasize that we will never ask our users for payment information, usernames, or passwords through email. However, we may conduct occasional verification of the information you provide, such as usernames and passwords. It is your responsibility to maintain the confidentiality of your user ID and password, and to be cautious when sharing personal information online.

• Security

  We greatly value the trust you place in us by providing your personal information, and we are committed to using commercially acceptable means to protect it. While we strive to implement robust security measures, it's important to note that no method of transmission over the internet or electronic storage is completely secure and reliable. Therefore, we cannot guarantee the absolute security of your information.

  To safeguard your privacy and data security, we employ various measures. This includes encrypting your data and storing it in multiple databases. We utilize secure server software, firewalls, and follow industry-standard security practices and procedures to protect your information from unauthorized access, disclosure, alteration, or destruction. All technical and operational security operations are governed by policies, ensuring adherence to information and cyber security best practices.

  All the information gathered on the Moneymela website is securely stored within our controlled database. The database is hosted on secured servers, with password-protected access that is strictly limited to authorized personnel.

  While we take reasonable measures to protect your information, we acknowledge that the internet carries inherent security risks. We continuously update our systems and protocols to mitigate these risks. However, it's important to understand that no data transmission over the internet can be guaranteed as 100% secure. By using our website, you acknowledge and accept these risks. Moneymela cannot be held liable for any unauthorized access or interception of your information. We encourage you to take precautions, such as using secure networks and keeping your login credentials confidential, to further enhance the security of your information.

• Governing law & Dispute resolution

  This Policy shall be governed by and construed in accordance with the laws of India. The courts at Bhubaneswar, India shall have exclusive jurisdiction in relation to any disputes arising thereof.

• Grievance Redressal

  If you have any concerns or grievances regarding the processing and use of your information by Moneymela, you can raise them with our appointed grievance officer. The grievance officer is responsible for addressing and resolving such issues. For more detailed information on the grievance redressal procedure, please visit the Grievance Redressal Procedure section on our website. This section will provide you with the necessary information on how to raise a grievance and the steps involved in the resolution process. We are committed to addressing any concerns or grievances in a prompt and fair manner.