Privacy Policy

Psbloansin59minutes - Borrower App is owned, developed, and powered by Online PSB Loans® who is acting as a facilitator between Banks/Financial Institutions and Borrowers in providing them ‘In-Principle Approval Letter’ within 59 Minutes. The company mere acts as a facilitator and does not in any way involved in Person to Person (P2P) lending directly or indirectly. The fund disbursed by the concerned Bank/Financial Institution directly without any intervention of the company at its sole discretion. In course of providing user-friendly and hassle-free service/experience to the user and to provide end services, the company is using third-party services. In such case, direct or indirect integrations are made with such associated third-party service providers to render certain services on the App. (“We”/ “Us”) are committed to upholding the privacy and security of the information supplied by every person (“User"/ "You") accessing and using any version of the App on a compatible device. This privacy policy (“Privacy Policy”) briefly provides the manner in which we collect and use User information.

By accessing or using the App, you signify that you have read, understood and agree to be bound by this Privacy Policy. We reserve the right to update or modify this Privacy Policy at any time without prior notice and such changes shall be effective immediately upon posting the updated or modified Privacy Policy on the App/platform and we shall not be bound to inform you of any modifications hereof. Your access and use of the App following any such change constitutes your agreement to follow and be bound by this Privacy Policy, as updated, or modified. For this reason, we encourage you to review this Privacy Policy each time you access and use the App. Your use of the App and any disputes arising therefrom, is subject to this Privacy Policy as well as the terms and conditions, as set out below (“T&C”).

Please read the Terms and Conditions of this application in order to obtain information on the terms governing the use of our App and our services.

1) Information We Collect:

We will collect personal information about the user. While some user information has to be mandatorily provided, others are optional and certain portions of the information will remain private and some will be displayed to Banks/Financial Institutions; Additional information may be gathered during subsequent use of the App by the User, whenever the User chooses to provide it voluntarily.

  1. Certain mandatory information will be collected at the time of registration on the App which is required to enable the user to login to the App and for us to (i) verify the User’s identity; (ii) determine the user’s eligibility to match with appropriate product/loan, inter aliaa., our proprietary technology and such additional rules that may be determined by (a) us; (b) our banking partners; or (c) both (a) and (b); and (iii) safeguard against illegal activities like fraud, cheating, misappropriation, etc.

  2. In order to use the facilities and services available on the App, the User may be required, from time to time, to provide certain additional personal information after registration on the App, which information shall be collected only upon receiving the user’s express consent.

  3. We may also automatically receive and collect certain anonymous information in standard usage logs through the web server, including mobile network information, standard web log information, traffic to and from our App, and any other available information, from and may store temporary files in your device to provide hassle-free experience:

    1. an IP address, assigned to the device used by the User;

    2. the domain server through which the User accesses the App and the functions and features therein; and

    3. the type of device used by the User (“Device”).

  4. The User may choose to provide Us with access to certain personal information stored by third parties like CIBIL or any Credit Bureau. We will have access to such information to the extent allowed by the user’s privacy settings on that site and the user’s specific authorization. In the event the user associates a user account managed by us with an account maintained with any third party to enable us to access certain information maintained in such third-party managed accounts, the user agrees that we may collect, store and use such information in accordance with this Privacy Policy.

  5. In order to enhance our ability to provide valuable services and experiences to the user, we may:
    (i) automatically receive, collect and analyze your location information which may be accessed through a variety of methods including,     inter alia, GPS, IP address, and cell tower location; and
    (ii) collect information pertaining to your Device and your usage thereof, including    inter alia, the names of the other applications on your mobile device and how you use them, information about your Device, and information about your use of features or functions on your device.

  6. We may collect information with your consent from your mobile device like device location, device information (including storage, model, installed apps, WiFi, mobile network) transactional and promotional SMS, communication information including contacts to provide customized offerings.

2) How we use your information

  1. When the user registers with the App, we will use the information supplied by the user to determine the eligibility of user by analyzing various data provided/uploaded by the user himself/herself and providing such data along with eligibility, if any, to banks and other financial institutions to evaluate the User’s loan request in the context of the user’s complete financial situation

  2. We will also use the user information to enable activities and transactions that need to occur during your usage of the App, such as:

    1. Generating and maintaining user profiles on the App;

    2. Provide personalized features;

    3. Maintaining regular communications with the user concerning transactions the user initiates, such as requesting information or assistance, submitting a loan request etc.

    4. Modifying the App from time to time to cater to the user’s interests;

    5. Providing the App and the functions and features therein efficiently;

    6. For Market Research, project planning, troubleshooting, detection and prevention of errors, for any activity to enhance user experience.

  3. You acknowledge that you are licensing us to use, modify, display, distribute and create new material from the information you provide through the App to render certain services on the App. By providing such information, you expressly agree or promise that the owner of such information has expressly agreed to allow or license us to use the information in the manner set out in this Privacy Policy, without the payment of any fees. We may, to the extent permitted by law, also use, license, reproduce, distribute disclose, and aggregate, non-personally identifiable information that is derived through your use of the App and you hereby provide consent for the same.

3) Sharing of Personal Information

We will not use user information for any purpose other than in connection with the App. We will not rent, sell or share user information and will not disclose any of the user’s personally identifiable information to third parties, unless:

  • it is pursuant to obtaining the user’s permission;

  • it is in connection with a disclosure to financial institutions and banks, in which case, the user hereby gives his express permission;

  • it is in connection with the services being rendered through the App;

  • it is to help investigate, prevent or take action regarding unlawful and illegal activities; suspected fraud, potential threat to the safety or security of any person, violations of our Terms & Conditions, or as a defense against legal claims;

  • it is a case of special circumstances such as compliance with court orders, requests/order, notices from legal authorities or law enforcement agencies compel us to make such disclosure; and

  • in connection of amalgamation or mergers or similar arrangements, the information will be transferred to the resulting entity

4) Information security

  1. We are an ISO/IS/IEC 27001 compliant entity. The information provided by the user is stored in access-controlled facilities with restricted access. User Information transmitted over the internet is protected using encryption by AES & Crypto JS Algorithms, using the Secure Socket Layer (SSL) or equivalent protocols

  2. If a password is used to help protect User accounts and account information, it is the responsibility of the user to keep the password confidential. You have to ensure that You always log out, before sharing the device with a third party and it is advised that the user utilize a service to protect access to the user’s device

  3. We store your data in accordance with RBI guidelines voluntarily in India only.

  4. We shall use generally accepted industry standards to protect the user information submitted to us, both during transmission and upon receipt. However, please be advised that no method of transmission over the Internet, or method of electronic storage, is 100% secure. Therefore, even though we strive to use commercially acceptable means to protect user information, we cannot guarantee its absolute security and your use of the App is at your sole risk and discretion. We also cannot warrant that such User information may not be misused in the event our safeguards and protocols are breached by a malicious third-party. Further, we are not liable, nor can we fully control the actions of other users with whom you may choose to share your information.

  5. The collection, usage, and sharing of user information by us shall be in compliance with the applicable laws and guidelines of Regulators or the Banks/Financial Institutions and other governing authorities

  6. Your usage of the app including your log-in is safeguarded with One Time Password (OTP) system for every time you choose to log-in in the application. Therefore, you specifically grant us the permission to send you the service implicit communications like but not limited to OTP, the status of the application, status of loan disbursement, the status of transaction etc. irrespective of your registration with Do Not Disturb (DND).

  7. We retain/store your data in line with applicable guidelines and directions of various banks and financial institution and in line with appropriate rules and regulations.

5) Your Rights:

  1. the right to seek correction of inaccurate, incomplete, or outdated personal data,

  2. the right to have personal data transferred to any other data fiduciary in certain circumstances, and

  3. right to raise a grievance.

6) Grievance Redressal

In accordance with Information Technology Act, 2000 and rules made thereunder, the name and contact details of our Grievance Officer are provided below

Name: Nodal Officer

Email: contact@onlinepsbloans.com

Last updated on: 30-04-2021