PRAVIK FINANCE AND INVESTMENT COMPANY PRIVATE LIMITED ("Company," "we," "us," or "our") is a Non-Banking Financial Company (NBFC) and a direct lender, operating the VeriLend mobile application (the "App"). We are committed to safeguarding your privacy and ensuring the security of your personal information. This Privacy Policy explains how we, as a direct lender and NBFC, collect, use, store, disclose, and protect your data while you use our services.
In order to provide and improve our services, we collect certain types of information and request access to specific features on your device. This allows us to deliver a seamless, secure, and personalized experience. The following outlines the information we collect and the permissions we may request:
We collect personal and financial details, such as your gender, age, nationality, education level, and income source, to assess your eligibility for loans, personalize your loan offers, and ensure that the loan processing remains fair and non-discriminatory. Additionally, we may request your bank account information for disbursement and repayment purposes, along with your tax information and credit score to verify your financial stability and determine loan eligibility. If you have existing loans, we will collect relevant details about those loans, including repayment terms.
To further evaluate your eligibility, we may request details regarding your employment, including your job position and employer, to verify your income stability. We may also collect emergency contact information in case there are any loan-related concerns. For identity verification purposes, we may ask you to upload a selfie with your ID document to confirm that your identity matches the provided documents.
In addition to personal details, we collect certain device-related information, including device usage and internet data, to help detect and prevent fraudulent activities. We may use location data to provide region-specific services and assist with fraud prevention efforts. Furthermore, we collect your region and language preferences to ensure that the app experience is personalized and aligned with your needs.
To ensure the smooth functioning of our services, we may request access to specific features on your device. The permissions we may ask for include:
Camera & Document Access: We may request access to your device’s camera to take photos and scan documents as part of the verification process. This permission is optional; however, if you choose not to grant access, you may be unable to complete the verification steps.
Location Data: We use location data to offer region-specific services, personalize loan recommendations, and prevent fraud. You have the option to allow or deny this access. If you choose not to enable location tracking, certain services may be unavailable, but it will not prevent you from using the app altogether.
Contacts Access: We may ask for access to your contacts to autofill reference details during the loan application process. Providing this access is optional; if you choose not to grant it, you will need to manually input these details.
IDFA (Identifier for Advertisers): We may request permission to use your device’s IDFA to serve personalized advertisements and improve your experience with the app. This permission is optional and will not affect your ability to use the app.
We collect and use the information provided by you for various important purposes, which include:
Providing and Improving Our Loan Services: Your data is essential to offer you the loan products you request. It helps us optimize our services, ensuring that we deliver a smooth and efficient loan experience. We may also use your data to improve our offerings and refine the platform based on user feedback.
Verifying Your Identity and Assessing Loan Eligibility: We use the information to confirm your identity and assess whether you qualify for the loan products you apply for. This includes analyzing your creditworthiness, income, and other factors that determine loan approval.
Processing Loan Applications, Disbursements, and Repayments: We require certain details to process your loan application, initiate loan disbursements, and manage repayments. Your data enables us to ensure that all transactions are completed securely and efficiently.
Preventing Fraud and Enhancing Platform Security: Your information helps us identify unusual activities and prevent fraudulent actions. By utilizing data such as device information, location data, and transaction history, we can detect potential fraud and protect both your and our platform’s security.
Personalizing Loan Offers and Improving User Experience: We use your preferences, location, and other details to recommend personalized loan offers that best suit your financial situation. By tailoring the experience to your needs, we aim to make your use of the app as beneficial and efficient as possible.
Complying with Regulatory Requirements: We must comply with various local and international financial regulations. Your data ensures that we meet these legal obligations, including those related to Know Your Customer (KYC) requirements, tax reporting, and financial audits.
We understand the importance of your privacy and do not sell or rent your personal information to third parties. However, we may disclose your information in the following cases:
Legal Compliance: If required by law, we may disclose your personal information to comply with relevant legal or regulatory requirements. This may include responding to government requests or court orders, or ensuring compliance with applicable financial laws.
Service Providers: We collaborate with third-party service providers who assist us in various operations, such as processing loan applications, managing payments, verifying identity, and customer support. These providers are obligated to keep your data secure and use it only for the purposes specified by us.
Fraud Prevention: To protect you and our platform, we may share your information with fraud detection agencies or authorities to investigate suspicious activities. This helps us maintain the integrity of the services and prevent unauthorized use.
Business Transfers: In the event of a merger, acquisition, or sale of all or part of our assets, your personal data may be transferred to the new owners. We will inform you of any such changes, and the new entity will be bound by the terms of this Privacy Policy unless you are notified otherwise.
We take reasonable and appropriate security measures to protect your personal information from unauthorized access, use, or disclosure. This includes encryption, secure storage, and regular security audits. However, while we strive to protect your data, please be aware that no method of transmission over the internet or method of electronic storage is 100% secure. Despite our efforts, we cannot guarantee the absolute security of your information, and we advise you to also take precautions when using the App.
We continuously monitor for potential security breaches and will take immediate action to address any vulnerabilities that may compromise your data.
Your safety is our priority. We will never ask you for sensitive information such as your password, one-time password (OTP), or other account details via email, phone, or text message. If you receive any unsolicited requests for such information, it is likely to be a phishing attempt. We strongly advise you to report such requests to us immediately. We also recommend that you keep your login credentials secure and change your password regularly to prevent unauthorized access to your account.
If any provision of this Privacy Policy is found to be unenforceable or invalid by a court of law, the remaining provisions will continue to remain in full force and effect. The invalidity of one provision will not affect the validity and enforceability of the rest of the Privacy Policy.
This Privacy Policy is governed by and construed in accordance with the laws of India. Any disputes, claims, or conflicts arising out of or in connection with this Privacy Policy will be subject to the exclusive jurisdiction of the courts located in [Insert Location]. You agree to resolve any disputes or issues through legal proceedings conducted in accordance with Indian law.
We encourage you to first contact us directly to try and resolve any issues amicably before pursuing formal legal action.
If we fail to enforce or exercise any provision of this Privacy Policy, it does not constitute a waiver of that provision. Any waiver of any provision of this Privacy Policy will be effective only if it is in writing and signed by an authorized representative of the Company. The failure to enforce any right or provision in this Privacy Policy shall not be deemed a waiver of such rights or provisions in the future.
If you have any questions, concerns, or requests regarding this Privacy Policy or how we handle your personal information, please feel free to contact us at:
Company Name: PRAVIK FINANCE AND INVESTMENT COMPANY PRIVATE LIMITED
Email: service@pravikfinance.com
Address: 2-B COSMOPOLIS 21 L DRUPAREL MARG MALABAR HILL , MUMBAI, Maharashtra, India - 400006