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PayMe – Terms & Conditions

Last updated: 15 April 2025

By accessing, registering on, or using the PayMe website, mobile application, or any related digital platform (“Platform”), you agree to be bound by the following Terms & Conditions (“T&C”), along with the Privacy Policy and any other applicable policies, as amended from time to time. 

1. Purpose of Data Collection

PayMe India Financial Services Private Limited ("PayMe", "we", "us", "our") collects certain personal, financial, device, and property-related information from you in order to:

  • Build a comprehensive credit risk assessment and credit profile
  • Assess eligibility for Loan Against Property (LAP) and other financial products
  • Enable faster loan processing and disbursal
  • Comply with statutory, regulatory, audit, and reporting requirements

2. Permissions & Access Required

2.1 Camera Permission

You allow access to your device camera to:

  • Scan and capture KYC and property-related documents.
  • Auto-fill relevant information
  • Reduce manual effort and processing time

2.2 Media Storage Permission

Storage access is required so that:

  • KYC, property, and loan-related documents can be securely downloaded and saved
  • Documents can be uploaded seamlessly for faster loan processing and disbursal

2.3 Location Permission

You allow PayMe to collect and monitor your device location in order to:

  • Assess loan serviceability
  • Verify address details
  • Provide customized or pre-approved offers
  • Accelerate KYC and underwriting

2.4 Financial SMS Permission

PayMe collects and monitors only financial transactional SMS, such as:

  • Bank-related transaction alerts
  • Transaction amounts
  • Names of transacting parties
  • Transaction descriptions

Clarification:

  • No personal, promotional, or non-financial SMS messages are collected, read, or stored.
  • This data is used solely for credit risk assessment and faster loan disbursal.

3. Documents & Financial Information Access

You authorize PayMe to access, process, and verify the following, wherever/whenever applicable:

3.1 Address Proof

To verify address, date of birth, and related demographic details.

3.2 Bank Statement

To assess cash flows, repayment capacity, and financial stability.

3.3 Salary Slip

To assess income and determine eligible loan limits.

3.4 Aadhaar Card

To verify identity, address, and date of birth as part of KYC.

3.5 PAN Card

To complete KYC, retrieve credit bureau reports, and comply with regulatory obligations.

4. Data Sharing & Third-Party Access

Certain data points collected are mandatory for comprehensive credit risk assessment and credit profiling. You consent to such data being securely shared, where required, with:

  • Registered service providers
  • Credit bureaus
  • Legal, technical, and valuation agencies
  • Technology partners
  • Lending partners and financial institutions
  • Affiliates and group companies

All data sharing is governed by applicable laws and PayMe’s Privacy Policy.

5. Communication Authorization

By continuing, you authorize PayMe to:

  • Retrieve your credit reports from authorized credit bureaus
  • Communicate with you via:
    1. Phone calls
    2. Emails
    3. SMS
    4. WhatsApp or other digital communication channels

6. Data Storage & Retention

  • All information collected shall be securely stored by PayMe for loan processing, servicing, audits, and regulatory compliance.
  • Data retention shall be in accordance with applicable laws, internal policies, and regulatory requirements.

7. Group Companies & Sister Concerns

Information collected may be used by PayMe and its group companies/ associated partners:

  1. For offering relevant financial products or services
  2. For lawful communication and customer engagement

Such usage shall always remain compliant with applicable digital personal data protection laws.

8. Property Information & Verification

You authorize PayMe to collect, verify, and assess property-related information, in the form of Physical & Digital data/ document, from relevant Authorities & Regulatory bodies, including but not limited to:

  • Ownership documents and title deeds
  • Chain documents
  • Property tax receipts
  • Approved building plans (if applicable)
  • Encumbrance, lien, and charge details
  • Legal, technical, and valuation reports

Verification may be conducted by PayMe or empaneled third-party agencies.

9. Legal, Technical & Field Investigations

You expressly consent to PayMe initiating and conducting:

  • Legal verification of property documents
  • Technical inspection of the mortgaged property
  • Field investigations / CPV
  • Residence or office verification, where applicable

These checks are mandatory for LAP underwriting and may involve physical visits.

10. Mortgage Creation & Charge Registration

If your LAP application is approved:

  • You agree to create a valid mortgage in favor of PayMe or its lending partner
  • The mortgage may be:
    • Registered mortgage, or
    • Equitable mortgage (deposit of title deeds)
  • You authorize PayMe to:
    1. Register charges with CERSAI or other statutory authorities
    2. Update or modify charge details as required by law

Failure to complete mortgage formalities may result in disbursal being withheld or cancelled.

11. Property Valuation & Re-assessment

  • Property valuation is conducted by empanelled valuers
  • Loan sanction is subject to:
    1. Property value;
    2. Loan-to-Value (LTV) norms;
    3. Internal credit policy
  • PayMe reserves the right to re-assess property value:
    1. Prior to disbursal
    2. During the loan tenure, at periodic intervals

12. Disbursal Conditions

Disbursal of the loan is subject to completion of all conditions precedent, including but not limited to:

  • Successful KYC and CKYC
  • Legal and technical clearance of property
  • Mortgage creation and confirmation
  • Execution of loan and security documents
  • Successful mandate or repayment setup

PayMe reserves the right to disburse the loan in trenches and/ or decline the request, if conditions remain unmet.

13. Balance Transfer & Top-Up Loans

In case of Balance Transfer (BT) or BT with Top-Up:

  • PayMe may obtain and verify details of your existing loan
  • Fresh property valuation and legal checks may be required
  • Loan terms may be reviewed at an overall loan level
  • Disbursal timelines depend on document availability and cooperation from previous lenders

14. Insurance (If Applicable)

Where applicable, PayMe may offer or require:

  • Property insurance
  • Life insurance linked to the loan

Insurance selection or opt-out (where permitted) must be completed prior to disbursal.

15. Default, Enforcement & Recovery

In the event of default:

  • PayMe may initiate recovery proceedings as per applicable law
  • Enforcement may include:
    1. Invocation of security interest;
    2. Action under SARFAESI Act or other applicable statutes
  • The mortgaged property may be enforced to recover outstanding dues

All recovery actions shall be undertaken strictly in accordance with law.

16. LAP Data Retention

  • Property and mortgage-related records may be retained for the entire loan tenure
  • Certain records may be preserved post-closure for audit, legal, or regulatory purposes

17. Consent & Acceptance

By clicking “Continue”, “Apply”, or proceeding further on the Platform, you confirm that:

  • You have read and understood these Terms & Conditions
  • You agree to the Privacy Policy and T&C
  • You provide explicit consent for data access, usage, storage, verification, and sharing as described above

18. Amendments

PayMe reserves the right to amend these Terms & Conditions at any time. Continued use of the Platform constitutes acceptance of the revised terms.

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