Privacy Policy
Our Terms And Conditions
Understand Your Loan Terms: Key to Making Informed Decisions
1. Introduction
M/s BHARATHI LOANS is committed to safeguarding the privacy and security of personal data in our role as intermediaries in the digital lending industry. This Data Privacy Policy outlines how we collect, use, disclose, and protect personal data in compliance with relevant data protection laws.
2. Definitions
Personal Data: Any information that can directly or indirectly identify an individual. Processing: Any operation or set of operations performed on personal data, whether by automated means or not, such as collection, recording, organization, storage, adaptation, and retrieval. Data Subject: An individual to whom personal data pertains.
3. Data Collection
We collect personal data for the following purposes:
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Identifying and verifying applicants for digital loans.
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Assessing creditworthiness.
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Processing loan applications.
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Servicing and managing loans.
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Complying with legal and regulatory requirements.
We may collect the following types of personal data, among others:
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Contact information (name, address, email, phone number).
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Financial information (income, expenses, credit history).
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Identification information (government-issued ID, social security number).
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Employment and income details.
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Information related to loan transactions.
4. Legal Basis for Processing
We process personal data on the following legal bases:
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To perform the contract with the data subject (e.g., processing loan applications).
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To comply with legal obligations (e.g., regulatory reporting).
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Based on the data subject's consent when required.
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For legitimate interests (e.g., fraud prevention, risk assessment).
5. Data Security
We implement technical and organizational measures to protect personal data from unauthorized access, disclosure, alteration, and destruction. These measures include:
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Encryption of data in transit and at rest.
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Regular security assessments and audits.
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Access controls and authentication.
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Employee training on data security.
6. Data Sharing
We may share personal data with the following parties:
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Lending institutions and financial partners.
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Credit bureaus and reporting agencies.
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Legal and regulatory authorities.
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Service providers who assist with loan processing.
We ensure that third parties have adequate data protection measures in place.
7. Data Subject Rights
Data subjects have the following rights:
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Right to access and rectify personal data.
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Right to erasure (where applicable).
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Right to restrict processing.
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Right to data portability.
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Right to object to processing.
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Right not to be subject to automated decision-making.
To exercise these rights, please contact our Data Protection Officer (DPO) at [DPO contact details].
8. Data Breach Response
In the event of a data breach, we will notify affected data subjects and relevant authorities as required by law.
9. International Data Transfers
If we transfer personal data outside the jurisdiction, we will ensure that adequate safeguards are in place, such as standard contractual clauses or approved binding corporate rules.
10. Policy Updates
We will regularly review and update this policy to stay compliant with data protection regulations. We encourage data subjects to periodically review this policy for any changes.
Note : A fixed interest loan's amount may increase or decrease, and the approval or rejection of the loan is entirely at the discretion of the bank.
1. Introduction
M/s Bharathi Loans is committed to the responsible and secure storage of personal and financial data. This Data Storage Policy outlines how we store, retain, and protect data in compliance with relevant data protection and industry regulations.
2. Data Types and Categories
We store various types of data, including but not limited to: Personal information: Names, addresses, contact details. Financial information: Income, expenses, credit history. Identification information: Government-issued IDs, social security numbers. Employment and income details. Loan transaction information.
3. Data Storage Principles
Our data storage practices are guided by the following principles:
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Legal Compliance : We adhere to all applicable data protection laws, regulations, and industry standards. We are committed to maintaining the highest standards of data privacy and security.
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Data Minimization : We store only the data that is necessary for our legitimate purposes, such as loan processing and compliance with legal obligations.
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Retention Period : We retain data for the period required by law and regulatory requirements or as necessary for our legitimate business purposes. We will not retain data longer than needed.
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Data Security : We implement robust technical and organizational measures to protect stored data from unauthorized access, disclosure, alteration, or destruction. These measures include encryption, access controls, and regular security assessments.
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Regular Review : We periodically review and assess our data storage practices to ensure compliance with changing regulations and evolving security threats.
4. Access Control:
Access to stored data is restricted to authorized personnel who require it for legitimate business purposes. Access controls include user authentication and authorization mechanisms.
5. Data Backup
We maintain secure and regular data backups to ensure data integrity and availability. Backup procedures include encryption and secure storage.
6. Data Retention and Deletion
We retain data only for the period required by law or as necessary for legitimate business purposes. When data is no longer required, it is securely deleted or anonymized to protect the data subject's privacy.
7. Data Transfer
If data is transferred outside the organization, we ensure appropriate safeguards are in place to protect data privacy and security, including encryption and secure transmission.
8. Policy Review and Updates
This policy will be periodically reviewed and updated to ensure compliance with data protection regulations and industry best practices. Data subjects and stakeholders will be informed of significant policy changes.
Note : A fixed interest loan's amount may increase or decrease, and the approval or rejection of the loan is entirely at the discretion of the bank.
WE DO NOT ACCESS YOUR CONTACTS THROUGH OUR WEBSITE
Some instant loan apps are recently in the focus recently for alleged irregularities, both with regard to lending and recovery. It is reported in a section of the media that they are lending money through unauthorized lending platforms and mobile apps with the promise of providing swift and hassle-free loans.
They are also reportedly using coercive and high handed recovery methods and by wrongfully accessing data on the mobile phones of borrowers.
We would like to state that these cases relate to unauthorised and unverified apps.
We do not follow such practices. Ours is an approved Non-Banking Finance Company registered with the Reserve Bank of India and we not only strictly follow RBI guidelines in letter and spirit but also self regulate ourselves in order to truly practice ethical lending:
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We lend only that amount which our algorithms determine is within a customer’s capacity to repay.
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We strictly follow an ethical recovery process wherein we don’t resort to any high-handed means. On the contrary we fully cooperate with our customers to make it less burdensome for them to pay back.
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We do not access your contacts on our web site and hence there is no question of harassing any of them.
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None of our customers has ever complained for any of the above deviations
On the contrary, our endeavour is always to provide loan to those who need funds to overcome a difficult or emergency situation, thereby solving a major concern in these economically challenging times.
And we will continue to strive to keep this service ethical and within regulatory parameters at all times.