Terms & Conditions

Loan Application - Terms & Conditions

Ver 2.0_Effective January 15, 2021

This Loan Application – Terms and Conditions (“Terms & Conditions”) is published in compliance of and shall be governed by Indian law, including but not limited to (i) The Indian Contract Act, 1872; (ii) The Information Technology Act, 2000, the rules, regulations, guidelines and clarifications framed thereunder including the Information Technology (Reasonable Security Practices And Procedures And Sensitive Personal Information) Rules, 2011, and the provisions of rule 3 (1) of the Information Technology (Intermediaries Guidelines) Rules, 2011; (iii) The Payment And Settlement Systems Act, 2007 and applicable rules, regulations and guidelines made thereunder; (iv) Bankers’ Book Evidence Act 1891 and (v) ) Reserve Bank of India Act, 1934 and the applicable rules, regulations and guidelines made thereunder. This Terms & Conditions is an electronic record in the form of an electronic contract formed under Information Technology Act, 2000 and rules made thereunder and the amended provisions pertaining to electronic documents / records in various statutes as amended by the Information Technology Act, 2000. This Terms & Conditions does not require any physical, electronic or digital signature.


This Terms & Conditions is a legally binding document between you, True Credits Private Limited and Balancehero India Private Limited (terms defined below). This document will be effective upon your acceptance of the same (in electronic form or by means of an electronic record or other means) and will govern the relationship between you, True balance and True Credits.


1. For the purpose of these Terms of Use, wherever the context so requires-

a) “You/Your”, “Customer” or “User” shall mean any natural or legal person who has registered with True balance and who has accepted these Terms of Use.

b) “True balance” shall mean Balancehero India Private Limited.

c) “True Credits” shall mean True Credits Private Limited, which is duly registered NBFC with Reserve Bank of India (RBI).

d) “Loan” shall mean various lending product offered by True Credits through True balance to the Customer on the terms and conditions agreed with the Customer.


2. You understand that Loan, if approved, shall be granted by True Credits.


3. These Terms & Conditions and all applicable T&C including Sanction Letter, Loan Agreement etc, as the case may be, issued by True Credits shall govern your rights and obligations as a Customer for the Loan availed from True Credits. You understand and acknowledge that the Loan availed through True balance application is provided by True Credits company.


4. Your assess to and use of the True balance mobile application and the loan services available on True Balance mobile application or otherwise are conditional upon your acceptance of and continuous compliance with these terms and conditions at all times.


5. Loan can be availed only by the Indian Citizen and who are competent to enter into legally binding contracts under the Indian Contract Act, 1872. Any person who shall be considered as incompetent to contract as per the provisions of the Indian Contract Act, 1872, including minors, un-discharged insolvents, etc., are not eligible to avail Loan.


6. You agree that the personal information such as name, address, contact number, bank account information, financial / transactional details etc. (“Personal Information”) you provide to us upon registration and at the time of availing the Loan and at all other times will be true, accurate, current and complete. You agree to maintain and update the Personal Information and to keep the Personal Information true, accurate and complete.


7. You hereby agree and acknowledge that your Personal Information shared with True Balance will be shared with True Credits while applying Loan for loan application assessment and other connected purposes.


8.You hereby agree and acknowledge that upon availing loan all the terms and conditions mentioned in the “Terms and Conditions for obtaining loans from True Credits Private Limited” shall be applicable.


9. You hereby authorise that the applicable instalment(s) of Loan may be debited from your True Balance wallet account as per the payment schedule provided by True Credits.


10. You hereby consent to receive various loan offers or promotional schemes provided by True Credits, or its group company(s) from time to time by phone calls, SMS, WhatsApp, electronic mails or through any other mode of communication. You further consent that True Credits and/ or his authorised representative may communicate with you either by phone calls, SMS, WhatsApp, electronic mails or through any other mode of communication available for the purpose of sending or discussing the current status of you Loan(s), account activity or reminder/ collection of any dues in respect of any loan or for any matter related to the loan(s) and such phone calls, SMS, etc., shall not be covered under the purview of “Do Not Disturb” policy of the Telecom Regulatory Authority of India (TRAI). For this purpose, you hereby grant permission to True Credits to contact you any time between 0900 hours to 2100 hours from Monday to Sunday.


11. You authorise that your True Balance account and associated cashback/ points etc. will be blocked in case of default in repayment.


12. To avail Loan, fulfilment of KYC norms and submission of necessary information with True Credits is mandatory. In case you have submitted your KYC with True Balance, then your KYC may be shared with True Credits and / or its business partners for loan related services.


13. You hereby you give your explicit consent to True Credits to check your credit bureau information and use the same whenever its required and do necessary reporting to credit bureaus, as and when required. You also agree and authorize True Credits to generate subsequently an additional report through Credit Information Companies (CICs)


14. You understand and acknowledge that your loan application is not the guarantee of the loan approval or disbursal and the same shall be at the absolute discretion of True Credits and/ or Partner only.



15. You authorize True Credits to share your all or any information with the any statutory/ regulatory authorities, as appropriate or its group company(s) or its authorised service providers or to its business partners from time to time.


16. You hereby consent for receiving information from Central KYC Registry through SMS/Email on the registered number/email address.


17. You hereby understand and acknowledge that in the loan process, you will be redirected to the bank account statement fetching partner, and your account statement will be used to assess your Loan application.


18. You agree to provide e-NACH / other mandate favouring True Credits for collections account as may be instructed by True Credits. You shall not close your bank account or withdraw the e-NACH / other mandate without prior intimation of 30 days to True Credits in writing and in case such an banks account is closed, you shall substitute suitably substitute e-NACH / other mandate as directed by True Credits.


19. Terms and conditions applicable to “Repay Later” Loan Product:

a) By opting Repay Later Loan, your existing loan as identified by you will be closed and a new loan will be created upon payment of the notified amount.

b) By accepting applicable Terms & Conditions, you are authorizing True Credits to close the loan account selected by you and create the new loan account with the net outstanding balance (previous loan account minus the paid notified amount).

c) You acknowledge and accept that interest rate and the fee, charges etc. as applicable to Repay Later Loan shall be chargeable as per the new Sanction Letter and Loan Agreement issued to you upon opting of Repay Later.