Last Updated on August 15, 2023
These Terms and Conditions (“Terms”) constitute a legally binding agreement between you (the “User” or “Borrower”) and Monk Capital Pvt. Ltd. (the “Company”, “we”, “our”, “us”), a Reserve Bank of India registered NBFC (Regn. No. N-09.00457), governing your access to and use of the Feemonk mobile application and website (collectively, the “Platform”).
By accessing the Platform, registering an account, or applying for/availing any loan or service offered through the Platform, you acknowledge that you have read, understood, and agree to be bound by these Terms, our Privacy Policy, and the terms of any applicable Key Facts Statement (KFS) and Loan Agreement executed with the Company and/or its co-lending partners.
If you do not agree to these Terms, please discontinue use of the Platform immediately.
For the purposes of these Terms:
“Platform” means the Feemonk website, mobile application, and all related portals owned and operated by Monk Capital Pvt. Ltd.
“Loan” means any credit facility or financial product offered by the Company (either directly or jointly with co-lending partners) to Users via the Platform.
“KFS” (Key Facts Statement) means the loan disclosure document provided to Users before disbursal, containing APR, charges, repayment schedule, and foreclosure/penalty details, as mandated by RBI.
“Loan Agreement” means the legally binding agreement executed between the User and the Company (and/or its co-lending partners, where applicable) governing a specific Loan.
“Co-Lending Partner” means any RBI-regulated financial institution with which the Company may jointly originate loans.
“Privacy Policy” means the Company’s policy describing the manner of collection, use, storage, and disclosure of User data, available on the Platform.
“User”, “you”, “your” refers to any natural person accessing the Platform, creating an account, or availing a Loan or related service.
These Terms are an electronic record generated under the Information Technology Act, 2000, and the applicable rules, and do not require any physical or digital signatures.
The Platform allows you to apply for and manage loan products offered by Monk Capital Pvt. Ltd. either directly or jointly with its co-lending partners.
By using the Platform, you understand and agree that:
You may use the Platform to submit information, documents, and consents required for assessing your loan eligibility.
All loan applications are subject to underwriting, credit bureau checks, KYC verification, and other assessments carried out by the Company and/or its co-lending partners.
Disbursal of any loan is at the sole discretion of the Company (and co-lending partners, where applicable) and is governed by the KFS and Loan Agreement executed with you.
Funds may be disbursed either to your verified bank account or directly to the educational institution/service provider, as per the loan product structure.
The Platform provides facilities to:
Upload KYC/financial documents
View sanctioned loan details, repayment schedule, and outstanding balance
Set up auto-debit mandates (e-NACH/UPI)
Make EMI or other payments through supported payment gateways
Raise service requests and access customer support
Access to the Platform or completion of the loan application process does not guarantee sanction or disbursal of any loan.
The Company reserves the right to reject or modify loan applications at its sole discretion, without assigning reasons, subject to applicable law.
The Company may provide value-added services such as:
Account statements
Payment reminders
Financial literacy content
These services are ancillary in nature and do not alter your rights and obligations under the Loan Agreement.
The Company may add, modify, or discontinue any service or feature of the Platform at any time, subject to applicable regulations.
To apply for a Loan on the Platform, you must:
Residency
Be a resident of India with valid proof of identity and address.
Age
Meet the minimum income and employment requirements as determined by the Company for the specific loan product.
KYC & Documentation
Complete Know-Your-Customer (KYC) verification and provide accurate information/documents such as PAN, Aadhaar, income proof, and bank statements.
Credit Assessment
Consent to the Company accessing your credit bureau records, banking data (including via Account Aggregator, if you opt-in), and any other sources for underwriting purposes.
The Company may accept or reject any application at its sole discretion.
False, incomplete, or misleading information may result in rejection, suspension, or recall of the Loan and may be reported to credit bureaus or regulators.
The Company may recall the Loan in full or accelerate repayment obligations upon the occurrence of any of the following (“Events of Default”):
Payment Default
Failure to pay any EMI, fee, or charge on its due date.
Breach of Agreement
Violation of these Terms, the Loan Agreement, or any representations made by you.
Misrepresentation
Submission of false, misleading, forged, or incomplete information/documents during application or loan tenure.
Adverse Credit Events
Deterioration in your credit profile, insolvency, bankruptcy proceedings, or material adverse change in financial condition.
Regulatory/Legal Requirement
Any legal, judicial, or regulatory directive requiring the Company to recall or freeze the Loan.
On Recall
The Company may present your registered auto-debit mandates (e-NACH/UPI) for the full outstanding dues.
You remain liable for the entire outstanding principal, interest, charges, and applicable penalties as per the Loan Agreement.
The Company may report your status to credit bureaus and initiate recovery actions as permitted under law.
All content, design, logos, trademarks, graphics, software, user interfaces, and data available on the Platform (“Content”) are the exclusive property of Monk Capital Pvt. Ltd. or its licensors.
You are granted a limited, non-transferable, revocable license to access and use the Platform for personal, lawful purposes only.
You shall not copy, reproduce, modify, reverse-engineer, distribute, or commercially exploit the Platform or its Content without prior written consent from the Company.
Unauthorized use of the Platform may result in termination of access and legal action.
You agree to indemnify, defend, and hold harmless Monk Capital Pvt. Ltd., its directors, employees, agents, and co-lending partners from and against any losses, liabilities, claims, damages, costs, or expenses (including legal fees) arising out of or related to:
Your breach of these Terms, the Loan Agreement, or applicable law
Your misuse of the Platform, Loan, or services
Any misrepresentation, fraud, or default by you in connection with the Loan
Violation of third-party rights, including intellectual property or data privacy rights
This indemnity obligation survives the termination of these Terms and your Loan Agreement.
The Company shall not be held liable for any delay, failure, or interruption in performance of its obligations (including loan disbursal, collection, or Platform access) arising from circumstances beyond its reasonable control, including but not limited to:
Acts of God, natural disasters, floods, earthquakes, or pandemics
War, riots, strikes, lockouts, or industrial disturbances
Failures of telecommunications, internet, or power supply
Government restrictions, regulatory directives, or court orders
In such cases, obligations shall be suspended for the duration of the event, and the Company will make reasonable efforts to resume services at the earliest.
These Terms, the Loan Agreement, and all transactions carried out on or through the Platform shall be governed by and construed in accordance with the laws of India.
You agree that any disputes, claims, or proceedings arising out of or relating to these Terms, the Loan Agreement, or your use of the Platform shall be subject to the exclusive jurisdiction of the competent courts at Hyderabad, Telangana, unless otherwise specified in the Loan Agreement.
Nothing in this clause shall prevent the Company from initiating proceedings in any other court of competent jurisdiction, if required, for enforcement of its rights (including recovery of outstanding dues).
Collection of Information
By using the Platform, you consent to the Company collecting, storing, and processing your personal information, including but not limited to:
Name
Contact details
PAN
Aadhaar (as permitted by law)
Financial data
Credit bureau records
Employment details
Bank statements
Other documents required for KYC and credit assessment
Use of Information
Your information will be used for:
Evaluating your loan application and determining eligibility
Verifying identity and completing KYC requirements
Reporting to and obtaining data from Credit Information Companies (CICs) as mandated by RBI
Setting up mandates, facilitating payments, and maintaining your loan account
Contacting you regarding your Loan, repayment reminders, and regulatory disclosures
Compliance with applicable laws and regulatory directions
Sharing of Information
The Company may share your information with:
Co-lending partners
Service providers
Payment gateways
Account Aggregators
E-sign providers
Collection agencies
Regulators, law enforcement, and statutory bodies where required under applicable law
Such third parties are bound by confidentiality and data security obligations.
Detailed practices on how we collect, use, and safeguard your data are provided in our Privacy Policy, available on the Platform.
By agreeing to these Terms, you also agree to the Privacy Policy.
You must ensure that the information provided is true, complete, and updated.
Any misrepresentation may lead to rejection of your application or recall of your Loan.
If you withdraw consent for processing mandatory data required for providing the Loan, the Company reserves the right to suspend or terminate services.
Suspension of Platform Access
The Company may, at its sole discretion, suspend or restrict your access to the Platform (in whole or in part) without prior notice if:
You breach these Terms, the Loan Agreement, or any applicable law
You provide false, incomplete, or misleading information
Your conduct poses a risk to the security, integrity, or functionality of the Platform
Required by law, regulation, or any competent authority
The Company may terminate your access to the Platform and/or any services offered if:
You default on repayment obligations under a Loan
You misuse the Platform or engage in fraudulent, illegal, or abusive activity
The Company ceases to provide services through the Platform for business or regulatory reasons
Termination or suspension of access to the Platform does not release you from your obligations under any existing Loan Agreement.
All amounts due (including principal, interest, fees, and charges) shall remain payable in accordance with the terms of the Loan Agreement.
Provisions relating to intellectual property, indemnity, limitation of liability, governing law, and other clauses intended to survive termination shall continue to remain in force even after termination or suspension.
No Warranty
The Platform and all services provided therein are offered on an “as is” and “as available” basis.
The Company does not make any warranties, express or implied, regarding the accuracy, reliability, suitability, availability, or uninterrupted access to the Platform or the services.
The Company expressly disclaims all warranties of merchantability, fitness for a particular purpose, or non-infringement to the fullest extent permitted by law.
To the maximum extent permitted by applicable law, the Company shall not be liable for any direct, indirect, incidental, special, consequential, or punitive damages (including, without limitation, loss of profits, loss of data, business interruption, or reputational loss) arising out of or in connection with:
Your use of, or inability to use, the Platform or services
Delays, errors, defects, interruptions, failures of performance, or unauthorized access to your data
Any malware, viruses, or harmful components transmitted through the Platform or linked third-party services
Reliance on any information, content, or materials available on the Platform
Notwithstanding anything to the contrary, the Company’s aggregate liability to you (whether in contract, tort, negligence, or otherwise) shall not exceed the fees, if any, paid by you to the Company in connection with the specific service giving rise to the claim.
The Platform may contain links to external websites or third-party services.
The Company does not endorse or assume responsibility for the availability, content, or practices of such third-party sites or services.
Your use of third-party services is at your own risk.
Company’s Right to Assign
The Company reserves the right to assign, transfer, or securitize any or all of its rights, interests, or obligations under these Terms or any Loan Agreement, in whole or in part, to any third party, including but not limited to:
Co-lending partners
Banks
Financial institutions
Securitization trusts
Asset reconstruction companies
This may be done without requiring your prior consent.
You may not assign, transfer, or delegate any of your rights or obligations under these Terms or any Loan Agreement to any third party without the prior written consent of the Company.
Any permitted assignment or transfer shall be binding on, and inure to the benefit of, the successors, transferees, and assigns of the parties.
Customer Support
For queries, complaints, or service requests, you may reach us at:
Email: support@monkcapital.in
Phone: +91 95131 68846
In compliance with RBI guidelines, the Company has appointed a Grievance Redressal Officer.
Details:
Name: [Insert GRO Full Name]
Designation: Grievance Redressal Officer
Email: gro@monkcapital.in
Phone: +91 63091 48333
Address:
Monk Capital Pvt. Ltd. The Platina, B-406, Sy No. 132, 134, H. No. 4-50/1, Gachibowli, Telangana 500032.
Complaints will be acknowledged within 48 hours and resolved within 30 days of receipt, subject to the nature of the complaint.
If your complaint is not resolved within 30 days or you are dissatisfied with the resolution, you may escalate the matter to the Reserve Bank – Integrated Ombudsman Scheme, 2021.
