TERMS AND CONDITIONS

By clicking the 'Proceed” or similar button on the screen where these terms and conditions for completion (“Terms”) of KYC process with Bajaj Finance Ltd(“BFL”) are hyperlinked, I hereby agree and acknowledge that:

1) CKYC Consent –

a)  I hereby authorize BFL to verify/check/obtain/download/upload/update/retrieve/receive my KYC details from/with the Central KYC Registry (CERSAI): (i) by verifying such details through the CKYC number (i.e., KYC Identifier Number- KIN) provided by me or by obtaining such CKYC number/KIN, through details shared by me.

b)  I hereby consent for receiving information from CERSAI through SMS/Email on the above registered number/email address provided by me to BFL.

1.   Aadhaar No. using e-KYC Authentication facility provided by UIDAI (Aadhaar e-KYC) / Aadhaar paperless Offline e-KYC Verification Specific (OKYC) consent:

a)   I voluntarily opt for Aadhaar e-KYC or (OKYC) or Certified Copy of Officially Valid Documents (OVD) or equivalent e-documents of OVD including documents issued through Digilocker and submit to the BFL my Aadhaar number, Virtual ID, e-Aadhaar, m-Aadhaar, Aadhaar PVC Card, Aadhaar Letter, XML file or Aadhaar Secure QR code, Masked Aadhaar, Aadhaar details, demographic information, identity information, Aadhaar registered mobile number, face authentication details and/or biometric information (collectively, “Information”).

b)   I am informed by the BFL, that:

(i)   submission of Aadhaar is not mandatory, and there are alternative options for KYC and establishing identity including by way of physical KYC with officially valid documents other than Aadhaar. All options were given to me.

(ii) For e-KYC/offline verification, BFL will share Aadhaar number and/or biometrics with Central Identities Data Repository (CIDR)/ Unique Identification Authority of India (UIDAI), and CIDR/UIDAI will share with BFL, authentication data, Aadhaar data, demographic details, registered mobile number, identity information, which shall be used for the informed purposes mentioned in 4(d) below.

c)  In case of OKYC, I shall share the Share Code or confirm on the auto populated shared code, as the case may be for successful XML file download and upload as contemplated under applicable law to complete my offline KYC process.

d)   I authorise and give my consent to the BFL (and its service providers), for following informed purposes:

(i)   KYC and periodic KYC process as per the PML Act, 2002 and rules thereunder and RBI guidelines, or for establishing my identity, carrying out my identification, offline verification or e-KYC, or Yes/No Authentication, demographic or other authentication/verification/identification as may be permitted as per applicable law, for all accounts, facilities, services and relationships of/through the BFL, existing and future.

(ii) collecting, sharing, storing, preserving Information, maintaining records and using the Information and authentication/verification/identification records:

(a)  for the informed purposes above,

(b) as well as for regulatory and legal reporting and filings and/or

(c)  where required under applicable law;

(iii)    producing records and logs of the consent, Information or of authentication, identification, verification etc. for evidentiary purposes including before a court of law, any authority or in arbitration.

I understand that  my Aadhaar number and core biometrics (Facial Image, IRIS and Fingerprints) will not be stored/ shared except as per law and for CIDR submission.

Accounts opened using OTP based e-KYC, in non-face-to-face mode, are subject to the following conditions:

a)  There must be a specific consent from the customer for authentication through OTP.

b)  the aggregate balance of all the deposit accounts of the customer shall not exceed rupees one lakh. In case, the balance exceeds the threshold, the account shall cease to be operational, till CDD as mentioned at (v) below is complete.

c)  the aggregate of all credits in a financial year, in all the deposit accounts taken together, shall not exceed rupees two lakh.

d)  As regards borrowal accounts, only term loans shall be sanctioned. The aggregate amount of term loans sanctioned shall not exceed rupees sixty thousand in a year.

e)  Accounts, both deposit and borrowal, opened using OTP based e-KYC shall not be allowed for more than one year unless identification as per Section 16 or as per Section 18 (V-CIP) is carried out. If Aadhaar details are used under Section 18, the process shall be followed in its entirety including fresh Aadhaar OTP authentication.

f)  If the CDD procedure as mentioned above is not completed within a year, in respect of deposit accounts, the same shall be closed immediately. In respect of borrowal accounts no further debits shall be allowed.

2.  KYC through Video Customer Identification Process(VCIP) – If I opt for VCIP Mode, I hereby agree and acknowledge/authorise:

a) That video based KYC validation (”Video KYC process”) has been provided as alternate method for establishing my identity with BFL

b) That my KYC will be completed by BFL, through Video KYC process, in accordance with process provided under the prevailing regulation, including Master Direction-Know Your Customer (KYC) Direction, 2016, issued by Reserve Bank of India(“RBI”) and the amendments thereof.

c)  All particulars, information and details to be provided by me in relation to this Video KYC process represent the true, correct and upto date information of myself in all respects.

d)  That Video KYC process shall include but shall not be limited to the following steps concluded by authorised officer of BFL:

i.     Live capturing of photo, along with live GPS co-ordinate (Geo-tagging) of the customer undertaking the VCIP and date time stamp where such live photo is being taken;

ii.  Permanent Account Number (PAN) is mandatory for onboarding through V-CIP mode and capturing clear image of PAN card during the V-CIP process.  The PAN details will be verified from the verification facility of the issuing authority.

iii.  if Aadhaar card is permitted to be accepted as a documentary proof under law/regulation, the same will be obtained as contemplated under the prevalent law/regulation.

iv.  Video recording of the interaction (for concluding Video KYC) will be stored by BFL in accordance with applicable law/regulation. 

e)

f)  I will be required to submit other officially valid document (OVD) / deemed to be OVD’s or such other documents as may be requested by BFL, as part of this Video KYC process;

g)  I hereby convey my express consent to BFL for verifying any or all the details/documents so provided by me.

h)  To complete the Video KYC process in full within time stipulated by BFL and in case if I fail to complete the same for any reason whatsoever BFL shall have sole and absolute discretion to reject my loan/product application(s) and/or discontinue the service(s)/product(s) for which such KYC is mandated.

i)  That in case where KYC documents/details submitted by me during Video KYC process does not match with or if there are any discrepancy found therein after validation thereof with the original KYC documents/details updated by me, BFL shall have sole and exclusive right to reject my loan/product application(s) and/or discontinue the service(s)/product(s) for which such KYC is mandated.

j)  That if I could not complete my Video KYC validation process or if during the said process if I dropped midway due to technical, systematic or server errors/issues or other operational issues in that case I may be permitted to complete Video KYC process or I may be required to complete my KYC compliance by undertaking physical KYC validation process, by BFL and I undertake to complete the same and/or submit physical KYC.

k)  That, BFL does not guarantee continuous accessibility of the applications and  shall not be held liable or responsible in any manner whatsoever in respect of any loss, cost or damage that may be incurred by me due to any technical, systematic or server errors/issues, or any other issue occurred while undertaking Video KYC process, including for reasons which are beyond reasonable control of the BFL.

3. Digi locker - I give consent to Bajaj Finance Ltd. for fetching my documents/ details from Digilocker.

4.  Pan Verification - The PAN details will be verified by BFL by using third party services to get digital confirmation from the NSDL server and the confirmation status of same will be stored in BFL’s system. In case of mismatch, I shall furnish supporting documents as may be prescribed by BFL.

5.  Upload your documents – In the event, I opt of mode for upload the documents, I hereby agree and acknowledge/authorise:

a)  That I am uploading the documents for establishing my identity, verification and due diligence for:

i.  availing financial facilities/ services from BFL immediately and/or in future, or

ii.  commencement of any other relationships/arrangement with BFL in future.

b)  All documents, information and details to be uploaded by me represent the genuineness of documents, true, correct and upto date information of myself in all respects.  

c)  I hereby convey my express consent to BFL to depute BFL official/representative to visit my address for verifying any or all the details/documents so provided by me.

d)  That my action of uploading document will not be considered as KYC completion process. I agree that the KYC completion will be considered only after satisfactory verification of documents by BFL official/representative visiting my address.

e)  That in the event documents uploaded do not match with or if there is any discrepancy found therein after validation thereof with the original KYC documents, BFL shall have sole and exclusive right to reject my loan/product application(s) and/or discontinue the service(s)/product(s) for which such KYC is mandated

1. I further understand and acknowledge that the records and audit trail of the KYC verification mode opted by me, may be used by BFL for evidentiary purposes I further understand and acknowledge that the records and audit trail of the Aadhaar Offline identification and verification process may be used by BFL for evidentiary purposes, including but not limited for submission before courts/tribunals/mediators/arbitrators or to any statutory or regulatory authority and I hereby expressly consent to the same;

7.  I hereby confirm that all the information and details including but not limited to financials/bank statements and KYC details provided/to be provided by me through either of the aforesaid KYC mode, are true, correct and up to date. I have not withheld any material information that may be required by BFL. I shall immediately keep BFL updated of any change in the information provided by me, specifically KYC details, Bank details, change of my address/co-ordinates etc. and will not hold BFL liable for any consequences that may arise owing to any delay/lapse on my part in updating BFL.

8.  I authorize BFL to use and/or share all information and details as provided by me during KYC process, to BFL’s group companies/business partners/permitted assigns,affiliate/subsidiaries/agents/servicerovider/representatives/empanelled

merchants (collectively referred to as “Assigns”) and any third party including but not limited to, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies, empanelled merchants, Central KYC Registry, Reserve Bank of India, GST Portal, CIBIL/CRISIL/any credit rating agency/credit information company, Information Utility, Protean eGov Technologies Ltd/UTI Infrastructure Technology and Services Limited (UTIITSL), Unique Identification Authority of India (UIDAI) for purposes such as, including but not limited to customer verification and due diligence, personalization of products or services, credit rating, data enrichment, analysis, marketing or promotion of BFL services or related products or that of its Assigns or for enforcement of your obligations and I shall not hold BFL/its Assigns liable for the use/sharing of the information as stated above. In furtherance of the same, I authorise BFL/its Assigns to seek/obtain any other information, generate periodic reports relating to me either by itself and/or from any third party;

9.  I hereby expressly authorize BFL and its Assigns (group companies/business partners/affiliate/subsidiaries/agents/representatives/empanelled merchants, service provider/permitted assigns and any such third party) to send me communications, including but not limited to promotional communications, regarding loans, insurance and their respective products and/or services through telephone calls/SMSs/emails/post/bots/bitly/ through any other electronic platform etc. I understand that I can at any time opt not to receive such communication;