Policy & legal

Terms & Conditions

Effective Date: January 1, 2024

1. Introduction

Welcome to Quikkred. These Terms and Conditions govern your use of our services and form a binding legal agreement between you and Quikkred (a brand of Fluxusforge Private Limited, acting as Loan Service Provider), operating in partnership with its official lending partners: Satsai Finlease Private Limited, a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI Registration No: B-14.01646), and Maple Mercantile. The lending partner that funds your loan is named in your sanction letter and loan agreement, and is the Regulated Entity for that loan.

By accessing or using our services, you agree to be bound by these terms. If you do not agree with any part of these terms, please do not use our services.

2. Eligibility Criteria

To use our loan services, you must:

•Be at least 21 years of age and not more than 65 years
•Be an Indian citizen or resident
•Have a valid PAN card and Aadhaar card
•Have a minimum monthly income as specified for each loan product
•Have a satisfactory credit score as determined by our credit assessment

3. Loan Terms

3.1 Interest Rates

Interest is charged at 1% per day on the loan principal for the tenure of the loan — approximately 365% per annum on a simple basis. It is not calculated on a reducing balance. The exact amount payable is set out in the Key Fact Statement shared with you before you accept the loan.

3.2 Platform fees

A platform fee of 10% of the sanctioned amount, plus 18% GST on that fee, is deducted before disbursal. On a ₹10,000 loan that is ₹1,000 plus ₹180 GST, so ₹8,820 is credited to you. Interest is not deducted upfront; it is payable with the principal on the due date.

3.3 Prepayment

This loan is repaid in a single instalment on the due date, 15 or 30 days after disbursal, so there are no EMIs. To repay before the due date, contact support and the amount payable will be confirmed to you in writing.

4. Privacy and Security

We take your privacy seriously. All personal and financial information provided is encrypted and stored securely. We comply with all applicable data protection laws and RBI guidelines.

Your information will only be used for:

•Processing your loan application
•Credit assessment and verification
•Regulatory compliance and reporting
•Customer service and support

5. Default and Recovery

In case of default (failure to pay EMI within 90 days of due date):

•Late payment charges of 2% per month will be applied
•Your credit score will be negatively impacted
•Legal action may be initiated for recovery
•The loan account may be classified as NPA as per RBI guidelines

6. Dispute Resolution

Any disputes arising out of these terms shall be resolved through:

1. Internal grievance redressal mechanism
2. Banking Ombudsman (if not resolved internally)
3. Arbitration under the Arbitration and Conciliation Act, 1996
4. Courts of Delhi shall have exclusive jurisdiction

7. Amendments

Quikkred reserves the right to modify these terms at any time. Changes will be effective immediately upon posting on our website. Continued use of our services after any modifications constitutes acceptance of the updated terms.

8. Contact Information

Quikkred (A brand of Fluxusforge Private Limited)

Lending Partners: Satsai Finlease Private Limited and Maple Mercantile
RBI Registration No: B-14.01646

Email: [email protected]
Phone: +91-9311913854
Unit No- 2045-2028, 2nd Floor, Plaza-2, Central Square Mall, Gaushala Road, Kishan Ganj, Delhi - 110006

Legal Compliance Officer

Name: Nmarata Sharma
Enrolment No.: D/5625/21
Mobile: 7303313887