1. Who we are
My EMI is operated by Insur Lender Dynamics LLP ("My EMI", "we", "us" or "our"), whose office is at 1st Floor, Urban Vault 19, 18th Cross Rd, Sector 6, HSR Layout, Bengaluru, Karnataka 560102 (GSTIN 29AALFI9390Q1Z5).
These Terms of Service ("Terms") apply when you use the My EMI website at myemipay.com and the My EMI mobile app (together, the "Service"). By using the Service, you agree to these Terms. If you do not agree, please do not use the Service.
2. Our service
My EMI helps you pay an EMI that is about to bounce. Through the app, you can apply for a small, short-term loan.
We are the lending service provider for our lending partner, Sukhchain Hire Purchase Private Limited, a non-banking financial company (NBFC) registered with the Reserve Bank of India (the "Lending Partner"). Loans are sanctioned and disbursed by the Lending Partner. We run the My EMI app and the customer experience.
Each loan is governed by the loan agreement and Key Facts Statement ("KFS") issued by the Lending Partner. If these Terms and your loan agreement or KFS differ on anything about your loan, your loan agreement and KFS apply.
The information on our website is general information. It is not an offer of credit or financial advice.
3. Eligibility
To apply for a loan through My EMI, you must:
- be a resident of India;
- be 21 years of age or older;
- have a valid PAN and Aadhaar; and
- have a bank account in your own name.
Meeting these conditions does not guarantee a loan. Final approval is subject to the Lending Partner's credit policy.
4. Your account and KYC
To use the Service, you need to create an account and complete know-your-customer ("KYC") verification. This includes your PAN, your Aadhaar details obtained through DigiLocker with your consent, a selfie or liveness check, and verification of your bank account with a small test credit. Before a loan is disbursed, you will also complete a video KYC with the Lending Partner, and, with your permission, your location is used to confirm your current address.
You must:
- give information that is true, complete and your own, and keep it up to date;
- keep your phone and account secure, and not share your login details with anyone; and
- tell us straight away at support@myemipay.com if you think someone else has used your account.
You are responsible for what happens on your account, except where it results from our own fault.
5. Your consents
Credit check. With your consent, we or the Lending Partner may obtain your credit report from credit information companies registered with the RBI to assess your application. We ask for this consent in the app before any credit check.
Communications. By creating an account, you agree that we and the Lending Partner may contact you about your account, applications and loans, using the contact details you give us.
Withdrawing consent. You can withdraw your consent at any time, as explained in our Privacy Policy. Withdrawing consent does not cancel a loan you have already taken, and you must still repay it under your loan agreement.
6. Your obligations and prohibited use
You agree to use the Service only for yourself and only for lawful purposes. You must not:
- give false information or documents, or documents that are not your own;
- apply on behalf of someone else, or pretend to be someone else;
- use the Service for fraud, money laundering or any other unlawful purpose;
- try to gain unauthorised access to the Service, our systems or other users' data, or interfere with how the Service works or with its security;
- copy, scrape, reverse engineer or decompile the Service, except where the law allows it; or
- upload viruses or any other harmful code.
7. Fees and charges
All interest, fees and charges for a loan are shown in the KFS before you sign the loan agreement. You will be charged only what is set out in your KFS and loan agreement. There are no hidden charges.
8. Cooling-off period
After you sign, you have a cooling-off period, as stated in your KFS, during which you can exit the loan on the terms set out in the KFS.
9. Repayment and late payment
You must repay your loan on time and in full, as set out in your loan agreement and KFS. You can repay through the auto-debit mandate you set up, or by payment link.
If a payment is late or missed, the consequences, including any charges, are as set out in your loan agreement and KFS. Any recovery follows our fair recovery practices.
10. Intellectual property
The My EMI name and logo, and the content and design of the website and app, belong to Insur Lender Dynamics LLP or its licensors. You may use the Service for your own personal use. You may not copy, change, distribute or create other works from any part of it without our written permission.
11. Disclaimers and limitation of liability
We work to keep the Service available, accurate and secure, but we cannot promise that it will always be available or free of errors. We may change, suspend or stop parts of the Service, for example for maintenance or to meet legal requirements.
To the extent the law allows, we are not liable for any indirect or consequential loss, or for any loss caused by events beyond our reasonable control. Nothing in these Terms limits or excludes any liability that cannot be limited or excluded by law, or your rights under your loan agreement or applicable regulations.
12. Suspension and termination
You can stop using the Service at any time and ask us to close your account by emailing support@myemipay.com. If you have a loan outstanding, you must still repay it under your loan agreement.
We may suspend or close your account if you break these Terms, if we reasonably suspect fraud or misuse, or if the law or a regulator requires it. Unless the law prevents us, we will tell you if we do this.
13. Changes to these terms
We may update these Terms from time to time. We will post the updated version on this page with a new "Last updated" date. If a change is significant, we will also tell you in the app or by email before it takes effect. If you keep using the Service after a change takes effect, the updated Terms apply.
14. Governing law and courts
These Terms are governed by the laws of India. The courts at Bengaluru, Karnataka, have jurisdiction over any dispute arising from them. This does not affect your right to use the complaint routes on our Grievance Redressal page, including the RBI's Integrated Ombudsman Scheme.
15. Grievances
If you have a complaint, our Grievance Redressal page explains how to raise it, how to escalate it and the timelines we follow. You can also email support@myemipay.com.
16. Contact us
Email support@myemipay.com, or write to Insur Lender Dynamics LLP, 1st Floor, Urban Vault 19, 18th Cross Rd, Sector 6, HSR Layout, Bengaluru, Karnataka 560102.