Last update: 2019-09-07
|Activation fees (Card)||0||3,000||Additional||Based on customer profile||Rs 300 + GST as applicable on Rs 10,000 credit limit|
|Processing Fees (Card)||0%||8%||Additional||Based on customer repayment behaviour & profile||Rs 60 + GST as applicable on every Rs 2000 of credit amount available on card at 3%.|
|Cash/Cheque Collection Fees||0||1000||Additional||Based on customer preference & logistics||Rs 100 + GST as applicable in case cash collection requested by customer|
|Payment Bounce fees||0||1000||Additional||Based on customer profile||Rs 100 + GST as applicable in case customer is late more than 2 days|
|Overdue Recovery Fees||0||1000||Additional||Based on customer promise to pay||Rs 500 + GST as applicable in case customer for repeated delinquencies|
|ATM Cash Withdrawal Fees||2%||2%||Additional||Minimum transaction - Rs 1000||Rs 20 + GST as applicable in case customer withdraws Rs 1000|
|Interest Rate||0%||10%||Additional||Based on customer profile||Rs 360 interest per month on Rs 10000 utilized at 3% per month|
This Policy explains how we are committed to protecting your privacy and handling your information in an open and transparent manner. RedCarpet believes that your privacy is important. Protecting your private information is our priority. When you register with us,then It is our responsibility to be clear about what we collect and how we use it to make our services work better for you.
When Registering on our app, You will be asked to enter your name, Address, Mobile No, Educational details etc where our goal is to protect customer's data and to provide safe, secure and customized experience. We promise to keep all information about our Customers totally private. When you create an account on our Application, we collect and store your information and automatically track your information with the help of "Cookies".Cookies is a small file stored on customer's hard drive and help the organization to track customer's activities. We use this information so that we understand and serve our customers in a better way.
We collect and use your personal information to operate our application and deliver the Services you have requested. When you choose to buy through RedCarpet, we Record and analyze each customer’s transaction history which helps us to know about what our customer's are buying, when and how often and will help us to find out which products and services to offer them in the future. Our purpose of using customer's personal information is to inform them about online and offline offers, products, services and updates. It also helps us to detect and protect us against fraud or other criminal activity. We recognize and utilize your IP address to help determine issues to have on our server, and to control our Website.
We keep your personal information confidential and donot sell your personal data to the third parties. Redcarpet values your privacy. We may share your information with payment gateway providers, Customer Service and support providers as well as those who assist us in providing the Advertising Services. Third party uses personal data of yours, so that you access to our services and helps us to investigate fraudulent or illegal activities. Without the consent of our customer, we donot share personal information to the third parties for their marketing or advertising purposes.
Note:- You should be cautious before giving third-party applications access to use your account. Before using link of any website on our Application, make sure that the website is geniune and have the best Internet security so that you can protect your PC/Mobile from harmful threats.
Your information might be gathered:-
Payment gateway providers tracks user activity, page content, click/touch, movement, scroll on the website. RedCarpet never stores or shares personal information of the customer with third party tools.
The security of your information is important to us. We maintain the information you provide and safely secure the information in company's databases and these databases are stored on secure servers with appropriate firewalls. When you enter sensitive information such as credit card/Debit Card details or any banking details on our Application, we encrypt that information using secure socket layer technology. We never permanently store complete credit card/debit card details. We follow some industry standards to protect the personal information submitted to us, both during transmission and once we receive it. If you find out any unauthorized use of your account or any suspicious activity, we request you to notify RedCarpet Team immediately either by sending an email to firstname.lastname@example.org or communicate with us via call +91-11-30506200
Note :- We urge you to take steps to keep your personal information safe so always choose a strong password and keep it private.
Redcarpet gives you the ability to access and update certain information about you from within your account at any time if you believe that the information entered by you at the time of registration is incorrect or should be changed due to some reasons, you have the right to contact us. You may likewise change as well as erase any of the data you have submitted. Kindly remember, Company has right to hold any data relating to your use of the Services and the information that you have shared with payment gateway providers, because we believe it is important to guarantee the correct and precise working of the Services provided by RedCarpet. Data gathered by payment gateway providers might be utlilized by RedCarpet to decide if the services offered might be benefitted by you or not.
When we collect and use personal data of our customers, we try to meet the highest standards because our focus is on securing customer's information. So, We do request a few authorizations from your cell phone
✓ Location: We initially request your consent and if you agree and give us permission then we track your location. Redcarpet values your privacy and without your consent, we have no right to access your location.
✓ Contacts: If you allow us to access your contacts, you can invite your friends to try our app and you can send across referral links to your friends through which your friends can also enjoy the services of RedCarpet.
✓ Call list: To respect your privacy, we do not access call logs of our customer. We get your permission first then we scan and import your contacts stored on your phone.
✓ Email Accounts: We understand clearly that you and your Personal Information is one of our most important assets. So, we intimate you about our offers and send you the confirmation of your orders placed with us through email.
✓ SMS: If you allow us to access your SMS, we validate your mobile number and send you OTP while making registration or transactions.
✓ Photos and media documents: We do not access your camera or access your photos without your permission. we never scan or import your photo from photo library or camera roll. If you give us permission to access photos, we use those images only that you specifically choose to share with us.
We do not collect personal information from anyone under the age of 18 or knowingly allow such persons to register with us. If we become aware that we have collected personal information from a child who is under the age of 18 then we will take neccessary steps to delete that information.
Note:- To enroll with us you should be 18 years old or more established and Indian Resident. Minors are entirely illegal from utilizing the services of RedCarpet.
We take your complaints very seriously in order to meet the highest standards of our customers because we believe in quality service. Our job is not just to make our customer's happy, but to satisfy them to the core. If you are unhappy with the way we have handled your personal information or any request that you have raised with us, you should contact us at the contact details on our Contact Page - https://www.redcarpetup.com/contact
RedCarpet Tech Pvt Ltd, Building 1, Hundred Feet Road Ghitorni Metro Station, New Delhi, Delhi 110030
3. COPYRIGHT POLICY AND RESTRICTIONS ON USERS
3.1 The contents of the Application including any software, text, images, graphics, video and audio, reports generated, trademarks, trade names (‘Application Content’) are the exclusive property of RedCarpet, its affiliates or licensors. No Application Content may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from the Company. Such written permission may be conditional and or require payment of monies. All rights not expressly granted herein are reserved. Unauthorized use of the Application Content may violate copyright, trademark and other applicable laws, and could result legal action and liability.
3.3 In RedCarpet efforts to promote good user behavior on the internet, if RedCarpet becomes aware of inappropriate use of the Application or any of Application Content, RedCarpet will respond in any way that, in its sole discretion, RedCarpet deems appropriate. User acknowledges that RedCarpet will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any report(s) it may receive of such conduct. When requested, RedCarpet will cooperate fully with law enforcement agencies in any investigation of alleged illegal activity on the Internet.
4.1 RedCarpet offers the following services to the Users of the Application (‘Services’): i. Facilitate the execution of the loan agreement between the User and the Financing Partner; ii. Payment to the on-line merchants of various Products with whom RedCarpet partners (‘Merchants’) purchased by the User, using the down-payment made by the User and the funds sanctioned by RedCarpet’s financing partner (‘Financing Partner’); iii. Collection of the EMI as determined by the Financing Partner from the User; iv. Creation and maintenance of User’s account with respect to the Product purchased, loan availed, repayments of the principle amounts and interest on the loan availed by the User. RedCarpet shall be free to modify the above mentioned Services with prospective effect at its sole discretion.
4.2 By using the Application, RedCarpet assists the User to gain access to various credit schemes for purchase of goods or services offered by Merchants (‘Products’). RedCarpet does not in any way guarantee to find a suitable financing partner for the User.
4.3 Upon completion of its risk assessment with respect to the User, RedCarpet shall choose a suitable financing partner for the User and shall facilitate the execution of a loan agreement between the financing partner and the User. Provided however, RedCarpet does not in any manner guarantee to find a suitable financing partner for the User.
4.4 If the User agrees to buy the Products, the User may if applicable be required to pay a token amount as down-payment to RedCarpet or the Financing Partner, as the case may be after which the remaining cost will be paid by the Financing Partner to the Merchant whose Product the User has purchased. Such funding by the Financing Partner shall be in consideration of the User promising to repay the amount along with certain charges determined by the Financing Partner based on the creditworthiness of the User and as set forth in a separate loan agreement entered between the Financing Partner and the User.
4.5 Details of the approved credit limit sanctioned to the User by the Financing Partner shall be available on the User’s registered account on the Application. Subject to such approved credit limit and the terms of the separate loan agreement entered between the Financing Partner and the User, the User may be allowed to obtain disbursements from the Financing Partner.
4.7 RedCarpet shall be free to collect information or make inquiries, directly or indirectly in order to validate the identity of the User or to determine the creditworthiness of the User. The User consents to RedCarpet using and sharing the information provided by the User in relation to the Services.
4.8 By availing the Services of RedCarpet, the User gives its express consent to RedCarpet to investigate the credit record and/or obtain credit reports for reviewing the credit application of the User. The User is aware that information about the User’s account on the Application such as late payments, defaults may be shared by RedCarpet with credit reporting agencies.
4.10 The down-payment by the User or the automatic monthly EMI shall be made using the accepted payment methods defined time to time in the Application.
4.11 Access to the Services may be slowed, unavailable, delayed due (amongst other circumstances) to any of the following: i. network, software or hardware failure; ii. government or regulatory restrictions; iii. interruption due to power failure or other utility service; iv. overload on the systems.
4.12 The Fees Schedule for the Services availed, either from RedCarpet or Financing partner shall be provided to the User at the time of credit processing.
4.13 The User may at any time close his account by contacting email@example.com. Upon closing any pending transactions may be cancelled by RedCarpet. In case the User owes amounts to RedCarpet or the Financing Partner such account shall not be closed until all pending payments are made and during such period, the User shall not be allowed to avail any Service or buy any Product.
4.15 RedCarpet shall not be required to mediate or get involved in any dispute between the User and any third party.
4.16 In order to use the Application, the User shall be required to use a Device which is compatible with the android, iOs or Windows Operating System.
5. User Conduct and Obligations
5.1 User shall create an account on the Application for the purposes of availing the Services and purchase of Products listed on the Application. User shall at all times be responsible for the confidentiality of the account and the password and all activities from such account. User shall immediately notify RedCarpet in the event of any unauthorized use of passcode or account or any other breach of security.
5.2 User shall at all times while accessing the Application and logging into its account ensure that logs out from the account at the end of each session.
5.3 User acknowledges that deletion of account does not constitute termination of account and the User shall follow the process detailed herein for closure of account and shall not terminate its obligations to the Financing Partner or RedCarpet, if any.
5.4 User undertakes to assure that the Application shall be used for lawful purposes only and that the User will not violate any applicable law, rule or regulation or any contract or order or judgment by which it may be bound.
5.5 User represents and warrants that information provided at the time of registering of its account on the Application including telephone numbers and/or email addresses and any other information, is true, authentic, accurate and complete and is its personal information and not information of any other person. User shall also be responsible for updating its information on the Application as and when there is any change in the information submitted.
5.6 User represents and warrants that all documents (financial or personal) submitted by the User are genuine and authentic documents. Further that documents submitted have not been altered or tampered in any manner.
5.7 User represents and warrants that it shall not at any time use an account on the Application that belongs to another person. h. User shall not in any way damage or interfere with the Services and shall not expropriate any data or information from the Application.
5.8 User shall at all times be responsible for maintaining the secrecy of his account information. This includes taking adequate care to safeguard the secrecy of the PIN of the Application and the Card Number / CVV / PIN of the RedCarpet Card. User acknowledges that RedCarpet shall not in any way be responsible for any loss in case of misuse of the RedCarpet Card by someone who obtained the access to the Application or the RedCarpet Card with the consent of the User.
5.9 User acknowledges that all operations emanating from the User’s Device or RedCarpet Card assigned to the User shall be assumed to be initiated by the User. In the event of the Device or RedCarpet Card being stolen or lost, the same may be communicated to RedCarpet and the account of the User or RedCarpet Card may be blocked by RedCarpet upon request by the User. User acknowledges that RedCarpet shall not in any way be responsible for any loss to the User on accounts of misuse of Device or RedCarpet Card whether on account of it being stolen, lost or otherwise. User shall make best endeavor to communicate misuse of the Device or RedCarpet Card to RedCarpet as soon as practicably possible.
5.11 Without prejudice to the generality of the above, the User confirms that it will not: i. post, distribute, or otherwise make available or transmit any software or other computer files that contain a virus trojan horses, time bombs, bots, botnets, malicious content, content theft, data manipulation, threats or any other harmful programs or elements or component; ii. delete from the Application any legal notices, disclaimers, or proprietary notices such as copyright or trademark symbols, or modify any logos that you do not own or have express permission to modify; iii. use the Application in any manner that could damage, disable, overburden, impair, harm or potentially harm RedCarpet ’s server, or any network, computer system / resource connected to a RedCarpet server, or interfere with any other person’s use and enjoyment of the Application; iv. carry out any “denial of service” (DoS, DDoS) or any other harmful attacks on application or internet service; v. disrupt, place unreasonable burdens or excessive loads on, interfere with or attempt to make or attempt any unauthorized access to the Application; vi. forge headers or otherwise manipulate identifiers in order to disguise the origin of any content transmitted through the Application; or vii. make or attempt to make any change, modification or enhancement, of whatsoever nature, in any manner to the Application.
5.12 The Application is independent from any platform on which it is located and is not affiliated, sponsored endorsed or in any way linked to any platform operator, including, without limitation, Apple, Google, Android or RIM Blackberry (each being an ’Operator’). The use of the Application by the User in any way including download, installation, access to or use of the Application is also bound by the terms and conditions of the Operator.
6.1 User’s use of this Application is at its own risk. The Application may include inaccuracies or errors that may affect the quality of the materials on the Application. The materials have not been independently verified or authenticated in whole or in part by RedCarpet. RedCarpet does not warrant the accuracy or timeliness of the materials. RedCarpet has no liability for any errors or omissions in the materials, whether provided by RedCarpet or third parties.
6.2 RedCarpet shall make reasonable efforts to make available the Application to the User. Provided however, RedCarpet makes no warranty with respect to the Application meeting the User’s requirement and as to the results that may be obtained from the use of Application or as to the accuracy, reliability and/or quality of the output derived from the use of the Application
6.3 THIS APPLICATION IS PROVIDED TO THE USER ON AN “AS IS” AND “WHERE-IS” AND “AS IT IS” BASIS, WITHOUT ANY WARRANTY. RedCarpet, FOR ITSELF AND ANY THIRD PARTY PROVIDING MATERIALS, SERVICES, OR CONTENT TO THIS APPLICATION, MAKES NO REPRESENTATIONS OR WARRANTIES IN CONNECTION WITH THE APPLICATION INCLUDING BUT NOT LIMITED TO THE QUALITY, SUITABILITY, TRUTH, ACCURACY OR COMPLETENESS OF ANY MATERIAL, INFORMATION, PRODUCT, OR SERVICE CONTAINED ON THE APPLICATION. ALL CONDITIONS, REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT OF THIRD PARTY RIGHTS, ARE HEREBY DISCLAIMED.
6.4 IN NO EVENT SHALL RedCarpet OR ANY OF ITS AFFILIATES BE LIABLE TO THE USER OR ANY THIRD PARTY FOR ANY DAMAGES OF ANY KIND, INCLUDING WITHOUT LIMITATION, DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, LOSS OF DATA, LOSS OF USE, BUSINESS INTERRUPTION AND LOSS OF PROGRAMS OR INFORMATION), ARISING FROM OR CONNECTED WITH THE APPLICATION (INCLUDING BUT NOT LIMITED TO, USER’S USE OF THE APPLICATION OR USER’S INABILITY TO USE THE APPLICATION), EVEN IF RedCarpet HAS PREVIOUSLY BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
6.5 Without prejudice to the generality of the above, User understands that RedCarpet shall have no responsibility for: i. any damage to User’s computer system or loss of data that may result from the download of any content, materials, information from the Application; and ii. loss of confidential information of the User due to event beyond the control of RedCarpet such as internet failure, hacking, viruses or other malicious software attacks or infections.
9. Links to Third Party Applications
The Application may contain links to third-party websites/applications. RedCarpet shall not be responsible for the content on such third party websites/applications and access to such content shall be governed by the terms and conditions, and policies on such third party websites/applications. RedCarpet is not responsible for the practices of such third party websites and the User must go through the terms and conditions and policies on such third party websites/applications before choosing to access such websites/applications.
10. Termination RedCarpet may at any point in time terminate the use of the Application with prior notice to the User and upon receipt of such notice the User shall cease to use the Application and all rights and licenses granted to the User shall cease. Upon notice of termination, User must immediately destroy any downloaded and printed materials. User has no right, title or interest (and no copyright, trademark or other intellectual property right) in or to the Application Content contained therein and User agree not to “frame” or “mirror” the Application, any material contained on or accessible from the Application on any other server or Internet-based device without the advance written authorization of RedCarpet. Such written permission may be conditional and or require payment of monies.
The rights, obligation, privileges of the User shall not in any event be assigned or transferred without prior written consent of RedCarpet. Any assignment or transfer in violation of this clause will be deemed null and void.
RedCarpetUp loans range from ₹500 to ₹50,000.
Loan terms range from 3 months to 36 months.
Annual interest rates (APR) range from 0% to 29.95% with an equivalent monthly interest of 0% to 2.49% only.
Processing fees for low risk customers range from 0% to 3%, while for very high-risk customers it ranges from 2.5% to 6.5% of principal.
Apllication fees range from ₹0 to ₹650.
Borrow ₹50,000 at an interest rate of 22% (per annum) for a period of 12 months with an application fees of ₹350 and processing fee of 2.5%:
Processing fee will be ₹1,250 for 12 months
The APR will be 28.372%
Total interest in 12 months will amount to ₹6,156
Monthly EMI of the loan will be ₹4,679.72
Total Payments and Fees will be equal to ₹57,756.63
Loan conditions may vary depending on your repayment history with RedCarpetUp and your CIBIL score.