Welcome to Mitra Loans

Please read these Terms and Conditions (“Terms”) carefully before using the Mitra Loans website and services. By accessing or using our services, you agree to be bound by these Terms. If you do not agree to these Terms, you may not use our services.

1. Acceptance of Terms

By accessing and using the Mitra Loans website (“Site”) and services, you acknowledge that you have read, understood, and agree to be bound by these Terms. These Terms apply to all users of the Site and services, including but not limited to clients, partners, and visitors.

2. Services Provided

Mitra Loans offers a range of financial services, including but not limited to home loans, personal loans, business loans, car loans, educational loans, loans against property, and SME loans. All services are subject to eligibility criteria, approval, and the terms outlined in individual loan agreements.

3. Eligibility

To use our services, you must:

• Be at least 18 years of age.
• Have the legal capacity to enter into a binding contract.
• Provide accurate and truthful information during the application process.

7. Direct Selling Entity: Mitra Loans operates as a direct selling entity, which means that we facilitate the loan process by connecting customers with suitable financial institutions, such as banks or Non-Banking Financial Companies (NBFCs). We are not a financial institution ourselves and therefore do not have any authority to modify or influence the terms, conditions, interest rates, processing fees, or loan approval decisions made by these institutions. Our role is to serve as an intermediary, ensuring that customers’ loan applications are submitted to appropriate lenders based on their requirements and eligibility.
8. Loan Application and Processing: At Mitra Loans, we source and gather all relevant information from the customer necessary for their loan application. This includes details such as financial history, employment status, credit profile, and any other data required by the bank or NBFC. After this, we assess the customer’s requirements and eligibility criteria. Based on the collected information, we approach the financial institutions that best meet the customer’s needs and preferences.

   It is important to note that while we assist with submitting the loan application to banks and NBFCs, Mitra Loans has no involvement in or control over the subsequent loan processing, decision-making, or approval process conducted by these institutions. The processing times, document verification, and approval criteria are governed solely by the financial institution to which the application is submitted.

9. Bank/NBFC Authority: All decisions regarding the loan, including but not limited to approval or rejection, interest rates, loan tenure, processing fees, and any other applicable charges, are entirely at the discretion of the respective bank or NBFC. Each financial institution has its own policies, procedures, and risk assessment criteria that are applied when processing loan applications. Mitra Loans does not have any influence over these policies or the final decision. Once a loan application is submitted, the financial institution’s decision is final and binding.
10. No Guarantee of Approval: Mitra Loans does not guarantee the approval of any loan application submitted through our platform. The approval of a loan depends on a number of factors, including the customer’s creditworthiness, income, financial stability, existing liabilities, and the internal policies of the bank or NBFC. While we endeavor to connect customers with institutions that align with their needs, the ultimate decision lies with the financial institution. Similarly, Mitra Loans does not guarantee any specific interest rate, processing fee, or loan term, as these are determined by the lending institution based on the customer’s profile.
11. Customer Responsibilities: The accuracy and completeness of the information provided by the customer are critical to the loan application process. It is the customer’s responsibility to ensure that all personal, financial, and employment-related information submitted to Mitra Loans is correct and up-to-date. Any discrepancies, omissions, or false information provided may result in delays, increased processing times, or rejection of the loan application by the bank or NBFC.

    Furthermore, customers should understand that the bank or NBFC may require additional documentation or information as part of their due diligence process. Customers are obligated to comply with such requests to ensure the smooth processing of their loan applications.

12. Relationship Between Mitra Loans and Financial Institutions: Mitra Loans has established relationships with multiple banks and NBFCs to provide a wide range of loan products to customers. However, Mitra Loans is not an employee, representative, or agent of any bank or NBFC. The role of Mitra Loans is strictly limited to acting as a facilitator between the customer and the financial institution. We do not hold any financial stake in the decisions made by these institutions, nor do we receive commissions that would influence the loan terms or outcomes.
13. Rights and Discretion of Banks/NBFCs: The respective banks and NBFCs retain full rights over all loan-related decisions, including the setting of interest rates, fees, and approval criteria. Once a loan is approved, the loan agreement is between the customer and the financial institution, and all terms and conditions outlined in the agreement are binding. Mitra Loans does not hold any rights to change, amend, or interfere in this agreement.
14. Communication and Updates: While Mitra Loans assists in submitting loan applications, all official communication regarding the status of the loan, including approval, disbursement, or rejection, will come directly from the financial institution. Customers are advised to keep track of such communication and respond promptly to any queries from the bank or NBFC. Mitra Loans may provide updates or assist in following up with the financial institution but is not responsible for the communication flow or timing.
15. Changes to Terms and Conditions: Mitra Loans reserves the right to amend or modify these terms and conditions at any time without prior notice. Such changes will be reflected on our website, and customers are encouraged to review the terms periodically. However, it is important to note that any amendments to these terms will not affect loan applications already submitted or any existing agreements between the customer and the financial institution, as these are governed by the terms set by the respective bank or NBFC.
16. Limitation of Liability: Mitra Loans is not liable for any losses, damages, or claims arising from the decisions made by the bank or NBFC regarding loan approval, rejection, interest rates, processing fees, or other loan-related factors. Any issues or disputes arising out of the loan agreement must be addressed directly with the financial institution involved. Mitra Loans will not be held responsible for any errors, omissions, or delays in processing the loan application once it has been submitted to the financial institution
17. Use of the Site

• You agree to use the Site and services only for lawful purposes.
• You are responsible for maintaining the confidentiality of your account information and for all activities that occur under your account.
• Mitra Loans reserves the right to terminate or suspend access to the Site and services for any reason, including but not limited to violations of these Terms.