Privacy Policy
The Company "BALSAM COMMERCIAL PRIVATE LIMITED" doing Business under the platform “BALSAM Credit-Cash loan app” respects the privacy of our customers and users of our online platforms such as our mobile application.
This Privacy Policy is an integral component of BALSAM Credit-Cash loan app commitment to safeguard and preserve the personal data and information of Platform users, including prospective lenders or borrowers (hereinafter referred to as "User," "you," or "Users") or visitors to the Platform. This Privacy Policy has been prepared in accordance with and in compliance with the laws of the Republic of India. It is exclusively for the use of the Company. This policy outlines the Company's, its affiliates', and related entities' policies regarding various types of personal data (as defined below), including sensitive personal information. For the purposes of this Privacy Policy, "Personal Data" refers to any information, whether recorded in a material form or not, that allows the identification of an individual, or when combined with other information, can directly and conclusively identify an individual. Individual users of the Platform may provide Personal Data to the Company for collection, use, and disclosure by the Company, its assigns, affiliates, and related entities.
This Privacy Policy governs handling all names and other personal data related to users. We only collect information where it is necessary for us to do so and if it is relevant to our dealings with users. We will only retain users’ personal data for as long as we are required by law or as is relevant for the purposes for which the information was collected.
This Privacy Policy applies only to information collected or received by us through your use of the Platform. We are not responsible for the actions of third parties or companies, the contents of their facilities, the use of information you provide to them, the information they provide to you, or any products or services they may offer. Any link to those sites does not constitute our partnership with, sponsorship, endorsement of, or affiliation with those parties or companies or their brands.
By using the services provided by the Platform, whether via website or application, you agree to this Privacy Policy and the processing of your Personal Data per this Privacy Policy. If you do not agree to these terms, please do not use the Platform.
1. PERSONAL INFORMATION COLLECTION ITEMS AND COLLECTION MEASURES
We collect information to provide a better service to our users. We will not collect your personal data without your permission.
1.1. Information provided by users to fulfill our "Know Your Customer" procedure.
When joining as a member, we may collect the following information for the user's personal identification: (1) Full name, (2) Email address, (3) Residential address, (4) Telephone number, (5) Guarantors/Co-maker, (6) Employment information, (7) Monthly income, (8) Date of birth (9) Gender, (10) ID information, (11) Beneficiary's bank account information, (12) Biometric data consisting of facial recognition elements in order to corroborate your identity.
1.2. Information Collected During Use of Service
We collect information about the applications and devices you use to access the services of the Platform, which helps us to provide you with services. The information and permissions we collect include (1) GPS Location; (2) Contacts Book; (3) Calendar; (4) Device information;
1.3. The specific purposes for the automatic collection of the aforementioned personal data are as follows:
1.3.1. GPS LOCATION
We collect your GPS location to verify your identity and prevent fraudulent activities. This information also helps us offer location-based services and improve our user experience.
1.3.2. CONTACTS BOOK
We access to your contacts book allows us to verify your identity and enhance the security of your account. This also helps us to provide better customer support and enable social referring features within the app.
1.3.3.CALENDAR
We may access your calendar to analyze your scheduling patterns and assess your ability to meet financial commitments. This information helps us tailor our services to your needs.
1.3.4. DEVICE INFORMATION
We collect information about your device, including device model, operating system, and unique identifiers, to ensure compatibility with our app and maintain security.
We will only retain your information for as long as is required by applicable law and necessary to fulfill the purpose for which the information was collected and used. If you wish your data to be deleted immediately, you must notify our Customer Service Center.
2. VALIDITY AND ACCURACY OF INFORMATION SUBMITTED
2.1. Submission of True and Accurate Information
It is your responsibility to submit to us information, including personal data, that is true, accurate, and not misleading. You must keep this information up to date and inform us of any changes as soon as is reasonably practicable. We reserve the right to request documentation to verify the information provided by you.
2.2 Voluntary Submission of Personal Data: We can only collect your personal data if you voluntarily submit it to us. Please be aware that if you choose not to submit your personal data or subsequently withdraw your consent to our use of your personal data, we may not be able to provide you with some or all of the services available through the platform.
3. DISCLOSE YOUR PERSONAL DATA TO THIRD PARTIES
You have the right to control the disclosure of your personal data. In the event that our company discloses your personal data to third parties, it will only do so under the following circumstances: the relevant institutions will collect, use, and/or disclose your personal data within the scope of your authorization and consent.
• Disclosure to our employees, agents, holding companies, subsidiaries, and affiliates.
• Disclosure enables you to trade and/or use services that you desire with the user's specific written or recorded consent.
• Disclosure to the Credit Information Corporation (CIC), a type of credit reporting agency.
• Disclosure of information upon orders of a court of competent jurisdictions or any government office or agency authorized by law.
We may also share your information with collection agencies, attorneys, and other agents engaged by us to enforce our rights against you. Additionally, we may share your information with third-party service providers solely for the purpose of assisting or rendering services to us in the administration of our lending business. Finally, we may share your information with third parties, such as insurance companies, solely for the purpose of insuring us of your default or other credit loss and you from fraud or unauthorized charges.
To assist you in successfully applying for the loan, we will share your necessary personal data with third-party cooperative institutions, including fund lenders, payment partners, post-loan partners, third-party verification service providers, message service providers, and call-out service partners.
4. PERSONAL DATA USE AND PURPOSE
Personal data shall be processed, collected, used, disclosed, stored, and retained for the following purposes:
The following are the purposes for which personal data is processed:
a) To authenticate the identity of users.
b) Contact users about their registered account/s or requested information.
c) To process the registration of account/s and to determine or assist in the determination of decisions as part of the screening of investors, borrowers, registrations, or loan applications, and/or to deliver our products and/or services to the user and any directly related purposes.
d) To facilitate loan processing from the application, review, monitoring, payment, collection, and other remedial measures.
e) To maintain internal records.
f) The company will market and offer the user new, related, or complementary products and services. It will also conduct background checks, identity verifications, fraud monitoring, detection, analysis, and prevention. The company will also prevent, detect, and investigate actual or suspected crimes and analyze and manage commercial risks. Additionally, it will conduct data analytics and tracking and market research to enable the company to understand and determine customer location, preferences, and demographics. This will allow the company to develop special offers, products, or marketing programs in relation to products and services and to improve them. e. We offer a range of customized products and services.
We also conduct research on data to investigate disputes, payment issues, suspected illegal activities, and fraud.
g) To implement marketing and promotional initiatives on behalf of the Company, local affiliates of the Company, the Company’s partners, and other Company products and services, including electronic means, email, postal mail, telephone, SMS, and social media. This may also include sending newsletters to keep users informed of new products, features, and upcoming events, contests, demonstrations, loyalty programs, and other activities organized by the Company and/or the Company. Such communications will relate to products and services within the financial products and services sector.
h) To develop, enhance, and maintain an offline and online risk assessment process and model.
i) To develop and generate a credit score, credit model, and user model.
j) To enroll/participate the user in group credit and/or life insurance, credit risk analysis, credit investigation, credit scoring, and credit collection on the user.
k) To perform user location search.
l) Execute, monitor, manage, and analyze the Platform. Develop, enhance, and upgrade the platform's features, functions, products, and services, including promotions, loyalty, and reward programs.
m) Respond to user queries and requests.
n) Facilitate business asset transactions (which may include mergers, acquisitions, or asset sales) for the company.
o) Facilitate and, as may be required, support any financing or capital raising activity (i. e. Obtaining loans, credit facilities, mortgages, assignments, and assignments as a form of security or mortgage of loans.
Initiating and maintaining correspondence with the user via electronic mail (e-mail), SMS (short messaging service), in-app messages/communications, registered mail, phone calls, or field visits.
p) To provide information to external parties such as government agencies and other institutions as part of scientific research and/or study.
q) For any other legal and/or regulatory purposes (including, but not limited to, obtaining legal advice and dispute resolution) and legitimate business purposes.
r) To carry out all mandatory administrative, operational, and legal duties.
5. Biometric Information
5.1. During the facial recognition process, we request that you take a live face photo. This data is collected for the following purposes:
We collect biometric information to verify your identity, prove that you applied for the loan, and prevent fraud.
5.2. This information will be uploaded to our server at https://api.mocamocatech.com. Your face photo will be held until the loan and any other amounts payable have been fully repaid or for a longer period as may be required by applicable law, e.g., applicable statute of limitations.
5.3. We will not share your face photo with third parties except in the following circumstances:
a) To present evidence to a court or arbitral tribunal in the resolution of a loan-related dispute.
b) When ordered to do so by a court of competent jurisdictions or any government office or agency authorized by law. These courts, tribunals, and/or authorities will retain your data for the duration required by applicable law.
6. SECURITY OF PERSONAL DATA
The Company places a high value on the personal data collected, used, retained, and stored through the Platform. The Company has implemented technical, organizational, and physical measures to safeguard your personal data.
We employ reasonable measures to safeguard your information from unauthorized access, loss, misuse, or alteration by third parties.
Although we make good faith efforts to store the information collected on the Platform in a secure operating environment that is not available to the public, we cannot guarantee the absolute security of that information during its transmission or its storage on our system. Furthermore, while we strive to maintain the integrity and security of our network and systems, we cannot guarantee that our security measures will prevent third-party hackers from illegally obtaining access to this information. We cannot guarantee that third parties will protect your information against loss, misuse, or alteration.
7. User Obligations
You agree to inform us promptly, and in any event, within 14 calendar days, in writing if there are any changes to your information supplied to us from time to time. You also agree to respond promptly to any request from us.
7.1. When:
7.1.1. You failed to promptly provide any user information or personal data that we reasonably requested. If you withhold or withdraw any consents that we may need to process, transfer, or disclose Personal Data for the purposes set out in this Privacy Policy (except for purposes connected with marketing or promoting products and services to you) or if we have, or a member of the Company has, suspicions regarding financial crime or an associated risk, we may take the following actions:
7.2. We reserve the right to:
7.2.1. We may be unable to provide new services or continue to provide all or part of the services to you. In such an event, we reserve the right to terminate our relationship with you.
7.2.2. We may take actions necessary for us or a member of the Company to meet compliance or regulatory obligations.
7.2.3. We may suspend, transfer, or close your account(s) where permitted under local laws.
8. YOUR PRIVACY CONTROLS
As a valued customer, you have the right to:
a) You have the right to access your personal data in the possession of the Platform.
b) You also have the right to revoke your consent to the processing of your personal data and to revise and/or delete your personal data in the possession of the Platform unless the conservation of the said data is mandatory by laws and regulations. In such cases, the Platform will not be liable for any retroactive effects.
c) Furthermore, you have the right to revoke, revise, and delete your personal data without any retroactive effects in all those cases in which such revocation, revision, and deletion do not imply the impossibility of fulfilling obligations derived from a current legal relationship between you and the Platform.
Please note that the aforementioned rights must be exercised in writing by email to the following email address: Support@perfectloan.com. Once the application has been submitted in the aforementioned terms, the Platform will issue the adopted determination.
9. MODIFICATION
This Privacy Policy may be updated from time to time and shall continue to remain in effect unless otherwise amended. If this Privacy Policy is changed, those changes will be posted on the Platform and will be effective when posted. Platform users and visitors are advised to check the website regularly to ensure awareness of the policies and practices regarding the collection and use of information.
Should significantly changes to this Privacy Policy affect certain Personal Data, the Company shall notify its Users through the email address provided or by posting a public notice on the Platform.
The aforementioned consents and authorizations shall remain in effect for the duration of any loan agreement(s) signed by the borrower or any other transactions, dealings, arrangements, and accounts that the borrower may have with, or avail from, the Company and the lender through services and/or the Platform.
10. Contact Us
Should you require assistance with any queries, errors, or doubts regarding changes to your account without your permission or any of your transactions, please contact our customer service center via email at Support@balsamcredit.com or mail to the relevant department with the following information to assist us better to investigate any errors or unusual activities on your account:
• Your registered name and phone number;
• The time and date of such transactions or changes;
• Error description and reference code (if applicable);
• Contact name and address, including email address (if any).