Terms and Conditions - Loan Account

(Opened through OTP Based E-KYC Authentication from UIDAI) Eligibility Criteria to open a Shivalik Small Finance Bank Loan Account

Person should be a Resident Individual.
Age should greater than 21 years and less than 60 years at the time of loan application.
Person should be physically present in India at time of digital application and/or Video-KYC.
Person should not have a tax obligation to any country other than India (FATCA reportable).
Person should not be a PEP (Politically exposed person).
Mandatory Documents Required- Aadhaar and PAN. Mobile Number should be linked with Aadhaar.
Person should complete the Full KYC confirming to the guidelines issued by the Reserve Bank of India within 1 year from the date of Loan account.

Aadhaar Consent

I agree and authorise Shivalik Small Finance Bank (hereinafter referred as “The Bank”), whether acting by itself or through any of its service providers, to fetch my demographic details from UIDAI.
I have no objection in authenticating myself with Aadhaar based authentication system and voluntarily consent to providing my Aadhaar number, OTP data and/or Biometric and/or any similar authentication mechanism for the purpose of availing of the Banking Service from the Bank .
I understand that the OTP and/or Biometric and/or any other authentication mechanism I may provide for authentication shall be used only for authenticating my identity through the Aadhaar authentication system for that specific transaction and for no other purposes, or as per requirement of law.
I understand that Bank shall ensure security and confidentiality of my personal identity data provided for the purpose of Aadhaar based authentication.
I authorize Bank to verify and authenticate my Aadhaar number during processing my application for legitimate business purposes.

I submit my Aadhaar number and voluntarily give my consent to:

Use my Aadhaar details and authenticate myself through Aadhaar based authentication system for the purpose of establishing my identity.
Link the Aadhaar Number to all my existing/new/future accounts and customer profile (CIF) with your Bank.
I further authorize the Bank to share my Aadhaar related details/ information with regulatory/statutory bodies as and when required.

FATCA-CRS Declaration

I agree to abide by and be bound by all applicable rules/ regulations/ instruction/ guidelines issued by the Reserve Bank of India (“RBI”), the Common Reporting Standards (“CRS”), Foreign Account Tax Compliance Act of United States of America (“FATCA”) and any other governmental or regulatory authority, in force from time to time.
I understand that the Bank is relying on this information for the purpose of determining my status in compliance with FATCA (Foreign Account Tax Compliance Act) / CRS (Common Reporting Standards).
I agree to inform the Bank within 30 days if there is change in information or certification on this form.
I agree that as may be required by domestic regulators/tax authorities the Bank may also be required to report, reportable details to CBDT (Central Board of Direct Taxes) or close or suspend my account.

Terms and Conditions

By applying for the Loan and sharing all information, the customer consents to provide the name, contact details and other information.
The customer herewith agrees to voluntarily provide valid PAN Card details. The customer understands that opening an account is subject to correct and complete information is provided.
The Loan Account will be opened in the name as appearing in the Aadhaar of the customer.
The customer understands that the Bank is not responsible and liable for any failure on part of their existing bank or Payment Gateway or IMPS/UPI or NEFT/RTGS system or any other entity while transferring the funds to the Bank or in the process of creation of Loan Account(s).
Bank shall not be liable for any connectivity/signal/data issues leading to non-completion or wrong/false/incomplete information being provided by the customer leading to the incompletion of customer’s application.
The customer hereby declares that the details furnished in digital/non-digital application form are true and correct to the best of customer’s knowledge and belief and the customer undertakes to inform the bank of any changes therein, immediately. In case any of the above information is found to be false or untrue or misleading or misrepresenting, the customer may be held liable for it.
The customer herewith agrees to provide the accurate documentation and information for the purpose of account opening. The customer understands and agrees that failure to provide requisite documentation and information shall result in rejection of application by the Bank. The customer agrees that Bank has every right to reject the loan application, if there is any erroneous, incomplete, or misleading information provided by the customer or for any other reason whatsoever with/without assigning any reason or if KYC documents submitted do not comply with the KYC norms of the Bank.
The customer understands and conforms, in terms of provisions of PMLA Rules and Master Direction on KYC issued by the Reserve Bank of India, Banks are required to upload KYC data pertaining to all individual accounts opened on or after January 1, 2017, onto Central KYC Records Registry(CKYCR).
Bank reserves the right to take necessary action, legal or otherwise, if it finds any wilful modification/ withholding of information or misrepresentation by the customer .
The customer agrees to provide the necessary details (Mobile, Email etc.,) as per the requirement at the time of submission of details through the app/webform. Bank shall not bear any liability for any loss arising out of customer’s failure to do so.
The customer herewith agrees to be contacted by the Bank to receive information in respect of alerts, payments due, updates on existing and new products, servicing of account for sales, marketing or servicing their relationship with Bank and its group companies / associates or agents through Telephone / Mobile / SMS / Email etc. Further, the customer understands that the consent to receive calls / communications shall be valid and shall prevail over their current or any subsequent registration of their mobile number for National Do Not Call (NDNC) registry and shall continue to be treated as customer’s consent/acceptance.
The customer undertakes to complete Full KYC process through Video KYC or by visiting Bank branch, within 1 year of the Loan account opening (for New to Bank customers)and in case of customer’s failure to complete the same for any reason whatsoever Bank shall have exclusive discretion to close their account and the outstanding principal will have to be settles as outstanding on the date of closure and applicable charges will be levied as per the sanction conditions. The Bank reserves the right to cancel the Customer ID and/or Account Number (A/C) allotted to the customer, if the Full KYC verification process is not completed within the allotted time.
The customer herewith agrees that if the application is rejected, Bank will retain the documents / Photographs and any other signed document submitted by customer on the Loan Application Form or otherwise.
The customer hereby consents to receiving information from Central KYC Registry through SMS/Email on the registered number/email address.
The customer agrees that they will not enjoy the services provided by the bank unless the customer on-boarding process is complete.
If the credit to customer repayment account on maturity or premature withdrawal fails, the bank may issue a demand draft and the same shall be sent by courier/post to the registered mailing address.
The customer herewith confirm that they have not opened any account/deposit through Aadhaar-OTP e-KYC verification in any other bank and they will not open any other account through Aadhaar-OTP e-KYC verification in any other bank.
For Limited KYC customers, maximum loan amount availed can be INR 60,000 and maximum tenure can be 1 year only. The customer can convert his/her Limited KYC status to Full KYC status through Shivalik Small Finance Bank Video KYC process or by visiting the nearest Shivalik Small Finance Bank branch. In case, the customer has not converted Limited KYC status to Full KYC status, the loan account shall be frozen by the Bank.
Customer can only book single account under Limited KYC status.
For opening second loan account for more than INR 60,000 and/or for duration of more than one (1) year, the customer must convert his/her Limited KYC status to Full KYC status through Shivalik Small Finance Bank Video KYC process or by visiting the nearest Shivalik Small Finance Bank branch.
The customer agrees and authorizes the Bank for using any method including a token transfer of Rs.1/- (Rupees One Only) into his/her bank account for the purpose of verification. The customer understands and agrees that in the event the verification has failed, the Bank may require other evidence(s) from him/her to establish his/her ownership of the primary bank account and till such ownership is established by the Bank, shall not disburse the loan amount in his/her primary bank account.

Video KYC Terms & Conditions

The customer agrees and authorises the Bank to conduct Video KYC, to record the video interaction with them, take photographs of their PAN and/or Aadhaar card or any other relevant document. The customer understands that the same shall be stored and used to verify their identity. The customer understands that the Bank shall ensure security and confidentiality of the video recording, photographs, images, and data and further authorises the Bank to furnish this data with regulatory/statutory/judicial authorities as and when required.
The Customer understands that the Video KYC process is subject to the availability of Shivalik Small Finance Bank officials to conduct such Video KYC, and technical stipulations including but not limited to those arising due to any delay, interruption, suspension, resolution, or error of Shivalik Small Finance Bank in receiving and processing the request and in formulating and returning responses or any failure, delay, interruption, suspension, restriction, or error in transmission of any information or request to and from the telecommunication equipment of the Customer and the network of any internet service provider and Shivalik Small Finance Bank's system or any breakdown, interruption, suspension or failure of the telecommunication equipment of the Customer, or Shivalik Small Finance Bank's system or the network of any internet service provider and/or any third party who provides such services as is necessary to provide the Video KYC process.
In case the documents shown and verified by Shivalik Small Finance Bank officials over a video call do not comply with the Shivalik Small Finance Bank policy and/or relevant guidelines due to any reason whatsoever, the application request shall be rejected.
The Customer agrees and understands that the image of the signature crop provided by the Customer through Video KYC process shall be updated in Shivalik Small Finance Bank records as the Customer’s specimen signature. The customer can get his/her signature changed in Bank’s records by visiting any branch of the Bank as and when required.

Customers who have opted for Video KYC process for the Product/Facility application agree that their request is subject to verification and may be rejected by the Bank for various reasons including, but not limited to:

Call drop due to network/internet issues at the Customer’s or Shivalik Small Finance Bank’s end; or
Documents matching criteria is not fulfilled or
Bank official is unable to capture the screenshot of Customer’s photo or any document or
Customer is not ready to co-operate with Bank officials or
Signature process is incomplete or
Location outside India, face mismatch, poor quality uploaded documents or
For any other reason at the discretion of Shivalik Small Finance Bank.
The customer agrees and undertake that if customer could not complete their Video KYC validation process or the said process if dropped midway due to technical, systematic or server errors/issues or other operational issues in that case customer will be permitted to complete Video KYC process again to enable the customer to have their account opening process completed. The customer also agrees and undertakes that even if he/she completes his/her Video KYC process for account opening but Bank is unable to access the KYC validation data/information collected under Video KYC process due to some technical, systematic or server errors/issues, or any other issue which are beyond the control of the Bank, in that case Bank has exclusive right to ask the customer to visit its nearest branch or to undertake the Video KYC process again.

Declaration by the Applicant(s):

/ We confirm/ affirm and undertake as under:

That, no insolvency proceedings initiated against me/us not I/we have ever been adjudicated insolvent. That, neither I have been defaulter of any bank or financial institution nor any of accounts has been written off by any bank/ financial institution, and that my name does not appear in RBI/ECGC caution list/Defaulters list etc.
I/We hereby authorize Shivalik Small Finance Bank, without any notice to me to conduct credit checks, references, pull my Bureau report and use the information to underwrite the eligibility of my loan application, make enquiries, in its sole discretion and also authorize them to share and obtain information, records from any agencies, statutory bodies, banks, financial institutions, or any third party in respect of the loan facility/ loan application, as it may consider necessary, Shivalik Small Finance Bank shall not be liable for use/ sharing of the information.
That, I/we shall furnish any information required by the bank to process my application for loan and also to be bound by the rules or by revised additional terms and conditions which may at any time here after being made while the loan obtained by me/us is still outstanding. I/we undertake to inform Shivalik Small Finance Bank regarding change in my/our residence/employment.
That, I/we shall abide by the repayment schedule/EMI as fixed by the bank for liquidation of my loan liability in full.
That, all the particulars and information given in the application is correct, complete and up to date in all respects, and I/we have not withheld any information.
That, I/we undertake that I/we never involved in any criminal activity and no such case against me/us is online.
That, I/we assure you that the Bank’s funds will be used only for said purpose.
That, I/we have no objection that Bank may inspect the securities any time and may debit inspection charges from my account.
I/We am/are not Director/(s) of the Shivalik Small Finance Bank
I/We am/are not Director/(s) of any other Bank^
I am not a Senior Officer of the Shivalik Small Finance Bank
I/We am/are not Promoter/(s) of Shivalik Small Finance Bank
I/We, am/are not a near relative# of Director of the Shivalik Small Finance Bank/other Bank/Senior Official of Shivalik Small Finance Bank   #Near Relative means: Spouse, Father, Mother (including step-mother), Son (including step-son), Son’s Wife, Daughter (including step-daughter), Daughter’s Husband, Brother (including stepbrother), Brother’s wife, Sister (including step-sister), Sister’s husband, Brother (including step-brother) of the spouse, Sister (including step-sister) of the spouse.
I/We, am/are not a Promoter/major shareholder / a relative of a Promoter/major shareholder / associated with any Entity significantly influenced or controlled by Promoter/major shareholder of Shivalik Small Finance Bank
I/We am/are not a partner / Director in a firm / company in which Shivalik Small Finance Bank Director is also a Partner /Director or where Shivalik Small Finance Bank Director is a Guarantor for any of my credit facilities
^Including Directors of Scheduled Co-operative Banks or any other type of Bank, Directors of subsidiaries/trustees of mutual funds/venture capital funds. ** Entity includes Ltd Company / Partnership firm / HUF along with Co-parcener / Sole Proprietorship firm;
“substantial interest” - (i) in relation to a Company, means the holding of a beneficial interest by an individual or his spouse or minor child, whether singly or taken together, in the shares thereof, the amount paid up on which exceeds five lakhs rupees, or ten percent of the paid-up capital of the company, whichever is less or wherein the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical persons, has ownership to more than ten percent of the shares or capital or profits of the company. (ii) in relation to a Firm, means the beneficial interest held therein by an individual or his spouse or minor child, whether singly or taken together, which represents more than ten per cent of the total capital subscribed by all the partners of the said firm;]] (iii) Where the customer is a Trust, the identification of beneficial owner(s) shall include identification of the author of the trust, the trustee, the beneficiaries with 10 percent or more interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership.
“significant influence”- Significant influence may be gained by share ownership, statute or agreement. As regards share ownership, if an investor holds, directly or indirectly through subsidiary (ies), 20% or more of the voting power of the investee, it is presumed that the investor has significant influence, unless it can be clearly demonstrated that this is not the case. Conversely, if the investor holds, directly or indirectly through subsidiary (ies), less than 20% of the voting power of the investee, it is presumed that the investor does not have significant influence, unless such influence can be clearly demonstrated. A substantial or major ownership by another investor does not necessarily preclude an investor from having significant influence. The existence of significant influence by an investor is usually evidenced in one or more of the following ways: representation on the board of directors or corresponding governing body of the investee; participation in policy making processes; material transactions between the investor and the investee; interchange of managerial personnel; and provision of essential technical information. The term
“major shareholder” shall mean a person holding 10% or more of the paid-up share capital or five crore rupees in paid-up shares, whichever is less. (As per Loans and Advances Regulatory Restrictions Dated July 23, 2021)