Privacy Policy

The Privacy Policy applies to information collected and processed by Arzooo and its permitted subsidiary, SharkFin Tech Private Limited, consisting of following:

1. Sensitive personal data or information is such personal information that is collected, received, stored, transmitted or processed by the Company, consisting of:

• Financial information such as bank account or credit card or debit card or other payment instrument details.

• PAN/GST details

• Any detail relating to the store information categories as provided to the Company for providing service;

• Any of the information received under above retails store information categories by the Company for processing, stored or processed under lawful contract or otherwise.

2. COLLECTION OF FINANCIAL SMS INFORMATION

We don’t collect, read or store your personal SMS from your inbox.We collect and monitor only financial SMS sent by 6-digit alphanumeric senders from your inbox which helps us in identifying the various bank accounts that you may be holding, cash flow patterns, description and amount of the transactions undertaken by you as a user to help us perform a credit risk assessment which enables us to determine your risk profile and to provide you with the appropriate credit analysis. This process will enable you to take financial facilities from the regulated financial entities available on the Platform. This Financial SMS data also includes your historical data.

3. COLLECTION OF DEVICE LOCATION AND DEVICE INFORMATION

We collect and monitor the information about the location of your device to provide serviceability of your loan application, to reduce risk associated with your loan application and to provide pre-approved customised loan offers. This also helps us to verify the address, make a better credit risk decision and expedite know your customer (KYC) process. Information the App collects, and its usage, depends on how you manage your privacy controls on your device. When you install the App, we store the information we collect with unique identifiers tied to the device you are using. We collect information from the device when you download and install the App and explicitly seek permissions from You to get the required information from the device. The information we collect from your device includes the hardware model, build model, RAM, storage; unique device identifiers like IMEI, serial number, SSAID; SIM information that includes network operator, roaming state, MNC and MCC codes, WIFI information that includes MAC address and mobile network information to uniquely identify the devices and ensure that no unauthorized device acts on your behalf to prevent frauds.

4. COLLECTION OF INSTALLED APPLICATIONS

We collect a list of the installed applications’ metadata information which includes the application name, package name, installed time, updated time, version name and version code of each installed application on your device to assess your credit worthiness and enrich your profile with pre-approved customized loan offers.

5. STORAGE

We require storage permission so that your KYC and other relevant documents can be securely downloaded and saved on your phone. You can then easily upload the correct KYC related documents for faster loan application details filling and disbursal process. This ensures that you are provided with a seamless experience while using the application.

6. CAMERA

We require the camera information permission to provide you an easy/smooth experience and to enable you to click photos of your KYC documents along with other requisite documents and upload the same on the App during your loan application journey.

7. COLLECTION OF OTHER NON-PERSONAL INFORMATION

We automatically track certain information about you based upon your behaviour on our Platform. We use this information to do internal research on our users’ demographics, interests, and behaviour to better understand, protect and serve our users and improve our services. This information is compiled and analysed on an aggregated basis. We also collect your Internet Protocol (IP) address and the URL used by you to connect your computer to the internet, etc. This information may include the URL that you just came from (whether this URL is on our Website or not), which URL you next go to (whether this URL is on our Website or not), your computer browser information, and your IP address. Cookies are small data files that a Website stores on Your computer. We will use cookies on our Website similar to other lending websites / apps and online marketplace websites / apps. Use of this information helps Us identify You in order to make our Website more user friendly. Most browsers will permit You to decline cookies but if You choose to do this it might affect service on some parts of Our Website. If you choose to make a purchase through the Platform, we collect information about your buying behaviour. We retain this information as necessary to resolve disputes, provide customer support and troubleshoot problems as permitted by law. if you send us personal correspondence, such as emails or letters, or if other users or third parties send us correspondence about your activities or postings on the Website, we collect such information into a file specific to you.

8. LINK TO THIRD-PARTY SDK

The App has a link to a registered third party SDK which collects data on our behalf and data is stored to a secured server to perform a credit risk assessment. We ensure that our third party service provider takes extensive security measures in order to protect your personal information against loss, misuse or alteration of the data. Our third-party service provider employs separation of environments and segregation of duties and have strict role-based access control on a documented, authorized, need-to-use basis. The stored data is protected and stored by application-level encryption. They enforce key management services to limit access to data. Furthermore, our registered third party service provider provides hosting security – they use industry-leading anti-virus, anti-malware, intrusion prevention systems, intrusion detection systems, file integrity monitoring, and application control solutions.

9. CONTACTS

We may collect information obtained from your mobile device by way of using our app, like communication information including phone number and contacts which will be used to provide services by Arzooo or its Affiliates or any other third party.

10. GALLERY

We may require access to your gallery or drive to collect images of documents/ photos required to avail any of our products/services and which you will agree to provide.

Please note that any information that is freely available or accessible in public domain or furnished under the Right to Information Act, 2000 or any other law for the time being in force shall not be regarded as sensitive personal information.

Payment Policy

To ensure User convenience, Arzooo offers multiple payment options to Users. Without prior notice to Users, reserves the right to add or delete payment options from the ones listed below:

• Payment through net banking facilities;

• Payment through select credit cards;

• Payment through select debit cards;

• Payments through prepaid payment instruments and electronic wallets;

• Payment through equated monthly instalments (“EMI”);

• Any other payment option as may be provided by Arzooo from time to time.

The payment options referred to above shall hereinafter collectively be referred to as “Payment Options”. While reasonable endeavors are made to offer the Payment Options through varied banking channels, presently, Arzooo accepts payments only from major, select banking avenues. Arzooo does not accept payments made through international debit/credit cards.

While using the Payment Options, Users agree to provide correct, complete and accurate financial information such as credit/debit card details or prepaid payment instrument account details which may be stored by Arzooo or its third party payment gateway provider. Users shall not use a credit/debit card or prepaid instrument which is not lawfully owned by him/her or which the User has not been lawfully authorized to use. The User shall solely be responsible for the security and confidentiality of his/her financial information. Arzooo disclaims all liabilities that may arise because of any unauthorized use of the User’s financial information and/or identity, including, details relating the Payment Options.

Arzooo shall not be held responsible and shall not assume any liability in respect of any loss or damage suffered by a User owing to:

• lack of authorization for any transaction, including such transactions carried out on gift cards and vouchers issued to Users as a part of Arzooo promotions

• the exceeding of the credit/debit limit mutually agreed between the User and the issuing bank

• any payment issue arising out of technical glitches occurring during a transaction

• A declination of transaction for reasons beyond Arzooo’s control.

Amendment to User(s) Agreement

Arzooo may change, modify, amend, or update this agreement from time to time without any prior notification to user(s) and the amended and restated terms and conditions of use shall be effective immediately on posting. You are advised to regularly check for any amendments or updates to the terms and conditions contained in this User Agreement. If you do not adhere to the changes, you must stop using the service. Your continuous use of the service will signify your acceptance of the changed terms.

COLLECTION OF FINANCIAL SMS INFORMATION

COLLECTION OF DEVICE LOCATION AND DEVICE INFORMATION

COLLECTION OF INSTALLED APPLICATIONS

STORAGE

CAMERA

COLLECTION OF OTHER NON-PERSONAL INFORMATION

LINK TO THIRD-PARTY SDK

The App has a link to a registered third party SDK which collects data on our behalf and data is stored to a secured server to perform a credit risk assessment. We ensure that our third party service provider takes extensive security measures in order to protect your personal information against loss, misuse or alteration of the data. Our third-party service provider employs separation of environments and segregation of duties and have strict role-based access control on a documented, authorized, need- to-use basis. The stored data is protected and stored by application-level encryption. They enforce key management services to limit access to data. Furthermore, our registered third party service provider provides hosting security – they use industry- leading anti-virus, anti-malware, intrusion prevention systems, intrusion detection systems, file integrity monitoring, and application control solutions.

Convenience fees

“Arzooo” is the brand name of the company: Sterne India Private Limited, engaged into B2B and B2B2C supply of electronics and electricals across India through the proprietary platform on Arzooo app. “Arzooo Credit” is a division of the company established with a view to facilitate the credit purchase on the Arzooo platform. It facilitates the supply chain lending transactions between lender (registered financial institutions, NBFCs, Banks, etc.) and borrower (buyer on the Arzooo platform).

Arzooo is approved as an Anchor partner with the lending institutions and have legal MOU/Agreement in place with the lenders for extending line of credit to the users / buyers on Arzooo platform.

The buyer / borrower is underwritten by the lender and accordingly a limit amount is offered and the borrower executes an agreement to opt for the facility offered by the lender.

To promote the purchase through the platform, and by the terms of the agreement with the lenders, the borrower can avail interest free credit facility for 14/15 days. The interest charged by the lender is born (subvented) by the Anchor / Platform as per the terms and conditions of the master agreement between Anchor and the Lender. However, to opt for the credit facility as mode of payment on the platform (Arzooo app), the buyer/borrower has to pay a convenience fee to the platform.

The Invoice gets discounted on or immediate next working day of the delivery date by the Anchor / platform and due date is decided based on the date of delivery.

The convenience fee is computed at 0.5% of invoice amount prior to TCS (if applicable) and same is added on the invoice along with the shipping cost and GST is charged on such fees / charges at the applicable rate in accordance with the GST Act.

In case the buyer / borrower defaults on repayment of the invoice amount on the due date, he/she is liable to pay bounce charge / late fee / penal interest that is charged by the lender. Anchor/Platform is in no case liable for the payment of such interest / penalty / fees / charges, by whatsoever name called to the lender, irrespective of the nature of the delay in payment, whether technical or non-technical.

Computation of such late fee / penal interest differs from lender to lender and it is in terms of the agreement executed between the borrower and the lender. However, for ease of understanding, below is an illustration:

Lender is Rupifi (or the partner lender of Rupifi ie. Muthoot or Western Capital or Dhanvarsha or Piramal, etc), Invoice amount is 1,00,000/-, Date of delivery is 1 st Dec 2021, hence due date is 15 th Dec 2021. Assuming this invoice remains unpaid till 10 th Jan 2022. As per the terms of the agreement, the borrower has to pay penal interest of 0.1% per day (ie. 36.5% pa). No. of days overdue: 10 th Jan – 15 th Dec = 26 days * (0.1% * 100000) = Rs. 2600/- is total penal interest to be paid over and above the invoice amount.
Lender is Arthan Finance or IIFL or Home Credit or Trust Lenders through finbox as their embedded credit line product, Invoice amount is 1,00,000/-, Date of delivery is 1 st Dec 2021, hence due date is 15 th Dec 2021. Assuming this invoice remains unpaid till 10 th Jan 2022. As per the terms of the agreement, the borrower has to pay late fee of Rs. 40/- per day. No. of days overdue: 10 th Jan – 15 th Dec = 26 days * Rs. 40 = Rs. 1040/- is total late fee to be paid over and above the invoice amount.
Lender is Blacksoil, Invoice amount is 1,00,000/-, Date of delivery is 1 st Dec 2021, hence due date is 15 th Dec 2021. Assuming this invoice remains unpaid till 10 th Jan 2022. As per the terms of the agreement, the borrower has to pay penal interest of 2% over and above the rate of interest per month (let’s say 1.43% pm normal interest + 2% = 3.43% per month ie. 41.16% pa). No. of days overdue: 10 th Jan – 15 th Dec = 26 days * (3.43% pm / 30 days * 100000) = Rs. 2973/- is total penal interest to be paid over and above the invoice amount.
Lender is ePayLater (including the partner lenders of ePayLater e.g Arthashastra, Mothoot or Fullerton) Invoice amount is 1,00,000/-, Date of delivery is 1 st Dec 2021, hence due date is 15 th Dec 2021. Assuming this invoice remains unpaid till 10 th Jan 2022. As per the terms of the agreement, the borrower has to pay late payment interest of 0.1% per day (ie. 36% pa). No. of days overdue: 10 th Jan – 15 th Dec = 26 days * (0.1% * 100000) = Rs. 2600/- is total penal interest to be paid over and above the invoice amount.

There can be bounce charges levied by the lender in accordance with the sanctioned terms and conditions and agreement executed by the borrower, which shall be payable by the borrower in case of any missed payment and that will be over and above the above computed penal interest / late fees.

If the lender has NACH registered to collect the due amount on the due date or immediate next working day, such NACH instrument shall get initiated and the intimation of the due amount and due date is shared with the clearing house atleast 3 working days prior to the due date. If the NACH returns for lack of funds or any other technical issue at the borrower’s bank or at clearing house, borrower’s bank may charge a NACH return charge or EMI bounce charge as per it’s terms and conditions. In no case, the Anchor / Platform or the Lender is liable to bare or make good to the borrower such charge so levied by the banker. In certain case where the borrower is making advance payment prior to the due date, NACH shall not be initiated. However, if the payment is received at the lender’s end after the intimation of NACH initiation is shared with the clearing house, it shall not be stopped. Extra money so received by the lender can get refunded to the borrower upon request or get adjusted to other due invoices with the lender.

We operate in categories of large appliances, small home appliances, and electronics (mobile phones and IT products)