Partner Terms & Conditions – Loan Against Mutual Funds

Acceptance of These Terms

These Partner Terms & Conditions (“Terms”) govern your empanelment as a partner of Shriram Credit Company Limited and your use of the SCCL partner portal. Please read them carefully before you accept them.

You accept these Terms by ticking “I agree to the Terms & Conditions” and submitting your application on the portal after verifying your mobile number with a one-time password (OTP). By ticking this box you also consent to SCCL collecting, using and sharing your personal data as described in clause 7 and the Privacy Policy. Your acceptance is recorded electronically with the date and time and is binding on you. If you do not agree to these Terms, do not submit the application or use the portal.

These Terms are read together with the Partner Agreement that you sign with Aadhaar eSign after your application is approved, SCCL’s Privacy Policy, and any policies or instructions that SCCL issues to partners in writing from time to time. If these Terms and the Partner Agreement differ, the Partner Agreement prevails.

Definitions

1.1 In these Terms, unless the context requires otherwise:

(a) “SCCL”, “we”, “us” or “our” means Shriram Credit Company Limited, a company incorporated under the Companies Act and registered with the Reserve Bank of India as a non-banking financial company, CIN [To be confirmed by Legal], having its registered office at [To be confirmed by Legal], and its successors and permitted assigns.

(b) “Partner”, “you” or “your” means the individual, sole proprietor, partnership firm or company that applies on the portal and, once approved, is empanelled with SCCL to source customers for LAMF. For a partnership firm or company, it includes its authorised signatory acting on its behalf.

(c) “Portal” means SCCL’s “Become a Partner” onboarding journey and the agent portal, including any website, link or application that SCCL provides to partners.

(d) “Agent ID” means the unique partner code that SCCL issues to you after you sign the Partner Agreement.

(e) “Customer” means any person whom you refer to SCCL for a Loan, whether or not a Loan is sanctioned.

(f) “Lead” means the details of a prospective Customer that you create on the agent portal, or a Customer application started through your unique application link.

(g) “Loan” means a loan against mutual fund units sanctioned and disbursed by SCCL to a Customer sourced by you.

(h) “Loan Balance Outstanding” means the principal amount of a Loan that is outstanding on the books of SCCL, measured as set out in the Partner Agreement.

(i) “Commission” means the amount payable by SCCL to you for Loans sourced by you, as set out in clause 6 and the Partner Agreement.

(j) “Applicable Law” means all laws, rules, regulations, directions, circulars and guidelines in force in India, including those issued by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI) and the Association of Mutual Funds in India (AMFI).

1.2 Headings are for convenience only. Words in the singular include the plural and the other way round, and a reference to any law includes that law as amended or re-enacted.

Nature and Scope of Engagement

2.1 SCCL engages you, on a non-exclusive basis, to identify and refer Customers who are interested in LAMF, and to help them start an application through the Portal or your unique application link.

2.2 Your role is limited to sourcing and referral. You have no authority to sanction, reject or disburse a Loan, to quote or agree to any terms other than those published by SCCL, to collect any money from a Customer, or to make any commitment on behalf of SCCL. All credit decisions are taken by SCCL alone.

2.3 The relationship between SCCL and you is on a principal-to-principal basis. Nothing in these Terms creates a partnership, joint venture, agency or employment relationship. You are not entitled to represent yourself as an employee, officer or agent of SCCL.

2.4 SCCL may engage other partners, in the same area or otherwise, and may source Customers directly.

Eligibility and Empanelment

3.1 You confirm that:

(a) if you are an individual, you are at least 18 years old and competent to contract under the Indian Contract Act, 1872; and if you are a firm or company, you are validly constituted and the person accepting these Terms is duly authorised to do so;

(b) you have not been declared insolvent, are not barred by any law or regulator from carrying on your business, and no criminal proceedings involving fraud or financial misconduct are pending against you or your partners or directors;

(c) if you are a mutual fund distributor, you hold a valid AMFI Registration Number (ARN) and will keep it valid throughout your empanelment;

(d) if you are registered with SEBI as an Investment Adviser, you will act as a partner only in compliance with the SEBI (Investment Advisers) Regulations, 2013, including the requirement to keep your distribution activity separate from your advisory activity; and

(e) all information and documents you submit on the Portal are true, complete and your own.

3.2 To complete empanelment you must verify your mobile number and email ID, PAN, bank account (by a ₹1 credit), and, where applicable, your Aadhaar through DigiLocker, GSTIN and entity documents (partnership deed or certificate of incorporation). You authorise SCCL and its service providers to verify these details with the relevant registries, banks and agencies.

3.3 SCCL may approve or reject an application at its sole discretion and is not required to give reasons. A person who is already empanelled with SCCL cannot register again.

3.4 Empanelment takes effect only when SCCL approves your application and you sign the Partner Agreement with Aadhaar eSign. SCCL then issues your Agent ID and agent portal login.

3.5 You must inform SCCL within 7 days of any change in your details, including your address, bank account, constitution, partners or directors, ARN status or GST registration. Until you do, SCCL may rely on the details it has on record, and is not liable for any loss or delay, or for any notice, message or payment sent to your old details.

Your Obligations and Code of Conduct

4.1 You will comply with Applicable Law, the Fair Practices Code and other directions of the RBI that apply to SCCL’s lending through partners, the AMFI code of conduct (where applicable), and any code of conduct or process note that SCCL shares with you.

4.2 When dealing with Customers you will:

(a) introduce yourself as a partner of SCCL, and give your name and Agent ID if asked;

(b) explain the Loan accurately, using only the interest rate, loan-to-value, charges and other terms published by SCCL, and not promise approval, a loan amount or a rate that SCCL has not offered;

(c) before the Customer applies, explain clearly, and give the Customer any written risk disclosure that SCCL provides, that: (i) the mutual fund units are pledged to SCCL as security, and the Customer cannot sell or redeem them while the Loan is outstanding; (ii) the value of the units can fall with the market, and if it falls below the level SCCL requires, the Customer may receive a margin call and must repay part of the Loan or pledge more units within the time given; and (iii) if the Customer does not do so, or defaults on the Loan, SCCL may sell the pledged units to recover its dues, which can cause the Customer a loss, and the Customer remains liable for any shortfall;

(d) obtain the Customer’s consent before you share their details with SCCL or create a Lead for them;

(e) never use threatening, abusive or misleading language with customers

(f) follow the TRAI rules on commercial communications: do not call or send an SMS to any number registered on the Do Not Disturb or National Customer Preference Register, and do not make unsolicited commercial calls or send unsolicited commercial SMS;

(g) tell Customers that all payments are to be made only to SCCL’s bank account and never in cash or to you; and

(h) refer any Customer complaint to SCCL promptly.

4.3 You will not collect any fee, charge, commission, cash, cheque, OTP, password or original document from a Customer, and will not accept anything of value from a Customer for referring them to SCCL.

4.4 You will not offer, give or promise any gift, payment, hospitality or other benefit to any director, employee or representative of SCCL, or to any public official, to obtain business, a favour or an advantage, and will comply with all anti-bribery and anti-corruption laws, including the Prevention of Corruption Act, 1988. You will tell SCCL in writing, as soon as you become aware of it, of any actual or potential conflict of interest, including any family, financial or business relationship with an SCCL director or employee or with a Customer you refer.

4.5 You will cooperate with SCCL’s know-your-customer (KYC) and anti-money laundering processes under the Prevention of Money-laundering Act, 2002, and inform SCCL immediately of any suspicious transaction or behaviour that comes to your notice.

4.6 You are responsible for the acts and omissions of your employees and representatives as if they were your own.

Prohibited Acts

5.1 You will not, and will not allow anyone else to:

(a) submit false, forged or misleading information or documents, whether about yourself or a Customer;

(b) create a Lead or application without the Customer’s knowledge and consent, or impersonate a Customer or any other person;

(c) use the Portal for any unlawful or fraudulent purpose, or upload any material that is unlawful, defamatory, harmful or infringes the rights of any person;

(d) attempt to gain unauthorised access to the Portal or any SCCL system, probe or test its security, or introduce any virus or malicious code;

(e) copy, scrape, resell or exploit any part of the Portal or its data, other than as permitted by these Terms;

(f) use SCCL’s name, logo or trademarks, or publish any advertisement or communication about SCCL’s products, without SCCL’s prior written approval; or

(g) engage in any recovery or collection activity on behalf of SCCL.

Commission and Payouts

6.1 You will earn Commission at the rate set out in the commission schedule to the Partner Agreement as mutually agreed, on the Loan Balance Outstanding of Loans sourced by you. The way the Loan Balance Outstanding is measured (for example month-end or monthly average) is set out in the Partner Agreement.

6.2 A Loan is treated as sourced by you only if the Customer’s application is tagged to your Agent ID through the Portal or your unique application link. SCCL’s records are final in deciding whether a Loan is tagged to you.

6.3 Commission is calculated monthly and paid within the timeline set out in the Partner Agreement, by credit to the bank account verified during onboarding. SCCL will not pay Commission in cash or to any other account.

6.4 Commission is subject to deduction of tax at source under Section 194H of the Income-tax Act, 1961. If you are registered under GST, you must raise a valid tax invoice and Commission will be paid with applicable GST; if you are not registered, Commission is inclusive of all taxes.

6.5 SCCL may withhold Commission until you provide any document, declaration or invoice that it reasonably requires, or while it investigates a complaint, suspected fraud or breach of these Terms.

6.6 SCCL may recover, or set off against any future Commission, any amount paid to you in error, any Commission on a Loan that is found to have been obtained by fraud or misrepresentation, and any amount you owe to SCCL.

6.7 SCCL may revise the Commission rate or structure for future periods by giving you at least 30 days’ notice. Revisions do not apply to Commission already earned.

6.8 Commission on Loans that remain outstanding after your empanelment ends is payable only as expressly provided in the Partner Agreement.

Customer Data, Privacy and Confidentiality

7.1 You will process Customer personal data only for the purpose of referring the Customer to SCCL, only with the Customer’s consent, and in compliance with the Digital Personal Data Protection Act, 2023 and other Applicable Law.

7.2 You will keep Customer data secure, will not share it with any third party or use it for any other product or purpose, and will not keep copies outside the Portal. You will inform SCCL within 24 hours of becoming aware of any loss or unauthorised disclosure of Customer data.

7.3 “Confidential Information” means all non-public information that you receive from SCCL or about its Customers, products, pricing, systems or business. You will keep it confidential and use it only to perform your role under these Terms. This does not apply to information that is or becomes public through no fault of yours, or that you are required to disclose by law or a regulator (in which case you will, where permitted, inform SCCL first).

7.4 SCCL will process your personal data in accordance with its Privacy Policy and Applicable Law, for empanelment, verification, payouts, regulatory reporting and the management of your empanelment.

7.5 Your obligations under this clause continue after your empanelment ends. On termination you will return or securely delete all Customer data and Confidential Information in your possession.

Portal Access and Credentials

8.1 SCCL grants you a limited, non-exclusive, non-transferable and revocable right to use the Portal only for your role under these Terms.

8.2 Your User ID for the agent portal is your registered email ID. A temporary password is sent to you, which you must change at first login. You are responsible for keeping your password, OTPs and devices secure, and for all activity carried out under your login. Inform SCCL immediately if you suspect any unauthorised use.

8.3 SCCL may change, suspend or withdraw the Portal or any feature of it, and may restrict your access at any time for maintenance, security or suspected misuse.

Intellectual Property and Marketing

9.1 The Portal, its content and SCCL’s name, logo and trademarks belong to SCCL or its licensors. Nothing in these Terms transfers any rights in them to you.

9.2 You may use only the marketing material, messages and templates provided or approved by SCCL, without alteration. Any other material referring to SCCL or its products requires SCCL’s prior written approval.

Audit and Records

10.1 You will maintain records of your activities under these Terms, including Customer consents, for at least seven (7) years or such longer period as Applicable Law requires.

10.2 SCCL, its auditors and any regulator with authority over SCCL may inspect your records relating to Customers sourced for SCCL, on reasonable notice. You will cooperate fully with any such audit or inspection.

Suspension and Termination

11.1 Your empanelment continues until it is terminated under this clause or the Partner Agreement.

11.2 Either party may terminate the empanelment without giving reasons by giving the other at least 30 days’ written notice (including by email).

11.3 SCCL may suspend or terminate your empanelment immediately, with written notice, if:

(a) you breach these Terms, the Partner Agreement or any code of conduct issued by SCCL;

(b) any information you provided is found to be false or misleading;

(d) your ARN, registration or licence is cancelled or suspended, or a regulator directs SCCL to stop dealing with you;

(e) you become insolvent, are wound up or dissolved, or, as an individual, are found to be of unsound mind;

(f) you behave in an abusive or threatening manner towards SCCL staff or Customers; or

(g) you do not source any Loan for a continuous period specified by SCCL from time to time.

11.4 On termination your access to the Portal ends, and you must stop representing yourself as an SCCL partner. SCCL will pay Commission earned up to the date of termination, after any set-off under clause 6, subject to the Partner Agreement. Termination does not affect rights and obligations that arose before it.

11.5 If an individual partner dies, the empanelment ends on the date of death, and Commission due up to that date will be paid to the nominee or legal heir on submission of the documents that SCCL requires.

Indemnity

12.1 You will indemnify and keep SCCL, its directors, officers and employees indemnified against all losses, damages, penalties, claims, costs and expenses (including reasonable legal fees) arising from: (a) your breach of these Terms, the Partner Agreement or Applicable Law; (b) any fraud, negligence, wilful misconduct, misrepresentation or mis-selling by you or your representatives; (c) any misuse of Customer data by you or your representatives; and (d) any claim by a Customer or third party arising from your acts or omissions.

Limitation of Liability and Disclaimer

13.1 The Portal is provided on an “as is” and “as available” basis. SCCL does not warrant that it will be uninterrupted, error-free or free of viruses.

13.2 SCCL is not liable for any delay, failure or error caused by third-party service providers, including verification, DigiLocker, eSign, banking and messaging services, or by any communication network.

13.3 SCCL will not be liable to you for any indirect, incidental, special or consequential loss, or for any loss of profit or business. SCCL’s total liability to you under these Terms is limited to the Commission due and unpaid to you.

Electronic Communications and Records

14.1 You agree that SCCL may communicate with you by SMS, email, the Portal or other electronic means, including OTPs, notifications and notices under these Terms, on your registered mobile number and email ID.

14.2 Your electronic acceptance of these Terms, your Aadhaar eSign on the Partner Agreement and the electronic records maintained by SCCL are valid and binding under the Information Technology Act, 2000, and SCCL’s records will be conclusive evidence of the transactions they record, unless shown to be wrong.

14.3 A notice or message sent by SCCL to your registered email ID or mobile number, or posted on the Portal, is treated as received by you when it is sent or posted, whether or not you read it, unless SCCL receives a message that it could not be delivered. A notice that you send to SCCL is treated as received when SCCL actually receives it at the address in clause 19.6.

Taxes

15.1 You are responsible for your own taxes, registrations and filings in respect of the Commission you receive. SCCL may deduct or withhold any tax that it is required to by law.

Force Majeure

16.1 Neither party is liable for any failure or delay in performing its obligations (other than payment obligations) caused by events beyond its reasonable control, including natural disasters, epidemics, war, riots, government action, or failure of power, communication or IT systems. The affected party will inform the other promptly and resume performance as soon as possible.

16.2 If an event described in clause 16.1 continues for more than 60 consecutive days, either party may end the empanelment by written notice to the other, without liability for doing so. Rights and obligations that arose before the notice are not affected.

Grievance Redressal

17.1 Partners can raise any query or grievance with SCCL by calling [place holder] (toll-free) or writing to info@shriramcredit.in. If the grievance is not resolved within 15 days, it can be escalated to the Partner Grievance Officer: [To be confirmed by Legal] (name, email and phone).

17.2 Customers sourced by you can use SCCL’s customer grievance redressal mechanism, including the Grievance Redressal Officer and the RBI Integrated Ombudsman Scheme, as published on SCCL’s website. [To be confirmed by Legal]

Governing Law, Jurisdiction and Dispute Resolution

18.1 These Terms are governed by the laws of India.

18.2 Any dispute arising out of or in connection with these Terms will first be attempted to be resolved amicably. If it is not resolved within 30 days, it will be referred to arbitration by a sole arbitrator appointed by SCCL, under the Arbitration and Conciliation Act, 1996. The seat and venue of arbitration will be Chennai and the proceedings will be in English. [To be confirmed by Legal]

18.3 Subject to the above, the courts at Chennai have exclusive jurisdiction.

General

19.1 SCCL may amend these Terms by giving you at least 30 days’ prior notice, by publishing the revised Terms on the Portal or notifying you by email, , except where a shorter period is needed to comply with Applicable Law or a regulator’s direction. If you do not agree with the revised Terms, you may end your empanelment by written notice before the effective date, and the revised Terms will not apply to you Continued use of the Portal after the effective date of the revised Terms means you accept them.

19.2 You may not assign or subcontract any of your rights or obligations without SCCL’s prior written consent. SCCL may assign its rights and obligations to any affiliate or successor.

19.3 If any provision of these Terms is held to be invalid or unenforceable, the remaining provisions continue in full force, and the invalid provision will be read so as to give effect to its intent as far as lawfully possible.

19.4 A failure or delay by SCCL in exercising any right is not a waiver of that right.

19.5 These Terms, together with the Partner Agreement and the documents referred to in them, form the entire agreement between you and SCCL about your empanelment and supersede any earlier understanding.

19.6 Notices to SCCL must be sent to info@shriramcredit.in or to SCCL’s office at No. 221, 3rd Floor, Thiru Vi Ka Salai, Royapettah High Road, Luz, Mylapore, Chennai 600004. Notices to you will be sent to your registered email ID or mobile number.

By ticking “I agree to the Terms & Conditions” on the Portal, I confirm that I have read, understood and accept these Terms.