Privacy Policy

By visiting this website and/or using this mobile application (collectively, “Platform”), registering on the Platform or using/accessing Services (as described below) in any manner, you (“User”) agree to enter into a legally binding contract with Mirae Asset Financial Services (India) Private Limited (“MAFS”) and accept the terms of this Privacy Policy.

This Privacy Policy constitutes an integral part of the Terms of Use. All capitalised terms used, but not defined herein shall have the same meaning as ascribed to them under Terms of Use. If User does not unconditionally accept this Privacy Policy, they are advised to refrain from using the Platform and Services.

This Privacy Policy describes the types of information (including personal information and sensitive personal data and information) collected by MAFS from User or that User may provide to MAFS in the course of accessing or using Services (“Information”). It also lists MAFS’s policy and practices with regard to collection, usage, storage, protection and disclosure of Information.

Changes to our Privacy Policy

MAFS reserves the entire right to modify/amend/remove this privacy policy/statement anytime and without any reason. Nothing contained herein creates or is intended to create a contract/agreement between MAFS and any user visiting the MAFS website or digital channel or providing identifying information of any kind.

We may also change and/or update our Privacy Policy by posting a new version of it on the Platform from time to time. We encourage you to review this Privacy Policy regularly for any changes. User’s continued use of the Platform and/or continued provision of personal information to us will be subject to the terms of the then-current policy and will constitute its acceptance by User.

In this Privacy Policy, “we”, “us” and “our” refer to MAFS; and “you” and “your” refer to you, the User.

A. What Information we collect

We only use your Information in the manner described in this Privacy Policy.

  1. Personal information:

We consider"personal information"to include information that alone or when in combination with other information may be used to readily identify or contact you, such as: name, address, email address, or phone number. We do not consider“personal information”to include Information that has been anonymized so that it does not allow a third party to reasonably identify a specific Information that is otherwise available and freely accessible in public domain.

  1. Information you provide:

We collect the following types of Information to provide Users more effective and efficient Services:

  1. Identity information: We ask for personal information relating to your identification such as your name, email address, Aadhaar number (or any other proof of identity and address), Permanent Account Number, mobile number, and other such information when you register / create an account to use certain features of our Platform.
  2. Security information: To protect access to user accounts, we require Users to provide password and other biometric details (fingerprints, face match, etc.). We may also store your password(s) in a hashed / encrypted format to enable sign in
  3. Financial information: In order to process the loan applications, we ask for information such as credit information, bank statements and other information required for credit assessment and customer profiling as well as for anti-money laundering checks, PEP status, etc. We may also collect certain transaction information in relation to the services available on the Platform such as status of loans, payable amounts and interest, payment method and details.
  4. Device information: We may obtain certain information from the mobile device/ smartphone/ tablet such as SMS, chat, email history in relation to the Platform. We may also seek some device permissions such as camera, location, storage, etc. for inter alia completion of know your customer (KYC) formalities, determining credit worthiness, etc.
  5. Information available in the public domain: While processing the loan applications, we may carry our background check with respect to the user and consequently obtain information available in the public domain (e.g., through social media platforms) in the nature of political history, litigations, and other such information relevant for the credit assessment (and specifically for anti-money laundering checks, PEP status, etc).
  6. User communications: When you send email or other communication to us, we may retain those communications in order to process your inquiries, respond to your requests, improve our services, and for compliance with legal and regulatory obligations.
  1. Cookies:

We may send cookies (small files containing a string of characters) to your computer, thereby uniquely identifying your browser. Cookies are used to track your preferences, help you login faster, and aggregated to determine user trends.

Most browsers are initially set up to accept cookies, but you can reset your browser to refuse all cookies or to indicate when a cookie is being sent. Some of our features and services may not function properly if your cookies are disabled.

  1. Third parties:

We may obtain some personal information from third parties such as direct selling agents, intermediaries, digital loan aggregators, etc. in the nature of leads or information about potential borrowers (e.g., name, contact details, etc.).

  1. Children’s data

While Users below the age of 18 may be able to access the Platform, we intend to provide services to persons of 18 years and above. Protecting children's privacy online is extremely important to us. If you are a User under the age of legal majority in India, you shall not access the Platform without the consent of your parent or guardian. If you are the parent or guardian of a child and you believe that we have inadvertently received Information about your child without your permission / consent, please contact the Grievance Officer whose contact details are set out in our Privacy Policy. We will delete the Information from our records as soon as possible.

B. How we use your personal information
  1. The information (including personal information) we collect enables us to better understand our Users’ needs and provide you with a better experience. We may use your information in any of the following methods:
  1. To assess the user profile and provide services on the Platform: We may use your personal information for the following reasons:
  1. Creating and updating user account
  2. User verification and ‘know your customer’ (KYC) processes
  3. Evaluating loan eligibility and the credit score
  4. Assessing the terms and conditions of the loan
  5. Processing details of bank accounts for loan payments
  6. Loan management and application tracking
  7. Maintenance of the Platform (e.g., technical operations, testing, analysis, research and development)
  8. Customizing offers and other promotional content from time to time
  1. Legal and compliance reasons: We may process your personal information in order to comply with applicable laws and regulations and to safeguard our interests.
  1. From time to time, we may use personal information for new and unanticipated uses not previously disclosed in our Privacy Policy. If our information practices change regarding information previously collected, we shall make reasonable efforts to provide notice and obtain consent of any such uses as may be required by law.
C. Disclosures and cross border transfer
  1. We value the protection of your personal information and do not intend to share it with other third parties without your consent.
  1. In the future, we may provide information to service providers and/or business partners to help us bring you the services we offer. Where we utilize third parties for the processing of any personal information, we will implement reasonable contractual and technical protections limiting the use of that information to our specified purposes and obtain the required consent. Specifically, we do not intend to transfer your personal information outside India.

  1. Aside from the above, we only share your personal information in limited circumstances if we have a good faith belief that access, use, preservation or disclosure of such information is reasonably necessary to: 

  1. Satisfy any applicable law, regulation, legal process or enforceable governmental request;
  2. Enforce applicable Terms of Use, including investigation of potential violations thereof;
  3. Detect, prevent, or otherwise address fraud, security or technical issues, or;
  4. Protect against imminent harm to the rights, property or safety of MAFS, its Users or the public as required or permitted by law.
D. How we protect your personal information

We employ procedural and technological security measures, which are reasonably designed to help protect your personal information from loss, unauthorized access, misuse, alteration or disclosure.

While no computer system is completely secure, we believe the measures implemented by our Platform reduce the likelihood of security problems to a level appropriate to the type of data involved.

E. External Links

We may present links in a format that enables us to keep track of whether these links have been followed. We use this information to improve our customized content. Clicking on links may take you to sites outside our domain. We are not responsible for the privacy practices of other web sites. We encourage our users to be aware when they leave our site to read the privacy statements of each and every web site that collects personally identifiable information. This Privacy Policy applies solely to information collected by us through our Platform.

F. How long we retain your personal information

We at Mirae Asset Financial Services endeavour to protect your personal data from unauthorized access, misuse, and disclosure using the right security measures based on the type of data and how we are processing the same. We retain information about you to provide a seamless experience, to contact you in case of support required and about your account, to detect, mitigate, prevent, and investigate fraudulent or illegal activities during the course of the Services. We retain your data for as long as necessary to provide you with our services. We may also retain and use your basic personal information inter alia as name, contact number, transactional details and address details as necessary to comply with our legal obligations, resolve disputes, and enforce our agreements which shall always be in accordance with applicable laws. Subject to this section, we may delete your data upon reasonable written request for the same at any stage. However, you may not be able to use our services after deletion. However, our regulations may mandate retaining some data and the regulations may be revised from time to time. The above is subject to such changes in regulations as may be applicable to us from time to time.

G. Withdrawal of consent

You may withdraw your consent to submit any or all personal information or decline to provide any permissions as covered above at any time. In case, you choose to do so then your access to Platform may be limited or we might not be able to provide the services to you at our sole discretion. You may withdraw your consent by writing to us at  mcare@miraeassetfin.com.

In case you choose to withdraw your consent and we are not able to provide the services to you, you will still be liable to settle any and all outstanding amounts including but not limited to principal amounts for loan, interests, charges and any other dues, etc. In this regard, we may be required to retain some information until the outstanding amounts are cleared or as required by Applicable Laws.

H. Accessing or amending your personal information

You may access your personal information from your user account directly.

In case of any queries or difficulties, you may raise a request in this regard from your user account by sending an email at mcare@miraeassetfin.com.

I. Link to Third -Party SDK and Other Sites

The App has link(s) to registered third party SDKs, Application Programming Interface (API) integrations, redirections which collects data on our behalf and data is stored to a secured server. 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 as required under the applicable laws.

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.

We don't allow unauthorized access to your non-public personal contacts or financial transaction SMS data with any third party in relation to Lending Services other than our Lending Partners. However, for Non-Lending Services (Value Added Services i.e. Expense Tracker), we may allow third parties to access your financial transaction SMS subject to your explicit consent.

Our Platform links to other websites that may collect information about you. We are not responsible for the privacy practices or the content of those linked websites. With this Policy we’re only addressing the disclosure and use of data collected by Us. Their data collection practices, and their policies might be different from this Policy and We do not have control over any of their policies neither do we have any liability in this regard.

J. Grievance Officer

If you have any questions or comments about the Privacy Policy or in relation to the collection, storage, usage, disclosure and/or processing of your personal information, you can contact the Grievance Officer. The contact details of the Grievance Officer are as follows:

Contact : 022 – 6900 5000 / 5010

Email : grievance@miraeassetfin.com