Privacy Policy
This policy explains how Nigania Finance Private Limited ("the Company", "we", "us") collects, uses, shares, stores and protects the personal data of applicants and borrowers, and the rights they have over it. We process personal data under the Digital Personal Data Protection Act, 2023, the Information Technology Act, 2000 and the rules made under it, and the directions of the Reserve Bank of India, including the RBI (Digital Lending) Directions.
As the lender, we are the Data Fiduciary for the data used to assess, sanction and service a loan. Where a loan is sourced through a Digital Lending App, the Lending Service Provider that operates it collects data on our behalf, under a written agreement with us and only for the purposes in this policy. The app's own privacy policy also applies to data it handles for running the app.
1. Data we collect
Data you give us
- Identity: name, date of birth, gender and photograph.
- Contact: mobile number, e-mail address and residential address.
- KYC: PAN, and Aadhaar through offline or OTP-based verification. We keep only a masked Aadhaar number. We never store the full Aadhaar number or any biometric data.
- Employment and income: employer, salary and salary date.
- Banking: the bank account into which the loan is paid and from which it is repaid, and the bank statements you share.
Data we obtain with your consent
- Bank-statement data through the RBI Account Aggregator framework. Your consent there is specific, time-bound and revocable.
- Your credit report from credit information companies.
- Results of identity, PAN, bank-account and face-match verification from regulated verification providers.
- Details pre-filled from your mobile number, used only to suggest values for you to confirm.
Data collected when you use the service
- Device type, operating system, app version and IP address, used to secure your account and to prevent fraud.
- Records of your consents, applications, signatures, payments and communications with us.
2. Data we do not collect
Neither we nor any Lending Service Provider acting for us access your phone's contacts, call logs, text messages, photographs, media or files. Access to the camera, microphone or location is requested only when it is needed for a step you are taking, such as a KYC selfie, on a one-time basis and with your explicit consent, and you may refuse it.
3. Why we use your data
- to verify your identity and complete KYC;
- to assess whether you are eligible and can afford the loan, and to sanction, disburse and service it;
- to set up and present the auto-debit that repays your loan;
- to detect and prevent fraud and protect your account;
- to collect amounts due, lawfully and without coercion;
- to report to credit information companies, as the law requires every lender to do; and
- to meet our obligations to the RBI, tax authorities and under anti-money-laundering law, and to answer your requests and complaints.
We do not use your data for any purpose you have not been told about, and we do not sell it.
4. Consent
We collect and use your data on the basis of your explicit consent, given for a stated purpose, and as needed to perform your loan agreement and to comply with the law. You may withdraw a consent at any time. Withdrawing it does not affect anything done before, and if the data is needed to service an existing loan or is required by law, we will tell you what we must keep.
5. Who we share it with
- Lending Service Providers we have engaged, which are listed on our home page, for sourcing and servicing your loan;
- service providers acting for us — KYC and verification, Account Aggregator, credit bureau, payment, auto-debit, e-sign, messaging and cloud hosting — each bound by contract to use the data only for our purposes and to keep it secure;
- credit information companies, for credit reports and the reporting every lender must make;
- regulators, courts and law-enforcement agencies, where the law requires it; and
- our auditors and legal advisers.
We share only the data each of them needs.
6. Where it is stored
Your data is stored on servers located in India. Where any processing takes place outside India, it is done only as the law permits, and the data is brought back to and kept in India.
7. How long we keep it
We keep personal data only for as long as the purpose requires, or as the law requires. In particular, KYC records and records of transactions are kept for at least five years after the loan relationship ends, as required by the Prevention of Money-Laundering Act, 2002, and the record of a loan's repayment is kept as required for credit reporting. After that, the data is deleted or anonymised.
8. Security
We protect your data with encryption in transit, access limited to those who need it, logging of access, secure infrastructure and regular review. If a personal data breach occurs, we will inform you and the Data Protection Board of India as the law requires.
9. Your rights
Subject to the law, you may:
- ask for a summary of the personal data we hold about you and how it is used;
- ask us to correct, complete or update it;
- ask us to erase data we no longer need, subject to what the law requires us to keep;
- withdraw a consent you have given;
- nominate a person to exercise these rights if you die or become unable to; and
- complain to us, and then to the Data Protection Board of India.
To use any of these rights, write to our Grievance Redressal Officer (section 11). We reply within the time set out in our Grievance Redressal Policy.
10. Children
We lend only to individuals aged 18 or over and do not knowingly collect data about anyone younger.
11. Contact
Nigania Finance Private Limited
E-mail: grievance@nigania.co.in
Phone: 011-4780 7710
Post: A-1/118, 2nd Floor, Safdarjung Enclave, New Delhi, Delhi 110029
12. Changes to this policy
We may update this policy. The current version, with its effective date, is always published on this website, and we will tell borrowers with a live loan about any material change.