Terms & Conditions

Magnet Financial Services Private Limited — Terms and Conditions

Declarations and Authorizations

  1. I/We declare that all particulars and information provided in the application form and on the Website are true, correct, complete and up to date in all respects and that I/We have not withheld any information whatsoever. I/We understand that certain particulars are required under operational guidelines issued by regulatory authorities. If any information is found false, untrue, misleading or misrepresenting, I/We may be held liable.
  2. I/We acknowledge that any inaccuracies or falsehoods in declarations or information provided shall give an unconditional right to Magnet Financial Services Private Limited (“Magnet” / “Company” / “Lender”) to cancel any facility and exercise all rights available under applicable law.
  3. I/We authorize Magnet and/or its associates, subsidiaries, affiliates, service providers, agents, or partners to obtain, verify, exchange, share or disclose information relating to me/us from or with employers, bankers, credit bureaus, RBI, UIDAI, or other authorities or third parties as deemed necessary, including credit information, balances, payment history and defaults.
  4. I/We confirm that no insolvency proceedings, recovery suits, criminal proceedings, or asset attachment actions are pending against me/us and that I/We have not been adjudicated insolvent.
  5. I/We consent to receive communications, service messages, and promotional offers through phone, SMS, email, or other communication modes from Magnet and its partners, even if my/our number is registered under DND/NCPR with TRAI.
  6. I/We authorize Magnet or its representatives to visit residence/business premises for verification and to take photographs where required.
  7. Magnet may securely purge documents if an application is not approved/disbursed within 3 months, subject to record-retention laws.
  8. I/We consent to Magnet cross-selling financial or related products/services of partner companies.
  9. I/We consent to sharing personal information with Magnet group entities and outsourced service providers for risk management, compliance, audits, analytics, and service improvement.
  10. Grant of any facility is at the sole discretion of Magnet and subject to execution of required documents and completion of formalities. Applications may be rejected without assigning reasons.
  11. I/We consent to Central KYC Registry verification and communications.
  12. I/We confirm English is preferred for all communications and documents unless otherwise requested.

Website Terms of Use — Magnet Financial Services Private Limited

This Terms of Use Agreement governs access and use of the Magnet Financial Services Private Limited Website and Mobile Applications (“Website”). This is an electronic record under the Information Technology Act, 2000.

By accessing the Website, you agree to be bound by these Terms, Privacy Policy, and related policies.

Magnet reserves the right to modify these Terms at any time. Continued use means acceptance of updates.

1. Description of Services

Magnet provides access to financial products, credit facilities, advisory services, digital onboarding, and related services (“Services”) on a best-effort basis. Use is voluntary and at user discretion.

You consent to Magnet sharing information with affiliates and partners for service delivery and marketing of related services.

You agree to receive communications even if registered under DND/NCPR.

2. License and Website Access

Magnet owns or licenses all intellectual property on the Website. Users are granted a limited, non-transferable license for personal use only.

You agree not to:

  • Copy, scrape, or reverse engineer Website content
  • Use bots or automated tools without permission
  • Deep link or mirror content
  • Overload infrastructure
  • Use content commercially without authorization

Unauthorized use terminates access rights.

3. Privacy

Use of the Website is subject to the Magnet Privacy Policy regarding collection and use of personal data.

4. User Accounts

You must be legally competent to contract under Indian law.

You are responsible for account credentials and activities under your login. Notify Magnet immediately of unauthorized access.

You must provide accurate and updated registration information.

5. KYC and Due Diligence

Magnet may conduct KYC and enhanced due diligence as required under the Prevention of Money Laundering Act (PMLA) and applicable RBI regulations. Users agree to provide required documents and information.

6. Eligibility

Services are available only to Indian residents aged 18 years or above with legal capacity to contract.

7. User Submitted Content

You are responsible for content you submit. You grant Magnet a worldwide, royalty-free license to use submitted materials for service delivery and improvement.

Prohibited content includes unlawful, defamatory, obscene, infringing, or misleading material.

8. Third-Party Links

The Website may contain third-party links. Magnet is not responsible for third-party content or services. Use is at your own risk.

9. Marketing Agents

Magnet may use authorized agents and partners for marketing and customer support. Such agents act within defined authority and must follow law and company standards.

10. Insurance Offers (If Applicable)

Magnet may offer group insurance products through licensed insurers subject to IRDAI guidelines. Coverage terms are governed by insurer policy documents.

11. Disclaimer of Warranties

Services are provided “as is” and “as available.” Magnet disclaims all warranties including merchantability and fitness for purpose. No guarantee is made regarding uninterrupted or error-free operation.

Payment gateway failures, banking declines, or transaction issues are not Magnet’s liability.

12. Limitation of Liability

Magnet shall not be liable for indirect, incidental, or consequential damages. Maximum liability, if any, is limited to fees paid for the specific service.

13. Indemnity

You agree to indemnify Magnet and its affiliates against claims arising from misuse of Website, violation of law, or breach of these Terms.

14. Changes and Suspension

Magnet may modify or suspend Services with reasonable notice where feasible.

Promotional offers may be withdrawn or modified at discretion.

15. General

If any provision is unenforceable, remaining provisions remain valid. Headings are for reference only.

16. Governing Law & Dispute Resolution

Governed by laws of India.

Disputes shall be resolved by arbitration under the Arbitration and Conciliation Act, 1996. Seat of arbitration: Mumbai. Courts of that city have exclusive jurisdiction.

Contact Details

Magnet Financial Services Private Limited

CIN: U51109MH1994PTC306594

Registered Address: 803 & 804 Wadhwa The Gateway, Mulund – Goregaon Link Road, Hira Nagar, Near Nahur Station, Mulund (West) – Mumbai Maharashtra – 400080

Email: contact@magnetfinserv.com

Phone: 022-69038318
Mobile: +91 7900890064