Terms and Conditions

Last Update on 14 December 2022

Ceylontech Lanka (Pvt) Ltd (the “Company”), a company incorporated in Sri Lanka bearing company registration number 00264333, is in the business of operating a digital marketplace that connects lenders with borrowers, as well as, carrying on the business of lending and advancing money and / or giving credit to persons who satisfies certain minimum requirements. “CeyLoan” is the brand name of the financial service developed and provided by the Company and will be using the brand name in the course of business activities.

These terms and conditions govern the Company’s relationship with users of the website accessible at ceyloan.lk or users of our mobile application or users who access our services by any other means (the “Website” or the “Platform”) and sets out the rights and obligations of you, the customer, and us, the Company, in connection with your use of the Platform and associated services. All the terms and conditions of this agreement are legally binding, so please read them through carefully before you agree to be bound by them. These terms and conditions (the “Terms & Conditions”) form a legal agreement between you and the Company. Your use of the Platform shall be deemed your unconditional acceptance of these Terms & Conditions, including, without, limitation, all of the responsibilities and obligations detailed herein.

1. General

1. By accessing or using the Platform, you signify that you have read all of the terms and conditions in, and linked to, these Terms & Conditions (including the Privacy Policy), and you agree to be bound by these Terms & Conditions, whether or not you participate in the Company's lending / borrowing services or otherwise access or use the Website (in each such capacity, a "user").
2. Records of each loan granted to you (including these Terms & Conditions and any repayment history) are kept by the Company up to three (3) years and, if you have a registered account with the Company and upon your written request, will be made available to you at any time throughout the term of the loan.

2. Composition of the Terms & Conditions

These Terms & Conditions also include the following additional terms which shall apply to:

1. Privacy policy and data protection requirements. Any personal or other sensitive information relating to any user of the Platform will be collected, stored and transferred under reasonably secure measures in strict accordance with applicable legislation of the Republic of Sri Lanka. By continuing using the Website and by providing information requested by the Platform, you provide your consent for such collection, disclosure, and processing;
2. Lender’s terms and conditions. Users of the Platform intending to act as lenders will be subject to accepting services agreement relating to money lending services on the Platform and lender’s terms and conditions. For avoidance of doubt, all such texts and documents will be easily accessible on the Website for such users;
3. Borrower’s documentation. Users of the Platform intending to act as borrowers will be subject to accepting loan agreement establishing rights and obligations between a particular lender and borrower.

3. Changes in the Terms & Conditions

1. These Terms & Conditions supersedes any previous agreement to which you and the Company may have been bound (provided that if you have an in force loan agreement, the terms of that separate agreement will control with respect to any provision that conflicts with these Terms & Conditions). These Terms & Conditions may be modified by the Company in its sole discretion from time to time and such modifications shall automatically become part of these Terms & Conditions and shall be effective once posted by the Company on the Website.
2. Your participation in the Platform and use of the Website will be subject to any such modifications. Any further use of the Platform following publishing of an updated version of the Terms & Conditions shall be deemed as acceptance of an updated Terms & Conditions.
3. You should review the Website and these Terms & Conditions from time to time for any modifications. If you do not agree with any such modifications, please immediately terminate your registered account with the Platform, if any, and please immediately stop using our money lending services and accessing and using the Website.

4. Coverage area

The Website is designed and construed to provide information technology-based financial services within the territory of the Republic of Sri Lanka. However, the Website is accessible worldwide, therefore, you agree and accept that the Website’s content is not tailored for such use outside of the Republic of Sri Lanka.

5. Registration

By completing registration within the Platform, you hereby represent and warrant that:

1. information, declarations, documents, representations and warranties made, given or as evidenced by any documents submitted within the Platform are and will continue to be true, accurate and correct in all respects and will comply with applicable laws and regulations at all times;
2. you have legal capacity and authority to be bound by a contract (you must be at least 21 years old);
3. in case acting as a borrower, you covenant that you are a private individual with Sri Lankan citizenship and residing within the territory of the Republic of Sri Lanka;
4. in case acting as a lender, you covenant that only your own money will be used to provide loans within the Platform pursuant to the Terms & Conditions and lender’s terms and conditions’; and
5. prompt notification will be given to the Platform in case of change of one of the following details: residing address, phone number and email. We reserve our right to reject any application for registration as a lender or a borrower without assigning any reason for such rejection. Privacy policy hosted on the Website must be accepted to complete registration within the Platform. Privacy policy stipulates Platform’s policies on privacy rights regarding collection, use, storage, processing, disclosure and security of users’ information when you use the Platform. The Privacy Policy applies to all personal and sensitive information processed through the Platform / Website.

6. Use of the Website

1. As a borrower you may access and use the Platform for your personal, non-commercial use in connection with borrowing from the money lending service offered on via this Website. The Website may not be accessed or used by you in connection with any other endeavours – commercial or otherwise – except as previously approved in writing by an authorized representative of the Company. Your access and use of the Website shall be in strict compliance with this Terms & Conditions, including, without limitation, Company's Privacy Policy, all other procedures and guidelines set forth on the Website as well as applicable law.
2. Use of the Website requires stable and constant internet access, and may also require periodic hardware or software updates. Any and all fees and charges (including telecommunication fees, data etc.) payable in relation to usage of the Website shall be borne by its user.
3. The Website may only be used for a limited purpose indicate hereof. The Website may not be used for the following purposes:
   • illegal or unlawful purposes;
   • collecting and/or stealing data from the Website, including, inter alia, personal data of other users of the Website;
   • affecting performance of the Website in any manner;
   • disruption of the Website’s operations, including, but not limited to using special codes or software to manipulate or change functions available on the Website; and
   • any other acts that may do harm to the Website’s infrastructure and its’ facilities.
4. The Website’s operating hours are subject to change following mandatory maintenance works on which all users will be duly informed beforehand.
5. Any and all instructions received from registered user’s account are deemed to be accurate and correct. However, the Platform reserves its’ right in sole and absolute discretion to suspend operations on your account if such instructions were not entirely clear, lack necessary information, your identity may not be identified, have grounds to be deemed as of an unlawful nature or if the account is projected to be compromised.
6. Company has the right to investigate and take appropriate legal action (including, without limitation, civil, criminal and injunctive redress) against any illegal and/or unauthorized uses of the Platform or exploitations of the services provided through this Platform.

7. Intellectual property rights

The Company owns or is duly licensed to use, as applicable, all intellectual copy rights on the Website, content and all publications thereon.

Any use of the Website or registration thereto may not be deemed as any legal grounds for transferring any kind of intellectual property rights or its licensing. Notwithstanding the purposes, all trademarks, names and visual and textual content may be used only following a prior written authorization by the Company.

The Company reserves its right to take any necessary legal actions and remedies related to any violation of section hereof.

8. Content

If you use our features that allow you to upload any content into the Website, you are fully responsible for its content and you hereby represent and warrant that you have collected any and all necessary consents, permissions to discloser such information (including, but not limited to personal data and details of any third parties indicated by you).

The Company reserves its right in sole and absolute discretion to remove any information, documents or any other content uploaded through the Platform if such information, documents or any other content violates these Terms & Conditions or any other applicable laws, or which may infringe or compromise rights and obligations of any third parties. Such information, documents or any other content shall not:

• contain a defamatory, discriminative or insulting content;
• contain hate speeches, pornography or extortion/threatens content, gambling, violence, or misuse of narcotics, psychotropic substances or other addictive substances, or encourages public to commit violence or other unlawful acts;
• violate any intellectual property rights of any party;
• has a tendency to cheat others or use as a mask to be someone else or to describe your identity or your affiliate with anyone through illegal;
• give impression that the content originated from the Company (related to content is not from the Company); or
• violate legal obligations of any third parties, such as contractual obligations or confidentiality obligations.

By uploading any documents or content to the Website, you give the rights to use, copy, save, publish, reshape, and distribute the uploaded content to third parties of performing our rights and obligations to serve you as a digital information technology-based platform. You have the right to withdraw the uploaded documents or content at any time. However, any rights that you have granted to us as referred to above shall remain in force following such withdrawal unless specifically requested otherwise.

9. Disclaimers; Limitation of Liability

1. Whilst every reasonable care has been taken in preparing the information and materials contained in this Website, such information and materials are provided "as is" without warranty of any kind either express or implied.
2. In particular, no warranty regarding non-infringement, security, accuracy, fitness for a purpose or freedom from computer viruses is given in connection with such information and materials.
3. The material and information contained on this Website is provided for general information only and should not be used as a basis for making business decisions. Any advice or information received via this Website should not be relied upon without consulting primary or more accurate or more up-to-date sources of information or specific professional advice. You are recommended to obtain such professional advice where appropriate.
4. Company accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of this Website, howsoever arising, and including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, mistake or inaccuracy with this Website, its contents or associated services, or due to any unavailability of this Website or any part thereof or any contents or associated services.

10. Limitation of responsibility

The Company provides, manages and operates the Platform between registered users. Lending relationships between lenders and borrowers are stipulated in the respective loan agreements executed by respective parties. The Company facilitates the needs and complaints of each registered users.

The Company may not provide any guarantee or security over any proceeds which may be obtained using the Platform. The Company shall bear no responsibility for any decisions taken by any registered users when using the Platform.

In case of breach of any above-mentioned representations or warranties, the Company shall be indemnified in any case.

11. Indemnity

1. You agree to indemnify and hold the Company, its directors, managers, officers, affiliates, agents, contractors, licensors, and assigns harmless from any loss, liability, claim, or demand, including reasonable attorney's fees, made or incurred by any third party due to or arising (directly or indirectly) out of your use of the Website or arising from your breach of these Terms & Conditions, the Privacy Policy, and / or any other agreement.
2. You waive, to the maximum extent not prohibited by law, any right you may have to claim or recover, in any legal action or proceeding, any special, exemplary, punitive or consequential damages.

12. Termination

You hereby acknowledge and agree that the Company reserves the right at its sole and absolute discretion to terminate your account maintained within the Platform, restrict your access thereto and to terminate all relations with you upon occurrence of any reasonable belief of violation of the Terms & Conditions, the Privacy Policy, and / or any other agreement.

You can terminate your account maintained within the Platform by giving us a prior written notice 7 (seven) business days prior to such termination provided that you have no outstanding loans (if you are a borrower) or unpaid receivables (if you are a lender). Especially for a lender, at the time of termination, the loan funds that you have provided will be returned according to the applicable laws and regulations. After termination of your account, the Company shall not be obliged to provide any access to information regarding previous activities within the Platform.

13. Communication and electronic document

By registering as a lender or borrower, you agree that all of communication between you and the Company in connection with the services provided through the Platform will be made with your contact detail contacts indicated upon registration as a user. The Company reserves the right to determine the most appropriate way of communication. The Company may also communicate with you by making certain publications on the Platform.

You agree to accept all of documents, notices and agreements sent by means of electronic channels through the Platform and acknowledge that such delivery shall be deemed valid and have the same legal force as physical delivery. All agreements, documents, notices and agreements sent by means of electronic channels through the Platform are executed electronically or with digital signatures and have the same legal force. Any approvals that you have provided electronically is legally binding on you as a service user.

14. Marketing

By continuing using the Website and by providing information requested by the Platform you express your full consent to receive marketing content from the Company via emails, text messages, calls, mobile application or other channels of communication. You may withdraw your consent at any time by contacting us.

15. Use of cookies and others similar technology

The Website uses HTTP cookies technology. Cookies are a small information file written and stored in your electronic device by the Website that you visited, so the Website can identify you for next visits. Cookies are used for several things, such as to store your preferences, for example, to choose the language, so you don’t need to fill the same information each time you visit a Website, to know your visit patterns, to improve the performance of the Website, and to evaluate our marketing efforts effectiveness

You can arrange to block or not enable cookies or other similar technology by making appropriate arrangements in your electronic devices or browsers.

16. Third party website links

The Website can, from time to time, contain links on third party’s Websites that are beyond control of the Company. The Company shall not be responsible for any information, content of such other Websites and may not guarantee protection and confidentiality of your information that you provide on such other Websites.

The customer hereby grants explicit and unequivocal authorization to Ceylontech Lanka (Private) Limited to verify their personal identification data through the Department of Registration of Persons as deemed necessary for verification purposes.

17. Miscellaneous

You cannot transfer your rights and obligations under the Terms & Conditions to any other third party without our prior written consent. The Company may transfer its rights and obligations under the Terms & Conditions to any third parties without your consent.

If any provision of the Terms & Conditions becomes invalid, it shall not affect validity of other provisions of the Terms & Conditions.

Assignment of an obligation under the Terms & Conditions may only be done by expressly and in writing and signed by the party concerned.

These Terms & Conditions do not contain any provisions that may be deemed or constitute a partnership or joint venture between you and the Company.

The Terms & Conditions apply regardless of how you access to the Platform (including access through the Website or mobile application).

If you have any question related to the Terms & Conditions, please contact:

Customer services Ceylontech Lanka (Pvt) Ltd, Sri Lanka

No. 25, Simon Hewavitharana Road, Colombo 03 Sri Lanka.

Email: [email protected] Office hours: Monday to Sunday, 8:30 A.M. till 5:30 P.M.

18. Applicable law and dispute resolution

The Terms & Conditions and the matters governed therein shall be subject to the laws of Republic of Sri Lanka.

All disputes arising out of or related to the Terms & Conditions, the matters governed therein shall be resolved exclusively by arbitration.