These Terms and Conditions (“Terms”) govern your access to and use of the digital lending platform operated by White Wizard Technologies Private Limited(hereinafter referred to as “Velocity”, “we”, “us”, or “our”),a company incorporated under the Companies Act, 2013 and having its registered office at Plot No. 23, Sector 18, HSIDC Maruti Industrial Area, Gurgaon, Haryana – 122015.
By accessing, browsing, registering on, or using our website (https://www.velocity.in), web and/or mobile application, or any other interface provided by us (collectively, the “Platform”), you (“you” or “User”) agree to be bound by these Terms, including any updates or modifications made from time to time. If you do not agree with these Terms, you must refrain from accessing or using the Platform.
Your use of the Platform signifies your consent to enter into a legally binding agreement with Velocity. These Terms shall be read in conjunction with our Privacy Policy, Loan Agreement (as applicable), and any other agreements or documents executed with Lending Partners through the Platform.
By accessing or using the Platform, you confirm and represent that:
(i) You are a natural person who is an authorised representative, founder, promoter, or director of a business entity (including but not limited to companies, partnerships, or sole proprietorships) seeking credit through our Platform;
(ii) You are competent to contract under the Indian Contract Act, 1872, and possess the full legal capacity to enter into binding agreements on behalf of yourself and, where applicable, the business entity you represent;
(iii) All information provided by you during registration, loan application, or usage of the Platform is true, accurate, complete, and not misleading;
(iv) You are not barred from using the Platform under applicable laws, including any restrictions related to previous default, regulatory actions, or credit ineligibility;
(v) You agree to furnish any documents, consents, or authorisations reasonably requested by us or our Lending Partners in connection with the processing of your application or servicing of your loan;
We reserve the right to deny access to the Platform or restrict your usage at any stage if any of the above representations are found to be false, incomplete, or in violation of these Terms or applicable laws.
Velocity operates as a Lending Service Provider (LSP) and provides a digital platform to facilitate loan applications between you and our partner financial institutions, which may include banks or non-banking financial companies (NBFCs) registered with the Reserve Bank of India (“Lending Partners”). Velocity itself is not a lender and does not disburse, sanction, or service loans.
Through the Platform, Velocity provides a technology interface to enable you to (i) submit a loan application, (ii) upload or provide KYC and financial documents, (iii) undergo credit evaluation by Lending Partners, (iv) receive sanction and disbursement details, and (v) access loan statements, repayment schedules, and other loan servicing information.
All loans are subject to approval by the Lending Partner. The Lending Partner retains sole and absolute discretion to approve or reject any application, determine loan terms (including amount, interest rate, tenure, repayment schedule), and collect dues. Velocity does not influence, guarantee, or control lending decisions or loan disbursements.
Velocity does not offer credit advice, financial advice, or legal opinions. Any guidance, eligibility checks, or credit scoring provided through the Platform is indicative in nature and not binding on the Lending Partner.
Velocity shall not be liable for any delay, rejection, or adverse decision made by the Lending Partner in connection with your loan application. All rights, obligations, and remedies related to your loan shall be governed by the loan agreement executed directly between you and the Lending Partner.
By accessing or using the Platform, you agree to the following obligations and responsibilities:
You shall provide true, complete, and up-to-date information during registration, loan application, and throughout your usage of the Platform. This includes but is not limited to personal identity details, KYC documents, business information, financial statements, and any other documentation requested by us or our Lending Partners. You understand that any false, misleading, or incomplete information may lead to rejection of your loan application, cancellation of disbursement, or legal consequences.
If you are applying for a business loan, you confirm that you are duly authorised to represent the business entity and provide necessary consents on its behalf, including for processing of business and personal information, and execution of agreements as a co-borrower or authorised signatory.
You shall maintain the confidentiality of your login credentials and shall not share access to your Velocity account with any unauthorised person. You are solely responsible for all activity conducted under your account, including any application or instruction issued through your login. You agree to notify us promptly in case of any unauthorised access or suspected security breach.
You shall use the Platform and avail services in compliance with all applicable laws, including RBI guidelines, KYC/AML norms, income tax regulations, data protection laws, and any other applicable statutes. You agree not to use the Platform for any unlawful or fraudulent purpose.
You shall not (i) access or use the Platform for any purpose other than applying for and managing business loans, (ii) attempt to copy, reverse engineer, modify, or exploit any part of the Platform, or (iii) introduce any malware, spyware, or harmful code that could affect the Platform or compromise data security.
You acknowledge that you have read, understood, and agreed to these Terms and the Privacy Policy, and you undertake to review any updates notified from time to time. Continued use of the Platform after changes are published shall be deemed acceptance of the revised Terms.
We provide you access to the Platform solely for the purpose of exploring, applying for, and managing digital loan services facilitated by Velocity in partnership with Lending Partners. Access is provided on an “as is” and “as available” basis, without any warranties of uninterrupted or error-free operation.
While we strive to ensure that the Platform is available at all times, we do not guarantee that access will be continuous or without interruptions. Maintenance activities, upgrades, system updates, network failures, or force majeure events may limit or temporarily suspend access. We shall not be liable for any inconvenience, delay, loss, or damage caused by such unavailability.
You are solely responsible for ensuring that you have the appropriate internet connection, compatible device, and functioning software required to access and use the Platform. Any charges associated with internet access or mobile usage are your responsibility.
We reserve the right to update, modify, suspend, or discontinue any part of the Platform or its features at any time without prior notice, including in response to regulatory requirements or security enhancements. Continued use of the Platform after such changes shall constitute your acceptance of the same.
The Platform may include links or integrations to third-party services (e.g., credit bureaus, GST, KYC providers, payment gateways). Your access and use of such services will be governed by the respective third-party terms and privacy policies. We are not responsible for the content, accuracy, or availability of external sites or systems.
By using the Platform, you consent to receive communications from us and our Lending Partners electronically, including via email, SMS, WhatsApp, in-app notifications, push alerts, or phone calls. These communications may relate to your loan application, repayment reminders, verification requests, customer support, product updates, or changes to our Terms or Privacy Policy.
You agree that the contact information you provide (email ID, phone number, or address) is accurate and belongs to you or the business you represent. You authorise us and our partners to reach out to you using these channels for service-related purposes, even if your number is registered with a Do-Not-Disturb (DND) registry.
You understand that certain communications are transactional or essential in nature (such as payment alerts, KYC updates, or legal notices) and cannot be opted out of for as long as you use the services or have an ongoing loan account.
Where permitted by law and based on your consent or communication preferences, we may send promotional content, offers, or surveys. You may opt out of such promotional communication at any time by following the unsubscribe instructions provided in the message or by writing to us.
All electronic records and communications, including consents, submissions, notifications, and acknowledgements generated through the Platform shall be considered valid and legally binding. These may be maintained by us in physical or electronic form for audit, regulatory, or operational purposes.
To access and use loan-related services through the Platform, you must create an account by providing accurate personal, business, and contact information. You agree to keep your account details up to date at all times. Any information found to be false, incomplete, or misleading may result in suspension of services or rejection of your loan application.
We may verify your identity, creditworthiness, business ownership, and other relevant details through multiple sources including government ID documents, bank records, GST data, credit bureaus, and other authorised channels. You consent to such verification processes, including video KYC, biometric checks, or one-time password (OTP) validations as applicable.
You are responsible for maintaining the confidentiality of your account login credentials and any activity conducted under your account. You agree to notify us immediately in case of unauthorised access or suspected misuse of your account. We shall not be liable for any loss arising from such unauthorised access.
We reserve the right to suspend or terminate your account at our discretion if we suspect fraud, misrepresentation, breach of these Terms, violation of law, or misuse of the Platform. We may also deactivate accounts inactive for a prolonged period or where mandated by law or regulatory directive.
Velocity as LSP, facilitates access to digital credit by connecting prospective borrowers with regulated Lending Partners. Velocity does not provide loans, set loan terms, or make credit decisions. All loans are sanctioned, disbursed, and serviced directly by the Lending Partners.
By submitting a loan application on the Platform, you agree to share your personal, financial, and business-related information with us and our Lending Partners for the purposes of evaluation, underwriting, and regulatory compliance. You confirm that all details and documents you provide are true, complete, and up to date.
You explicitly consent to our access of information from credit bureaus, KYC repositories, bank statement aggregators, GST networks, and other financial data sources necessary for processing your application. This access will always be obtained with your consent.
Submission of an application through Velocity does not obligate us or any Lending Partner to approve or disburse a loan. Sanction decisions are made solely by the Lending Partner, based on their internal credit evaluation policies, eligibility criteria, and risk assessments.
If your loan is approved, the final terms and conditions will be set out in a loan agreement executed between you (and any co-borrowers or guarantors) and the Lending Partner. Velocity is not a party to such loan agreement and shall have no liability for the commercial terms therein.
You acknowledge that most parts of the application process, including documentation, consents, communication, and execution of agreements, will be conducted electronically. You agree to receive such documents and communications through electronic means and maintain updated contact information to receive important updates related to your application.
The Platform may provide access to features or tools (such as dashboards, payment links, notifications, or UPI integrations) that facilitate repayment of loans availed from our Lending Partners. These tools are offered purely as a convenience and do not make Velocity responsible for receipt, settlement, or reconciliation of any payments.
All payment transactions, including EMI payments, prepayments, or penalties, are processed directly by authorised payment gateways, mandate platforms (such as eNACH or UPI), or bank infrastructure, as designated by the Lending Partner. Velocity does not hold or handle any loan funds at any stage of the process.
We may send reminders or alerts regarding due dates, missed payments, or pre-payment options based on information received from the Lending Partner. These communications are informational and do not replace or override your obligations under the loan agreement executed with the Lending Partner.
In case of missed repayments, you may be contacted by authorised representatives of the Velocity and/or Lending Partner, which may include collection agencies or recovery support teams.
Velocity shall not be liable for any late payments, penalties, or disputes arising from delays in repayment, bank failures, user error, or technical disruptions unless such delays are directly and solely attributable to the Platform's fault.
We are committed to resolving any concerns or grievances you may have regarding your use of the Platform or the services facilitated through it. You may contact us via email or any communication channel available on the Platform to raise a complaint or seek clarification.
We have appointed a Grievance Redressal Officer (GRO) to address all complaints relating to digital lending services facilitated through our Platform. The contact details are as follows:
Name: Mr. Saurav Swaroop
Email: saurav@velocity.in
You may stop using the Platform at any time and request deactivation of your user account by writing to us. Deactivation will be processed subject to the resolution of any outstanding obligations, including any active loans facilitated via the Platform or pending dues owed to any Lending Partner.
We reserve the right, at our sole discretion, to suspend or terminate your access to the Platform, with or without notice, in the following cases:
(i) You breach or violate these Terms or any applicable law;
(ii) You engage in any fraudulent, abusive, or unlawful activity on or through the Platform;
(iii) You submit false or misleading information;
(iv) We are directed to do so by a regulatory or enforcement authority; and
(v) Continued access may pose a security or reputational risk.
Upon termination, your right to access or use the Platform shall immediately cease. However, termination shall not affect:
(i) The validity of any loan agreement or legal obligation entered into with a Lending Partner;
(ii) Any rights, remedies, or liabilities accrued prior to the termination; and
(iii) Our right to retain and process your information as per our Privacy Policy and applicable laws.
Termination of your Velocity account does not, by itself, constitute closure or discharge of your loan(s). You are required to settle all dues as per the loan agreement directly with the Lending Partner.
The Platform, and all content, services, features, or tools provided through it, are made available on an “as-is” and “as-available” basis. We do not make any express or implied warranties or representations regarding the accuracy, reliability, completeness, availability, or fitness for a particular purpose of the Platform or its content.
To the maximum extent permitted under applicable law, Velocity, its affiliates, directors, officers, employees, and agents shall not be liable for any indirect, incidental, consequential, punitive, exemplary, or special damages, including but not limited to loss of profits, business interruption, or loss of data, arising out of or in connection with:
(i) Your use of or inability to access the Platform;
(ii) Any transaction or communication with a Lending Partner;
(iii) Any delay or failure in processing caused by third-party systems or service providers;
(iv) Unauthorised access to or alteration of your data;
Any content or conduct of any third party on the Platform.
In no event shall Velocity’s total cumulative liability to you, for any and all claims arising out of or relating to these Terms or your use of the Platform, exceed INR 1,000 (Indian Rupees One Thousand only), regardless of the cause of action or legal theory.
We shall not be liable for any failure or delay in performance of our obligations under these Terms due to causes beyond our reasonable control, including but not limited to acts of God, pandemics, wars, military operations, natural disasters, cyberattacks, regulatory changes, or disruptions in internet or communication networks.
All intellectual property rights in and to the Platform, including but not limited to its design, interface, layout, text, graphics, software, databases, algorithms, logos, trade names, and all content made available by us, are the exclusive property of White Wizard Technologies Private Limited or its licensors. All rights not expressly granted under these Terms are reserved.
Any content, logos, trademarks, or intellectual property belonging to third parties (including Lending Partners, verification agencies, or credit bureaus) made available through the Platform remain the property of their respective owners. Use of such third-party materials may be subject to separate terms and policies.
If you submit any suggestions, feedback, or ideas regarding the Platform or our services (“Feedback”), you acknowledge that we may use such Feedback without restriction or obligation to compensate you, and you hereby grant us a worldwide, perpetual, irrevocable, royalty-free license to use, copy, modify, and incorporate it into our products and services.
You agree to indemnify and hold Velocity and (as applicable) its parent, subsidiaries, affiliates, partners, officers, directors, agents, and employees, harmless from any claim or demand, including reasonable attorneys’ fees, made by any third party due to or arising out of your breach of these Terms or the policies, agreements, and any other documents it incorporates by reference, or your violation of any law or the rights of a third party.
Velocity reserves the right to modify these Terms at any time at its sole discretion, without any notice. Velocity will post the revised Terms and Conditions on the Platform, and the revised Terms will be effective immediately upon such posting. Your continued use of Platform following the posting of revised Terms means that you accept the revised.
Velocity reserves the right to refuse service to anyone, at any time, for any reason and Velocity may terminate any account at any time without assigning any reason at its sole discretion.
These Terms shall be governed by and construed in accordance with the laws of India. Any dispute arising out of or related to these Terms or Platform will be subject to the exclusive jurisdiction of the courts in Bengaluru, Karnataka, India.
