Kindly review these Privacy Policy carefully before using the Lumen Loan App
SHREE AMAR RAJ FINANCE PRIVATE LIMITED (hereinafter referred to as the “Company,” “We,” “Us,” or “Our”) is a licensed Non-Banking Financial Company (“NBFC”) incorporated under the laws of India, with its registered office at X - 1509, Gali No - 7, Satnam Road, Ragarh Colony, Delhi East 110031. The Company operates as both the Lender and the Service Provider, offering loan services directly through its proprietary digital platforms, including the Lumen Loan mobile application (hereinafter referred to as the “Platform” or “App”) and the official website at https://www.shreeamarrajfinance.com (hereinafter referred to as the “Website”).
The Company collects, processes, and stores personal and financial data of users (“Users,” “You,” or “Your”) in compliance with applicable data protection laws. This data is used solely for providing digital lending services, such as application processing, loan disbursement, repayment management, and customer support.
By using the Platform, You consent to the collection and use of Your personal data as described in this Privacy Policy, which, along with our Terms of Service, governs Your use of the Platform.
If You do not agree to this Privacy Policy, do not use the Platform. By continuing, You confirm that You are at least 18 years old and consent to the data practices outlined.
Loan Amount: ₹1,000-₹50000
Tenure (days): 91-120
Daily Interest Rate: 0.048%
Service Fee: 0-3% (including GST)
Maximum APR: 19.14%
For Example:
Loan Amount: ₹20,000
Tenure (days): 120
Daily Interest Rate: 0.048%
Service Fee (3%, including GST)
Calculation:
Service Fee (3%, including GST): ₹600
Amount Disbursed to User: ₹19,400 (₹20,000 - ₹600)
Total Interest: ₹1,152
Total Repayment: ₹21,152 (₹20,000 + ₹1,152)
Types of Information Collected
Gender: For identity verification and non-discriminatory practices.
Nationality: To confirm loan eligibility based on location.
Residential Address: Full address for verification and correspondence.
Proof of Address: Documents like utility bills or rental agreements for address verification.
Bank Account Details: For loan disbursement and repayment.
Income Source: To assess loan eligibility.
Tax Return Details: For financial stability verification.
Existing Loan Information: Details of ongoing loans and repayment terms.
Credit Score/Report: For creditworthiness assessment.
Linked Social Media Profiles: For identity verification.
Linked Bank Accounts/Payment Apps: To cross-reference financial behavior.
Device Information: For tracking platform access.
Location Data: For fraud detection and verification.
Employer Details: For employment verification.
Designation: To assess income stability.
Emergency Contact Information: For loan-related issues.
Age: To verify eligibility for certain loan products.
Education Level: To assess borrower profile.
Selfie with ID Verification: To match identity and documents.
Device Usage Behavior: To detect fraudulent activity.
Internet Usage Data: To understand financial behavior.
Geographical and Cultural Data
Region/Language Preference: To personalize user experience.
a. Verify Identity and Loan Eligibility
Identity Confirmation: Personal details (e.g., PAN, Aadhaar) verify identity and eligibility.
Address Verification: Proof of address for regulatory compliance.
Legal Compliance: Ensures adherence to KYC regulations.
b. Assess Creditworthiness and Risk
Credit History: Evaluates credit score and repayment behavior.
Income Analysis: Assesses repayment capacity.
Loan History: Reviews existing loans to evaluate stability.
c. Personalize Experience and Loan Offers
Customized Recommendations: Loan suggestions based on preferences.
App Experience: Behavioral data enhances platform use.
Targeted Offers: Personalized promotions with consent.
d. Fraud Detection and Prevention
Behavioral Analysis: Detects suspicious activity.
Location Verification: Ensures authenticity of loan applications.
Security Measures: Device details prevent unauthorized access.
e. Notifications and Updates
Loan Updates: Status, disbursement, and reminders.
Important Announcements: Changes to terms.
Marketing: Promotional offers with consent.
f. Legal and Regulatory Compliance
Regulatory Reporting: Data shared for audits and legal obligations.
Dispute Resolution: Data used to resolve issues.
Law Enforcement: Data may be disclosed as required by law.
a. With Service Providers and Partners
Third-Party Providers: Data shared with service providers (e.g., payment processors, KYC agencies) to process loans.
Business Partners: Shared with financial institutions or insurers for additional services and recommendations.
Legal Compliance: Data disclosed to government or regulatory bodies as required.
Court Orders: Data may be shared due to legal requests.
AML & KYC: Data shared to comply with anti-money laundering regulations.
Mergers & Acquisitions: Data may be transferred in business transactions but protected under this policy.
Business Transfers: Data disclosed during restructuring or sales.
Fraud Detection: Shared with agencies to prevent fraud.
Security Measures: Data shared to mitigate risks during suspicious activity.
Marketing Communications: Data shared for targeted advertising.
Personalized Offers: Shared for tailored loan products.
Anonymized Data: Aggregated data shared for research or analysis without identifying individuals.
We ensure that all shared data is securely handled and protected. Our partners are required to adhere to confidentiality and data protection standards. We do not sell or trade your personal data.
As a user, you have the following rights regarding your personal data:
Right to Access: You can request access to the personal data we hold about you, including its purpose and third-party disclosures.
Right to Correct: You can request updates or corrections to any inaccurate or incomplete data.
Right to Delete: You can request deletion of your data under certain conditions, such as when it's no longer needed or you withdraw consent.
Right to Object or Restrict Processing: You can object to or request restrictions on processing, especially for marketing purposes.
Right to Data Portability: You can request your data in a machine-readable format and transfer it to another service provider.
Right to Withdraw Consent: You can withdraw your consent at any time, without affecting past processing.
Cookies: Small text files stored on your device to remember your preferences and activity on our platform.
Web Beacons and Pixels: These are used to track users' interactions with content on our website or app for analytics and marketing purposes.
Tracking Technologies: We may also use tracking technologies like JavaScript and log files to collect data about your browsing behavior, device type, and other details to improve our platform’s functionality and user experience.
You can manage your cookie preferences through your browser settings. However, please note that disabling cookies may affect certain features of our platform, and you may not have access to the full functionality of our services.
Our services may contain links to third-party websites, services, or applications that are not operated by us. These third-party services have their own privacy policies, and we encourage you to review them before interacting with their content.
We do not control or take responsibility for the privacy practices of third-party websites or services. By using these links or services, you acknowledge that we are not responsible for any data collection or processing conducted by these third parties.
We may update our privacy policy from time to time to reflect changes in our practices, technologies, legal obligations, or for other operational reasons. When changes are made, we will post the updated policy on this page, along with the revised date of the policy.
It is your responsibility to review this policy periodically to stay informed about how we are protecting your data. If any significant changes occur, we may notify you through other means, such as email or in-app notifications. Continued use of our services after such updates signifies your acceptance of the changes to the privacy policy.
If you have any questions or concerns about this privacy policy or how we handle your personal data, you can contact us at:
Email: help@shreeamarrajfinance.com
Address: X - 1509, Gali No - 7, Satnam Road, Ragarh Colony, Delhi East 110031