Privacy Policy

Effective Date: April 13, 2026  ·  Last Updated: April 13, 2026

Nxcar ("we", "our", or "us") operates the Nxcar mobile application and platform, a used car loan management system for partners, dealers, DSAs, and field teams. This Privacy Policy explains what information we collect, how we use it, and your rights with respect to your data.

By using the Nxcar app or platform you agree to the practices described in this policy.

1. Information We Collect

We collect the following categories of personal information:

• Identity information: Full name, date of birth, Aadhaar number, PAN number, passport details
• Contact information: Mobile number, email address, residential address
• Financial information: Income details, salary slips, bank statements, ITR documents, existing loan obligations
• Vehicle information: Registration number, RC details, vehicle make, model, and year
• Credit information: CIBIL or bureau credit scores and reports obtained with your consent
• Account information: Username, password (encrypted), role, and partner association
• Usage data: App activity logs, device type, IP address, and access timestamps
• Documents: Uploaded KYC documents, income proofs, and vehicle papers

2. How We Use Your Information

• Processing and managing used car loan applications
• KYC verification and identity authentication via government APIs (SurePass)
• AI-powered credit analysis and risk scoring
• Matching borrowers to appropriate lending partners (banks and NBFCs)
• Communicating loan status updates, approvals, and disbursement details
• Calculating partner payouts, earnings, and commissions
• Improving our products, services, and platform features
• Complying with applicable laws and regulations (RBI, IRDAI, and other authorities)

3. Sharing of Information

We do not sell your personal data. Nxcar operates as a registered loan DSA (Direct Selling Agent) and loan aggregator — we facilitate financing through regulated partners but do not directly lend money. We may share your information with:

• Lending partners: A panel of RBI-regulated banks (Scheduled Commercial Banks) and RBI-registered NBFCs to whom applications are facilitated for evaluation and disbursement
• Credit bureaus: CRIF High Mark, CIBIL, or Experian for credit checks with your explicit consent
• KYC and verification providers: SurePass and other government-authorised verification services
• Cloud infrastructure providers: Google Cloud Platform (for document storage and hosting)
• Regulatory authorities: When required by law, court order, or government directive
• Nxcar team members: Internal employees and field staff with role-based access on a need-to-know basis

All our financial service providers are regulated under the Reserve Bank of India (RBI) and comply with applicable financial and lending regulations in India. Each of these institutions holds the necessary licenses and approvals to operate in the lending and financial services sector. For further details on their regulatory status, you can visit the RBI's official website to verify NBFC registrations.

3a. Loan Terms & Disclosures

Nxcar is a registered loan DSA and does not directly lend money. Loans are originated and disbursed by our RBI-regulated banking and NBFC partners. The terms below are indicative; final terms are determined by the partner lender and confirmed in the sanction letter.

• Minimum repayment period: 12 months (1 year)
• Maximum repayment period: 84 months (7 years)
• Minimum Annual Percentage Rate (APR): 10.00% p.a.
• Maximum Annual Percentage Rate (APR): 26.00% p.a.
• Processing fee: 0.5% to 2% of loan amount
• Prepayment / foreclosure charges: 0% to 5% (varies by lender)

Representative Example (illustrative only):
• Loan amount: ₹5,00,000
• Tenure: 36 months
• Annual Percentage Rate (APR): 14.00% p.a. (reducing balance)
• Processing fee: ₹5,000 (1% of loan amount)
• Equated Monthly Instalment (EMI): ₹17,094
• Total interest payable over loan tenure: ₹1,15,384
• Total cost of the loan (principal + interest + fees): ₹6,20,384

4. Data Storage and Security

Your data is stored on secure servers hosted on Google Cloud Platform in India. We implement industry-standard security measures including encryption in transit (TLS), encrypted storage, and role-based access controls. Uploaded documents are stored in private, access-controlled object storage buckets.

While we take all reasonable steps to protect your data, no system is completely immune to risk. We encourage you to keep your login credentials confidential.

5. Data Retention

We retain your personal data for as long as your account is active and for a period thereafter as required by applicable Indian laws (typically 7 years for financial records). You may request deletion of your account and non-regulatory data by contacting us.

6. Your Rights

You have the right to:

• Access the personal data we hold about you
• Request correction of inaccurate information
• Withdraw consent for credit bureau checks
• Request deletion of your account and associated data (subject to legal retention requirements)
• Lodge a complaint with the relevant data protection authority

7. Children's Privacy

The Nxcar platform is intended for use by adults aged 21 and above. We do not knowingly collect personal information from individuals under the age of 18. If you believe a minor has submitted information to us, please contact us immediately.

8. Third-Party Links

The app may contain links to third-party websites or lender portals. We are not responsible for the privacy practices of those sites and encourage you to review their policies separately.

9. Changes to This Policy

We may update this Privacy Policy from time to time. We will notify you of material changes via the app or by email. Continued use of the platform after changes are posted constitutes your acceptance of the revised policy.

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10. Contact Us