These Terms & Conditions (the “Terms”) govern your access to and use of the MMY Elite Funds platform (the “Service”), operated by Meridian Capital Advisors LLP under the trade name MMY Elite Funds. By clicking “I agree” on the loan application form, by signing our loan agreement, or by using this website, you accept these Terms in full.
1. Eligibility
- You are an Indian citizen or a resident of India, at least 21 years of age, of sound mind, and not adjudged insolvent.
- You have a valid PAN, Aadhaar, and a bank account in your own name.
- You have a stable source of income sufficient to service the requested loan amount.
2. Loan application & approval
You may apply for a loan through our five-step online application. All information you provide (mobile number, Aadhaar, PAN, bank details, employment, income) must be true, complete, and belong to you personally. Submitting another person's documents, or a mobile number not registered in your own name, constitutes cheating under Sections 415 and 468 of the Indian Penal Code and may result in criminal prosecution.
Approval of your loan is at MMY Elite Funds' sole discretion. We are not obligated to approve any application. We may verify the details you provide with credit bureaus, employers, banks, and government databases. Approval decisions typically take 15 minutes to 24 hours but may take longer in exceptional cases.
3. Interest, fees & charges
- Interest rate: ranges from 12% to 36% per annum (reducing balance). Your exact rate is set based on credit assessment and is disclosed in the sanction letter.
- Processing fee: 1–3% of the sanctioned amount, deducted at disbursal. Non-refundable.
- GST: 18% GST is applicable on all fees (not on interest).
- Late payment penalty: 2% per month on overdue EMI, plus a flat ₹500 late fee per missed EMI.
- Bounce charges: ₹500 per failed auto-debit / ECS / NACH attempt.
- Foreclosure charges: 2% of outstanding principal for prepayment within 6 months of disbursal. Nil thereafter.
4. Repayment
You agree to repay the loan in Equated Monthly Instalments (EMIs) as per the schedule set out in your sanction letter. EMIs are collected via UPI Autopay, NACH mandate, or manual payment through the Cashfree Payment Gateway. Timely repayment is your primary obligation; failure to pay will affect your credit score reported to CIBIL and other bureaus and may result in legal action for recovery.
5. Default & recovery
Non-payment for 30 days after an EMI due date constitutes default. MMY Elite Funds may:
- Report the default to all four credit bureaus.
- Charge overdue interest and penalty fees.
- Engage a licensed recovery agent operating under RBI's Fair Practices Code.
- Initiate legal proceedings under the Negotiable Instruments Act, 1881 or Section 138.
- Report the account as an NPA to RBI after 90 days of default.
6. Your representations
By accepting these Terms, you represent and warrant that:
- The information provided is true, accurate, and complete.
- You have obtained all necessary consents to share third-party contact details (references, employer).
- You are not currently a wilful defaulter on any other credit facility.
- The loan will be used solely for lawful personal purposes and not for speculation, gambling, or activities prohibited by RBI.
7. Use of the platform
You agree not to:
- Access the Service by any means other than the interface provided by us.
- Attempt to reverse-engineer, decompile, or extract source code.
- Submit fraudulent applications, use bots, or impersonate any other person.
- Upload content that is unlawful, defamatory, or infringes intellectual property.
8. Intellectual property
All content on this website — including logos, text, graphics, code, and layout — is the property of Meridian Capital Advisors LLP and protected under the Copyright Act, 1957. You may not reproduce, distribute, or modify any part without our prior written consent.
9. Disclaimers & limitation of liability
MMY Elite Funds provides the platform on an “as-is” basis. We make no warranty that the Service will be uninterrupted, error-free, or free of security vulnerabilities. Our total liability under any circumstances shall not exceed the aggregate fees you have paid to us in the twelve months preceding the claim.
10. Governing law & jurisdiction
These Terms are governed by the laws of India. Any dispute shall be subject to the exclusive jurisdiction of the courts at Mumbai, Maharashtra.
11. Modifications
We may revise these Terms at any time. Material changes will be notified 30 days in advance via email or SMS. Continued use of the Service constitutes acceptance of the revised Terms.