Last Updated: August 12, 2025
Prescot Traders Pvt. Ltd. (hereinafter referred to as "the Company") operates the digital personal loan platform, LoanSahay (hereinafter referred to as "the Platform"), dedicated to providing financial services. This Privacy Policy is formulated in strict compliance with the Digital Personal Data Protection Act, 2023 (DPDPA), and the guidelines issued by the Reserve Bank of India (RBI). Users are advised to read this policy carefully, as it pertains to their fundamental rights regarding data privacy.
Upon accessing the LoanSahay application, the Company may collect the following categories of personal information to enhance service quality and ensure account security:
① Directly Provided Personal Information
a. Identity Details: Name, gender, date of birth, PAN ID, Aadhaar ID, and additional identifying information.
b. Contact Information: Mobile number or address book data which will be stored encrypted and only retained for 30 days after the user cancels the account or settles the loan. You can revoke authorization at any time through 'Me - Agreement Documents' in the application.
c. Financial Information: Household income and expenditures, monthly earnings, loan records, repayment history, transaction logs, and other related financial data within the app.
d. Employment Information: Job type, years of service, pay schedule, and additional employment particulars.
② Automatically Collected Technical Data
a. Coarse Location Data: GPS coordinates (used solely to confirm service eligibility within India). With your permission, we may gather approximate location data to ensure services are provided exclusively to users in India and comply with geographical restrictions.
③ Sensitive Information Requiring Authorization
a. Camera Access: Facial images captured through cameras are used exclusively for KYC verification and authentication processes.
The Company requests camera access solely to capture minimal facial image data and conduct real-time identity checks against government-issued IDs such as Aadhaar or PAN.No derived biometric templates or ancillary data (e.g., emotional analysis) are collected.
After verification, facial images and associated metadata are immediately and permanently deleted from system memory (RAM and temporary caches), with zero retention beyond the verification process. Data is never stored or shared with third parties unless explicitly required by law (e.g., court orders under Section 69 of the IT Act), and all processing occurs within India using servers located in Indian data centers to meet data localization mandates under the Personal Data Protection Bill, 2023 (Draft).
b. Contact Information: Mobile number or address book data which will be stored encrypted and only retained for 30 days after the user cancels the account or settles the loan. You can revoke authorization at any time through 'Settings - Privacy Management' in the application.
By collecting this information, we aim to offer personalized, secure services tailored to your needs. Refusal to provide certain information may impact your ability to utilize specific features or services.
During your use of the LoanSahay application, personal information provided by you will be utilized for the following objectives:
① Provide Personalized Services
We leverage identity, financial, and employment data to offer customized loan products and services. By analyzing income, expenses, credit history, and other metrics, we recommend loan options best suited to your requirements.
② Identity Verification and Security Measures
By collecting camera and SMS permissions, along with device information, we conduct identity verification and anti-fraud procedures to safeguard your account and loan transactions. Facial recognition technology may be employed to match your face with your identity document.
③ Optimize Service Experience
Device information, GPS location, and other data assist us in refining app performance and delivering location-specific services. For instance, services are exclusively offered to users in India, and location data collection ensures accurate service area targeting.
④ Loan Evaluation and Review
Financial and SMS data are essential for accurately assessing loan eligibility. By accessing banking and financial SMS records, we gain insights into your financial standing and improve loan application processing and repayment arrangements.
⑤ Legal and Compliance Requirements
We utilize your information to fulfill legal obligations under applicable laws and regulations, such as anti-money laundering and anti-fraud measures. In the event of disputes or investigations, we may disclose your information to relevant regulatory bodies.
⑥ Enhance Product and Service Quality
By analyzing usage data (e.g., session duration), we continually refine product features, enhance user experience, and incorporate feedback to ensure a more convenient and efficient app experience.
Please note that your personal information will be used solely for the purposes outlined above. We pledge not to misuse your information for unauthorized purposes and will implement reasonable technical safeguards to protect your data. Disagreement with certain uses may affect your ability to access specific features or services but will not impede your use of core functionalities.
We undertake not to sell or rent your personal information to third parties. Information sharing may occur under the following circumstances:
①Partnerships: We may share information with partners (e.g., financial institutions, credit assessment firms) to facilitate tailored loan services. Partners are obligated to protect your privacy under the law.
②Legal Compliance: In compliance with laws and regulations, we may disclose your information to adhere to judicial processes or legal requirements.
③Business Transfers: In the event of mergers, acquisitions, or asset transfers, your personal information may be transferred to the new entity, which will adhere to this privacy policy.
④Conditions for Sharing: All third parties must sign data protection agreements and process data exclusively for the agreed-upon purposes.
Data Security Measures
① Technical Protections:
a.AES-256 encrypted storage
b.SSL/TLS transmission encryption
c.Regular security audits
d.Industry-standard technologies such as data encryption and access controls
② Management Measures:
a.Principle of least privilege access
b.Employee confidentiality agreements
c.Annual privacy training
③ Storage Locations:
Personal information is stored on servers located within India to ensure compliance with local laws and regulations and guarantee data security.
④ Security Assurance:
We adopt industry-standard technical measures to protect your personal information from unauthorized access, disclosure, or modification. Despite these measures, inherent risks exist in internet transmission, and absolute security cannot be guaranteed.
Under applicable laws, you may possess the following rights in specific circumstances:
①Right to Access: You may request a copy of your personal information.
②Right to Rectify: If your information is inaccurate or incomplete, you may request corrections.
③Right to Delete: Under certain conditions, you may request the deletion of your personal information.
④Right to Withdraw Consent: You may withdraw consent for the collection and use of your personal information at any time, without affecting the legality of processing conducted prior to withdrawal.
This application strictly prohibits use by individuals under 18 years of age. If data from children is inadvertently collected, it will be promptly deleted.
We reserve the right to modify this policy. Significant changes will be communicated via:
①In-app pop-up notifications.
②Official website publication (https://www.prescottraders.com/).
The updated privacy policy will take effect immediately upon publication. Continued use of the application signifies acceptance of the updated agreement.
support@prescottraders.com
souravbarua@prescottraders.com