1. Personal loan policy

Maximum Loan Amount: 1 Lakh Taka at a time
Minimum Loan Amount: 200 Taka
Minimum tenure: 90 Days
Maximum tenure: 365 Days
Maximum Annual Percentage Rate (APR): 48.67%
Minimum Interest Rate: Interest according to APR or 50 Taka whichever is higher
Type of Interest: Simple interest (Interest only applied to the principal amount)
Additional Fees: No additional fees and no hidden charge. Only Simple interest based on the approved Loan amount
Early Settlement: Early settlement is allowed without any extra fees. But have to pay minimum interest or interest for 90 days whichever is higher.
No Documentation: Vaijan loans do not require any documentation, so borrowers can apply for a loan quickly and easily.
No Deposit: Vaijan loans do not require any deposit, so borrowers can get the money they need without having to put up any collateral.

Eligibility to get a Personal Loan:
To apply for a Vaijan loan, borrowers simply need to apply from their account. Vaijan loans are typically funded within minutes of approval.
The Apps uses a proprietary algorithm to determine their eligibility for a loan. Vaijan loans are available to borrowers with a variety of credit scores, including those with bad or no credit.
Loan with bad or without Credit Score: Vaijan offers loans to people with low credit scores, but they require a guarantor. A guarantor is someone who agrees to pay back the loan if you cannot.
Guarantor Benefit: Guarantor will get 42.58% interest annually for their guaranteed amount.

Repayment and Interest example: The Interest calculation method of Vaijan is Simple Interest calculation.
Minimum Interest Example: If you take out a loan of 300 Taka and repay it after 90 days, you will pay interest of 50 Taka. This is because the minimum interest is 50 Taka, and the interest for 90 days is less than 50 Taka.

Regular Interest Example: If you take out a loan of 500 Taka and repay it after 90 days, you will pay interest of 60 Taka. This is because the interest up-to 90 days is 60 Taka, which is more than the minimum interest of 50 Taka.

Regular Interest more than 90 days: If you take out a loan of 500 Taka and repay it after 180 days, you will pay interest of 120 Taka. This is because the interest for 180 days is 120 Taka which is only for the principal amount.

Early Settlement Example: If you take out a loan of 500 Taka and repay it after 70 days, you will pay interest of 60 Taka. This is because the interest up-to 90 days is 60 Taka, which is more than the minimum interest of 50 Taka.

2. Privacy Policy

Vaijan is committed to protecting your privacy. This privacy policy explains how we collect, use, and share your personal information when you use our app. Information Collection and Use
For a better experience, while using our Service, we may require you to provide us with certain personally identifiable information, including but not limited to Phone Number, Device information, Usage information, Contact information and Uses Data. The information that we request will be retained by us and used as described in this privacy policy.

What information do we collect?
We collect the following information from you when you use our app:
Device information: We do not collect any device information from user device. However, The app does use third-party services that may collect information used to identify you. Link to the privacy policy of third-party service providers used by the app

Google Play Services
Google Analytics for Firebase
Firebase Crashlytics

Usage information: We do not collect any log data from user devices.
However, we maintain log about how you use our app, such as the features you use, and the actions you take.

Contact information: If you contact us for support, we may collect your contact information, such as your name, email address, and phone number.
Cookies : We do not use Cookies in this App. However, we use SharedPreference to allow the apps to access some dedicated area.
Security : All the Data communicates between your device to our server is encrypted.

Links to Other Sites: We do not offer third-party links/advertise from our Apps to others site.
How do we use your information?

We use the information we collect from you to:
Improve our app and make it more useful to you.
Send you SMS notifications, such as ownership verification, PIN change confirmation, Guarantor invitation.
Contact you for support if you need it.

Who do we share your information with?
We may share your information with the following third parties:

Our partners who help us provide the services you have requested.
Our Supporting partners who help us send you promotional messages.
Our analytics partners who help us improve our app.
Our legal and financial advisors who help us protect our rights and interests.

How do we protect your information?
We take steps to protect your information, such as:

Using encryption to secure your information when it is transmitted over the internet.
Storing your information in secure locations.
Limiting access to your information to authorized employees.

How long do we keep your information?
We keep your information for as long as you use our app or as long as we need it to provide you with the services you have requested. We may also keep your information for longer periods of time if required to do so by law or to protect our rights and interests.

Your rights

You have the following rights with respect to your information:

The right to access your information.
The right to correct any inaccurate or incomplete information.
The right to delete your information.
The right to object to the processing of your information.
The right to restrict the processing of your information.
The right to portability of your information.
You can exercise these rights by contacting us

3. Children’s Privacy

These Services do not address anyone under the age of 13. We do not knowingly collect personally identifiable information from children under 13 years of age. In the case we discover that a child under 13 has provided us with personal information, we immediately delete this from our servers. If you are a parent or guardian and you are aware that your child has provided us with personal information, please contact us so that we will be able to do the necessary actions.

4. Account Removal Policy

You can remove your Vaijan account yourself. Removal will be processed immediately for fresh accounts, but may be halted if you have any pending loans. Removing your account will also result in the loss of your wallet balance.

5. Changes to This Privacy Policy

We may update our Privacy Policy from time to time. Thus, you are advised to review this page periodically for any changes. We will notify you of any changes by posting the new Privacy Policy on this page. This policy is effective as of 31-May-2023

6. Contact Us

If you have any questions or suggestions about our Privacy Policy, do not hesitate to contact us at [email protected].