This AGREEMENT for Personal Loan is made on the date and at the place as stated in the Schedule 1 hereto between the Borrower(s) whose name and address is stated in Schedule 1 hereto, hereinafter called the ’Borrower( s) which expression shall unless the context otherwise requires, include his/her heirs, executors, administrators and permitted assigns.
, (hereinafter referred to as ‘the Lender’, which expression shall unless repugnant to the context or meaning thereof be deemed to include a reference to its successors and assigns).
The Borrower(s)/Borrower and the Lender are hereinafter collectively referred to as ‘Parties’ and individually as the ‘Party’.
The undersigned Borrower(s) has/have requested for a Personal Loan of an amount not exceeding () sourced using the Platform/Digital Lending APP/DLA () and the Loan Account would be serviced by the Lending Service Provider/LSP () and the Lender has agreed to accede to the said request, subject to the Borrower(s) tendering requisite documents, digital consents, executing present agreement and such documents as may be required by the Lender from time to time.
The Borrower(s) understands that the Lender shall have the absolute right to grant/reject/reduce the loan amount as per its internal credit policy and the Lender’s decision in this regard shall be deemed as final and binding and the Borrower(s) agrees to waive of any right to raise a dispute/claim against the Lender for an action of having granted/reduced/rejected the loan amount pursuant to the loan application.
1) Interest, Fees, Charges, Cost and Payment: The parties agree that Interest, Fees, Charges and Payment ( Pre-payment and partial payment) wouldbe as per terms stated vide Schedule 1 of this Agreement. The Borrower further agrees that:
2) Repayment of Loan: The Borrower shall repay the loan, and the interest payable thereon as per repayment schedule specified in the Schedule I. The Borrower agrees that:
a) Borrower(s) shall promptly notify the Lender of any circumstances and conditions which have/may have a material adverse effect (the effect or consequence of any event or circumstance which is or is likely to be adverse to the ability of the Borrower(s) to repay the loan dues or perform/ comply with any of the respective obligations agreed under this loan agreement). This may include but not be restricted to breach of terms agreed vide this agreement, updating the Lender about death of an applicant, commencement of Insolvency/ bankruptcy/ Criminal/ Recovery proceedings.
b) Borrower(s) not use the loan for antisocial, illegal, unlawful, speculative activities or contrary to the purpose updated to the Lender or for which the loan has been availed.
c) Borrower(s) shall solely be responsible for fulfilling, any tax related obligation arising from availing this loan.
d) The Repayment schedule as shared by the Lender while processing of loan, gives indicative repayment schedule and is subject to change based on the repayment track, change in interest rate.
e) The records maintained by the Lender shall be conclusive proof of the amounts outstanding and due from the Borrower(s).
f) Borrower(s) agrees to indemnify and agree to keep indemnified the Lender from time to time and at all times thereafter against all claims, costs, losses, damages, charges, expenses and liability of any kind or nature whatsoever and expenses that may be incurred by the Lender due to any act or default on the part of the Borrower(s) in respect of the loan and/or for the recovery of the outstanding dues on account of failure of the Borrower(s) of any of the terms and conditions herein.
g) Borrower(s) liability for repayment of the borrower(s) dues shall, in cases where more than one Borrower(s) have jointly applied for the loan, be joint and several. If the Borrower(s) is an individual doing business as a sole proprietary concern, the Borrower(s) shall be solely responsible for the liabilities of the aforesaid concern and will be personally liable for making repayment/payments of all amounts in respect of the loan to the Lender.
h) Borrower(s) undertakes to keep the Lender informed of any change in the Borrower's e-mail ID, Telephone number, Mobile number, and Address and employment details. The Borrower authorizes the Lender to update the contact information change that the Lender may be informed of and hereby authorizes the Lender to contact the Borrower at the updated contact details, by post, telephone, e-mail, SMS/text messaging.
i) The Borrower(s) would commit an event of default (i) if there is a failure to pay the agreed dues or any fee, charges or costs or payment for more than 1 day, from the date when it became due (ii) if there is breach of terms and conditions agreed herein or a misrepresentation of facts made while availing the loan facility (iii) if the Borrower is declared insolvent (iv) if there is initiation of criminal or a judicial proceeding, which the Lender thinks jeopardizes it’s interest (v) there exists any other circumstance, which, in the sole opinion of the Lender, jeopardizes the Lender’s interest. If the Borrower(s) commits an event of default, then the Lender shall be entitled to (i) call upon the Borrower to pay forthwith the total outstanding balance of the loan account together with interest/fee/penalties ( ii) exercise any other right as deemed appropriate in the interest of the Lender.
j) Borrower(s) agrees that the disbursements under the loan shall be deemed to be made on the date when credit is made by the Lender as per its records
k) Borrower(s) agrees that pursuant to Lenders obligation to ensure adherence to financial crime compliance, the Lender may, take appropriate actions in form of using, screening, intercepting, combining borrower(s) information with other related information in the possession of the Lender and/ or making further enquiries in this regard, and the borrower(s) would assist the Lender, with furnishing of information, and not raise objection to same.
l) Borrower(s) agrees that the Lender reserves a right to allow/restrict operations in a newly opened/existing loan accounts maintained with the Lender, if the customer is not able to satisfy the due diligence requirements in line with the Lender’s policy. Further the Lender reserves right to block transactions/allow operations in a newly opened/existing account maintained with the Lender, if the Lender is unable to contact the accountholder at the address/contact number provided by them at the time of account opening/updated in Lender records.
m) Settlement of Disputes: Any differences or disputes arising out of or touching the terms and conditions of the Principal Agreement(s) and this offer shall be settled amicably in the first instance. Unresolved disputes or differences shall be referred to a sole Arbitrator, who shall be appointed by Lender only and the Borrower hereby provides consent to appointment of a sole Arbitrator by Lender, borrower has right to proposed name of any Arbitrator within 7 days from date of default. The Arbitration shall be governed by the Arbitration and Conciliation Act 1996 or any statutory modification or re-enactment thereof and the Rules made there under and for the time being in force. The award of the Arbitrator shall be final, conclusive and binding on the parties subject to remedies available under the law. The venue of such arbitration proceedings shall be Kolkata and shall be conducted in the English language only.
a) The Borrower(s) accepts, confirms and consents for the disclosure and sharing by the Lender of all or any information and data relating to the Borrower(s), the facilities, any other transactions that the Borrower(s) has with the Lender, the Borrower(s) account, and the agreements and documents related to the facilities/loans and transactions, including but not limited to information relating to default, if any, committed by the Borrower(s), in the discharge of the Borrower(s) obligations in relation to the facilities/loans or other transactions, as the Lender may deem appropriate and necessary to disclose and furnish, to the Reserve Lender of India (RBI) and/or to the Credit Information Companies (CICs) and/or to any other agency or body as authorized in this behalf by RBI, to other Lenders and lenders including assignees and potential assignees, to its professional advisers and consultants and to its service providers instructed by it in relation to the facilities/loans, and/or as required under law or any applicable regulation, at the order of a court of law, or at the request or order of any statutory, regulatory or supervisory authority with whom it customarily complies.
b) Borrower(s) agrees that the Lender may collect, store, use, transfer or disclose any information provided by the Borrower, including sensitive personal data, for purposes, including but not limited to data processing, statistical or risk analysis, conducting credit or anti-money laundering checks, designing financial services or related products, marketing financial services or related products, customer recognition on Lender's website, offering relevant product and service offers to customers, etc. Lender may share your information with all the companies/entities/ subsidiaries/affiliates thereof and/or any other Lender/financial institution/society, etc. as necessary, for the purposes.
c) Borrower agrees that all information that Borrower disclosed voluntarily on ( https://kwikash.in and KreditOne app), becomes the property of NBFC and is true to the best of his/her knowledge. Lender has obtained all the relevant information from the same platform basis its arrangement with the LSP who manages the same.
a) Any dispute arising from this agreement would be exclusively adjudicated by courts situated at Kolkata. Jurisdiction for any complaint civil or criminal will be courts of Kolkata.
b) The parties agree that they can amend or supplement this agreement by executing an amendment agreement in writing.
c) The Borrower(s) agree that he/she shall not assign or transfer all or any of its rights, benefits or obligations under the loan terms without the approval of the Lender. However, the Lender may, at any time, assign or transfer to any third party, all or any of its rights, benefits and obligations under the loan terms and the other transaction documents. Notwithstanding any such assignment or transfer, the Borrower(s) shall, unless otherwise notified by the Lender, continue to make all payments under the loan terms to the Lender and all such payments when made to the Lender shall constitute a full discharge to the Borrower(s) from all its liabilities in respect of such payments.
d) If any, one or more events of default shall have occurred, then the Lender shall, in addition to the various rights and remedies of the Lender referred to in the clauses above, be irrevocably entitled and authorized to contact and require the Borrower(s) employers to make deduction(s) from the salary/wages payable by the employer to the Borrower(s) and to remit the same to the Lender until all the Borrower(s) dues outstanding from the Borrower(s) to the Lender is/are completely discharged. The deductions shall be of such amounts, and to such extent, as the Lender may communicate to (and instruct) the Borrower(s) employers. For self-employed borrowers, the same may be recovered from the entity(s) where borrower has direct business interest.
e) The rights, powers and remedies available to the Lender under Law and under these present, shall be exercised by the Lender through any of its employees or agent and the Lender may delegate any or all the said powers and authorities to such employee or agent.
f) The Borrower(s) agrees that he/she has fully read the terms and conditions and has tendered true and correct details for availing this credit facility.
g) Appointment of Agents : The Lender shall be entitled to appoint and outsource its activities under this agreement to one or more service providers for the purpose of collecting KYC information, Loan related documents, collection, service etc. The Borrower understands and agrees that the services of such agents are essential for purpose of and effective enjoyment of the Loan
h) The Borrower(s) agrees that the tariff structure is subject to change from time to time at the sole discretion of the Lender. Such changes, other than changes in the rate of finance charge and those which are because of regulatory requirements will be made with prospective effect giving notice of at least one week.
i) The Lender may at its sole discretion cancel the drawdown of the Personal Loan at any point of time.
j) In the event that the Borrower(s) applies for a new top-up personal loan/ extension and the same is sanctioned by the Lender, the disbursed amount of the new Loan/ extension of previous loan, will be at the sole discretion of the Lender and terms will be defined by the lender
k) The Lender shall have the right to recall the loan at any time at its discretion, without assigning any reasons for such recall, and upon such recall, the loan and all other amounts stipulated by the Lender shall be payable forthwith. The Borrower(s) agrees to be liable for all amounts due and all costs, charges, penalties, expenses etc., incurred for any recovery and realization proceedings in respect of the loan, including those by third party agents appointed by the Lender.
l) Borrower confirm that the Bank account in which loan was disbursed belong to him and post disbursement the same forms piece and parcel of this loan agreement and to be marked as Schedule 2
m) Borrower confirms that he has read the Key Fact Statement along with other documents and clearly understand the repayment amount and Annual Percent Rate (ARP) and contingent cost/fees he has to pay incase he fails to repay the loan as per repayment schedule.
n) Borrower understand that the present loan product is designed for Non Micro Credit Borrowers and confirms that his annual family Income is more than Rs. 3,00,000/- and being eligible only he has applied for the present loan.
o) Borrower understand that he will be serviced by the Lending Service Provider (LSP) / Digital Lending App (DLA) used is KreditOne and incase customer is uncomfortable at any stage with services of LSP / DLA, he will request the lender for change of LSP / DLA in writing by writing email to cc@thanvirbros.in.
p) Borrower acknowledges and accepts the following documents which will also be forwarded to the registered email id of the borrower along with this loan agreement:
Sr No | Parameter | Details |
1 | Loan Sanction Amount / Disbursement to Customer Account with us (amount to be disbursed to the borrower loan account) | |
2 | Fee payable / Other up-front charges on application(all in cost for loan application /break-up of each component to be given) | (in Rupees) |
a | Fees Head (if any) (details to be provided like processing Fees/Insurance charges, etc.) | |
3 | Net disbursed amount to Customer Bank Account (1-2) | |
4 | Total interest charges during the entire tenure of the loan | |
5 | Total amount to be paid by the borrower | |
6 | Annual Percentage Rate (APR) –Effective Annualised Interest rate in % Term (calculated in reducing balance method on (3)) | 300% |
7 | Loan tenure /term (in days/months/years) | |
8 | Repayment frequency by the borrower | |
9 | Number of instalments of repayment | 1 |
10 | EMI payable /Amount of each instalment of repayment | |
11 | Interest type applicable for Loan Account | Fixed |
12 | Applicable Interest in % per Annum | 5.45% |
13 | Date of reset of interest | Yearly, March every year |
14 | Mode of communication of changes in interest rates | Email/ Whatsapp |
15 | Details about Contingent Charges over and above the one which is mentioned hereinabove (individually specify all type of fee/Charges) (The Rate of Annualised charges hereunder will be calculated on (3) above) | |
a | On Prepayment / foreclosure before due date | Nil |
b | Fee refundable if loan not sanctioned/disbursed | (No fees being charged) |
c | Conversion charges for switching from floating to fixed interest and vice-versa | Option Not applicable for present loan product |
d | Rate of annualised penal charges in case of delayed payments (if any) | 720% |
e | Rate of annualised other penal charges (if any); (details to be provided ) | N/A |
f | Rate of annualised collection charges applicable only incase of default > 7 days from EMI date (if any) | N/A |
g | Rate of annualised legal charges applicable only incase of default > 30 days from EMI date (if any) | N/A |
16 | Details of security/collateral obtained | |
17 | Lookup/ Cool off period when loan can be closed by Borrower by paying only Principal Amount and % of APR for loan, without any penalty | (Disbursement time + 3 days) |
18 | Principal Amount and % of APR payable during lookup / cool off period | Only Principal amount |
19 | Details of Lending Service Provider (LSP) acting as recovery agent and authorized to approach the borrower | |
20 | Name of Digital Lending App (DLA) used for sourcing and servicing of Loan | KreditOne |
21 | Name, designation, address and phone number of nodal grievance redressal officer designated specifically to deal with Fintech/ digital lending related complaints/ issues | Mr. Sumit, CC Executive, Address - 1 kyd street, Kolkata 700016 – Ph No.: 7003039364 thanvirbros@gmail.com |
Sr No | Parameter | Details |
1 | Account Holder Name (same as borrower) | |
2 | IFSC Code | |
3 | Account number | |
4 | Disbursed date |
IN WITNESS WHEREOF, THE PARTIES HERETO HAVE ACCEPTED THIS AGREEMENT INCLUDING TERMS AND CONDITIONS STATED ABOVE ON THE DAY, MONTH AND YEAR MENTIONED BELOW
Lender
(Date of Acceptance)
(DSC of Designated officer of Thanvir)
LSP
(Date of Acceptance)
Borrower
Digitally Accepted Document
Borrower IP Address:
Date: