1. Loan Terms and Representative Example
We offer loan services allowing you to borrow up to Rs. 3,00,000 with repayment terms between 91 and 360 days. The daily interest rate is 0.09%, resulting in an annual percentage rate (APR) of 34.6%. Processing fees are capped at 1% of the loan amount.
Representative Example: Borrowing Rs. 15,000 for 120 days at an APR of 34.6% would incur a processing fee of Rs. 150 and Rs. 27 GST, totaling Rs. 177 in deductions. After these deductions, the amount disbursed will be Rs. 14,823. The total interest over the loan term will be Rs. 1,706, leading to monthly repayments of Rs. 4,177. The total repayment amount will be Rs. 16,706, which includes processing charges and GST, bringing the total loan cost to Rs. 1,883.
2. Loan Amount Confirmation
The amount to be loaned out will correspond to the figure applied for by the borrower and subsequently confirmed by both the borrower and the lender as per the application process. This confirmation will lead to the enactment of the loan, adhering to the conditions specified within this agreement.
3. Repayment Agreement Specifications
· Repayment Initiation: The repayment process as described in this agreement shall begin immediately from its effective date, adhering to the agreed-upon repayment mechanics until the entire loan along with interest is fully settled.
· Late Payment Repercussions: Failure to timely repay the loan will result in the accrual of overdue interest from the lapse date, calculated at an annualized rate mutually agreed, until the entire overdue principal and interest are paid in full.
· Option for Early Repayment: It is within the borrower's right to fully or partially repay the loan ahead of the stipulated repayment timeframe.
4. Guarantee and additional agreement
a. Eligibility Confirmation: The borrower affirms their status as a legal Indian citizen or resident, over 18 years of age, and possessing the legal capacity to enter and fulfill this agreement.
b. Funds Utilization Guarantee: The borrower commits to the lawful utilization of the loaned funds and accepts full liability for any legal infractions resulting from improper use of these funds.
c. Notification in Event of Unforeseen Circumstances: Should unforeseen circumstances such as significant accidents, substantial losses, or acts of force majeure impede timely repayment, the borrower agrees to promptly inform the lender and provide necessary documentation.
For all issues not contemplated by this agreement, the parties shall enter into separate negotiations to agree upon and document the terms in a supplementary agreement.
5. Responsibilities of the Borrower
a. Acknowledgment of Terms: The borrower has thoroughly reviewed and agrees to abide by the conditions and stipulations of this loan agreement.
b. Integrity of Information: The borrower asserts that the information provided in the application is correct, comprehensive, and devoid of any fraudulent statements.
c. Repayment Pledge: The borrower promises to fulfill the repayment of the loan principal and interest faithfully according to the agreed schedule.
d. Credit Status Verification Consent: The borrower agrees to allow the loan service provider to examine and verify their credit standing and ability to repay the loan when necessary.
6. Pledges by Bahar Credit
a. Fulfillment of Loan Provision: Bahar Credit will execute the loan provision to the borrower in a single disbursement, conforming to the conditions of this agreement.
b. Repayment Strategy Guidance: Bahar Credit promises to deliver an explicit repayment guide, highlighting the repayment duration, payment sums, and other essential data, aiding the borrower in the timely repayment process.
c. Security of Personal and Repayment Data: Bahar Credit vows to securely manage the borrower's personal details and repayment records, ensuring these are not disclosed or misused.
7. Dispute Settlement
This agreement is subject to Indian legal statutes for both its interpretation and application. In the event of any disputes stemming from this contract, the parties will initially attempt to resolve the issues amicably. Should these attempts not result in a resolution, the matter will then be referred to an appropriate court within India's jurisdiction for legal proceedings.
8. Contractual Breach Liabilities
a. Interest Penalties for Late Repayment: The Borrower incurs overdue interest penalties upon failure to meet the repayment schedule established in this Agreement.
b. Enforcement of Legal Responsibilities: Failure by the borrower to fully repay the loan and accrued interest on schedule empowers Bahar Credit to enforce legal remedies to determine the borrower's liability. This enforcement may entail sharing the borrower's information with credit bureaus and filing lawsuits.
9. Agreement Changes
Modifications, revisions, or additions to this Agreement's terms require a written document, mutually agreed upon and duly signed by both parties involved.