CREDIT LINE TERMS & CONDITIONS

INTRODUCTION


DEFINITIONS

  1. Capitalised terms used in these Terms are defined below:
    • “Availability Period” shall mean the period within which the Borrower can request a Drawdown from the Credit Line and is as detailed in the Credit Line Information Sheet (Credit Line expires on last day of the Availability Period). The Availability period may be extended at the sole discretion of the Lender(s);
    • “Available Credit Line” means at any point of time the undrawn amount of the Credit Line, including any amount of the Credit Line which becomes available pursuant to any repayment or prepayment of all or part of any previous Drawdown if granted as a revolving Credit Line;
    • “Borrower” means any person who has expressed interest in applying for a Credit Line through the Lender's Agent. These terms applicable for, pursuant to grant for Credit Line shall only upon the Borrower receiving the Credit Line Information Sheet.
    • “Borrower's Dues” means all sums payable by the Borrower to the Lender(s), including outstanding Credit Line, Interest, all other charges, costs and expenses;
    • “Business Day” means normal working hours on a day on which scheduled banks are open for business in New Delhi;
    • “Credit Line” means the maximum drawdown limit granted by the Lender(s) to the Borrower as per Credit Line Details Sheet;
    • “Credit Line Application” means the application in the prescribed form submitted by the Borrowersthrough the Website or through other modesseeking the sanction of Credit Line;
    • “Credit Line Details Sheet” means documents submitted by the Borrower to the Lender(s) as complete, irrevocable acceptance to the Credit Line Information Sheet(here in after defined);
    • “Credit Line Information Sheet” means communication from the Lender(s) to the Borrower with the details of the Lender(s) who has agreed to grant the Credit Line, total Credit Line and respective Credit Line approved by each Lender(s), the Credit Terms and other terms post receipt of an Credit Line Application Form;
    • “Credit Terms” shall mean to include the following (i) Interest Rate (any may be applicable); (ii) IRR (relevant in case of zero percent loan) (iii) Overdue Interest Rate; (iv) Processing Fee; (v) Documentation Charges; (vi) Due Date (vii) Default Charges; (vii) Repayment Instrument swapping charges; (vii) Fee for change of Due Date; (viii) Indicative purposes for which the Borrower can make Drawdown. The Credit Terms are variable and will be available on the website and app of the Lender's Agent. Any such variations will be effective prospectively. On each occasion when the Borrower avails Drawdown from the Credit Line the Borrower agrees to the Credit Terms;
    • “Demand Notice” shall mean notice send to the Borrower to Borrower's registered email, to Borrower's account in the App of the Lender's Agent or through SMS to Borrower's registered mobile number orsend through voice mail to Borrower's registered mobile number or through mail (courier or through Indian postal services) or other electronic means or such other means deemed fit by the Lender(s) and/or the Lender(s) Agent; In case, there are multiple Borrowers, such notice issued to a Borrower shall be deemed to be issued and servedon all the Borrowers;
    • “Drawdown” shall mean each drawdown of the Credit Line within the Availability Period and as per the terms of the Financing Documents;;
    • “Due Date” in respect of any payment means the date on which any amount is due from the Borrower to the Lender(s);
    • “EMI” means the equated monthly amount to be paid by the Borrower towards repayment of all outstanding Drawdowns and payment of Interest (if applicable) as per Financing Documents;
    • “Financing Documents” means these Terms, Credit Terms, the Credit Line Application Form, Credit Line Information Sheet (hereinafter defined), Demand Promissory Note (if any executed by the Borrower) the Credit Line Details Sheet (hereinafter defined), acknowledgement confirming understanding and concurrence to General Terms and Credit Terms and the Annexures hereto and any documents executed by the Borrower or as required by the Lender(s), as amended from time to time;
    • “Lender(s)” means Lender(s) whose name is referred/ referenced above and/or as listed in the Website and has sanctioned a Credit Line as per terms hereof.
    • “Lender's Agent” means Person(s) authorized by the Lender(s) from time to time for acting on their behalf which includes but not limited to collection of documents from the Borrower, sending reminder for repayments, issuing notices, instructing lawyers, site visits, monitoring utilization of amounts drawn, representing in courts and legal proceedings and acting on their behalf, doing any acts per law to enforce any legal right or remedy of the Lender(s).
    • “Material Adverse Effect” means any event which in the Lender(s) opinion would have an adverse effect on (I) Borrower's ability to pay the Borrower's Dues or (ii) recoverability of the Borrower's Dues;
    • “Obligation” means to include Borrower's responsibility and liability towards the Lender(s) under the terms of Financing Documents which includes but is not limited to, pay amounts when due (including but not limited to paying the, Processing Fee, reimburse Documentation Charges, stamp duty, legal expenses and other charges), pay any debts, principal, Interest Rate, Default Rate, expenses and other amounts which the Borrower owes to the Lender(s) now or later or to comply with such other terms and conditions, undertaking or documents, agreement executed by the Borrower to avail the Credit Line or other loan from the Lender(s) or to comply with any terms of the Financing Documents;
    • “Overdue Interest Rate” means the default interest as prescribed in the Credit Line Details Sheet which is payable by the Borrower on all amounts which are not paid on their respective Due Dates;
    • “Repayment Instrument” means to include instruments inter alia Post Dated Cheques (“PDC”), Undated Cheques (“UDC”), Whole Amount Cheques (“WAC”), (collectively, “ Cheques”) or Electronic Clearing Service (“ECS”) mandates or Standing Instructions (“SI”) or National Automated Clearing House Mandate (“NACH”) and/or such other instruments as may be prescribed by the Lender(s) and issued by the Borrower for facilitating repayments during the currency of the Credit Line;
    • “Lender's AgentApp” means the internet and technology- based platform which can be down loaded and used by the Borrowers (i) as per terms of use for the same; (ii) to apply for Credit Line or for Drawdown of Credit Line (as may be applicable);
    • “Lender's AgentTerms” means Terms & Conditions, Privacy Policy and End User License Agreement for the use of Website of the Lender's Agent (hereinafter defined), Terms of other service providers, Terms (hereinafter defined) for availing Credit Line from Lender(s) enrolled and/or listed with Lender's Agent Platform, Credit Terms, other terms, general disclaimers etc. available on the Website of Lender's Agent;
    • “Terms” means theseCredit Line General Terms and Conditions and documents referred here as may be modified and updated;
    • “User ID” means unique identity of the Borrower which can be used by the Borrower to access the Website for availing services and/or Credit Line from the Lender(s). The User ID shall be subject to Lender's Agent Terms.
    • “Website” means the App or website of the Lender's Agent.
  2. In this Terms, unless the context otherwise requires
    • the words importing singular shall include the plural and vice versa;
    • the words denoting natural persons shall where the context admits, include partnerships, firms, companies, corporations, associations, organisations or other entities (whether or not having a separate entity).

GENERAL DISCLAIMER

THE WEBSITE OR THE PERSONOWNING AND/OR OPERATING THE WEBSITE (A) IS NOT A FINANCIAL INSTITUTION OR A NON BANKING FINANCIAL SERVICES COMPANY AND THEREFORE SHALL NOT PROVIDE ANY FINANCIAL SERVICES OR CREDIT FACILITIES; (B) IT IS ACTING AS A LENDER'S AGENT AND ALSO OFFER INTERNET-BASED TECHNOLOGY SUPPORT AS FOUND IN THE WEBSITE OF THE LENDER'S AGENT (WITHOUT ANY WARRANTIES) FOR FACILITATING MY/OR BORROWING PROCESS MORE TECHNOLOGY BASED. THE LENDER(S) MAY HAVE THEIR OWN TERMS AND CONDITIONS OVER AND ABOVE LENDER' AGENT TERMS AND ALSO SHALL BE THE PERSON WHO HAS/HAVE THE SOLE DISCRETIONARY AUTHORITY TO GRANT OR REJECT A CREDIT LINE APPLICATION FORM OR PERMIT A DRAWDOWN FROM THE CREDIT LINE.


CREDIT LINE


DISBURSEMENT


AUTHORITY TO CHARGE


INTEREST AND REPAYMENT


MODE OF PAYMENT, REPAYMENT AND PREPAYMENT


BORROWER'S COVENANTS, REPRESENTATION AND WARRANTIES


INSURANCE


EVENTS OF DEFAULTS


CONSEQUENCES OF DEFAULT


DISCLOSURES


LENDER'S AGENT AND OTHER SERVICE PROVIDERS


MISCELLANEOUS