CREDIT LINE TERMS & CONDITIONS
- The Borrower (hereinafter defined) are requested to read these Terms (here in after defined) carefully.
- The Borrower shall understand that (a) the Credit Lines (here in after defined) from Lender(s) (here in after defined) shall be strictly subject to these Terms; (b) the Credit Line and Drawdown (hereinafterdefined) is at the sole discretion of the Lender(s). Anything contained in this Terms or any communications will be strictly subject to and without prejudice to the prerogative of the Lender(s) mentioned aforesaid.
- The Borrower understand and confirm that Lender's Agent Terms (hereinafter defined) shall form an integral part of these Terms herein contained and shall agree to such terms for availing the Credit Limits or any services.
- The Borrower shall also understand that (a) submitting a Credit Line Application Form (hereinafter defined) does not entitle the Borrower to be eligible for sanction of Credit Line; (b)the Credit Line shall be approved by the Lender(s) on the basis of the details represented by the Borrower, which shall mean to include all facts related to the Borrower, the way understood by the Lender(s); (c) pursuant to such details the Lender(s) at their sole discretion will determine the Credit Line which can be granted; (d) details of the approved Credit Lines and any variations (increase or decrease) will be communicated to the Borrower through the app of the Lender's Agent(as defined below) and such other means as the Lender(s) may decide from time to time; (e) acceptance of these Terms shall constitute a valid and binding legal agreement between the Borrower and Lender(s); (f) these Terms may be varied, the Borrower is therefore requested to be updated and any such changes will be applicable prospectively; (g)further, these Terms when electronically generated are an electronic record under the provisions of Information Technology Act, 2000; (h) while applying for a Credit Linethe Borrower have electronically agreed to these Terms, and the same shall be binding on the Borrower.
- If you need any clarifications please visit the website of Lender's Agent or download the App of the Lender's Agent, a mobile application and go through the illustrations/ demonstrations
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;
- “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.
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).
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.
- The terms of the Credit Line approved to a Borrower will be subject to the Terms hereof and as per the Credit Line Information Sheet and the Credit Line Details Sheet.
- Any use of the Credit Line by the Borrower or any request to avail of Credit Line shall be subject to applicable law, the purpose for which Drawdown is sought shall not contravene the law or public policy.
- The Credit Line may be in the nature ofrevolving credit or a single Drawdown, as per the discretion of the Lender(s). In case of a RevolvingCredit Line, the Available Credit Line Amount may change during the Availability Period on account of prepayments/ repayments of earlier Drawdowns. For a Credit Lineto be revolving in nature the same has to be mentioned explicitly in the respective Credit Line Information Sheet and the Credit Line Details Sheet. If the Credit Line is not revolving as per Credit Line Information Sheet and the Credit Line Details Sheet, the Borrower will not be permitted to re-borrow the amount repaid as part of the same Credit Line. Notwithstanding anything contained in this Terms, the Lender(s) shall have the absolute right to cancel or refuse any further Drawdowns from the Credit Line at their discretion as it may deem fit, including on account of at any change in credit evaluation of the Borrower.
- The Credit Line shall be available for Drawdown during the Availability Period Only.
- The Borrower shall execute all documents and amendments and shall co-operate with the Lender(s) as required by the Lender(s) (a) to comply with any RBI guidelines/directives or (b) for giving the Lender(s) full benefit of rights under the Financing Documents. Without prejudice to the aforesaid the Borrower hereby irrevocably consents that on its failure to do so, such changes shall be deemed to be incorporated in the Financing Documents and shall be binding on the Borrower.
- The Borrower may at any time during the Availability Period request disbursement of any amount to the extent of the Available Credit Line. The Lender(s) shall have the sole and absolute discretion to allow or reject Drawdown against such request. Details of the Lender extending the Drawdown by accessing User ID in Website.
- Disbursement of any Drawdown directly to a third party as mentioned in the Credit Line Information Sheet and Credit Line Details Sheet shall be treated as having been disbursed to the Borrower.
- The Borrower shall pay non-refundable processing charges and documentation chargesas stated in the Credit Line Information Sheet and Credit Line Details Sheet, along with goods and services tax (“GST”) thereof, which may be added as a deemed disbursement to the first Drawdown. The Borrower will accordingly be liable for entire Drawdown including the amount towards the non-refundable processing charges as stated in the Credit Line Information Sheet and Credit Line Details Sheet, along with GST thereof and Interest (if any) thereon.
AUTHORITY TO CHARGE
- The Borrower(s) hereby unconditionally and irrevocably authorise the Lender(s) and Lender's Agent to charge from the Credit Line, the amount due to it from the Borrower(s) under the following heads (as may be applicable as per terms of the Credit Line Information Sheet): (i) Processing Fee; (ii) Documentation Charges; Other charges inter alia legal expenses and collection charges and any other charges as may be incurred by the Lender(s) and/or the Lender's Agent (as the case may be applicable).
- Upon the Lender(s) and/or the Lender's Agent charging the same from the Credit Line, the charges shall form as an admitted liability of the Borrower.
INTEREST AND REPAYMENT
- The Borrower will pay Interest (if applicable)on each Drawdown made by the Borrower of the Credit Line, and all other amounts due as provided in Credit Line Details Sheet and the interest shall be computed on a monthly basis on the outstanding principal amount. The Borrower will be liable for the entire Drawdown amount and shall pay the full amount for each Drawdown. However, in such cases, where the installment is not paid on the Due Date, all overdue amounts shall accrue Interest at the prescribed Overdue Interest Rate which shall be computed from the respective Due Dates for payments, and the interest shall be compounded on a monthly basis.
- The Borrower acknowledges that in case of identified Purpose, Drawdown may be allowed on zero interest basis and in such cases the return shall be made available to the Lender(s) by way of one-time non-refundable upfront discount provided by the vendor on selected Purposes as mutually agreed between the Lender(s) and vendor / its authorized representative
- The tenure of each Drawdown shall be as provided in the Credit Line Details Sheet. EMI shall be as calculated by the Lender(s)as required for amortisation of Drawdowns within their respective tenure and Interest payable thereon and not exceeding the maximum EMI as provided in the Credit Line Details Sheet and a manner as may be required by the Lender(s) from time to time. EMI shall only be towards principal outstanding and Interest there on and does not include any default interest or any other charges payable by the Borrower pursuant to Financing Documents.
- The payment of each EMIon time is the essence of the contract. The Borrower acknowledges that s/he has understood the method of computation of EMI and shall not dispute the same.
- Not with standing anything stated elsewhere inthe Financing Documents, all Borrower's Dues, including EMI, shall be payable by the Borrower to the Lender(s)as and when demanded by the Lender(s), at their discretion and without the requirement of any reason being assigned. The Borrower shall pay such amounts, without any delay or demur, within fifteen(15) days of such demand.
- The Lender(s)shall be entitled to revise the rate of Interest if so required under any applicable law and the Lender(s) may re-compute the EMI /the number of EMI for repayment of outstanding Credit Line and interest. Any such change as intimated by the Lender(s) to Borrower will be final and binding on the Borrower. In case of such revision, the Borrower shall be entitled to prepay, within thirty (30) days of such revision, the entire outstanding Credit Line along with accrued Interest (if applicable), without any prepayment penalty.
- In case of delayed payments, without prejudice to all other rights of the Lender(s), the Lender(s) shall be entitled to Overdue Interest Rate(as prescribed in Credit Line Details Sheet) from the Borrower for the period of delay.
- The Borrower may pre-pay any Drawdown before its scheduled tenure only with the prior approval of the Lender(s)and subject to such conditions and prepayment charges, as stipulated by the Lender(s).
- The Borrower shall bear all interest, tax, duties, cess duties and other forms of taxes including without limitation GST, value added taxes, whether applicable now or in the future, payable under any law at any time in respect of any payments made to the Lender(s) under the Financing Documents. If these are incurred by the Lender(s), these shall be recoverable from the Borrower and will carry interest at the rate of Overdue Interest Rate from the date of payment till reimbursement.
- The amounts repaid by the Borrower shall be appropriated firstly towards the cost, charges, expenses and other monies; secondly towards Overdue Interest Rate, if any; thirdly towards Interest, and lastly towards repayment of principal amount of a Credit Line. Notwithstanding anything contained herein, the Lender(s) shall be entitled to adjust any advance monthly installment and/or security deposit/initial payment made by the Borrower towards any Borrower's Dues in such manner and at such time as the Lender(s) may determine in its sole discretion.
- Interest (if applicable),Overdue Interest Rate and all other charges shall accrue from day to day and shall be computed on the basis of 365 days a year and the actual number of days elapsed.
- If the due date for any payment is not a Business Day, the amount will be paid by Borrower on the immediately succeeding Business Day.
- All sums payable by the Borrower to the Lender(s) shall be paid without any deductions whatsoever. Credit/ discharge for payment will be given only on realisation of amounts due.
- The Borrower acknowledges that the rate of interest, penal charges, service charges and other charges payable and or agreed to be paid by the Borrower under Financing Documents are reasonable and acceptable to him/ her.
MODE OF PAYMENT, REPAYMENT AND PREPAYMENT
- The Borrower shall, as required by the Lender(s)from time to time provide Repayment Instruments for payment of Borrower's Dues. The Borrower/s shall honour all payments without fail on the first presentation of Repayment Instruments and each Due Dates. Repayment Instruments provided by the Borrower/smay be utilised by the Lender(s) for the realisation of any Borrower's Dues. The Borrower hereby unconditionally and irrevocably authorises the Lender(s) to take all actions required for such realisation. The Borrower shall promptly (and in any event within seven (7) days) replace Repayments Instrument and/or other documents executed for payment of Borrower's Dues as may be required by the Lender(s) from time to time at their absolute discretion.
- The Borrower shall at all times maintain sufficient funds in his/her/their bank account/sfor the due payment of the Borrower's Dues on respective Due Dates. Borrower shall not close the bank account/s from which the Repayment Instruments have been issued or cancel or issues instructions to the bank or to the Lender(s) to stop or delay payment under the Repayment Instruments, and the Lender(s)are not bound to take notice of any such communication.
- The Borrower agrees and understand that the Lender(s) are required to retain the Credit Line Application Form, the photographs, information and documents submitted by the Borrower. The Borrower also confirm that the Lender(s) shall have all right to retain such documents for its internal records as per document retention policies adopted by the Lender(s).
- The Borrower agrees and acknowledges that the Repayment ' Instruments have been issued voluntarily in the discharge of the Borrower's Dues and not by way of security for any purpose whatsoever. The Borrower/s shall be liable to pay dishonour charges for each Repayment Instrument dish on our (as prescribed in the Credit Line Terms).
- Any dispute or difference of any nature whatsoever shall not entitle the Borrower to withhold or delay payment of any EMIs or other sum, and the Lender(s) shall be entitled to present the Repayment Instruments on the respective Due Dates.
- Not with standing the issuance of Repayment Instruments, the Borrower will be solely responsible for ensuring timely payment of dues.
- After due discharge of the all the Obligations of the Borrower ,the Lender(s) shall return the Repayment Instrument, upon request if any, lying with the Lender(s) to the Borrower within Fifteen (15) days' time to be calculated from the date of discharge of all Obligations. If the Borrower does/do not collect the unutilized Repayment Instruments from the Lender(s) within the said period, the Lender(s) shall have the right to destroy the same, as it may deem fit and proper. The Borrower shall not have any right to demand the return of the said Repayment Instruments after the expiry of the said period.
BORROWER'S COVENANTS, REPRESENTATION AND WARRANTIES
The Borrower agrees/undertake/confirm that they shall:
- observe and perform all its Obligations under the Financing Documents;
- they shall on demand made by the Lender(s), pay the amount of any Increased Costs incurred by the Lender(s) as a result of: (I) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the date of grant of the Credit Line. For the purpose of this clause “Increased Cost” means: (i) an additional or increased cost; (ii) a reduction in the rate of return from the Credit Line or (iii) a reduction of an amount due and payable under or in relation to the Credit Line, which is incurred or suffered by the Lender(s) but only to the extent attributable to the Lender(s) having provided the Credit Line.
- The Lender(s) may at any point subject to consent of the existing Lender's Agent, may appoint a new Lender's Agent solely at their discretion and all information, terms and conditions agreed to by the Borrower(s) will be applicable for and transferred to the new Lender's Agent.
- The Borrower(s)shall not uninstall the Lender's Agent's App until the Credit Line is still active.
- immediately deliver to the Lender(s)all documents/information, including bank account statementsas may be required by the Lender(s) from time to time. The Borrower also authorizesthe Lender(s) to communicate independently with (i) any bank where the Borrower maintains an account and to seek details and statement in respect of such accountfrom the bank; (ii) with any employer of any Borrower as the Lender(s)may deem necessary, including for monitoring Borrower's creditworthiness; (iii) family members, friends and relatives of the Borrower; and (iv) such other persons as deem fit by the Lender(s);
- immediately notify the Lender(s) of any litigations or legal proceedings against theBorrower;
- notify the Lender(s) of any Material Adverse Effect or Event of Default;
- notify the Lender(s) inwriting of all changes in the location/ address of office /residence /place of business or any change/ resignation/termination / closure of employment/ profession / business;
- comply at all times with applicable laws, including, Prevention of Money Laundering Act, 2002;
- utilise each Drawdown only for lawful and permitted purposeonly.
- the calculation of each Lender with respect to the EMI, Interest Rate, Default Rate/Borrower's Due, Processing Fee, Documentation Charges, legal expenses, collection charges, cost and expenses, etc. shall be binding on the Borrower. Further, the Borrower understands and agree that each Lender will maintain in accordance with its usual practice, accounts in its books evidencing the amounts from time to time owed to it therein and a certificate in writing signed by an officer of the Lender(s) stating the amount at any particular time due and payable to the Lender(s) shall be conclusive and binding on the Borrower.
- that in any legal action or proceeding arising out of or in connection with this Agreement, the entries made in the accounts maintained pursuant to this Agreement shall be prima facie evidence of the existence and amounts of the Obligations of the Borrower.
- that each Lender shall be entitled to serve Demand Notice directly or through the Lender's Agent or other service providers in the form specified in Annexure - B (“Demand Notice”) and the amount mentioned in such notice shall be deemed to be admitted liability of the Borrower.
- on request of the Lender(s) the Borrower shall intimate and instruct the employer/s of the Borrower/s to transfer every month from the Borrower/s' salary/emoluments a specific sum (being the Installments) towards the repayment to the Lender(s) as per terms of the Credit Line Information Sheet and Credit Line Details Sheet.
- that the Borrower confirms that the Lender(s) shall have the authority to approach the employer/s of the Borrower directly for repayment of Installments and/or any other charges/sums due from the Borrower/s to the Lender(s) including but not limited to that of the Borrower's Due.
Each Borrower represents and warrants to each of the Lender(s) as under:
- All the information provided by Borrower in the Credit Line Application Form and any other document whether or not relevant for ascertaining the creditworthiness of the Borrower is true and correct and not misleading in any manner;
- The Borrower is capable of and entitled under all applicable laws to execute and perform the Financing Documents and the transactions thereunder;
- The Borrower is above 18 years of age, and this Agreement is a legal, valid and binding obligation on him/her, enforceable against him/her in accordance with its terms;
- The Borrower declares that they are not prohibited by any law from availing this Credit Line;
- No event has occurred which shall prejudicially effect the interest of the Lender(s) or affect the financial conditions of Borrower or affect his/her liability to perform all or any of their obligations under the Financing Documents;
- The Borroweris not in default of payment of any taxes or government dues
- The Borrower will do all acts, deeds and things, as required by the Lender(s)to give effect to the terms of the Terms;
- No bankruptcy and/or insolvency proceedings have been initiated/are pending against the Borrower;
- All the representations and warranties given by the Borrower shall be subsisting and have a continuing effect at the time of each Drawdown and during the currency of the Credit Line;
- The Borrower hereby consents that the Lender(s) and/ or his authorised representative may communicate with the Borrower either by phone calls, SMS, electronic mails or through any other mode of communication available for the purpose of discussing the current status of his Credit Line or reminder/ collection of any dues in respect of any Credit Line or for any matter related to the Credit Line and such phone calls, SMS, etc., shall not be covered under the purview of “Do Not Disturb” policy of the Telecom Regulatory Authority of India (TRAI). For this purpose, Borrower hereby grants permission to Lender(s), and Lender's Agent to contact the Borrower any time between 0700 hours to 2100 hours from Monday to Sunday. The Borrower may inform if some other time is convenient for the Borrower by calling the customer care department.
- The Borrower agrees that, in the case of telephone communications (including AVR, SMS, mobile applications etc.) or online customer portal, as the case may be, Lender(s), Lender's Agent may require the Borrower to use/ enter a password allotted by Lender(s), Lender's Agent to such Borrower or may ask the Borrower questions about himself and about particulars of the Borrower's account(s) including a personal identification number in order to verify the Borrower's identity and/ or may require a call-back procedure, all as deemed appropriate by Lender(s), Lender's Agent. The Borrower is obliged to keep any password and an identification number designated by or provided to him hereunder as confidential, and he shall be responsible for any consequence that may arise from the use of such password by any other Person. The lender (s), Lender's Agent shall not be liable in any manner for access to the account of the Borrower by use of the user password by any Person whomsoever. The Borrower irrevocably and unconditionally consents to Lender(s), Lender's Agent recording of all the Borrower's electronic communication (e.g. telephone calls, electronic mail, SMS, mobile application or other) and storage of electronic media by Lender(s), Lender's Agent and accepts such recordings and electronic media as evidence with regard to acceptance of all the terms of the Credit Line including, but not limited to, the grant of the Credit Line or loan, levy of any fee/ charges, Interest Amount over each such Credit Line(s), rate of Interest applicable on each such Credit Line, period for each such Credit Line borrowed by Borrower and the number/ amount of monthly instalment Borrower has to pay to Lender(s). The Borrower further accepts that such record may be used by Lender(s), Lender's Agent as evidence in a court of law or any legal proceeding.
- The Borrower gives its consent to each ofthe Lender(s) jointly and severallyto use/store all the information provided by the Borrower or otherwise procured by the Lender(s)in the manner they deem fit including for the purposes of this Credit Line or for its business and understands and agrees that the Lender(s) may disclose such information to their contractors, agents and any other third parties.
- The Borrower understand and agree that any promotional scfheme and/or contest being initiated by the Lender(s) or the Lender's Agent for its customers is independent of these Terms and the Credit Line and such promotional schemes and/or contests do not constitute any kind of solicitation by the Lender(s) or the Lender's Agent. Such promotional schemes and/ or contests shall be governed by the terms and conditions in relation thereto, which shall be carefully read by the Borrower in case the Borrower decides to participate in such schemes/contests. Further, the Borrower agrees and confirms that the Lender(s) or the Lender's Agent shall have the right to withdraw any of the promotional schemes at its sole discretion as per its respective terms.
- The Borrower grant consent to the Lender(s)/Lender's Agent a right to cross sell its other products and services
- The Borrower understand that their communications with the Lender(s) or the Lender' Agent may involve electronic means. The Borrower confirm that it shall be their responsibility to maintain their personal information such as passwords, user id and such related information confidential to avoid any mis-use. The Borrower agree that interaction made by them through electronic means such as email, facsimile, SMS text messaging, websites, online acceptance, etc shall be legal and binding on the Borrower and the Lender(s)/Lender's Agent shall be entitled to rely on the same. The Borrower shall, therefore, take adequate care while using the Website or while giving instructions through the Website or through any electronic means.
- The Lender(s) may at its own discretion and upon Borrower's request, also finance the Borrower for the insurance premium of insurance policy taken by Borrower as per Borrower's own wish from any insurance company of Borrower's choice, which sum(s) shall be added to the principal amount under the Credit Line and all the terms and conditions shall be additionally applicable thereto.
- All expenses, charges, fees, taxes etc. as applicable on any such insurance shall be incurred and paid by the Borrower, however, in case paid by the Lender(s) on Borrower's behalf, the Borrower shall reimburse the same to the Lender within 24 hours of the request made by the Lender(s) or the Lender's Agent.
- In such case, the Borrower shall instruct the insurance company to add the Lender(s) as loss payee in any such insurance policy and hand over a copy of the same in the manner required by the Lender(s) or the Lender's Agent.
EVENTS OF DEFAULTS
The following acts/events, as set out below, shall each constitute an “Event of Default” by the Borrower for the purposes of each Credit Line:
- The Borrower fails to make payment of any Borrower's Dues on Due Date or fails to perform any Obligation;
- Breach of any terms, covenants, representation, warranty, declaration or confirmation under the Financing Documents;
- Any fraud or misrepresentation or concealment of material information by Borrower which could have affected the decision of the Lender(s) to grant any Credit Line; Death, lunacy or any other permanent disability of the Borrower;
- Borrower utilises the Drawdown for any purpose other permissible purpose;
- The occurrence of any events, conditions or circumstances (including any change in law) which in the absolute opinion of the Lender(s) could have a Material Adverse Effect, including limitation of any proceedings or action for bankruptcy/ liquidation/ insolvency of the Borrower or attachment/restraint of any of its assets.
- Breach of any terms of the Financing Documents by the Borrower or performance of Obligations of the Borrower as per terms of the Financing Documents in a manner not satisfactory to the Lender.
- Any default by the Borrower under any other agreement between the Borrower and any creditor or any other agreement or indebtedness of the Borrower or the performance of any covenant, term or undertaking there under or any indebtedness of any of the Borrower is not paid when due or any creditor of the Borrower becomes entitled to declare any such indebtedness due and payable prior to the date on which it would otherwise have become due or any guarantee or indemnity given by the Borrower is not honored, when due and called upon.
CONSEQUENCES OF DEFAULT
- Upon occurrence of any of the Events of Default and at any time thereafter, the Lender(s)shall have the right, but not the obligation to declare all sums outstanding in respect of the Credit Line, whether due or not, immediately repayable and upon the Borrower failing to make the said payments within 15 (fifteen) days thereof, the Lender(s) may at their discretion exercise any other right or remedy which may be available to the Lender(s) under any applicable law, including seeking any injunctive relief or attachment against the Borrower or their assets;
- The Borrower shall also be liable for payment of all legal and other costs and expenses resulting from the foregoing defaults or the exercise of the Lender(s)' remedies.
- The Lender(s) will take the best endeavour to maintain the confidentiality imposed on it by applicable law. The Borrower acknowledges/s, accept/s and consent/s that the Lender(s) shall be entitled to disclose information:(i) (a) to third parties for the purposes of credit reference checks, verification, etc., disclose any information/documents relating to the Borrower under these Terms to Lender's Agent, service providers, Lender's affiliates or to prospective transferees or purchasers of any interest in the Credit Line or as required by law or any government order or direction including disclosure as may be necessary to perform or fulfil any requirement specified by the Reserve Bank of India or as deemed necessary by the Lender(s) while exercising its remedies under these Terms or the other Financing Documents. (ii) (a) Information and data relating to the Borrower, (b) the information or data relating to any credit Credit Line availed of/to be availed by the Borrower, (c) default, if any, committed by the Borrower, for protecting its interests to Income Tax authorities, Credit Rating Agencies or Credit Information Companies or any other Government or any other regulatory Authorities/Bodies/ Departments/authorities as and when so demanded. The Borrower hereby waives the privilege of privacy and defamation explicitly. The Borrower hereby waives the privilege of privacy and defamation expressly. The Borrower further agrees and gives specific consent to the Lender(s) for disclosing/submitting the 'financial information' as defined in Section 3 (13 ) of the Insolvency and Bankruptcy Code, 2016 ( 'Code' for brief ) read with the relevant Regulations/ Rules framed under the Code, as amended and in force from time to time and as specified there under from time to time, in respect of the Credit/ Financial facilities availed from the Bank/ Lender(s), from time to time, to any 'Information Utility' ( 'IU' for brief ) as defined in Section 3 (21) of the Code, in accordance with the relevant Regulations framed under the Code, and directions issued by Reserve Bank of India to the banks from time to time and hereby specifically agree to promptly authenticate the 'financial information submitted by the Lender(s), as and when requested by the concerned 'IU'.
- The Borrower shall not holdthe Lender(s)responsible for sharing and/or disclosing the information now or in future and also for any consequences suffered by the Borrower and/or other by reason thereof. The provisions of this clause shall survive termination of theseTerms and the repayment of the Borrower's Dues.
- The Borrower, as a precondition of the Credit Line given to the Borrower by the Lender(s), agrees that, in case, the Borrower commits default in the repayment on the Due Date, the Lender(s) and/or the Reserve Bank of India, shall have an unqualified right to disclose or publish the name of the Borrower as 'defaulters' in such manner and through such medium as the Lender(s) or Reserve Bank of India in their absolute discretion may think fit.
LENDER'S AGENT AND OTHER SERVICE PROVIDERS
- The Borrower agrees that they have no objection to act through a Lender's Agent and performing duties assigned by the Lender(s) from time to time.
- The Borrower also agrees instructions given by Lender's Agent in relation to Credit Line shall be binding on them as if the same is given by the Lender(s).
- The Borrower confirms that without prejudice to any rights of a Lender(s),Lender's Agentshall be entitled on behalf of a to give instructions to the Borrower, issue notice to the Borrower, collect Repayment Instruments, repayment amount etc.
- The Borrower expressly recognize and accepts that the Lender(s) shall jointly or severally without prejudice to their rights to perform such activities themselves or through their office employees be entitled and have full power and authority so to appoint one or more third parties (hereinafter referred to as“Service Providers”) as the Lender(s) may select and to delegate to such party all or any of their functions, rights and power under Financing Documents relating to the sourcing, administration, monitoring of the Credit Line and to perform and execute all lawful acts, deeds, matters and things connected therewith and incidental thereto including sending notices contacting Borrower, receiving Repayment Instruments from the Borrower in favour of the Lender(s).
- Notwithstanding any suspension or termination of any Credit Line, all right and remedies of the Lender(s) as per Financing Documents shall continue to survive until the receipt by the Lender(s) of theBorrower's Dues in full.
- The Borrower acknowledges that the financing transaction hereunder gives rise to a relationship of debtor and creditor as between him/her/it and the Lender(s) and not in respect of any service rendered/to be rendered by the Lender(s). Accordingly, the provisions of the Consumer Protection Act, 1986 shall not apply to the transaction hereunder.
- The Borrower hereby authorise each of the Lender (s) to verify all information and documents including, income proof documents, residence documents, address proof documents, identity documents and other such documents containing personal and financial information as are submitted by the Borrower for obtaining anyCredit Line, and the Borrower also consents to subsequent retention of the same by the Lender(s).
- The Borrower here by authorizes each of the Lender(s) to perform reference checks about the Borrower in the manner satisfactory to the Lender(s).
- The Borrower acknowledges and authorizes each of the Lender(s) to procure Borrower's PAN No./copy of Pan Card, other identity proof and Bank Account details, from time to time and also to generate/obtain CIBIL, Experian, Hunter reports and such other reports as and when the Lender(s) may deem fit.
- In the event of any disagreement or dispute between the Lender(s) and the Borrower regarding the materiality of any matter including of any event occurrence, circumstance, change, fact information, document, authorization, proceeding, act, omission, claims, breach, default or otherwise, the opinion of the Lender(s) as to the materiality of any of the foregoing shall be final and binding on the Borrower.
- The Borrower acknowledges that each of his/her/its Obligations under these Financing Documents is independent and severable from the rest. If any obligation is found not enforceable by a court of law, for any reason, the Borrower shall continue to remain bound by the other obligations stipulated herein. Each of the provision of the Financing Documents, if prohibited or unenforceable in anyjurisdiction shall not invalidate the remaining provision of the Financing Documents.All Credit Lineand the Financing Documents shall be governed by and construed in accordance with the laws of India;All disputes, differences and / or claims arising out of these presents or as to the construction, meaning or effect hereofor as to the right and liabilities of the parties under the Financing Documents shall be settled by arbitration inaccordance with the provision of the Arbitration and Conciliation Act, 1996 or any statutory amendments thereof orany statute enacted for replacement therefore and shall be referred to the sole Arbitration of a person to be appointed bythe Lender(s).The place of arbitration shall be Delhi.The Arbitrator may lay down from time to time the procedure to be followed by him in conducting arbitration proceedings and shall conduct arbitration proceedings in such manner as he considers appropriate and is hereby expressly authorized to adopt such summary/fast-track procedure for conduct of the proceedings as she/he may deem fit, including dispensing with oral hearings and issue the award within six (6) months from the date the arbitral tribunal enters upon reference. The awards including interim awards of the arbitration shall be final and binding on all parties concerned. The arbitrator may pass the award without stating any reasons in such award; Further, the present clause shall survive the termination of Financing Documents. The Courts at Delhi, India shall have exclusive jurisdiction (subject to the arbitration proceedings which are to be also conducted in Delhi, India) over any or all disputes arising out of the Financing Documents.
- Any notice to be given to the Borrower in respect of Financing Documents shall be deemed to have been validly given if served on the Borrower as per procedure for Demand Notice. Any notice to theLender(s) shall be deemed to have been valid only if received by the Lender(s) at its above-stated address.
- The Borrower may approachLender(s) in case of any grievances pertaining to the Credit Line.
- The Borrower shall not be entitled to jointly or severally transfer or assign all or any of their rights, obligations or duties under the Financing Documents to any person directly or indirectly or create any thirdparty interest in favour of any person without the prior written consent of the Lender(s).
- Assignments/Securitization/Participation by Lender(s). Each Lender reserves the right to assign/sell/securitize the Credit Line forming part of the Credit Line, by transferring and/or assigning or otherwise all its right, title and interest which such Lender(s) deems appropriate and the Borrower hereby expressly agrees t hat in that event, the Lender(s) are not required to obtain any permission or give the Borrower any notice.The Borrower shall be bound to accept any such securitization and any such sale, assignment or transfer and the Borrower shall accept such other party/ies as creditors exclusively or as a joint creditor with the Lender(s), or as a creditor exclusively with the right of the Lender(s) to continue to exercise all powers hereunder on behalf of any such other party. In the Event of Default, any cost in this behalf, whether on account of such sale, assignment or transfer or enforcement of rights and recovery of outstanding dues shall be to the account of the Borrower. The Borrower undertakes to pay third parties the difference between the Credit Line outstanding and the amount received by the Lender(s) in the event of transfer to a third party. The Lender(s) may sell risk participations to one or more persons in all or a portion of its rights and obligations under these Terms and other Financing Documents and Borrower consent to such arrangement by the Lender(s). The Borrower shal l duly execute such other documents as may be requested by the Lender(s) and the risk participating person. The Borrower shall not assign, transfer or novate any interest in its rights and/or Obligations, without the prior written consent of the Lender(s).
- The Financing Documents shall be binding upon and inure to the benefit of the Borrower and the Lender(s) (as may be applicable) and their respective successors and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lender(s). Each Borrower confirms/s that the Credit Line Details Sheet executed by one of the Borrower shall be conclusive evidence of the drawal of the Credit Line and undertake to perform corresponding Obligations.
- Any omission or delay on the part of any of the Lender(s), in exercising any of their rights, powers or remedy, upon failure by the Borrower in the due and punctual fulfillment of the obligations of the Borrower hereunder, shall Noticenot be deemed to constitute a waiver by the Lender(s) of any of their rights to require such due, punctual and full performance by the Borrower.
- The Borrower shall pay all stamp duty, registration cost, fees and out-of-pocket expenses incurred by it in connection with the preparation, execution and delivery of the Financing Documents and the other documents to be delivered hereunder. The Borrower agrees/s to indemnify and hold harmless the Lender(s) from and against any and all claims, damages, liabilities and expenses (including fees of counsel) which may be incurred by or asserted against the Lender(s) in connection with or arising out of any, investigation, litigation, or proceeding (whether or not the lender(s) is party thereto) related to any use or proposed use of the proceeds of the debt by the Borrower. The Borrower shall indemnify the Lender(s) and keep the Lender(s) indemnified in respect of any actions, claims, costs, damages, demands, expenses, losses and liabilities made against, suffered or incurred by the Lender(s) arising directly or indirectly from or in connection with: (i) Any failure by the Borrower to comply with the provisions of the Financing Documents; and/or (ii) Any liability including third-party liability and/or (iii) Any claims, losses, demands, actions, costs, expenses and liabilities incurred or suffered by the Lender(s) because of the representations and warranties are given by the Borrower being false or untrue in a material respect.
- In case of multiple Borrowers, (i) each Borrower agree to act as agent of the other, any Obligation undertaken by a Borrower in favour of the Lender(s) shall be binding on the other; (ii) each Borrower agree that each of them shall have a joint and several liability and responsibility to discharge all and any Obligations towards the Lender(s)as per terms of these Terms and other Financing Documents.
- The grant of the Credit Line by the Lender(s), shall not vest in the Borrower or any other person a right to claim any damages from the Lender(s) or Lender's Agent, for any reason whatsoever.
- The use of Website shall be as per Lender' Agent Terms, a breach of which shall entitle the Lender's Agentor the Lender (s)(as the case may be applicable) to claim for damages, losses suffered by it.
- All covenants, representations, warranties of the Borrower under the Financing Documents shall continue in full force and effect until all Obligations have been satisfied. The indemnification Obligations of the Borrower shall also survive termination of the Financing Documents and shall be deemed to be continuing and in full force and effect, subject to applicable laws. Further, all clauses of the Financing Documents, which are expressly stated as surviving termination of the Financing Documents, shall survive the termination of the Financing Documents.
- BY APPLYING AND BY AVAILING A CREDIT LINE THE BORROWER CONFIRMS HAVING PERUSED, UNDERSTOOD AND AGREED TO THE ABOVE CLAUSES INCLUDING THE LENDER(S) METHOD OF CALCULATING INSTALLMENT AND APPLICABLE CHARGES. THE BORROWER FURTHER CONFIRMS THAT THE TERMS ABOVE AND OTHER DOCUMENTS REFERRED THEREIN HAVE BEEN EXPLAINED TO THE BORROWER IN THE LANGUAGE UNDERSTOOD BY THE BORROWER AND THE BORROWER HAS UNDERSTOOD THE ENTIRE MEANING OF VARIOUS CLAUSES STATED IN THESE TERMS. THE BORROWER IS AWARE THAT LENDER(S) HAS AGREED TO GRANT CREDIT LINE TO BORROWER RELYINGON THE BASIS OF THE REPRESENTATIONS AND WARRANTIES MADE BY THE BORROWER AND THE UNDERTAKING PROVIDED BY THE BORROWER TO ABIDE BY THESE TERMS.