THIS LOAN AGREEMENT (hereinafter the “Agreement”/ “Loan Agreement”) is made and executed at place mentioned in Part B of Schedule I attached hereto and on the date on which the last signatory has signed this Agreement:
By and Between:
BLACKSOIL CAPITAL PRIVATE LIMITED, a company incorporated under the Companies Act, 2013 CIN U67120MH1995PTC084946 and registered as a non-banking financial services company within the meaning of the Reserve Bank of India (“RBI”) Act, 1934 having its registered office address at 1203, Lodha Supremus, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400 013, Maharashtra , Corporate Office Address at Tower A, 502, Peninsula Corporate Park, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400 013, Maharashtra , branch office at Delhi at Innov8 Coworking, Pride Plaza Hotels, Asset 5-A Hospitality District, Aerocity, New Delhi, Delhi 110037; at Guragao at 105, 1st Floor, BPTP Park Centra, Sector -30, Gurugram, Haryana- 122001 (hereinafter referred to as “Lender”, which expression shall, unless it be repugnant to the subject or context thereof, include its successors in interest, administrators, in interest, transferees, novatee and assigns) of the FIRST PART
AND
The Person (as hereinafter defined) named and described more particularly at PART A of Schedule I of this Agreement (hereinafter referred to as the “Borrower”, which expression shall, unless it be repugnant to the subject or context hereof, include successors in interest, administrators, in interest, transferees, novatee and permitted assigns) of the SECOND PART. The Borrower and Co-Borrower, if any, are collectively referred to as the “Borrower(s)”.
The Borrower(s) and the Lender where the context so requires, are hereinafter, collectively referred to as the “Parties” and individually as a “Party”.
A. The Lender is registered as a non-banking finance company with the RBI under the Reserve Bank of India Act, 1934 and carries on the business of retail finance, corporate finance and related activities.
B. The Borrower is in the business as set out in Part A of Schedule I (“Business”). In the course of its Business, the Borrower purchases the goods and services (as hereinafter defined) from the Merchant (hereinafter defined) from time to time and the Merchant raises an Invoice (as hereinafter defined) containing particulars of goods and services supplied and amounts due under such Invoice, as payable by the Borrower (s) for financing the goods and services from the Lender.
C. The Borrower(s) have approached the Lender with a request to avail the Loan to be extended to the Borrower(s) for the purchase of the goods and services as more particularly described in Schedule - III.
D. Pursuant to the facts and circumstances stipulated, the Lender has agreed to grant the Loan (hereinafter defined) to the Borrower the purpose mentioned therein. The grant of Loan is subject to acceptance by the Borrower (s) and adherence to the terms and conditions as set out in Part B of Schedule I of this Agreement, the Sanction Letter (as hereinafter defined, other such documents pertaining to the said Loan forming part of this Agreement as well as such other terms and conditions as may be deemed necessary and notified from time to time by the Lender.
E. The Parties herein agree that the Sanction Letter, Key Facts Statement along with its annexures, Schedules, any additional documents/letters signed by the Borrower (s) in favor and duly accepted by the Lender will form an integral part of this Loan Agreement.
F. The Parties herein are desirous of executing this Agreement as below which sets out the general terms and conditions of the Loan.
NOW, THEREFORE, in consideration of the preceding and the mutual covenants and agreements outlined in this Agreement and based on the representations, warranties, covenants, agreements and indemnities offered by the Borrower(s), the Parties hereby agree as follows.
1.1. For this Agreement, the following words and expressions shall, unless the context otherwise requires, have the meaning set out below:
(a) “Affiliate” means, in relation to any Party, Person which is a body corporate, a subsidiary of that Person or a holding company of that Person or any other subsidiary or a holding company and in relation to any person which is an individual, the Relatives (as defined in the Companies Act, 2013) of such Person.
(b) “Agreement” means this Agreement entered hereto and as amended from time to time and shall include the Sanction Letter, Key Facts Statement along with its annexures duly accepted by the Parties.
(c) “Applicable Law” shall mean any applicable national, provincial, local statute, law, regulation, ordinance, rule, judgment, order including administrative order, decree, ordinance, constitution, clearance, approval, directive, guideline, policy, requirement, or other governmental restriction or decision or determination including those issued the co-operative societies act (whether state or multi -state, as applicable) or by the registrar of the co-operative societies or any similar co-operative regulatory authority, by any central, state or local government legislature, court, tribunal, statutory or regulatory authority whether in effect as of the date of this Agreement or thereafter and in each case as amended from time to time.
(d) “Application Form” means the application form as prescribed by the Lender from time to time and filled and submitted to the Lender by the Borrower(s) to avail Loan from the Lender.
(e) “Borrower(s)” means the Person(s) who is/are the applicant(s) for the Loan and includes the Person(s) named and described more particularly in Part A of Schedule I and in Key Facts Statement. Each Borrower shall be jointly and severally liable to discharge all Obligations (defined below) to the Lender as per the terms of this Agreement and other Loan Documents (as hereinafter defined).
(f) “Business Day” means a day (other than a Saturday, Sunday or public holiday) on which commercial banks and the Lender are open for business in Mumbai or such other place as may be notified by the Lender.
(g) “Charges” shall mean and include upfront charges i.e., Processing Fee, Documentation Charges and any other charges as stipulated in Part B of Schedule 1 of this Agreement, pre-payment charges, collection and recovery charges, legal cost, enforcement expenses, repossession expenses, valuation charges, stamp duty, taxes, governmental levies, expenses incurred by the Lender for preservation, protection or realization of the Security to be paid to the Lender by the Borrower(s).
(h) “Default Charges” shall mean the additional amount calculated and payable by the Borrower(s) to the Lender on account of an event of default as contemplated in this Loan Agreement and Loan Documents as the case may be. The Default Charges are more detailed in Part B of the Schedule I of this Agreement.
(i) “Disbursement” shall mean disbursement of the Loan or any part thereof in the Merchant’s Bank Account of the Borrower(s) and terms “Disbursed” and “Disbursal” shall be construed accordingly in the context in which it is used. “Disbursement Conditions” shall have the same meaning as prescribed in Schedule II.
(j) “Due Date” means each of the dates in a periodic manner on which the Equated Monthly Instalments and Interest together with any other costs, charges and expenses, if any, are due and repayable by the Borrower(s) to the Lender.
(k) “EMI” or “Equated Monthly Instalment(s)” means the instalments of the equal amounts, payable on periodical basis as detailed in Part B of Schedule 1 of this Agreement, as the case may be, towards repayment of the Loan amount.
(l) “Final Settlement Date” shall refer to the date on which all Obligations of the Borrower (s) under this Agreement, have been irrevocably and unconditionally paid and discharged in full by the Borrower (s) to the satisfaction of the Lender in accordance with this Agreement and Loan Documents.
(m) “Interest” shall mean the interest at the rate of Interest Rate payable on the amounts due under the Loan.
(n) “Interest Rate” shall mean the rate more detailed in Part B of Schedule I of this Agreement and also referred in Key Facts Statement, which is agreed by the Borrower(s).
(o) “Key Fact Statement” shall mean the factual and commercial details levied by the Lender on the Loan under the Applicable Law, forming part of the Loan Documents.
(p) “Invoice” shall mean unpaid, unencumbered and genuine tax invoice duly issued by the Merchant in favour of the Borrower (s) in respect of the goods and services, which is / are not disputed and duly accepted by the Borrower (s).
(q) “Loan” shall refer to the amount availed by the Borrower from the Lender, as more detailed in the Party B of the Schedule I of this Loan Agreement and in Key Facts Statement annexed hereto and shall include all interests, costs, Charges, expenses etc. and the aggregate principal amount outstanding for the time being and from time to time under this Agreement (as may be applicable).
(r) “Loan Documents” means this Agreement along with Schedules, Sanction Letter, Key Fact Statement and its annexures, any other documents/ letters, and demand promissory note, if any, executed by the Borrower(s) in favour of the Lender and all other documents, instruments, certificates, and agreements executed by the Borrower(s) or any third party on behalf of the Borrower (s) in connection with the Loan amount and duly executed and accepted by the Lender.
(s) “Lender Account” shall mean the bank account details of the Lender for the purpose of Disbursement of Loan s more detailed in Part B of the Schedule I to this Agreement.
(t) “Material Adverse Change” means to include any changes which in the opinion of the Lender constitute the following or may lead to the following. (a) any delay in the perfection of Lender's charge on the Security (if applicable).;(b) any impairment in the value of such Security (if applicable); (c) any change in the business, operations or condition (financial or otherwise) of Borrower(s). (d) any impairment of the prospect of repayment of any portion of the Obligations. (e) any change in the Applicable Law which adversely affect the legal capacity of the Borrower(s) and/or ability to make repayment or discharge towards any Obligation. (f) if the Lender determines, based on its reasonable judgment, that there is reasonable likelihood that Borrower(s) shall fail to comply with one or more of the covenants, undertaking or warranties are given by the Borrower(s) as per Agreement and Loan Documents.
(u) “Merchant’s Bank Account” shall mean bank account of the Merchant where the Lender shall disburse the loan, as more detailed in Part B of Schedule I of this Loan Agreement.
(v) “Obligations” are Borrower’s responsibility and liability towards the Lender under the terms of the Sanction Letter, this Agreement and the Loan Documents which includes but is not limited to repay the Loan amount when due, pay the debt, principal, interest, expenses and other amounts which the Borrower(s) owes to the Lender now or later, whether under this Agreement, the Loan Documents or such other undertaking or documents, agreement executed by the Borrower(s) to avail this Loan or other loan from the Lender.
(w) “Outstanding Dues” shall mean the amount standing in relation to the Loan at any time during the Loan Term, together with Interest, Charges, Default Charges and repayment dues and includes all amounts owed to the Lender by the Borrower pursuant to the terms of this Agreement and the Loan Documents.
(x) “Person” shall include individual, partnership firm, company, association of persons, society as mentioned & stipulated as per the 2(31) of Income Tax Act, 1961.
(y) “Prepayment” means premature repayment of the Loan by the Borrower(s) as per the terms of this Agreement and as per conditions laid down by the Lender in that behalf in Clause 3.3. of this Agreement and as in force at the time of Prepayment. The pre-payment charges presently applicable are mentioned in Part B of Schedule I and in the Key Facts Statement.
(z) “Purpose” means the lawful purpose for which the Loan is granted/agreed to be granted to the Borrower by the Lender, more specifically described Part B of Schedule I of this Agreement and in the Key Facts Statement.
(aa) “RBI” shall mean the Reserve Bank of India, established under the Reserve Bank of India Act, 1934.
(ab) “Repayment Instrument” means instruments as stipulated in Schedule I of this Agreement or such other instruments as may be prescribed by the Lender and issued by the Borrower(s) for facilitating repayments during the currency of this Agreement.
(ac) “Rupee(s)” or “Rs” or “INR” shall mean the lawful currency of India for the time being in force.
(ad) “Sanction Letter” means the letter issued by the Lender sanctioning the Loan to the Borrower(s), the term of which are detailed in Schedule I of this Agreement and also referred in Key Facts Statement of this Agreement and may be amended and informed by the Lender to the Borrower(s). Each of such amendment will form part and parcel of this Agreement and shall be binding on the Borrower(s) prospectively.
(ae) “Security” shall have the meaning set out in this in Part B Schedule I of this Agreement and as detailed in Key Facts Statement.
(af) “Tax” or “Taxes” shall mean any and all present and future taxes, including without limitation, taxes pertaining to gross receipts, sales, turn- over, value-added, use consumption, property, income, franchise, capital, occupational, license, excise and documentary stamps, Good and Services Tax (“GST”), customs and other duties, assessments, or fees, however, imposed, withheld, levied, or assessed by any country or Governmental Authority in the country or abroad.
(ag) “Tenure” shall mean the repayment of the Loan as specified in the Part B of Schedule I of this Agreement and the Key Fact Statement, commencing from the date of disbursement of the Loan and comprising the number of Equated Monthly Instalments set out in the Repayment Schedule.
1.2. Interpretation:
(a) Any expression not defined herein but defined in the General Clauses Act, 1897 shall have the meaning assigned there;
(b) The singular includes the plural (and vice versa);
(c) Reference to any gender includes all genders;
(d) In the event of any disagreement or dispute between the Lender and the Borrower(s) regarding the materiality or reasonableness of any matter including of any event, occurrence, circumstance, change, fact, information, document, authorisation, proceeding, act, omission, claims, breach, default or otherwise, the opinion of the Lender as to the materiality or reasonableness of any of the foregoing shall be final and binding on the Borrower(s);
(e) The terms and conditions contained in this Agreement are in addition to and not in derogation of the terms and conditions of the Sanction Letter. However, in the case of any conflict of provision, or difference in interpretation between the Sanction Letter and this Agreement, the terms stipulated in this Agreement shall prevail.
(f) To a document including this Agreement is a reference to that document including any Schedules, as amended, consolidated, supplemented, novated or replaced;
2.1. Purpose. Subject to the terms and conditions outlined in this Agreement, the Lender shall extend to the Borrower(s), the Loan to an amount specified in Part B of Schedule I of this Agreement and in the Key Facts Statement hereunder. The Loan shall be utilised by the Borrower(s) only for the Purpose specified in Part B of Schedule I of this Agreement and in the Key Facts Statement and for no other reason or purpose whatsoever.
2.2. Payment of Processing Fee. The Borrower(s) jointly and or severally agree that upon execution of this Agreement, the Processing Fee as mentioned in Part B of Schedule I of this Agreement and in the Key Facts Statement shall duly accrue in favour of the Lender and the Borrower(s) shall be liable to pay the same together with execution of the Agreement. Subject to the aforesaid, no Loan amount shall be permitted to be drawn without payment of the same.
2.3. Documentation Charges. The Borrower(s) agree/s to reimburse the Lender the documentation charges as mentioned in Part B of Schedule I of this Agreement and Key Facts Statement prior to seeking any disbursement of Loan amount. The Borrower(s) shall be liable to pay the same. Subject to the aforesaid, no Loan amount shall be permitted to be drawn without payment of the same.
2.4. Disbursement of the Loan. The Borrower hereby unconditionally and irrevocably authorizes and consents that the Loan shall be disbursed to the Merchants Bank Account, details of which shall be provided by the Borrower /Merchant, for the benefit of the Borrower, as more detailed in Part B of the Schedule 1 of this Agreement. The Disbursement of the Loan shall be upon the fulfillment of the Disbursement Condition to complete satisfaction of the Lender. No Disbursement shall constitute a waiver of any breach, default or condition precedent which the Lender may subsequently discover.
2.5. Availability. The Loan shall be available for disbursement during the availability period only. On the expiry of the availability period, any unutilized portion of the Loan, which may be made available by the Lender, shall immediately and automatically stand reduced to zero. Notwithstanding any cancellation, all the provisions of this Agreement for the benefit or protection of the Lender and its interests shall continue to be in full force and effect as specifically provided in this Agreement and the other Loan Documents. The Borrower shall acknowledge that the Lender may, at its sole and absolute discretion, and without prior permission of the Borrower enhance, reduce, cancel, or otherwise extinguish the Loan without giving any reason and the Borrower confirms that the same shall be binding upon and acceptable to the Borrower.
2.6. Default Charges. The Borrower(s) specifically agree/s that in the event of default including but not limited to any monies remain due and payable by the Borrower(s) to the Lender, which have not been paid by the Borrower(s) on the respective Due Date, such due and unpaid amounts shall carry further interest at the Default Charges mentioned Part B of the Schedule I of this Agreement and in Key Facts Statement. Default Charges will be computed from the respective Due Date and shall become payable to the Lender with monthly rests, or such other rests as may be prescribed by the Lender from time to time, and shall be payable on the Due Dates. Further in the event that the Borrower(s) fail/s to comply with any of the terms of Sanction Letter or this Agreement, the Borrower(s) shall thereafter make payments of all Outstanding Dues at such rate mentioned Part B of Schedule I of this Agreement and in the Key Facts Statement. Provided, however, the levy of Default Charges under this section shall not prejudice the exercise of any rights and remedies available to the Lender as per Applicable Law.
2.7. Authority to Charge. The Borrower(s) hereby unconditionally and irrevocably authorise/s the Lender to charge from the Loan amount, the amount due to it from the Borrower(s) under the following heads (as may be applicable as per terms of the Sanction Letter). (a) Processing Fee; (b) documentation charges; (c) Stamp duty, legal expenses and collection charges; (d) Default Charges; and/or (e) Prepayment charges. Upon the Lender charging the same from the Loan amount, the charges shall form as an admitted liability of the Borrower(s).
2.8. Tenure. Subject to the terms of this Agreement and other Loan Documents the Loan amount shall be fully repaid by Borrower(s) within the Tenure mentioned in Part B of the Schedule I of this Agreement and in Key Facts Statement hereof.
2.9. The Borrower confirms that all particulars, information and details provided by him/her are true, correct, complete and up to date in all respects and that he/she has not withheld any information whatsoever. The Borrower acknowledges that he/she has understood the terms and conditions of the Loan product of the Lender and agrees to abide by the same. The Borrower further authorizes the Lender to obtain, extract, exchange, share and disclose all information relating to his/her Loan details and repayment history to and from other banks, financial institutions, credit bureaus and agencies, as may be required, and shall not hold the Lender liable for use of such information. The Borrower acknowledges that the Lender shall have absolute discretion, without assigning any reason (unless required under the Applicable Law), to reject the loan application and shall not be responsible or liable in any manner whatsoever for such rejection or for any delay in notifying the Borrower of such rejection. The Borrower further agrees that the Lender shall not be liable for any costs, losses, damages, expenses or other consequences arising from such rejection of the application. The Borrower agrees to submit, sign and execute all the Loan Documents, this Agreement and such undertakings and other documents as may be prescribed or required by the Lender from time to time. Further, the Borrower agreed that all the applicable stamp duty, Charges and levies in relation thereto shall be borne and paid by the Borrower. The Borrower hereby authorizes the Lender to undertake the necessary Central Know Your Customer (CKYC) procedures and disclosures for the purpose of verifying and maintaining the Borrower's identity information in accordance with applicable regulatory guidelines. The Borrower further expressly consents to the Lender obtaining credit information reports, including a CIBIL verification, for the purpose of assessing the Borrower's creditworthiness and eligibility for the financial transaction requested, in accordance with applicable legal and regulatory requirements. The Borrower further authorises the Lender to verify information from governmental databases, CKYC, credit information companies, service providers, account aggregators (where applicable), and any third-party agency permitted under Applicable Law. Further, the Borrower shall immediately notify the Lender of any material change in address, employment, income, business, ownership, bank account, contact details or any fact having a bearing on repayment capacity.
3.1. Repayment. The Loan shall be repayable (in part or full) as per the repayment schedule, which shall be separately shared by the Lender upon disbursements of the Loan along with the welcome letter. The said repayment schedule shall be similar to the indicative repayment schedule as mentioned in Schedule IV, notwithstanding anything contained in this Agreement or any other Loan Documents. Subject to the aforesaid, the Borrower(s) agree/s to pay the Loan together with Interest Rate accrued as per terms hereof. The Borrower(s) shall repay the Loan on the respective Due Date, in accordance with the terms set out in Part B of Schedule I and the Key Facts Statement hereof. If the Due Date is a non-Business Day, the Borrower(s) shall be liable to make the payment or discharge such other Obligations on the previous working day. The Borrower(s) agree/s that the amounts mentioned in Key Facts Statement, may be varied at the Lender's sole discretion. The Borrower(s) agree/s that the repayment shall commence as per the repayment schedule. The Borrower(s) shall honour all payments without fail on first presentation of Repayment Instrument on the Due Date. The Borrower(s) also agree that they shall not dispute Lender’s method of calculating EMI. In case of an event of Default, the Borrower shall be liable to pay Default Charges, in addition to the Interest. Default Charges shall be payable from the date of occurrence of default and will be applicable till the date the default is cured to the satisfaction of the Lender.
3.2. Repayment Instruments. The Borrower(s) shall submit Repayment Instruments as defined above or as may be required by the Lender from time to time. The Borrower(s) agree/s that no notice, reminder or intimation shall be required to be given by the Lender to the Borrower(s) before the presentation of any of the Repayment Instruments and insurance premia cheques, as applicable, to the respective drawee banks for encashment thereof. Each of the Repayment Instrument shall be deemed to have been drawn on the date that shall appear on each of such Repayment Instrument. The Lender shall be entitled to present the appropriate Repayment Instruments in respect of an EMI at any time on or after the Due Date of such EMI or for any payment due. In the event the Lender does not for any reason deposit the Repayment Instruments before the expiry of the validity of the Repayment Instruments, the Borrower(s) shall deliver to the Lender within seven (7) days of a request by the Lender in this regard, a new Repayment Instruments of a similar amount. The Borrower(s) confirm/s to the Lender that the Borrower(s) shall not instruct their bankers to stop payment of the Repayment Instruments. The Borrower(s) shall also not instruct the Lender to withhold depositing the Repayment Instruments. Any non- presentation/delayed presentation of the Repayment Instruments due to any reason will not affect the liability of the Borrower(s) to pay the instalments on time. The Borrower(s) shall replace the Repayment Instruments / issue fresh Repayment Instruments, if so, required by the Lender. If the Borrower(s) wish to swap/interchange the Repayment Instruments issued by him/her/them, the Borrower(s) may do so on paying the Lender swap charges stipulated by the Lender from time to time. Any costs including applicable Taxes, incurred in this regard shall be borne by the Borrower(s). The Borrower(s) shall be liable to pay dishonour charges for the bounce of each Repayment Instrument. In addition to replacing the bounced Repayment Instruments by a demand draft or paying cash in lieu of the bounced Repayment Instruments, the Borrower(s) shall also be liable for Default Charges on the Outstanding Amount from the Due Date of the EMI till the date of receipt and/or realization of payment and shall also be liable to reimburse the Lender Charges, costs and expenses, including legal fees, and other collection expenses as per actuals. Nothing contained in this clause shall prejudice the other rights of the Lender in law or otherwise. If any of the Repayment Instrument issued by the Borrower(s) bounces and the Borrower(s) issue/s another Repayment Instruments in lieu of the bounced Repayment Instruments or deposits the amount in cash in respect of the bounced Repayment Instruments, the Lender shall have the right to retain the bounced Repayment Instruments in its record and/or destroy the same as the Lender may deem fit and proper. The Borrower(s) shall not insist and/or demand the return of the said bounced Repayment Instruments under any circumstances. In the event of foreclosure or closure of the Loan, the Lender shall return the Repayment Instrument, if any, lying with the Lender to the Borrower(s) within sixty (60) days’ time to be calculated from the date when the Lender receives the request from the Borrower(s). If the Borrower(s) does/do not collect the unutilized Repayment Instruments from the Lender within the said period, the Lender shall have the right to destroy the same, as it may deem fit and proper. The Borrower(s) shall not have any right to demand the return of the said Repayment Instruments after the expiry of the said period. The Borrower(s) may issue stop payment instructions for all the unutilized Repayment Instruments. Further the agrees that the Borrower's obligation to repay shall be absolute and unconditional and shall not be subject to any set-off, counterclaim or deduction whatsoever and the Borrower The Borrower shall always maintain sufficient balance in the designated account on the Due Date.
3.3. Prepayment. The Borrower may within the Cooling -Off Period as stipulated in the Part B Schedule I of this Agreement and the KFS repay the facility without the requirement to pay any prepayment charges. After the Cooling Off Period, the Borrower(s) will have the option to prepay the Outstanding Dues or any part thereof with pre-payment charges as specified in the Part B Schedule I of this Agreement and in Key Facts Statement, upon giving the Lender at least 7 (seven) days prior written notice intimating the same. Any such notice of Prepayment, once given, shall be irrevocable, and the Borrower(s) shall be bound to make the Prepayment of the amount(s) specified therein. The Pre-payment of the Loan shall be subject to the terms and conditions:
(a) The Borrower (s) shall be eligible to make a part Prepayment or foreclosure only after payment of at least one (1) EMI.
(b) In the event the Borrower (s) makes a part Prepayment or foreclosure prior to the payment of the first EMI, the Lender shall be entitled to deduct the interest component of the first EMI from such payment, and the balance amount shall be adjusted against the outstanding principal of the Loan.
(c) The minimum amount of any Part Prepayment shall not be less than the equivalent of two (2) EMI.
(d) After making any part Prepayment, the Borrower shall make payment of at least one (1) subsequent EMI before making any further part Prepayment.
(e) Any part Prepayment or foreclosure shall be subject to applicable prepayment/foreclosure charges, taxes, and procedural requirements as specified by the Lender.
(f) Upon any Pre-Part Payment, the Lender shall have the discretion to either (a) reduce the EMI amount while keeping the loan tenure unchanged, or (b) reduce the loan tenure while keeping the EMI amount unchanged.
4.1. Security Deposit. The Security Deposit forming part of the Security will be detailed in Part B Schedule I of this Agreement and shall also be me mentioned in the Key fact Statement. The Borrower (s) shall ensure that the Security Deposit, if applicable, is created on or prior to the drawdown of the Loan or the Disbursement. The Lender shall be entitled to appropriate the Security Deposit towards the recovery of any Outstanding Dues, if such amounts remain due and payable by the Borrower(s) beyond the Due Date. Any deficit/shortfall in the amount of the Security Deposit occurring due to any reason whatsoever (including for the reason where the Lender utilizes the amount of Security Deposit towards servicing the Outstanding Dues by the Borrowers to the Lender under the Agreement), shall be replenished/made good by the Borrowers within 5 (five) days of such deficit/shortfall. Subject to the discharge of all dues owed by the Borrowers to the Lender under this Agreement to the satisfaction of the Lender, the Lender shall refund the Security Deposit to the Borrowers on closure of the Loan.
5.1. The Borrower(s) jointly and severally represents and warrants to the Lender the following:
(a) The Borrower(s) is/are an eligible Borrower(s) and has full power and authority to execute, deliver and perform Obligations under this Agreement.
(b) The Borrower(s) has/have obtained and done all that is necessary to give effect to all authorization, approvals, consents, licenses and permissions required in or by the laws of India in relation to this Agreement, security documents and the Security.
(c) The Borrower(s) assure/s that after the application for grant of the Loan there has been no material change, which would affect the acquisition of the Security.
(d) The Borrower(s) has/have disclosed /furnished all facts /information to the Lender through the Loan Application or otherwise in respect of the Loan and all information in this Agreement or any supporting documents or otherwise howsoever is absolutely true, correct and complete in all respects and that no fact or information necessary to be furnished by the Borrower(s) has/have been omitted in order to induce the Lender to provide the Loan.
(e) The Borrower(s) has/have not violated any covenants conditions or stipulations under any existing Agreements entered into by the Borrower(s) with any party, by availing the Loan from the Lender.
(f) The Borrower(s) shall ensure that there is no Material Adverse Change during the tenure of the Loan.
(g) All statutory books, records and registers of the Borrower(s) have been properly kept in all material respects and no notice or allegation that any of them is incorrect or should be rectified has been received. All material returns and particulars, and other documents which the Borrower (s) is required by law to file with or deliver to a Person or governmental authority have been correctly made up, duly filed and/or delivered;
(h) The Borrower(s) shall continue to comply and be in compliance with all laws, regulations, guidelines, notifications, etc. issued by the authorities concerned from time to time. The Borrower has not, and none of its officers, agents or employees has/have, committed or omitted to do any act or thing the commission or omission of which is in contravention of any law;
(i) Notwithstanding anything contained in this Agreement, the Borrower(s) shall keep the Lender informed about any change in its Know Your Customer (“KYC”). Such KYC shall be including but not limited to any change in the pan card details, deeds, place of business or residence (as maybe applicable) or any other document submitted to the Lender for its reference and perusal purposes;
(j) The Borrower is not insolvent or unable to pay any of its subsisting indebtedness to any creditor (within the meaning of applicable legislation) and no person has taken any action nor, as far as it is aware, has any steps been taken or legal proceedings been started or so far as it is aware against it for its winding up, dissolution or reorganisation, the enforcement of any Encumbrance over any material part of its assets or for the appointment of a receiver, administrative receiver, administrator, or similar officer of it or of any material part of any or all of their assets or revenues;
(k) As on the date of this Agreement, there are no litigations which have been initiated or pending in respect of the Borrower;
(l) There are no pending claims, demands, litigation, arbitration or proceedings in relation to due filing of any taxes;
(m) They have not been included in any list of defaulters by any regulatory / statutory authority and/or banks and/or financial institutions and/or non-banking financial companies, etc;
(n) The Borrower/s shall give Repayment Instrument for the complete repayment of the Loan being fully aware of the fact that dishonor of any Repayment Instrument is a criminal offence under the Negotiable Instruments Act, 1881/The Payment and Settlements Act, 2007 (as may be applicable). No notice, reminder or intimation will be given regarding the presentation of the Repayment Instruments by the Lender.
(o) The Borrower shall at all times abide by the laws in India, and in particular, the provisions of the Prevention of Money Laundering Act, 2002.
(p) The Borrower/s will be required to pay through Deduction Against Salary (DAS), in cases where his/her employer is registered with the Lender for Deduction Against Salary. If at any time during the tenor of the Loan the Borrower/s leaves his/her current employment, he/she will be required to provide Repayment Instrument for the balance period of the Loan.
(q) The Borrower/s may also give the Lender a mandate/authorization for payment through direct debit, in the prescribed form of the Approved Bank, towards payment of each Installment.
(r) That the Borrower/s has/have paid all public demands such as Income Tax and all other taxes and revenues payable to the Government of India or to the Government of any State or to any local authority, and that at present there are no arrears of such taxes and revenues due and outstanding.
5.2. The Loan amount Disbursed by as provided in this Agreement shall be deemed to be disbursement to the Borrower(s) directly.
5.3. The Borrower(s) confirm/s that the representations, warranties and covenants contained herein and as per other provisions of this Agreement shall be deemed to be repeated by the Borrower(s) on and as of each day from the date of this Agreement until all sums due or owing hereunder by the Borrower(s) to the Lender have been paid in full, as if made reference to the facts and circumstances existing on such day.
6.1. The Borrower(s) jointly and severally agree as follows:
(a) Perform all Obligations to Lender as agreed herein and on a timely basis as mentioned in herein as per terms of other Loan Documents.
(b) Obtain and do all that is necessary to maintain in full force and effect all authorizations, approvals, consents, insurances, licenses, permissions and renewals required under the Applicable Law in relation to this Agreement, each of the Security Documents and the performance of Obligations hereunder.
6.2. It shall be the Borrower(s) obligation to keep himself/herself/itself acquainted with the rules of the Lender from time to time.
6.3. The Borrower(s) warrant/s that he/she/it/they shall have and maintain sufficient balance in the account of the drawee bank for payment of Repayment Instruments.
6.4. It shall not engage in any activity covered under the Environmental, Social and Governance Policy of the Lender.
6.5. The Borrower shall intimate the Lender immediately of any change in the residential/office address, as well as any change in the bank account through which the Borrower/s has/have issued the Repayment Instrument and related instructions.
6.6. The Borrower shall continue to allow salary and/or business proceeds to be deposited in the account from which Repayment Instrument have been issued to the Lender and/or standing instructions have been issued for debit from the Borrower/s’ account for repayment of the Loan, and shall not change the salary account and/or the business and/or profession without the prior written permission of the Lender.
6.7. The Borrower/s shall forthwith intimate any change of employment or status of employment and/or business or profession, pursuant to which the Lender shall have the discretion to terminate these Terms and Conditions if it deems fit. Upon such change, the Borrower/s shall intimate the Lender the name and address of the new employer, business and/or profession and make arrangements for salary/proceeds to be deposited in the Borrower/s’ account with the Lender.
6.8. The Borrower/s shall ensure that no part of the Loan shall be utilized for any illegal purposes and/or immoral activities, gambling, lottery, races and activities speculative in nature and/or such other activities of similar nature.
6.9. The Borrower/s hereby authorizes the Lender to take possession and to sell any products purchased from the Loan proceeds to recover the Outstanding Balance including any interest, charges, etc.
6.10. Key Fact Statement (“KFS”)
(a) The Lender shall provide Key Fact Statement to the Borrower before the execution of this Agreement in format as per the Applicable Law.
(b) The Lender shall share the copy of the documents executed digitally between the Lender and the Borrower including this Agreement, Key Fact Statement, summary of products, Sanction Letter, terms and conditions, account statements etc. to the Borrower’s registered/verified email address/SMS to the registered mobile number of the Borrower, upon execution of the documents or the same can be accessed/ downloaded by the Borrower.
7.1. The Lender may by a written notice to the Borrower (s), claim all sums outstanding under the Agreement to become due and payable to the Lender for the Loan upon occurrence (in the sole decision of the Lender) of any one or more Event of Default, unless specifically waived in whole or in part in writing by the Lender.
7.2. The Borrower(s) expressly, irrevocably, jointly and severally agree with the Lender that in the Events of Default means to include the following (“Event of Default”):
(a) Financial Event of Default: In respect of a default under this clause, the Borrower (s) shall remedy the default immediately, If the Lender is unsatisfies with the remedy of such default, then the Lender shall have a right to call it an Event of Default and can enforce the right available to it immediately thereafter, as per the Loan Documents and this Agreement. Below are scenarios for financial event of default:
(i) Non-payment - The Borrowers delay or fails to repay the Outstanding Due amounts as on the Due Date including but not limited Charges, and any costs that the Lender has levied in this Agreement herein etc.
(ii) Financial cross-default - The Borrowers have not paid or have admitted in writing its inability to pay any of its financial indebtedness as they mature or when due or otherwise becomes due and payable prior to its specified maturity as a result of any actual or potential default, Event of Default, or any similar event (however described).
(b) Other event of Default:
(i) The Borrower(s) fail/s duly to perform any obligation or commits any breach of any of the terms, representations, warranties, covenants and conditions herein contained or has made any misrepresentations to the Lender; or
(ii) The Borrower(s) (in case of an individual) dies or takes any steps, or any steps are taken with a view to him being made insolvent in any jurisdiction or with a view to appointing a receiver, trustee or similar officer of any of his assets; or
(iii) Any of the Repayment Instrument delivered or to be delivered by the Borrower(s) to the Lender in terms and conditions hereof are not encashed for any reason whatsoever on presentation; or
(iv) The Borrower(s) issue/s instructions to stop payment of Repayment Instrument for any reason whatsoever; or
(v) Any information was given by the Borrower(s) in the Loan application to the Lender for financial assistance is found to be misleading or incorrect in any material respect or any representation or any warranty referred in this Agreement is found to be incorrect; or
(vi) If there arise any Material Adverse Change on the Borrower(s); or
(vii) If the Borrower/s fails to deliver Repayment Instrument for the Installments;
(viii) Any Repayment Instrument issued by the Borrower/s in favour of the Lender is dishonored by the Borrower’s bank;
(ix) Any default by the Borrower(s) under any other agreement between the Borrower(s) any creditor or any other agreement or indebtedness of the Borrower(s) or the performance of any covenant, term or undertaking there under or any indebtedness of any of the Borrower(s) is not paid when due or any creditor of the Borrower(s) become/s 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(s) is not honored, when due and called upon.
7.3. Consequences of Event of Default: Upon occurrence of Event of Default, the Lender, without notice to the Borrower (s), in its sole discretion shall take any of the following actions:
(a) In any case of an Event of Default, without prejudice to the other rights and remedies of the Lender, the Lender may (but shall not be bound to do so), without the specific intervention of a court or any court order, by written notices to the Borrower(s) declare the Loan to be immediately due and payable, whereupon the same shall become payable together with accrued Interest Rate thereon and any other sums then owned by the Borrower(s) herein. On the question, whether any of the above events/circumstances has/have occurred/happened, the decision of the Lender shall be final, conclusive and binding on the Borrower(s).
(b) either waive or provide a cure period to the Borrower (s) to remedy such Event of Default;
(c) declare that all or part of the Outstanding Due Amount shall be immediately due and payable;
(d) cancel any part of the Loan which has not been utilised;
(e) charge Default Charges;
(f) declare that the Security (if applicable) created pursuant to this Agreement and the Loan Documents has become enforceable;
(g) give written notice to Merchant calling Merchant to suspend all business with the Borrower(s) until further notice from Lender;
(h) accelerate the maturity and repayment of all amounts due under the Loan;
(i) assign whole or part of this Agreement along with any rights and obligations under the Loan Documents to any Person, including any competitor of the Borrower (s), at the sole cost of the Borrower (s) and without the prior written approval of the Borrower (s);
(j) apply for the winding up/ liquidation of the Borrower (s) under the Insolvency and Bankruptcy Code, 2016 (“IBC”) including appointment of an Insolvency Resolution Professional;
(k) Resolution as per Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;
(l) commission a financial audit, systems audit, code of conduct assessment and portfolio audit of the Borrowers;
(m) exercise such other rights as may be available to the Lender under all applicable laws and the Transaction Documents; and/ or
(n) disclose details of the Borrower (s) and the Loan to Credit Information Bureau (India) Limited (“CIBIL”) and any other credit rating agency authorized in this behalf by the RBI and impose such other terms and conditions as may be decided by the Lender including publishing the details of each of the Borrowers and the Facility in such manner and through such medium as the RBI, or CIBIL may direct.
(o) to appoint solicitors, legal advisers, accountants and other professional qualified Person(s) to assist the Lender to carry out the purposes set out herein at the expense of the Borrowers;
(p) to take any of the actions mentioned in the Enforcement clause of this Agreement.
8.1. The Borrower (s) shall at all times comply with the environmental, health, safety and social (EHSS) requirements, all the environmental laws, permissions and clearances issued there under and maintenance of documents to be able to demonstrate compliance with the same to the Lender.
8.2. The Borrower (s) shall comply with the following general environment and social conditions, which shall be monitored during the tenure of the Agreement and Lender shall have right to annual audit of the compliance of these conditions:
(a) The Borrower(s) shall ensure that the workforce engaged by it, can work safely, avoiding any workplace safety incidents and/or avoid impact to safety of local communities.
(b) The Borrower(s) shall ensure that the workforce engaged by it, its contractors and sub-contractors, are regularly paid with due wages and provided with committed benefits, in compliance with applicable laws including labour welfare.
(c) The Borrower(s) shall ensure that emergency response preparedness to accidents is periodically tested through mock drills.
(d) The Borrower(s) shall provide sufficient details to the Lender to evaluate the environmental & social performance of the project/business.
(e) The Borrower(s) shall intimate Lender at the earliest of any incidents (resulting in fatalities / serious injuries to workers or nearby communities, asset damage) due to project activities or extreme weather conditions experienced in project area.
(f) The Borrower(s) hereby undertakes that he/she/ it shall not be engaged directly or indirectly in any activity which could endanger or adversely impact the social and economic environment of the country.
(g) The Borrower(s) shall not indulge and/or have to do with any act/incidence of bribery or fraudulent activity in their dealings with any person/ entity /government or other stakeholders related to business of Lender.
8.3. The Borrower(s) shall, if not already compliant with the requirements under the Lender’s ESG Action Plan (“ESG Plan”), agree with the Lender on the ESG Plan in the form and substance satisfactory to the Lender. The Borrower shall immediately intimate the Lender upon becoming aware of any actual or potential breach of, or non-compliance with, any of the following:
(a) the Borrower(s) engaging in any activity covered under the Environmental, Social and Governance Policy (ESG Impact Exclusion List.pdf);
(b) the Borrower(s) employing any child labour or failing to comply with the provisions of the Child and Adolescent Labour (Prohibition and Regulation) Act, 1986;
(c) the Borrower(s) engaging any person in contravention of the Bonded Labour System (Abolition) Act, 1976 or unlawfully compelling any person to labour against such person’s will; or
(d) the Borrower(s) failing to comply with the provisions of the Occupational Safety, Health and Working Conditions Code, 2020.
9.1. If the Borrower(s) fail/s to perform any of the Obligations herein and the same (if capable of remedy) is not remedied to the satisfaction of the Lender within the period to be specified by the Lender or any of the “Event of Default” as per this Agreement arise (whether demand for repayment is actually made or not) then and in such case and at any time thereafter, the Lender through its officers, agents or nominees shall have the right to take any one or more than one of the following actions without the specific intervention of a court or any court order:
(a) To sell, dispose of any of the Security (if applicable) for and on behalf of the Borrower and at the risk of the Borrower in all respects and to realise full or any part or portion of the sale proceeds thereof and sign and execute all contracts, declarations and instruments as may be necessary or expedient for giving delivery thereof;
(b) To take all such steps as may be required for the recovery of any of the Security (if appicable), including the institution of any claim, suit, petition or other legal process and the signing and execution of all necessary vakalatnamas and documents for the said purpose and the compromising or settlement of such suit or action;
(c) To sign all papers, correspondence, vouchers, forms, applications, petitions, receipts, documents, deeds, indentures and writings that the Borrower would be bound to do under or in pursuance of these presents and/or the Loan for and behalf of the Borrower and to attend before any authority and admit execution thereof;
(d) To do, perform and execute all acts, deeds, matters and things relating to concerning these presents as fully and effectually as if Borrower had personally performed or executed the same;
(e) To ratify and confirm all and whatsoever the Lender shall do cause to be done to the Security by virtue of these presents;
(f) That the aforesaid powers have been granted for valuable consideration and as such shall be irrevocable in nature till such time as any amounts remain due owing or payable under or in respect of or in pursuance of the Loan and/or these presents;
(g) As attorney for and in the name or otherwise to recover and receive and/or appoint receiver of the Security or any part thereof, give notices and demands to debtors and third parties liable therefor and sue for, recover, receive and give receipts for the same and to sell or realize by public auction or private contract or otherwise dispose off or deal with all or any part of such debts and enforce, settle, compromise, or deal in any manner with the Security or any part thereof, and to apply the net proceeds thereof in the manner and for the purposes mentioned herein for the application of insurance money. If, however the net proceeds realized from the Security are insufficient to cover the indebtedness of the Borrower to the Lender then the Borrower shall forthwith pay to the Lender the deficiency;
(h) Shall be at liberty from time to time or at any time at its discretion but at the risk and on account of the Borrower(s) to enter into all contracts in India or elsewhere for the protection of its Interest as it shall think fit and the Borrower shall pay to the Lender any monies which may become payable under or by virtue of such hedge forward or other contracts;
(i) To appoint any receiver, agent, manager or other person to exercise all or any of the powers hereby vested in the Lender, to the Security hereby created and shall be entitled to recover and receive from the Borrower the remuneration and/or charges of such Receiver, agent, manager or other person as aforesaid.
9.2. The Borrower(s) hereby agree/s and authorise/s the officers, agents and nominees of the Lender to do and exercise any one or more than one of the acts and powers mentioned in this Agreement.
Notwithstanding anything to the contrary expressed or implied:
(a) The Lender shall not be bound to exercise any of the powers mentioned in this Agreement or any Security documents; or
(b) If the Lender exercises any one or more powers mentioned in this Agreement the same shall be without prejudice to the Lender's rights and remedies of any suit or any legal proceeding either pending or that may be initiated against the Borrower(s) in law; or
(c) The Lender or its officers, agents or nominees shall not be in any way responsible for any loss, damage, limitation or depreciation that the goods and services from Merchant may suffer or sustain on any account whatsoever whilst the same is in possession of the Lender, its officers, agents or nominees or because of exercise or non-exercise of the rights, powers, or remedies available to the Lender or its officers, agents or nominees and all such loss, damage or depreciation shall be charged to the account of the Borrower(s) howsoever the same may have been caused; or
(d) Neither the Lender nor its agents, officers or nominees shall be in any way responsible and liable, and the Borrower(s) hereby agree/s not to make the Lender or its officers, agents or any nominees liable for any loss, damage, limitation or otherwise for any belongings and articles that may be kept or lying in the
10.1. Amendments. An amendment or waiver of any provision of this Agreement and other Loan Documents, or a consent to any departure by the Borrower(s) therefrom, shall be effective against the Lender only if, it shall be in writing and signed by the Lender, and then such a waiver or consent shall be effective only in the specific instance and for the specific purpose for which it is given.
10.2. Appropriation. Unless otherwise agreed to by the Lender, any payments due and payable under this Agreement and made by the Borrower(s) shall be appropriated towards such dues in the following order, viz., (a) Interest on costs (if any), fee/commission, charges, expenses and other monies; (b) Costs, charges, expenses and other monies; (c) Further interest and liquidated damages on defaulted amounts; (d) Interest including additional interest, payable in terms of this Agreement; (e) Premium on Prepayment; (f) Repayment of principal/ instalments of principal due and payable under this Agreement.
10.3. Assignments/Securitization/Participation. The Lender reserves the right to assign/sell/securitize the Loan or any advance forming part of the Loan with or without security, in any manner, by transferring and/or assigning or otherwise all its right, title and interest which the Lender deems appropriate and the Borrower(s) hereby expressly agree/s that in that event, the Lender is not required to obtain any permission or give the Borrower(s) any notice. The Borrower(s) shall be bound to accept any such securitization and any such sale, assignment or transfer and the Borrower(s) shall accept such other party/ies as creditors exclusively or as a joint creditor with the Lender, or as a creditor exclusively with the right of the Lender to continue to exercise all powers hereunder on behalf of any such other party. 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(s). The Lender may sell risk participations to one or more persons in all or a portion of its rights and obligations under the Agreement and other Loan Documents with the consent of the Borrower(s). The Borrower(s) shall duly execute such other documents as may be requested by the Lender and the risk participating person. The Borrower(s) shall not assign, transfer or novate any interest in its rights and/or Obligations under this Agreement (including the Key Facts Statement and its annexures, Schedules hereto), without the prior written consent of the Lender.
10.4. Binding Effect. The Loan Documents shall be binding upon and inure to the benefit of the Borrower(s) and the Lender (as may be applicable) and their respective successors and assigns, except that the Borrower(s) shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lender.
10.5. Costs and Expenses. Borrower(s) 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 Loan Documents and the other documents to be delivered hereunder.
10.6. Indemnity. The Borrower(s) agree/s to indemnify and hold harmless the Lender 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 in connection with or arising out of any, investigation, litigation, or proceeding (whether or not the lender is party thereto) related to any use or proposed use of the proceeds of the debt by the Borrower(s). The Borrower(s) shall indemnify the Lender and keep the Lender indemnified in respect of any actions, claims, costs, damages, demands, expenses, losses and liabilities made against, suffered or incurred by the Lender arising directly or indirectly from or in connection with. (i) Any failure by the Borrower(s) to comply with the provisions of this Agreement and other Loan Documents. and/or (ii) Any claims, losses, demands, actions, costs, expenses and liabilities incurred or suffered by the Lender because of the representations and warranties are given by the Borrower(s) being false or untrue in a material respect. and/or (iii) Any claims, losses, demands, actions, costs, expenses and liabilities incurred or suffered by the Lender because of the Receivables or the Security not being free from Encumbrance and/or any previous charge. and/or (iv) The Borrower(s) shall keep the Lender informed of all developments regarding such actions, claims, costs, damages, demands, expenses, losses and liabilities and shall not dispute, compromise or otherwise deal with the same subject to the consent given by the Lender. The Lender shall, however, be under no obligation and/or liability to the Borrower(s) to provide any assistance that the Borrower(s) may require in connection with any such claim.
10.7. Disclosure. The Lender will take best endeavour to maintain the confidentiality imposed on it by applicable law. The Borrower(s) acknowledge/s, accept/s and consent/s that the Lender 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(s) under this Agreement or to Lender’s affiliates or to prospective transferees or purchasers of any interest in the Loan 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 while exercising its remedies under this Agreement or the other Loan Documents. (ii) (a) Information and data relating to the Borrower(s), (b) the information or data relating to any credit facility availed of/to be availed by the Borrower(s), (c) default, if any, committed by the Borrower(s), 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(s) hereby waive/s the privilege of privacy and defamation explicitly. The Borrower(s) further agree/s and give/s specific consent to the Lender 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, 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, as and when requested by the concerned ‘IU’ .
10.8. Effective date. This Agreement shall become binding on the Borrower(s) and the Lender on and from the date of execution hereof. It shall be in full force till the Loan is fully repaid and any other monies due and payable to the Lender under this Agreement as well as all other agreements, documents which may be subsisting/ executed between the Borrower(s) and the Lender is fully paid.
10.9. Evidence of Debt. The Lender shall maintain in accordance with its usual practice, accounts in its books evidencing the amounts from time to time owing to it therein. A certificate in writing signed by an officer of the Lender stating the amount at any particular time due shall be conclusive and binding on the Borrower(s). 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(s) therein recorded and amount of realization, recovered and expended. The Borrower(s) hereby agree on/s to accept the Lender's accounts for any amounts due under this Agreement, insurance, costs, charges and expenses as sufficient proof of the amounts being spent by the Lender.
10.10. Execution in Counterparts. The Loan Documents may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
10.11. Governing Law, Jurisdiction and Dispute Resolution. This Agreement shall be governed by and construed in accordance with the laws of India. Subject to the dispute resolution mechanism in this clause, the courts in Haryana, India, shall have exclusive jurisdiction in respect of any matter, claim or dispute arising out of or in any way relating to this Agreement. Any dispute in respect of any rights, liabilities, and obligations under this Agreement shall be resolved between the Parties in an amicable manner by discussions between the senior management of the Parties. However, if any such disputes stand unresolved, such disputes shall be referred to arbitration before a sole arbitrator to be jointly appointed by the disputing Parties. If the Parties are unable to appoint the arbitrator hereunder by mutual agreement, the arbitrator shall be appointed in accordance with the Arbitration and Conciliation Act, 1996 (“Arbitration Act”). The arbitration proceedings shall be carried out in accordance with the Arbitration Act which shall be deemed to be incorporated into this Clause. The seat and venue of the arbitration shall be Gurgaon, India or at such other place at the sole discretion of the Lender. The proceedings shall be conducted in the English language. The decision of the arbitrator shall be fully final and binding permitted by applicable law. Except as may be otherwise determined by the arbitrator, each Party shall pay its own fees, disbursements and other charges of its counsels, and the fees and expenses of the arbitrator shall be shared equally by the Parties.
10.12. Joint and several obligations. The Borrower(s) agree/s that each of the Borrower shall have a joint and several liability and responsibility to discharge all and any Obligations towards the Lender as per terms of this Agreement and other Loan Documents.
10.13. No Damages. The grant of the Loan by the Lender shall not vest in the Borrower(s) or any other person a right to claim any damages from the Lender, for any reason whatsoever.
10.14. Notices. All notices and other communications provided for hereunder or under the Loan Documents shall be in writing and mailed by mail, courier, email, telefaxed or otherwise electronically transmitted, if to the Borrower(s).
If the Notice is addressed to the Borrower, the same is detailed in the Part B Schedule I of the Agreement.
If the Notice is given to the Lender: at BLACKSOIL CAPITAL PRIVATE LIMITED, having its registered office address at 1203, Lodha Supremus, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400 013, Maharashtra and Corporate Office Address at Tower A, 502, Peninsula Corporate Park, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400 013, Maharashtra.
The Notice is marked to the attention of the Director and, as to each party, at such other address as shall be designated by such party in a written notice to the other parties. Each Borrower confirm/s that they shall act as agent of the other and any notice to a Borrower shall be deemed to be notice to the other Borrower as well.
10.15. No Waiver. Remedies. No failure on the part of the Lender to exercise, and no delay in exercising, any right hereunder or under the Sanction Letter, the Loan Agreement and other Loan Documents shall operate as a waiver thereof. Nor shall any single or partial exercise of any right hereunder or under the Loan Documents preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.
10.16. Receipt of copy of Loan Documents. The Borrower(s) confirm/s that they have received copy of the Loan Documents.
10.17. Right of Set-off. The Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Lender to or for the credit or the account of the Borrower(s) against any and all of the Obligations of the Borrower(s) now or hereafter existing under the Loan Documents held by the Lender, irrespective of whether or not the Lender shall have made any demand under the Loan Documents and although such Obligations may not be matured. The Lender agrees promptly to notify the Borrower(s) after any such set-off and application made by the Lender, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Lender under this Section are in addition to other rights and remedies (including other rights of set-off) which the Lender may have.
10.18. Severability. Any provision of the Loan Documents, which is or may become prohibited or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of the Loan Documents or affecting the validity or enforceability of such provision in the same or any other jurisdiction.
10.19. Survival. All covenants, representations, warranties of the Borrower(s) under the Loan Documents shall continue in full force and effect until all Obligations have been satisfied. The indemnification Obligations of the Borrower(s) shall also survive termination of the Loan Documents and shall be deemed to be continuing and in full force and effect, subject to applicable laws. Further, all clauses of the Loan Documents, which are expressly stated as surviving termination of the Loan Documents, shall survive the termination of the Loan Documents.
10.20. Third Party Agents. The Borrower(s) expressly recognize/s and accept/s that the Lender shall, without prejudice to its right to perform such activities by itself or through its officers or servants, be absolutely entitled and have full powers and authority to appoint one or more third parties of the Lender's choice and to transfer and delegate to such third parties the right and authority to collect on behalf of the Lender all unpaid repayment instalment/s and to perform, execute all acts, deeds, matters and things connected therewith or incidental thereto including sending notices of demand, attending the residence or office of the Borrower(s) or otherwise contacting the Borrower(s), receiving the Instalment/s in cash/ draft/ cheque whether in the name of the Lender or in the name of the third party from the Borrower(s), entering into a compromise with the Borrower(s), giving a valid receipt and granting effectual discharge to the Borrower(s) and generally performing all lawful acts as the third parties may consider appropriate.
10.21. Time is of Essence. Time is of the essence for the performance of all Obligations under the Loan Documents.
10.22. Grievance Redressal Officer: Any grievance or complaint may be addressed to the Lender’s Grievance Redressal Officer at the following details:
Name: Ms. Harshita Jain
Address: 1203, Lodha Supremus, Senapati Bapat Marg, Railway Colony, Lower Parel West, Mumbai, Maharashtra – 400013
Phone: +91 022 69152200
Email: grievanceredressal@blacksoil.co.in
10.23. Refund Process upon Cancellation: In the event of cancellation of a Loan on part of the Merchant or the Borrower for any reason thereof, the amount refunded by the Merchant will be first provided to the Lender towards repayment of the Outstanding Dues including the principal, accrued interest, fees, charges and any other amounts payable. The Merchant shall notify the Lender of any such cancellation within 7 (seven) days of the occurrence thereof and shall simultaneously refund the applicable Loan amount to the Lender. Upon receipt of the full Outstanding Dues , the Lender shall issue a loan closure statement setting out the amounts appropriated towards the principal outstanding, interest, fees, charges and any other amounts due under the loan.
Notwithstanding any other provisions of this Agreement and any rights available to the Lender under the Applicable Laws, the Lender shall, in compliance with RBI’s Clarification on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated November 12, 2021 as amended from time to time and /or as required/ directed by RBI (“RBI IRACP Norms”), classify and notify the Loan as an overdue account under day-end processes on the due date as per Lender’s internal processes.
(a) Additionally, and subject to the RBI IRACP Norms and Applicable Laws, the Lender shall classify the Loan as SMA or NPA on the relevant due date in accordance with the day-end process followed by the Lender. The SMA or NPA classification date and asset classification status of the Loan shall be as on the date of the Lender’s day-end process for the said Loan.
(b) For the purpose of clarity stating below an example: If the due date of a loan account is March 31, 2021, and full dues are not received before the lending institution runs the day-end process for this date, the date of overdue shall be March 31, 2021. If it continues to remain overdue, then this account shall get tagged as SMA-1 upon running the day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that account shall be April 30, 2021. Similarly, if the account continues to remain overdue, it shall get tagged as SMA- 2 upon running day-end process on May 30, 2021 and if it continues to remain overdue further, it shall get classified as NPA upon running day-end process on June 29, 2021.
{{-- =============================================================== --}} {{-- 3. SCHEDULE I --}} {{-- =============================================================== --}}| PARTICULARS | Borrower |
|---|---|
| NAME | {{ $sl['schedule_i']['borrower']['name'] }} |
| CONSTITUTION | {{ $sl['schedule_i']['borrower']['constitution'] }} |
| FATHERS NAME | {{ $sl['schedule_i']['borrower']['father_name'] }} |
| RESIDENTIAL ADDRESS |
@php $ba = $sl['schedule_i']['borrower']['residential_address']; @endphp
@if(!empty($ba['line_1'])) {{ $ba['line_1'] }} @endif
@if(!empty($ba['landmark'])){{ $ba['landmark'] }} @endif
{{ $ba['city'] }}
{{ $ba['state'] }}
{{ $ba['pincode'] }}
|
| CONTACT DETAILS | {{ $sl['schedule_i']['borrower']['contact'] }} |
| ADDRESS FOR BUSINESS | {{ $sl['schedule_i']['borrower']['address_for_business'] }} |
| DATE OF BIRTH | {{ $sl['schedule_i']['borrower']['dob'] }} |
| PERMANENT ACCOUNT NUMBER | {{ $sl['schedule_i']['borrower']['pan'] }} |
| BUSINESS | {{ $sl['schedule_i']['borrower']['business'] }} |
| PARTICULARS | Co-Borrower |
|---|---|
| NAME | {{ $sl['schedule_i']['co_borrower']['name'] }} |
| FATHERS NAME | {{ $sl['schedule_i']['co_borrower']['father_name'] }} |
| RESIDENTIAL ADDRESS |
@php $ca = $sl['schedule_i']['co_borrower']['residential_address']; @endphp
@if(!empty($ca['line_1'])) {{ $ca['line_1'] }} @endif
@if(!empty($ca['landmark'])){{ $ca['landmark'] }} @endif
{{ $ca['city'] }}
{{ $ca['state'] }}
{{ $ca['pincode'] }}
|
| CONTACT DETAILS | {{ $sl['schedule_i']['co_borrower']['contact'] }} |
| ADDRESS FOR BUSINESS | {{ $sl['schedule_i']['co_borrower']['address_for_business'] }} |
| DATE OF BIRTH | {{ $sl['schedule_i']['co_borrower']['dob'] }} |
| PERMANENT ACCOUNT NUMBER | {{ $sl['schedule_i']['co_borrower']['pan'] }} |
| NAME | NA |
| FATHERS NAME | NA |
| RESIDENTIAL ADDRESS | NA |
| CONTACT DETAILS | NA |
| ADDRESS FOR BUSINESS | NA |
| DATE OF BIRTH | NA |
| PERMANENT ACCOUNT NUMBER | NA |
| PARTICULARS | Guarantor |
|---|---|
| NAME | {{ $sl['schedule_i']['guarantor'] }} |
| FATHERS NAME | {{ $sl['schedule_i']['guarantor'] }} |
| RESIDENTIAL ADDRESS | {{ $sl['schedule_i']['guarantor'] }} |
| CONTACT DETAILS | {{ $sl['schedule_i']['guarantor'] }} |
| ADDRESS FOR BUSINESS | {{ $sl['schedule_i']['guarantor'] }} |
| DATE OF BIRTH | {{ $sl['schedule_i']['guarantor'] }} |
| PERMANENT ACCOUNT NUMBER | {{ $sl['schedule_i']['guarantor'] }} |
| TERMS | PARTICULARS |
|---|---|
| Sanction Letter Date | {{ $sl['sanction_letter_date'] }} |
| Place Of Execution | {{ $sl['place_of_execution'] }} |
| Execution Date | {{ $sl['execution_date'] }} |
| Loan Application Date | {{ $sl['loan_application_date'] }} |
| Merchant’s Business ID: | {{ $sl['merchant_business_id'] }} |
| Borrower (s) Application ID: | {{ $sl['application_id'] }} |
| Borrowers/ Applicants |
Borrower: {{ $sl['borrower_name'] }} @if($sl['has_co_borrower'])Co-Borrower: {{ $sl['co_borrower_name'] }} @endif |
| Guarantor | {{ $sl['guarantor'] }} |
| Lender | {{ $sl['lender_name'] }} |
| Merchant |
{{ $sl['merchant_name'] }} {{ $sl['borrower_address']['line_1'] }} @if(!empty($sl['borrower_address']['landmark'])){{ $sl['borrower_address']['landmark'] }} @endif{{ $sl['borrower_address']['city'] }}, {{ $sl['borrower_address']['state'] }} - {{ $sl['borrower_address']['pincode'] }} {{ $sl['borrower_mobile'] }} {{ $sl['borrower_email'] }} |
| Platform | {{ $sl['platform'] }} |
| Type of Loan | {{ $sl['type_of_loan'] }} |
| Purpose | {{ $sl['purpose'] }} |
| Loan | ₹{{ $sl['loan_amount'] }} |
| Disbursement Schedule |
@if(count($sl['disbursement_schedule']) > 1)
|
| Tenure | {{ $sl['tenure'] }} |
| Instalments | {{ $sl['instalments'] }} |
| Due Date | 5th of every month on which the Equated Monthly Instalments and Interest together with any other costs, charges and expenses, if any, are due and repayable by the Borrower(s) to the Lender . |
| Interest Rate (exclusive of applicable taxes) | {{ $sl['interest_rate'] }} |
| Prepayment |
|
| Other up-front charges, if any (in Rupees) |
|
| Anny other charges (in Rupees) |
|
| Annual Percentage Rate (APR) (Excluding applicable taxes ) | {{ $sl['apr'] }} % |
| Security From Borrowers | NA |
| Security Deposit | NA |
| Repayment Instrument |
|
| Security Deposit Interest Rate | NA |
| Default Charges |
Financial Default - 2.0% per month payable by the Borrowers on overdue amount for payment default. Other Default - 2.0% per annum + Applicable Taxes payable by the Borrowers on Outstanding Dues for Other Event of Defaults, applicable from the date of default. |
| Existing Agreement Date (if any) | NA |
| Processing Fee | {{ $sl['processing_fee'] }} (Including GST at applicable rate) |
| Transaction Cost | Each Party shall bear its own cost and expenses in relation to this Agreement or any other document in connection thereto. If the Lender is required to enforce the provisions of this Agreement, then the Borrowers shall within 3 (three) days of demand being made by the Lender pay the cost and expenses for enforcing its rights under this Agreement. |
| Lender's Disbursal Account |
|
| Lender's Collection Account |
|
| Merchant’s Bank Account |
|
| Additional Terms and Conditions (if any) | NA |
| Notice Details of the Lender | 1203, Lodha Supremus, Senapati Bapat Marg, Opp. World One, Lower Parel, Mumbai – 400013 |
| Notice Details of the Borrowers |
Borrower: {{ $sl['borrower_name'] }} @php $borrowerAddr = $sl['borrower_address_string'] ?? \App\Documents\BlackSoil\NonSolarSanctionLetterData::formatAddress($sl['borrower_address'] ?? []); @endphp @if(!empty($borrowerAddr))Address: {{ $borrowerAddr }} @endif @if($sl['has_co_borrower'])Co-Borrower: {{ $sl['co_borrower_name'] }} @php $coBorrowerAddr = $sl['co_borrower_address_string'] ?? \App\Documents\BlackSoil\NonSolarSanctionLetterData::formatAddress($sl['co_borrower_address'] ?? []); @endphp @if(!empty($coBorrowerAddr))Address: {{ $coBorrowerAddr }} @endif @endif |
| Mobile_number and email ID of the nodal grievance redressal officer |
|
| Cooling off in terms of Lender’s Board approved policy, during which Borrower shall not be charged any penalty on prepayment of loan | {{ $sl['cooling_off_period'] }} |
The Lender shall not be obliged to disburse the Loan (or any part thereof) unless the Borrower(s) have jointly and/or severally duly complied with and the Lender has received all of the documents and other evidence listed hereunder (“Conditions Precedent”) in the form and substance satisfactory to the Lender, unless waived by the Lender in writing wholly or partly:
| Merchant | {{ $sl['merchant_name'] }} |
| Goods / Services | NA |
| Purpose | {{ $sl['purpose'] }} |
| Installment No. | Outstanding Principal (in Rupees) | Principal (in Rupees) | Interest (in Rupees) | Installment (in Rupees) |
|---|---|---|---|---|
| {{ $rps_row }} | ₹{{ number_format(round($rps['fore_closure_amount'], 2), 2) }} | ₹{{ number_format(round($rps_principal, 2), 2) }} | ₹{{ number_format(round($rps_interest, 2), 2) }} | ₹{{ number_format(round($rps_instalment, 2), 2) }} |
| Total | ₹{{ number_format($rps_total_principal, 2) }} | ₹{{ number_format($rps_total_interest, 2) }} | ₹{{ number_format($rps_total_instalment, 2) }} |
| Installment No. | Outstanding Principal (in Rupees) | Principal (in Rupees) | Interest (in Rupees) | Installment (in Rupees) |
|---|---|---|---|---|
| Pre-EMI | ₹{{ number_format(round($rps['bpi_interest'], 2), 2) }} | NA | NA | NA |
| {{ $rps['installment_number'] }} | ₹{{ number_format(round($rps['foreclosure_amount'], 2), 2) }} | ₹{{ number_format(round($rps['principal_comp'], 2), 2) }} | ₹{{ number_format(round($rps['interest_comp'], 2), 2) }} | ₹{{ number_format(round($rps_instalment, 2), 2) }} |
| Total | ₹{{ number_format($rps_total_principal, 2) }} | ₹{{ number_format($rps_total_interest, 2) }} | ₹{{ number_format($rps_total_instalment, 2) }} |
The repayment schedule shall be shared separately along with the welcome letter.
@endif {{-- =============================================================== --}} {{-- 7. EXECUTION / SIGNATURE SECTION --}} {{-- =============================================================== --}} {{-- Placed after Schedule IV and before the Key Facts Statement, matching the reference docx (P268-P273). NOTE: the draft carries the "IN WITNESS WHEREOF" clause twice (P268 and P270, near-identical wording). Only the operative all-caps version is reproduced here - reprinting both would read as a drafting error. Signatories are stacked one below another in the order Borrower -> Co-Borrower -> BlackSoil, per business instruction. (An earlier revision laid them out horizontally with BlackSoil first.) --}}IN WITNESS WHEREOF, THE PARTIES HERETO HAVE CAUSED THIS AGREEMENT TO BE DULY EXECUTED AND DELIVERED BY THEIR DULY AUTHORISED REPRESENTATIVES AS OF THE DAY AND YEAR HEREINABOVE WRITTEN
SIGNED AND DELIVERED by
|
Signed and delivered for and on behalf of
{{ $sl['borrower_name'] }} – Borrower
|
|
@if($sl['has_co_borrower'])
Signed and delivered for and on behalf of
{{ $sl['co_borrower_name'] }} – Co-Borrower
@else
Signed and delivered for and on behalf of
Co-Borrower – NA
@endif
|
|
Signed and delivered for and on behalf of
BLACKSOIL CAPITAL PRIVATE LIMITED
Authorised Signatory
|
| {{ $rowNumber++ }} | Loan proposal/account No. | {{ $user['application_id'] ?? '' }} | Type of Loan | {{ $user['purpose_of_the_loan'] ?? '' }} | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| {{ $rowNumber++ }} | Sanctioned Loan amount (in Rupees) | ₹ {!! money_format('%!i',($user['sanction_amount'])) !!} /- (Rupees {!! \App\Http\Controllers\Admin\ConsumerDocument::convertAmountToWords($user['sanction_amount']) !!} ) | ||||||||||||||||||||||
| {{ $rowNumber++ }} |
Disbursal Schedule
|
|||||||||||||||||||||||
| {{ $rowNumber++ }} | {{-- CHANGE #4: Add "(from the date of disbursement)" after tenure --}}Loan term (year/months/days) | {{ $user['consumer_emi']->remaining_emi ?? '' }} months (from the date of disbursement) | ||||||||||||||||||||||
| {{ $rowNumber++ }} |
Installment details
|
|||||||||||||||||||||||
| {{ $rowNumber++ }} | {{-- NON-SOLAR CHANGE: point 6(b) removed. Only the reducing rate is shown, rendered as e.g. "16.89% (Reducing, Fixed)". The solar KFS (kfs.blade.php) keeps both 6(a) and 6(b). --}}
|
|||||||||||||||||||||||
| {{ $rowNumber++ }} |
Additional Information in case of Floating rate of interest
|
|||||||||||||||||||||||
| {{ $rowNumber++ }} |
Fee/Charges
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| {{ $rowNumber++ }} | Annual Percentage Rate (APR) | {{-- NON-SOLAR CHANGE: the trailing word "reducing" was dropped; the APR value itself is unchanged. --}}{{ $aprrate ?? '' }} % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| {{ $rowNumber++ }} |
Details of Contingent Charges (in ₹ or %, as applicable)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
| {{ $rowNumber2++ }} | Clause of Loan agreement relating to engagement of recovery agents | https://creditfair.in/collection_mechanism.pdf | |||||||
|---|---|---|---|---|---|---|---|---|---|
| {{ $rowNumber2++ }} | Clause of Loan agreement which details grievance redressal mechanism | {{-- CHANGE #11: Replace grievance link with BlackSoil link --}}https://blacksoil-nbfc-docs.s3.ap-south-1.amazonaws.com/Policies/Grievance+Redressal+Mechanism+%26+Ombudsman+Policy_2025_V3_Dec%2725_Clean+2.pdf | |||||||
| {{ $rowNumber2++ }} | Phone number and email ID of the nodal grievance redressal officer | {{-- CHANGE #12: Replace grievance officer details with BlackSoil details --}}Name: Harshita Jain Telephone: +022 6915 2200 E-mail ID.: grievanceredressal@blacksoil.co.in |
|||||||
| {{ $rowNumber2++ }} | Whether the loan is subject to transfer to other REs or securitization (Yes/No) | Yes | |||||||
| {{ $rowNumber2++ }} |
In case of lending under collaborative lending arrangements (e.g., co-lending/ outsourcing),
following additional details may be furnished:
|
||||||||
| {{ $rowNumber2++ }} |
In case of digital loans, following specific disclosures may be furnished:
|
||||||||
| Sr No | Parameter | Details |
|---|---|---|
| {{ $rowNumber3++ }} | Sanctioned Loan Amount | ₹ {!! money_format('%!i',($user['sanction_amount'])) !!} |
| {{ $rowNumber3++ }} | Loan term (in months) | {{ $user['consumer_emi']->remaining_emi ?? '' }} months |
| (a) | Number of installments for payment of principal, in case of non-equated periodic loans (months) | NA |
| (b) | Type of EPI / Amount of each EPI (in Rupees) / Nos. of EPIs | Monthly / {{ number_format($user['consumer_emi']->emi) ?? '' }} / {{ $user['consumer_emi']->remaining_emi ?? '' }} |
| (c) | Number of installments for payment of capitalised interest, if any | NA |
| (d) | Commencement of repayments, post sanction | 5th of every month |
| {{ $rowNumber3++ }} | Interest rate type | Fixed |
| {{ $rowNumber3++ }} | Rate of Interest | {!! $user['interest_rate_reducing'] !!} % |
| {{ $rowNumber3++ }} | Total Interest Amount to be charged during the entire tenor of the loan as per the rate prevailing on sanction date | ₹ {{ number_format($total_interest ?? 0) }} |
| {{ $rowNumber3++ }} | Fee/Charges payable (Collected upfront) | ₹ {{ ($payable_to_RE + $payable_to_third_party_RE) ?? 0 }} |
| (a) | Payable to the RE | ₹ {{ $payable_to_RE ?? 0 }} |
| (b) | Payable to third-party routed through RE | ₹ {{ $payable_to_third_party_RE ?? 0 }} |
| {{ $rowNumber3++ }} | Net Disbursed Amount | ₹ {{ $user['sanction_amount'] }} /- |
| {{ $rowNumber3++ }} | Total amount to be paid by the borrower | ₹ {{ number_format($amountCB ?? 0) }} /- |
| {{ $rowNumber3++ }} | Annual Percentage Rate - Effective annualized interest rate | {{ $aprrate ?? '' }} % |
| {{ $rowNumber3++ }} | Schedule of disbursement as per terms and conditions | Please refer to loan agreement for Disbursal schedule and other terms and conditions. |
| {{ $rowNumber3++ }} | Due date of payment of Installment and interest | 5th of every month (Also refer Repayment schedule in the welcome letter) |
| Exclusive of GST(*) | ||
| Installment No. | Outstanding Principal (in Rupees) | Principal (in Rupees) | Interest (in Rupees) | Installment (in Rupees) |
|---|---|---|---|---|
| {{ $kfs_rps_row }} | ₹{{ number_format(round($kfs_rps['fore_closure_amount'], 2), 2) }} | ₹{{ number_format(round($kfs_rps_principal, 2), 2) }} | ₹{{ number_format(round($kfs_rps_interest, 2), 2) }} | ₹{{ number_format(round($kfs_rps_emi, 2), 2) }} |
| Total | ₹{{ number_format($kfs_rps_principal_total, 2) }} | ₹{{ number_format($kfs_rps_interest_total, 2) }} | ₹{{ number_format($kfs_rps_instalment_total, 2) }} |
| Installment No. | Outstanding Principal (in Rupees) | Principal (in Rupees) | Interest (in Rupees) | Installment (in Rupees) |
|---|---|---|---|---|
| Pre-EMI | ₹{{ number_format(round($kfs_rps['bpi_interest'], 2), 2) }} | NA | NA | NA |
| {{ $kfs_rps['installment_number'] }} | ₹{{ number_format(round($kfs_rps['foreclosure_amount'], 2), 2) }} | ₹{{ number_format(round($kfs_rps['principal_comp'], 2), 2) }} | ₹{{ number_format(round($kfs_rps['interest_comp'], 2), 2) }} | ₹{{ number_format(round($kfs_rps_emi, 2), 2) }} |
| Total | ₹{{ number_format($kfs_rps_principal_total, 2) }} | ₹{{ number_format($kfs_rps_interest_total, 2) }} | ₹{{ number_format($kfs_rps_instalment_total, 2) }} |
The repayment schedule shall be shared separately along with the welcome letter.
@endif {{-- =============================================================== --}} {{-- 9. KFS DECLARATION (new page) --}} {{-- =============================================================== --}}Declaration:
I/We hereby acknowledge that I/we have received and read (or have been read over to me/us in the language(s) known to me/us), and understood and accepted the terms and conditions of the Key Facts Statement. I/We also state and declare that I/we have been explained the relevant information to make a meaningful comparison with the terms and conditions offered by other lenders and to take an informed decision. I/We decided to sign this document only thereafter.
Borrower: {{ $sl['borrower_name'] }}
Borrower Signature: