Ref. No.: Application ID

Date: {!! $letter_date ?? date('d-m-Y') !!}

Loan Sanction Details

To,

{!! $user['customer_name'] or '' !!}

Dear @if($user['gender'] == "MALE") Sir @else Ma'am @endif,

Thank you for your loan application dated {!! date('d/m/Y', strtotime($user['loan_application_date'])) !!}. We, Avanse Financial Services Ltd. ("the Lender") are pleased to inform you that based on your loan application, we have agreed to sanction you the Loan facilities subject to its terms and conditions. The sanctioned details are mentioned below, which shall form part of the loan agreement and/or terms and conditions prescribed by the Lender:-

Key Fact Statement

{{-- Table header --}} {{-- --}} {{--

Sr. No.

Particulars

Details

{!! $i++ !!}.

Loan amount (amount disbursed/to be disbursed to the borrower)

Rs.{!! $loan_amount !!}

If disbursement is in tranche/s):

Tranches	Disbursement Month	Loan Amount
Tranche-1	{!! date('M Y') !!}	Rs.{!! $loan_amount !!}

Each tranche disbursement is subject to Lender’s discretion, compliance of conditions precedent and provided that no event of default has occurred and is continuing. The Lender is entitled to maintain different loan account for each tranche for administrative purpose as it may deem fit. The terms and conditions shall govern all such loan accounts for Lender to enable enforcement of rights and exercise remedies in terms hereof.

{!! $i++ !!}.

Total Interest Charge during the entire tenor of the loan

1. Payable by the customer Rs.{!! money_format('%!i',$interest) !!}

2. Payable by the merchant/institute Rs. {{-- @if($user['is_gst_applicable'] == 0) --}} {!! money_format('%!i',$subvention) !!} {{-- @endif --}}

--}} {{--

--}} {{-- --}} {{-- --}}

{!! $i++ !!}.

Other up-front charges (if any)(break-up of each component to be given)

a)	Processing Fees	@if(isset($user['consumer_emi']['processing_fee'])) ₹ {!! money_format('%!i',$user['consumer_emi']['processing_fee']) !!} @endif
b)	Insurance charges (If applicable)	Rs.0
c)	Others (if any)	Rs.0
	Total	Rs. @if(isset($user['consumer_emi']['processing_fee'])) ₹ {!! money_format('%!i',$user['consumer_emi']['processing_fee']) !!} @endif

{!! $i++ !!}.

Net disbursed amount[(Loan Amount) less (Other up- front charges)]

Rs.{!! $la !!}

Note: Other up-front charges to be paid separately by the Borrower(s), as it shall not be deducted from the loan amount.

{!! $i++ !!}.

Total amount to be paid by the borrower [(Loan Amount) + (Total Interest Charge) + (Other up-front charges)]

Rs.{!! $la + $user['consumer_emi']['processing_fee'] + $interest !!}

{{-- --}} {{--

{!! $i++ !!}.	Annual Percentage Rate (APR) ¹- Effective annualized interest rate (in percentage)(computed on net disbursed amount using IRR approach and reducing balance method)	{!! $aprrate !!}%
{!! $i++ !!}.	Tenor of the Loan(in months/days)	{!! $user['consumer_emi']->tenure !!} months from the 1st disbursement
{!! $i++ !!}.	Repayment frequency by the borrower	Monthly
{!! $i++ !!}.	Number of instalments of repayment	{!! $user['consumer_emi']->remaining_emi !!}
{!! $i++ !!}.	Amount of each instalment of repayment	Rs. {!! number_format($user['consumer_emi']->emi) !!} * The actual Instalment/EMI amount will depend on the disbursement date and may change accordingly, and will be shared post- disbursement.

--}} {{--

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Details about Contingent Charges

{!! $i++ !!}.

Rate of annualized penal charges in case of delayed payments (if any)

Upto 24% per annum charged @ 2% per month on overdue EMI amount / Interest amount.

{!! $i++ !!}.

Rate of annualized other penal charges (if any); (details to be provided)

Nil

Other disclosures

{!! $i++ !!}.

Cooling off/look up period during which borrower shall not be charged any penalty on prepayment of loan.

No prepayment/foreclosure penalty shall be charged during the loan tenor.

{!! $i++ !!}.

Details of Lending Service Provider (LSP) acting as recovery agent and authorized to approach the borrower.

BlackSoil Capital Private Limited

Note: Upon an event of default the Lender may initiate appropriate legal proceedings as per the loan agreement and/or the applicable laws.

{!! $i++ !!}.

Details of Lender’s Nodal Grievance Redressal Officer.(Name, designation, address and phone number of nodal grievance redressal officer designated specifically, to deal with Fin Tech/digital lending related complaints/issues).

Details of Grievance Redressal Officer (GRO) of Lender
Name	Mr. Gaurao Patil
Designation	Vice President
Telephone	022- 6859 9999
Address	Avanse Financial Services Limited 001 & 002 Fulcrum, A-Wing, Ground Floor, Sahar Road, Next to Hyatt Regency, Andheri (East), Mumbai – 400 099, Maharashtra
Email	gro@avanse.com

________________________________________

¹APR is the effective annualised rate charged to the borrower of a digital loan. APR shall be based on an all-inclusive cost and margin including cost of funds, credit cost and operating cost, processing fee, verification charges, maintenance charges, etc., and exclude contingent charges like penal charges, late payment charges etc. and any charges payable by institute/merchant.

In case of any queries/service request/complaint related to the loan, Borrower(s) may write to the Lender at wecare@avanse.com and/or alternatively follow the grievance redressal mechanism as available on the Lender’s website at www.avanse.com

{!! $i++ !!}.

Details of Lending Service Provider’s (LSP’s) Nodal Grievance Redressal Officer (if any).

Details of Grievance Redressal Officer (GRO) of Lender
Name	Shraddha Mandlik
Designation	Grievance Redressal Officer
Telephone	+91 9137504870
Address	Credit Fair (BlackSoil Capital Private Limited) 6A, 6th Floor, Corporate Centre, Andheri Kurla Road, Near JB Nagar Metro Station, Andheri East, Mumbai 400059
Email	grievance@creditfair.in

Additional Details of the Loan:

Sr. No.

Particulars

Details

{!! $i++ !!}.

Application Number

{!! $i++ !!}.

Loan Account Number

{!! $users['avanse_lan'] or ' - ' !!}

{!! $i++ !!}.

Lender

Avanse Financial Services Limited

{!! $i++ !!}.

Merchant’s/Institute’s/School Name

Name: @if(!$bankDetail && isset($user['center_name']) && $user['center_name']) () @else @if($user['merchant_name']) () @endif @endif

{!! $i++ !!}.

Details of Borrower/ Co-Borrower

Name of Borrower	{!! $user['customer_name'] !!}
Email	{!! $user['customer_email'] !!}
Phone number	{!! $user['customer_mobile'] !!}
Address	{!! $user['address'] !!}

Name of Co-Borrower	{!! $user['co_applicant_name'] or '' !!}
Email	{!! $user['co_applicant_email'] or '' !!}
Phone number	{!! $user['co_applicant_mobile'] or '' !!}
Address	{!! $user['co_address'] or '' !!}

{{--

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--}}

{!! $i++ !!}.

Purpose (Institute/Course Name)

@if($user['merchant_id'] == 143) Education Loan @else {!! $user['purpose_of_the_loan'] !!} @endif

{!! $i++ !!}.

Due Date for Repayment ²

7^th day of every Month

{!! $i++ !!}.

Break up between Principal and Interest

Please refer to the enclosed Amortization Chart provided along with this Sanction Letter/ Loan Agreement.

Note: The Amortization Chart may undergo change due to variations in the loan amount, tenure, moratorium period, rate of interest etc., payable by borrower.

{!! $i++ !!}.

Rate of Interest (ROI) Note: Lender may revise/vary the ROI

{!! $user['consumer_emi']->interest_rate !!} % @if($user['consumer_emi']->interest_type_id != 4)p.a. (For the rest of the tenor) @endif @if($user['consumer_emi']->interest_type_id == 4 && $user['consumer_emi']->interest_rate > 0) (Annualised Rate - {!! round(($user['consumer_emi']->interest_rate/$user['consumer_emi']->remaining_emi)*12,2) !!} %) @endif

(Applicable on entire Loan amount not with standing the disbursement schedule agreed by Lender with the Institute and/or Service Provider)

{!! $i++ !!}.

Other Fees & Charges

Cheque/ECS bounce charges	INR 1000 + GST
Collection pickup charges (per visit)	Rs. 500/-
PDC / NACH Repayment mandate Swap Charges (per swap)	Rs. 500/-
Repayment Mandate pickup charges (per visit)	Rs. 1,000/-
Outstation collection, Legal Evaluation repossession Stamp duty Administrative an Valuation	As applicable and on actual basis

________________________________________

²Due Date: The date as specified in the Amortization Chart on which the instalment is due to be paid.

$ Statement of Account Charges	Rs.1,000/-
Repayment Schedule (Self Service Portal)	Nil
^Additional Repayment Schedule	Rs.500/-
Loan Conversion, Cancellation	As applicable and on actual basis
Foreclosure charges	Nil
Pre-Payment charges	Nil

$	Applicable for requests, over and above the half yearly statements sent to registered email id.
^	Applicable for additional requests received for statements over and above issued during part prepayment.
Note: The above charges will attract applicable statutory levies and GST

{!! $i++ !!}.

Validity Period/Date

Loan shall be availed within the disbursement month, unless validity is extended by the Lender.

{!! $i++ !!}.

Website of the Lender

https://www.avanse.com/

{!! $i++ !!}.

Specific Condition

(1) Borrower(s) shall submit valid and requisite documents and meet credit underwriting norms of the Lender.

(2) In case of premature withdrawal from the course/ request for cancellation of drawdown, the Borrower shall submit no objection certificate from the institute and arrange credit for proportionate refund and foreclosure amount of the Loan to the Lender.

{!! $i++ !!}.

Examples of Special Mention Account (SMA) and Non- Performing Asset (NPA) classification dates.

PLEASE READ THE FOLLOWING INFORMATION CAREFULLY. AS IT CONTAINS VERY IMPORTANT INFORMATION ABOUT CLASSIFICATION OF YOUR LOAN ACCOUNT BASIS OVERDUE STATUS. SUCH CLASSIFICATION CAN HAVE MATERIAL IMPACT ON YOUR CREDIT STANDING IN CASE FINANCIAL DISCIPLNE IS NOT FOLLOWED IN REPAYING THE LOAN ON TIME.

Borrower(s) to note the below:-

The Loan Account shall be automatically reported as NPA strictly on the 90th Day of it remaining as Overdue.
The status of the account cannot be upgraded/ regularized to standard from NPA, until all the unpaid instalments are fully repaid along with the other charges/arrears.
The Loan Account shall continue as NPA even though the Loan Account is credited with certain months of the instalments out of all the unpaid instalments/arrears.
Borrower(s) shall ensure (i) to make timely repayment of the instalment on its due date and (ii) in any case prevent 90 Days Overdue causing NPA.

Mentioned below is the illustration for Special Mention Account (SMA)/Non-Performing Asset (NPA) classification dates.

Due Date	Date of Overdue	Basis for classification	Account Classification
Due Date	Date of Overdue	Principal or interest payment or any other amount wholly or partly overdue	SMA Sub-categories
10th March’2022	10th March’2022	Upto 30 days	SMA-0
10th April’2022	09th April’2022	31-60 days	SMA-1
10th May’2022	09th May’2022	61-90 days	SMA-2
10th June’2022	08th June’2022	More than 90 days	NPA

Explanation:-

If the due date of an account is 10th March’ 2022, and the full dues/instalment is not received before the Lender runs its day-end process for this date, the date of overdue shall be 10th March’ 2022.
If the account continues to remain overdue, then this account shall get tagged as SMA-1 upon running day-end process on 09th April’2022 i.e., upon completion of 30 days of being continuously in overdue. Accordingly, the date of SMA-1 classification for that account shall be 09th April’2022.
Similarly, if the account continues to remain overdue, it shall get tagged as SMA-2 upon running the day-end process on 09th May’2022; and
If the account continues to remain overdue further, it shall get classified as NPA upon running day-end process on 08th June’ 2022.
If the instalments of “March’2022” & “April’2022” are collectively repaid post “08th June’ 2022”, then also the account shall continue to be reported as NPA.

If all the unpaid instalments (in the above example from “March’2022” till actual realization) are fully paid along with the other charges/arrears, then only the account will be upgraded/regularized as standard asset and shall not be reported as NPA.

Additional Specific Instructions for availing the Loan:-

Disbursement shall be into the account specified by the Institutes/Merchant/School(as applicable). The Borrower also hereby expressly authorizes the Lender to disburse/route the said disbursement through the nodal account and/or the third party account (i.e. directly to the accounts of the Institute/s and/or Merchant/s and/or schools)
The Loan(s) may be disbursed in 1 (one) or more installments or tranches, in accordance with the Lender’s policy and sanctioned terms. Accordingly the Lender may allocate one or more Loan Account Numbers for every tranche for better administration of Loans in accordance with its terms. Notwithstanding anything mentioned elsewhere, the Loans shall be governed by the said Loan documents and/or Facility documents.
The Borrower shall abide the said Loan documents and/or facility documents in respect of each Loan Account Number and undertakes to pay/repay the debts in accordance with the repayment schedule provided by the Lender in respect of each Loan Account Number as per the terms and conditions of the Loan Agreement and/or facility agreement.
The Borrower has read and understood the cancellation and refund related terms & conditions/policy (T&C) for the course fees and/or products/services (wherever applicable) as provided or made available by the Institute/Merchant. Lender is not a party to such Product T&C which are separate/independent to the loan facility. The Borrower shall pay the applicable refunds received by him/her/them related to course fees and/or products/services to the Lender for adjustment in the loan account. The Borrower shall ensure the processing of such refunds directly to Lender by giving required instructions to the Merchant. The Lender is not obligated to collect the refunds from the Merchant.
Any change in ROI and/or other charges shall be applicable prospectively.
The sanction is subject to Lender’s absolute discretion and may be revoked by the Lender as the Lender may deem fit including in the event any condition precedents are not complied with. The Loan facility shall be governed by the terms and conditions prescribed by the Lender and/or the loan agreement, that shall be accepted by the Borrower/s in addition to this Sanction Letter.
The arrangement/tie-up of the Institute/Channel Partner with the Lender may require drawdown/disbursement of the Loan amount in tranches which otherwise becomes payable upfront in its entirety by the Borrower in absence of such arrangement/tie-ups. As such, for the Borrower the date of first tranche disbursement of the Loan by the Lender shall be deemed to be the date of disbursement of the entire sanctioned Loan amount, since the Loan amounts are kept available for drawdown, irrespective of its utilization.
Upon prepayment/foreclosure of the Loan, the Borrower shall repay to the Lender, the entire outstanding Amount Due including any Charges (in accordance with the terms of the Loan Agreement) out of the entire Loan amount sanctioned by the Lender to the Borrower, irrespective of any tranche remittances of the Loan by the Lender to the Institute.
While the interest cost in the ordinary course for the Loan shall beat the rate equivalent to the ceiling rate (presently at 25%p.a); in consideration that ROI will be calculated on the total sanctioned Loan amount despite credit of funds in tranches to the institute, the Lender has agreed with sanctioning Loan on the sanctioned terms. Ceiling rate means the maximum rate of the ceiling limit mentioned in the extant interest rate policy of the Lender available on Lenders’ website, present copy of which has been supplied to the Borrower and received in good order.
Interest Rate comprising risk premium/spread has been provided inter-alia basis nature of loan, borrower’s creditworthiness, nature of security, nature of product, borrower/risk profile, repayment capacity, past repayments, borrower's loan tenure and geography (location). Fees & charges applicable to the loan facility are levied inter-alia basis cost & expenses for product/services, encourage financial discipline, competition/industry benchmarking, market practices for the loan type and quantum, in compliance with regulatory guidelines.
As such the Borrower agrees that interest costs are the negotiated and reasonable estimate of the return on these debts payable to the Lender. The Borrower has thus satisfied itself of the suitability and appropriateness as to costs and expenses for availing the sanction accordingly
This Loan sanction Details/Key Fact Statement shall form an integral part of the Loan Agreement (including its Annexures, schedules referred thereto) and shall be read along with it, wherever the context so requires.
This sanction letter shall form an integral part of the loan agreement and/or the applicable terms and conditions.
Approach for Gradation of Risk:
Interest Rate comprising risk premium/spread has been provided inter-alia basis nature of loan, borrower’s creditworthiness, nature of security, nature of product, borrower/risk profile, repayment capacity, past repayments, borrower's loan tenure and geography (location).
Fees & charges applicable to the loan facility are levied inter-alia basis cost & expenses for product/services, encourage financial discipline, competition/industry benchmarking, market practices for the loan type and quantum, in compliance with regulatory guidelines.

We assure you of our best services at all times. Warm Regards,

From Avanse Financial Services Ltd.

{{-- @if(isset($signed_data[0]))--}} {{--

--}} {{--

--}} {{-- @if(isset($signed_data[0]['applicant']) && $signed_data[0]['applicant'] == 1)--}} {{--

--}} {{-- @foreach ($lender['language_consent'] as $language_consent)--}} {{-- @if($language_consent['language'] == $signed_data[0]['language'])--}} {{--

--}} {{-- @endif--}} {{-- @endforeach--}} {{--

{!! $user['customer_name'] !!} (Applicant) signed this agreement at {{ date('h:i A',strtotime($signed_data[0]['click_time']))}} on {{ date('d-M-Y',strtotime($signed_data[0]['click_time']))}}

--}} {{--

--}} {{-- @endif--}} {{-- @if(isset($signed_data[1]['applicant']) && $signed_data[1]['applicant'] == 2)--}} {{--

--}} {{-- @foreach ($lender['language_consent'] as $language_consent)--}} {{-- @if($language_consent['language'] == $signed_data[1]['language'])--}} {{--

--}} {{-- @endif--}} {{-- @endforeach--}} {{--

{!! $user['co_applicant_name'] !!} (Co-Applicant) signed this agreement at {{ date('h:i A',strtotime($signed_data[1]['click_time']))}} on {{ date('d-M-Y',strtotime($signed_data[1]['click_time']))}}

--}} {{--

--}} {{-- @endif--}} {{--

--}} {{--

--}} {{-- @endif--}}

FOR ONLINE ACCEPTANCE

Applied, Accepted, Authenticated, Signed and Delivered by the Borrower(s) through electronic form, by clicking “I ACCEPT” button in the online system/ application/website made available for processing loans with Avanse Financial Services Limited (including through its authorized service providers) as well as entering the one time password (OTP).

SIGNED, SEALED AND DELIVERED

____________________

Borrower

____________________

Co-Borrower

____________________

Co-Borrower

____________________

Co-Borrower