Date:

To,

,    

Subject: Sanction letter/approval for Loan


Dear Mr. Ms. ,

We are pleased to inform you that you are eligible for a loan facility from us as per the following terms:


upfront_from_customer; $principal_amount = 0; $subvention = 0; $total_interest = 0; ?> addLoop($__currentLoopData); foreach($__currentLoopData as $key=>$loan_schedule): $__env->incrementLoopIndices(); $loop = $__env->getLastLoop(); ?> 0){ $principal = ($principal_amount + $user['consumer_emi']->upfront_from_customer) - $subvention; }else{ $principal = $principal_amount + $user['consumer_emi']->upfront_from_customer; } ?> popLoop(); $loop = $__env->getLastLoop(); ?> upfront_from_customer; $principal_amount = round($summary->principal_amount, 2); $subvention = $summary->subvention; $total_interest = round($summary->total_interest, 2); $interest_rate = round($summary->total_interest, 2); $total_subvention = $summary->subvention; $annualized_interest_rate = round($summary->annualized_interest_rate, 2); ?> advance_type != 'fixed_amount'): ?> processing_fee_type == 'percentage'): ?>

.

Loan application date

.

Details of Borrower

Name:

Address:

Co-Applicant Name:

Address:

.

Validity period of this offer

30 days from the date of this letter

.

Purpose of the loan

Education Loan

.

Transaction Amount

₹ approved_amount); ?> /- (Rupees approved_amount); ?>)

.

Downpayment

₹ upfront_from_customer); ?>/- (Rupees upfront_from_customer); ?>)

.

Net Loan Amount

₹ approved_amount - $user['consumer_emi']->upfront_from_customer)); ?>/- (Rupees approved_amount - $user['consumer_emi']->upfront_from_customer); ?>)

.

ROI

interest_rate; ?>% interest_rate > 0): ?> p.a

.

Monthly EMI

₹ emi); ?>/- (Rupees emi); ?>)

.

Total Repayable Amount

₹ /- (Rupees ) interest_rate > 0): ?>
Additional cost of interest_rate; ?>% interest_type_id == 1): ?> (Flat Balance Amount) interest_type_id == 2): ?> (Reducing) interest_type_id == 3): ?> (Flat Fixed Amount) Flat rate on total Installments
No Cost EMI

.

Total Installments

tenure; ?>

.

advance_type == 'emi'): ?> Advance Installments advance_type == 'percentage'): ?> Advance (%)

advance_emi; ?> advance_type == 'emi'): ?> advance_type == 'percentage'): ?> %

.

Pending Installments

remaining_emi; ?>

.

Rate of interest interest_type_id == 1): ?> (Flat Balance Amount) interest_type_id == 2): ?> (Reducing) interest_type_id == 3): ?> (Flat Fixed Amount) Flat rate

interest_rate; ?> % interest_type_id != 4): ?>p.a. interest_type_id == 4 && $user['consumer_emi']->interest_rate > 0): ?>(Annualised Rate - interest_rate/$user['consumer_emi']->remaining_emi)*12,2); ?> %)

.

Processing fee (%)

offer_processing_fee; ?>%

Processing fee (including GST)

₹ processing_fee); ?>/- (Rupees processing_fee); ?>)

.

Prepayment charges

Zero

.

Delayed payment charges

0.15% per day on outstanding amount

.

Late Payments /Cheque /ECS /NACH dishonoured charges

₹ 300/- per late payment OR dishonor of cheque/ECS/NACH per presentation. Three successive cheque bounces/ auto debit failure will lead to loan recall notice being issued.

.

Post dated / Undated Cheques

 We are collecting 2 undated cheques. One of Loan Amount & one Security Cheque of EMI Amount.Unused cheques will be shredded at our end after successful repayment of the loan. Any cash collection would include additional Rs 400 per pick up.

.

Details of the Merchant

Name:

.

Documentation

Submit Duly Signed to the Lender the following:

  1. Most Important Document
  2. General Terms and Conditions
  3. Demand Promissory Note
  4. Vernacular Declaration
  5. Three (3) Undated Cheques
  6. Completed auto debit NACH Form

.

Loan disbursement  

Post completion of the documentation, the loan will be eligible for disbursement.

.

Merchant Refunds & Loan Cancellations  

In case of a return of a purchase to a merchant, a cancellation charge of 1.4% per month on outstanding principal would be payable.


The terms of this loan sanction shall also be governed by General Terms and Conditions, which you may kindly read before confirming your acceptance. The said documents are incorporated here by way this reference, Borrower's acceptance to the terms of this letter and the General Terms and Conditions should be informed to the Lender by submission of a signed copy of the Most Important Document with the terms understood by the Borrowers.Further, each of the Borrowers shall be jointly and severely responsible for compliance to the terms of this loan sanction and for repayment of the loan amount disbursed.

This sanction letter will only be a letter of offer and shall stand revoked and cancelled, if there are any material changes in the proposal for which the Loan is sanctioned or; If any event occurs which, in our sole opinion is prejudicial to our interest or is likely to affect the financial condition of the Borrowers or his / her/ their ability to perform any obligations under the loan or; any statement made in the loan application or representation made is found to be incorrect or untrue or material fact has concealed or; upon completion of the validity period of 3 days of this offer unless extended by us in writing.

Principal Amount is 0): ?> ₹ upfront_from_customer)-$subvention),0)); ?> ₹ upfront_from_customer)); ?>

Best Regards,

0): ?>

*remaining_emi))*100,2); ?>% Flat rate OR % reducing balance rate

interest_type_id != 2): ?>

* interest_rate; ?>% interest_type_id != 4): ?>p.a. interest_type_id == 4 && $user['consumer_emi']->interest_rate > 0): ?> (Annualised Rate - interest_rate/$user['consumer_emi']->remaining_emi)*12,2); ?> %) interest_type_id == 1): ?> (Flat Balance Amount) interest_type_id == 2): ?> (Reducing) interest_type_id == 3): ?> (Flat Fixed Amount) Flat rate OR % % % reducing balance rate

Non Banking Finance Company . CIN No.
Reg. Address
Office no. 501, B wing, Naman Midtown, Senapati Bapat Marg, Gokhale Road, Dadar West, Mumbai 400028
Corp. Address
6A, 6th Floor, Corporate Centre, Andheri Kurla Road, Near JB Nagar Metro Station, Andheri East, Mumbai 400059
|
Non Banking Finance Company . CIN No.
|
CREDIT FAI₹
Credit Fair (K. M. Global Credit Private Limited)
Reg. Address
Office no. 501, B wing, Naman Midtown, Senapati Bapat Marg, Gokhale Road, Dadar West, Mumbai 400028
Corp. Address
6A, 6th Floor, Corporate Centre, Andheri Kurla Road, Near JB Nagar Metro Station, Andheri East, Mumbai 400059
www.creditfair.in | info@creditfair.in | 9967235047