1. Loan Service Snapshot
Our loan offerings combine flexibility and transparency:
Borrowing Limit: Up to ₹2,00,000
Repayment Period: Choose between 3 to 12 months
Processing Fee: Capped at 3% of the loan amount
Daily Interest Rate: 0.07%
APR (Annual Percentage Rate): 25.95%
Loan Example:
For a ₹40,000 loan at an APR of 25.95% over a 6-month period, the processing fee (3% of the loan value + 18% GST) amounts to ₹1,416. The disbursed amount will be ₹38,584 after all applicable charges. The monthly EMI would be ₹7,520, with a total repayment of ₹45,119, which includes ₹5,119 in interest. The overall cost of the loan, including processing fees and interest, would be ₹6,535.
2. Loan Amount Confirmation
The amount to be loaned out will correspond to the figure applied for by the borrower and subsequently confirmed by both the borrower and the lender as per the application process. This confirmation will lead to the enactment of the loan, adhering to the conditions specified within this agreement.
3. Repayment Schedule and Terms
· Commencement of Repayment: The borrower agrees to begin the repayment of the loan, covering both the principal and the interest, following the repayment schedule and method outlined in this agreement, starting from the agreement's effective date.
· Delayed Payment Penalties: In instances of delayed payments, the borrower will incur overdue interest charges at an annualized rate previously consented by both parties, accruing from the overdue date until the complete repayment of the due loan principal and accrued interest.
· Prepayment Rights: The borrower reserves the privilege to prepay either the full amount or a portion of the loan principal and interest before the designated end of the repayment term.
4. Borrower's Commitments
a. Agreement Acknowledgment: The borrower acknowledges understanding the entirety of this loan agreement and commits to adhering to all its terms and conditions.
b. Truthfulness of Information: The borrower assures that all provided information is authentic, precise, and complete, containing no misrepresentations or omissions.
c. Timely Repayment Assurance: The borrower commits to the timely and full repayment of both the loan principal and interest as per the outlined repayment schedule.
d. Consent to Credit Review: The borrower consents to the loan service provider's right to assess, inspect, and evaluate the borrower's creditworthiness and repayment capacity as deemed necessary.
5. Guarantee and additional agreement
a. Eligibility Confirmation: The borrower affirms their status as a legal Indian citizen or resident, over 18 years of age, and possessing the legal capacity to enter and fulfill this agreement.
b. Funds Utilization Guarantee: The borrower commits to the lawful utilization of the loaned funds and accepts full liability for any legal infractions resulting from improper use of these funds.
c. Notification in Event of Unforeseen Circumstances: Should unforeseen circumstances such as significant accidents, substantial losses, or acts of force majeure impede timely repayment, the borrower agrees to promptly inform the lender and provide necessary documentation.
For all issues not contemplated by this agreement, the parties shall enter into separate negotiations to agree upon and document the terms in a supplementary agreement.
6. Pledges by CashEmpower
a. Fulfillment of Loan Provision: CashEmpower will execute the loan provision to the borrower in a single disbursement, conforming to the conditions of this agreement.
b. Repayment Strategy Guidance: CashEmpower promises to deliver an explicit repayment guide, highlighting the repayment duration, payment sums, and other essential data, aiding the borrower in the timely repayment process.
c. Security of Personal and Repayment Data: CashEmpower vows to securely manage the borrower's personal details and repayment records, ensuring these are not disclosed or misused.
7. Repayment Breach Penalties
a. Interest for Delayed Repayment: Failure to meet the repayment terms will subject the Borrower to additional interest penalties as defined in this Agreement.
b. Rights to Legal Recourse: CashEmpower retains the right to seek legal remedies against borrowers who default on their repayment, which may include credit reporting and litigation.
8. Change of Agreement
Any alterations, amendments, or enhancements to the stipulations of this Agreement shall be effectively documented in writing, following the mutual consent and formal endorsement by both participating parties.