Effective from the date of this contract, the Lender commits to providing a loan to the Borrower, who agrees to secure the loan from the Lender, subject to the following conditions:
(1) Loan Approval:
- The loan approval is contingent upon the Lender's discretion.
(2) Eligibility and Prerequisites:
- The Borrower must meet all prerequisites and eligibility criteria established by the platform and/or the Lender for obtaining the loan and utilizing the platform.
- These criteria encompass, but are not limited to, compliance with Know Your Customer (KYC) procedures, document verification, and submission requirements.
(3) Contract Acceptance:
- Both parties are required to sign this contract, along with the promissory note and loan note.
- The Borrower must explicitly agree to and accept the Privacy Policy, Terms of Service, and any supplementary terms, which may be periodically updated (if applicable).
- These terms can be accessed through the Insta Rupee mobile application or sent via email to the Borrower's registered email address.
- The Borrower unconditionally agrees to enter into this contract upon inputting the OTP into the platform.
- Both parties confirm their understanding and acceptance of these additional terms and conditions, which form an integral part of this contract.
(4) OTP Usage Responsibility:
- The Borrower assumes full responsibility for any loss, damage, or risk arising from the use of OTP.
- The Borrower undertakes to indemnify the Lender against all losses, expenses, liabilities, claims, damages, compensation, and indemnity costs resulting from OTP usage.
(5) Loan Disbursement:
- In the event of loan approval by the Lender, funds will be transferred to the designated bank account via the platform's payment process.
- These funds will cover the loan principal and any other fees or payments owed by the Borrower to the Lender.
(6) Loan Approval Notification:
- The Lender will communicate loan approval to the Borrower through the platform and SMS notifications.
(7) Cancellation of Loan Application:
- The Borrower shall not have the right to cancel a loan application submitted via the platform once it has been submitted.
Loan Amount: From 3,000 Rupees to 100,000 Rupees
Loan Tenure: 92 - 720 days
Annual Percentage Rate: 27%
Interest Rate Type: Fixed
Loan Interest Rate: 0.06% per day
Communication for Rate Changes: Notification through email
At the Time of Application (Specify all fee categories): Service Charge and GST18% on processing fee
During the Loan Tenure (Specify all fee categories): Total Interest
(a) Service Fee: 5% (inclusive of taxes)
(b) Interest: XXX
Regarding Prepayment (Specify all fee types): None
Refund Charges if Loan Not Approved/Disbursed: None
Late Payment Penalties:
(a) Late Interest: None
(b) Late Fee: 1% per day
Equal Monthly Installments Payable: 1 installment
Details of Obtained Collateral/Guarantee: None
Annual Balance Sheet Issuance Date: Customers can download the balance sheet immediately from the notification email.
Note: Please note that values marked as XXX need to be filled with specific amounts or numbers as per the loan agreement.
For a loan amount of 100,000 Rupees, a tenure of 92 days, a fixed annual interest rate of 21.9%, charged as follows:
Loan Amount: 100,000 Rupees
Loan Tenure: 92 days
Interest Rate Type (Fixed or Floating): Fixed
Fixed Annual Interest Rate: 21.9%
Daily Interest Rate: 21.9% / 92 = 0.06%
Total Interest: 10,000 * 0.06% * 92 = 5,520 Rupees
Service Fee: 5,000 (5% * 100,000)
GST 18% on processing fee: 900 (5,000 * 18%)
Loan Date: July 1, 2023
Due Date: June 31, 2024
Number of Days Overdue: 1 day
Late Payment Penalties: 1,,000 Rupees
(a) Late Interest: 0
(b) Late Fee: 1,000 Rupees (1% * 100,000)
The amount received after a successful loan is 100,000-5000-900=941,000 Rupees.
The total amount payable at the end of the loan term is 100,000 + 5,520 + 1,000 = 106,520 Rupees.
(1) Lender's Commitment:
- The Lender declares their commitment to this agreement in good faith, pledging not to violate any applicable regulations or legal provisions, including, but not limited to, those related to anti-money laundering, tax evasion, and counter-terrorism.
(2)Voluntary Agreement:
- The Lender voluntarily signs this agreement without any coercion or threats from any party. They have fully comprehended the contents and consequences of this agreement.
(3)Information Disclosure:
- The Borrower acknowledges and understands that the information submitted to the company and/or platform will be shared with the Lender. This information will be utilized by both the company and the Lender for loan processing and management of related transactions.
(4)Electronic Signature:
- Upon completion of the loan application, the Borrower's electronic submission is regarded as their signature. This agreement becomes legally binding upon the Lender's approval of the loan application.
(5)Mistaken Fund Transfer:
- In the event of the loan amount mistakenly being credited to an incorrect bank account or electronic wallet due to the Borrower's negligence or other reasons, the loan will not be revoked by the platform or the Lender. The terms of the loan acquisition remain valid, and the Borrower is responsible for repayment in accordance with this contract.
(6)Loan Repayment:
- If the Borrower fails to fully repay the loan, including interest, penalties, fees, and other amounts, by the agreed-upon due date, they agree to pay overdue charges and interest as stipulated in this agreement, if applicable. The Lender or platform may take necessary recovery actions.
(1)Tax Responsibility:
- The Lender shall be solely responsible for any income tax or other taxes payable to government authorities arising from loan proceeds or interest payments (if applicable).
(2) Processing Fees:
- Processing fees, including those associated with loan application and financing, shall be the responsibility of the Borrower. These fees will be considered as part of the loan amount to be repaid.
(3) Corridor and Repayment Fees:
- The Borrower shall bear the costs of corridor fees and any fees related to the processing of loan repayments or installment payments.
(4)Overdue Costs:
- Costs resulting from the Borrower's overdue repayment of the loan shall be borne by the Borrower. Overdue charges will be calculated by multiplying the overdue interest rate by the outstanding principal on the due date and adding this sum cumulatively to the loan amount on each calendar day following the due date until the outstanding principal is settled.
The Borrower shall be deemed in default under the following circumstances:
(1)Failure to Meet Obligations:
- The Borrower does not make timely payments of due amounts or fails to fulfill any obligations specified in this agreement.
(2)Bankruptcy Declaration:
- The Borrower is declared bankrupt based on a court-authorized judgment.
(3)Criminal Conviction:
- The Borrower is convicted in a final court judgment in any jurisdiction or is involved in criminal activities, including but not limited to money laundering and terrorist activities.
(4) Misrepresentation of Data:
- The Borrower, at its sole discretion, submits data that is determined to be forged, incorrect, or misrepresented. The Lender has the discretion to evaluate such findings.
In the event of default, the Lender has the following rights:
- The right to demand immediate full payment of all amounts due under this contract, including the outstanding principal balance, payment fees, late charges, and any other fees.
- The right to terminate this contract and exercise all legal default rights and remedies.
All parties acknowledge that they have read and understood the terms and conditions of this contract and mutually agree to accept these terms and conditions, including their appendices (if any). All parties recognize that the loan will only be processed when all parties agree to comply with this contract, the Privacy Policy, Terms of Service, and applicable supplementary terms.
In this Agreement, unless the context unmistakably indicates otherwise, the following terms shall carry the meanings ascribed to them:
(1) "Loan": Refers to the personal purpose loan services extended by the Lender to the Borrower.
(2)"Borrower Information": Denotes the personal data and documentation submitted by the Borrower on the platform, verified by the Company acting on behalf of the Lender.
(3)"Bank Account": Designates the bank account specified by the Company for disbursing loans, receiving loan principal, and managing fees or payments due from the Borrower to the Lender.
(4)"OTP" (One-Time Password): Represents a single-use password dispatched to the Borrower's registered mobile phone number, valid solely for one login session or transaction, and serving the purpose of authenticating and identifying the Borrower.
(5)"Channel": Refers to third-party partners of the Lender employed for payment and receipt purposes.
(6)"Repayment Amount": Signifies the sum payable by the Borrower on the loan's maturity date.
(7)"Overdue": Describes the condition in which the Borrower fails to complete payment or repayment by the stipulated due date.
(8)"Overdue Amount": Depicts the sum that becomes overdue when the Borrower fails to make full payment or repayment by the specified due date.
(9)"Fixed Interest Rate": Identifies the interest rate that remains constant throughout the loan period.
(10)"Floating Interest Rate": Denotes an interest rate subject to variations based on prevailing market conditions.
(11)"Loan Date": Records the date on which the loan is disbursed or provided to the Borrower.
(12) "Due Date": Indicates the final deadline by which the Borrower must effect payment or full repayment as stipulated.
(13)"Borrower Platform ID": Represents the Borrower's username and/or registration number tied to the data submitted and registered by the Borrower on the platform, encompassing Borrower-related information.
(14)"Company": Refers to our corporate entity.
(15)"Terms of Service": Encompasses the terms and conditions governing platform usage, which the Borrower can access, comprehend, and accept during the registration process, constituting an integral part of this contract.
(16) "Privacy Policy": Holds the same significance as defined within the Terms of Service and constitutes an integral component of this contract.
(17)"Platform": Designates the electronic platform accessible via the Google Play Store and Apple App Store or through the Supersonic Loan mobile application or device.