1. Loan Service Specifics
Our loan services offer amounts up to ₹500,000, with repayment periods ranging flexibly between 91 and 180 days. The daily interest rate is set at 0.06%, which translates to an annual percentage rate (APR) of 22.34%. A processing fee of up to 1% of the loan amount will be applicable.
Example Loan Scenario: Suppose you take out a loan of ₹8,000 at an APR of 22.34% for a 120-day term. Your monthly EMI will be ₹2,147. A processing fee of ₹80, along with ₹14 in GST on the fee, will be deducted from the loan amount, leaving ₹7,906 to be disbursed. The total amount repayable will be ₹8,588, which includes ₹588 in interest. Thus, the overall cost of the loan will be ₹682.
2. Lender Commitments
a. Loan Provision: Rupee Waycon commits to disbursing the agreed loan amount to the borrower as a single payment, strictly adhering to this agreement's conditions.
b. Repayment Assistance: Rupee Waycon will outline a comprehensive repayment plan, detailing the schedule, amounts due, and other pertinent information, to facilitate timely repayment by the borrower.
c. Privacy Assurance: Rupee Waycon pledges to maintain the confidentiality of the borrower's personal data and repayment history, ensuring no disclosure or misuse.
3. Loan Amount Confirmation Process
The loan amount to be disbursed will be directly based on the amount requested by the borrower in their loan application to the lender. Both the lender and the borrower will confirm and agree upon the specified loan amount before proceeding, ensuring all actions are taken in line with the provisions detailed in this agreement.
4. Loan Repayment Conditions
· Repayment Onset: The borrower shall commence loan repayments in accordance with the agreed terms and schedule from the date this agreement takes effect, continuing until the full repayment of the loan principal and interest.
· Penalty for Repayment Delays: If repayment is not made timely, interest on the overdue amount will be charged at the annualized rate mutually agreed upon from the date of delay until the complete clearance of the outstanding loan principal and interest.
· Provision for Early Repayment: The borrower holds the right to repay the outstanding loan balance, either partially or in its entirety, before the close of the repayment period.
5. Obligations of the Borrower
a. Comprehension and Compliance: The borrower confirms comprehension of this agreement in full and pledges to comply with every term and condition specified.
b. Accuracy of Provided Data: The borrower guarantees the truthfulness, accuracy, and completeness of all submitted data, free from falsehoods or exclusions.
c. Repayment Commitment: The borrower vows to repay the entire loan amount and accrued interest promptly, according to the specified repayment plan.
d. Approval for Credit Investigation: The borrower permits the loan service provider to conduct necessary inquiries into their credit status and repayment capabilities.
6. Guarantees and Supplementary Agreements by the Borrower
a. Certification of Eligibility: The borrower confirms their eligibility as an Indian citizen or resident with full civil conduct capability to engage in this agreement, being over the age of 18.
b. Assurance on the Use of Funds: The borrower pledges that the loan will be utilized for lawful purposes, assuming all liabilities for consequences of any illicit use.
c. Force Majeure Disclosure Requirement: If force majeure or other grave incidents render the borrower unable to meet repayment deadlines, immediate notification and relevant proof must be furnished to the lender.
In instances where this agreement does not provide specific guidance, both parties agree to negotiate in good faith to draft and execute an addendum to this agreement.
7. Agreement Changes
Modifications, revisions, or additions to this Agreement's terms require a written document, mutually agreed upon and duly signed by both parties involved.
8. Consequences for Breaching Repayment Terms
a. Interest on Delayed Payments: The Borrower is required to pay interest on overdue payments as per the stipulations of this Agreement.
b. Legal Measures for Non-fulfillment: Non-fulfillment of the loan and interest repayment obligations permits Rupee Waycon to activate legal strategies to hold the borrower accountable. This includes, but is not limited to, reporting to credit bureaus and litigating.
9. Dispute Resolution
Under the governance of Indian law, this agreement's interpretation and enactment shall be in accordance. Should any disagreement or conflict arise from this contract, both parties commit to seeking an amicable settlement through negotiation first. Failing which, the issue will be escalated to the competent legal authorities in India for adjudication.