1. Core Benefits of Our Loan Offering
Our loan products combine flexibility with affordability, designed to match your financial needs:
Repayment Term: 91 to 180 days
Maximum Loan Amount: ₹200,000
Processing Fee: Up to 1% of the loan principal
Daily Interest Rate: 0.08%
Annual Percentage Rate (APR): 29.03%
Personal Loan Example with Sanchit Loan:
Loan Amount: ₹20,000
Loan Tenure: 4 months
APR (Annual Percentage Rate): 29.03%
Processing Fee (with 18% GST): ₹236
Monthly EMI: ₹5,477
Total Repayment Amount: ₹21,909
Total Interest Paid: ₹1,909
Total Loan Cost (Interest + Processing Fee): ₹2,145
Disbursed after deductions: ₹19,764
2. Determination of Loan Amount
The value of the loan to be disbursed to the borrower shall be determined based on the amount requested through the loan application submitted to the lender. Following a mutual agreement on the requested amount by both the borrower and the lender, the loan will be executed in compliance with the terms outlined in this agreement.
3. Borrower's Assurance
a. Agreement Compliance: The borrower fully understands this agreement and agrees to meet all its conditions and obligations.
b. Information Veracity: The borrower ensures the veracity, precision, and fullness of the provided information, without any falsehoods.
c. Fulfillment of Repayment: The borrower will adhere to the repayment timeline, settling the principal and interest in accordance with the plan laid out in the application.
d. Permit for Credit Examination: The borrower grants the loan service provider the authority to assess their creditworthiness and repayment potential as necessary.
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. Pledges by Sanchit Loan
a. Fulfillment of Loan Provision: Sanchit Loan will execute the loan provision to the borrower in a single disbursement, conforming to the conditions of this agreement.
b. Repayment Strategy Guidance: Sanchit Loan 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: Sanchit Loan vows to securely manage the borrower's personal details and repayment records, ensuring these are not disclosed or misused.
6. Change in Agreement
All updates, changes, or supplements to the conditions of this Agreement necessitate drafting in a written format, which shall then be validated through the mutual agreement and signatures of the involved parties.
7. 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 Sanchit Loan to activate legal strategies to hold the borrower accountable. This includes, but is not limited to, reporting to credit bureaus and litigating.
8. Resolution of Dispute
In accordance with the laws of India, the provisions of this agreement will be interpreted and implemented. Any conflicts or disputes that emerge from this agreement are to be first addressed through mutual negotiations between the involved parties. If such negotiations do not yield a resolution, the dispute shall be presented to a court holding jurisdiction in India to seek a legal settlement.
