Our loan services provide you with the opportunity to borrow up to Rs. 300,000, with flexible repayment terms ranging from 91 to 180 days. The daily interest rate is set at 0.09%, which translates to an annual percentage rate (APR) of 32.45%. Additionally, a processing fee, capped at 1% of the loan amount, is applicable.
Cost Breakdown and Repayment Example
To better understand the costs involved, consider borrowing Rs. 40,000 for a period of 180 days at an APR of 32.45%. In this scenario, the processing fee would be Rs. 400, with an additional Rs. 72 in GST, totaling Rs. 472 in upfront deductions. After these deductions, the in-hand amount you receive would be Rs. 39,528. Over the 180-day loan term, the accrued interest would amount to Rs. 6,401, leading to monthly installments of approximately Rs. 7,734. The total repayment over the 180-day period would be Rs. 46,401. Including the processing charges and GST, the total cost of the loan comes to Rs. 6,873.
2. 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.
3. Borrower's Pledges
a. Contractual Compliance: The borrower affirms their comprehension of and commitment to the terms contained within this loan agreement.
b. Authenticity of Submitted Details: The borrower assures the lender of the complete authenticity and accuracy of all submitted information, devoid of any inaccuracies or omissions.
c. Assurance of Repayment: The borrower guarantees the full and punctual repayment of the loan's principal and interest, following the plan provided in the application.
d. Credit Evaluation Agreement: The borrower acknowledges the loan provider's right to assess, at any given time, the borrower's credit standing and the capability for repayment.
4. Loan Amount Specification
The designated loan amount will mirror the sum requested by the borrower in the initial application to the lender. Upon mutual acknowledgment and verification of the proposed amount by both parties, the transaction will proceed, strictly adhering to the guidelines set forth in this contract.
5. Repayment Agreement Specifications
· Repayment Initiation: The repayment process as described in this agreement shall begin immediately from its effective date, adhering to the agreed-upon repayment mechanics until the entire loan along with interest is fully settled.
· Late Payment Repercussions: Failure to timely repay the loan will result in the accrual of overdue interest from the lapse date, calculated at an annualized rate mutually agreed, until the entire overdue principal and interest are paid in full.
· Option for Early Repayment: It is within the borrower's right to fully or partially repay the loan ahead of the stipulated repayment timeframe.
6. Assurance from Yashashvi Loan
a. Loan Payment Commitment: Yashashvi Loan shall adhere to this agreement by paying the loan amount in a single installment directly to the borrower.
b. Repayment Support Plan: Yashashvi Loan will provide a detailed repayment schedule, including all necessary repayment information and support to the borrower for timely loan repayment.
c. Confidentiality and Data Protection: Yashashvi Loan commits to the strict confidentiality of the borrower’s personal and repayment information, with a firm stance against its unauthorized disclosure or exploitation.
7. 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.
8. Implications for Non-Adherence to Repayment Obligations
a. Accrued Interest on Overdue Payments: Borrowers failing to honor the repayment conditions as detailed in this Agreement will incur interest on any overdue amounts, aligning with the terms specified.
b. Legal Steps for Recovery of Dues: Yashashvi Loan reserves the authority to undertake legal measures against borrowers who default on their repayment commitments. This encompasses the dissemination of borrower information to credit tracking agencies and initiating court proceedings to reclaim the owed amounts.
