1. Quick Overview of Our Loan Services
Our loan offerings are designed to provide flexibility and transparency, tailored to meet your financial needs:
Borrowing Range: Up to ₹200,000
Repayment Options: Choose from 3 to 6 months
Processing Charge: Capped at 3% of the loan value
Daily Interest Rate: 0.09%
Annual Percentage Rate (APR): 32.15%
Example of Loan Terms:
For a ₹50,000 loan with a 6-month tenure at an APR of 32.15%, the processing fee would be 3% of the loan amount, totaling ₹1,500, plus 18% GST on the fee, which amounts to ₹270. Therefore, the total processing charge would be ₹1,770, deducted upfront from the loan amount. The monthly EMI would be ₹9,655, and the total repayment over the 6-month period would be ₹59,697, including ₹7,927 in interest. The overall cost of the loan, including processing fees and interest, would be ₹9,697.
2. Loan Amount Agreement
The principal amount of the loan provided to the borrower will reflect the sum specified in the loan application made to the lender. Both parties will concur on the final loan amount, ensuring it aligns with the provisions of this contract before proceeding with the loan issuance.
3. Terms of Loan Repayment
· Initiation of Repayment Period: Following the initiation date of this agreement, the borrower is obliged to commence repayments based on the predetermined method and frequency until the total repayment of both the loan principal and interest.
· Consequences of Non-Timely Repayment: Should the borrower default on the scheduled repayment, overdue interest will be levied from the default date at an annualized rate agreed upon by both parties, continuing until the full repayment of the outstanding amount.
· Early Repayment Option: The borrower is entitled to settle any outstanding loan amount, partially or in full, prior to the expiration of the repayment period.
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. 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.
6. Commitments by Vision Loan
a. Loan Payment: Vision Loan will fulfill its commitment to pay out the loan in accordance with the agreement's terms, delivering the entire amount in one transaction to the borrower.
b. Repayment Planning Assistance: Vision Loan commits to providing the borrower with a clear repayment strategy, detailing the repayment timeframe, installment sums, and other necessary details for on-time repayment.
c. Protection of Borrower Information: Vision Loan assures the confidentiality of all borrower-related information and repayment data, with a promise against its disclosure or misuse.
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.
