Loan Agreement

1. Definition

The loan agreement aims to ensure that the rights and responsibilities of the borrower and lender are clearly defined and protected. This agreement serves as a legal document that specifies the specific conditions, repayment methods, interest rates, fees, and default obligations related to the loan, in order to ensure the legality and fairness of the lending transaction.

Our loan agreement is a detailed and clear document that covers the rights and obligations of both parties involved, as well as the specific details of the loan. We are committed to providing transparent, fair, and reliable lending services while protecting the privacy and personal information of our users.

Before signing the loan agreement, we kindly ask you to carefully read the contents of the agreement and ensure that you fully understand the terms and conditions. We recommend consulting a legal professional before signing to ensure that you have a precise understanding of the agreement and its legal implications.

Our loan agreement aims to safeguard the rights and interests of both parties, ensuring a smooth lending transaction and providing you with a secure and reliable borrowing experience.

2. Statement of main facts

Loan Amount: Rs 5,000-100,000

Loan period: minimum 120 days, maximum 365 days

Interest Type (Fixed or Floating): Fixed

Interest Charges:

Floating rate loan: 0.05%/day (base rate +0.01%)

If it is a fixed rate loan: 0.05%/day-0.06%/day

Reset interest date:

Communication method of interest rate changes: email notification

Fee payment:

When applying (please specify all fee categories): Service Fee+GST fee

Loan period (please specify all kinds of expenses):Pay interest at maturity (additional late fees will be incurred in case of overdue).

(a) Service fee: 5% (tax included)

(b) Interest: XXX

(c)GST fee: 0.36% of the loan amount (18% of Service Fee)

Regarding foreclosure (please specify all types of fees): 0

Refundable fee if loan not approved/disbursed: 0

Conversion fee for switching from floating rate to fixed rate: 0

Penalty for late payment:

(a) Delay interest: 0.1% of the loan amount

(b) Overdue fee: 0.1%/day

Payable EMI: 1 structured installment.

Details of security/collateral obtained: None

Annual balance statement issue date: Customers can download the balance statement from the notification email immediately.

3. Calculation formula

For a loan of ₹10,000 with a tenure of 120 days, the charges are as follows:

Loan Amount: ₹10,000

Loan Term: 120 days

Daily Interest Rate: 0.05%

Processing Fee: 5% of ₹10,000 = ₹500

GST on Processing Fee (18%): ₹90

Amount Received: ₹10,000 - ₹500 - ₹90 = ₹9,410

Total Interest: 0.05% × 120 days × ₹10,000 = ₹600

Total Repayment Amount: ₹10,000 + ₹600 = ₹10,600

4. Loans:

Effective from the commencement date of this agreement, the Lender agrees to provide a loan to the Borrower, and the Borrower agrees to obtain the loan from the Lender in accordance with the terms and conditions specified in this agreement.

This agreement is subject to the following conditions:

1. The Lender's approval of the loan.

2. The Borrower meeting all prerequisites and eligibility criteria set by the Platform and/or Lenders for loan acquisition and/or platform usage, including but not limited to complying with know-your-customer procedures, verification, and document submission requirements.

3. Both parties signing this agreement, promissory note, and loan note. Both parties explicitly agree to and accept the privacy policy, terms of service, and any other relevant subsidiary terms that may be applicable and updated periodically. These terms may be accessed through the Insta Rupee mobile app or sent via the Borrower's registered email. The Borrower irrevocably and unconditionally agrees to enter into this agreement upon entering the OTP into the platform. The parties acknowledge that they have read, understood, and accepted these additional terms and conditions, which form an integral part of this agreement.

4. The Borrower assumes full responsibility for any loss, damage, or risk arising from the use of the OTP and agrees to indemnify the Lender against all losses, costs, liabilities, claims, damages, and expenses incurred.

5. In the event of loan approval by the Lender, the funds will be disbursed through the payment process facilitated by the platform.

6. The Lender will notify the Borrower of loan approval through the platform and via text messages (SMS).

7. It is expressly stated that the Borrower shall not cancel the loan application after submitting it through the platform to avoid any confusion.

5. Declaration

The Lender warrants that it enters into this agreement in good faith and will not violate any applicable rules and regulations, including but not limited to those related to money laundering, tax avoidance, and anti-terrorism.

The Lender acknowledges that it signs this Agreement voluntarily and without coercion or intimidation from any party. The Lender fully understands the content and consequences of this Agreement.

The Borrower agrees and acknowledges that the information provided by the Borrower to the company and/or the platform will be disclosed to the Lender and will be used for loan processing, administration, and related matters.

Upon completion of the loan application, the Borrower's electronic signature will be considered as having signed this Agreement. The Agreement will become valid and binding on the Borrower upon the Lender's approval of the loan application.

In the event that the Borrower's negligence or fault leads to the loan amount being transferred to the wrong bank account or deposited into the wrong e-wallet, resulting in the Borrower being unable to receive the funds, neither the Platform nor the Lender will revoke the loan. The loan acquisition conditions will remain valid, and the Borrower will remain obligated to make payments as per the terms of this Contract.

In the event of the Borrower's failure to fully repay the Loan by the scheduled due date (including all interest, penalties, costs, and other amounts owed under this Contract), the Borrower shall pay default fees and default interest for each day of delay, as specified in this Contract. The Lender or the Platform may take necessary recovery actions against the Borrower.

6. Other expenses

1. The Lender shall bear any income tax or other taxes payable to the government authorities arising from loan income or interest payments (if applicable). The Lender is solely responsible for the full payment of the relevant taxes.

2. The Borrower shall be responsible for any handling fees, including fees associated with the loan application and financing. These fees shall be added to the loan amount and amortized accordingly.

3. The Borrower shall bear any corridor fees or costs related to the processing of loan repayments or installment payments.

4. The Borrower shall be responsible for any expenses incurred due to overdue repayment of the loan. The overdue fee shall be calculated by multiplying the overdue interest rate by the outstanding principal at maturity. This fee shall be added to the loan amount on a cumulative basis each calendar day following the due date until the outstanding principal is settled.

7. Breach of contract

The Borrower shall be considered in default under any of the following circumstances:

1. Failure to make payment of the amount due by the specified due date or failure to comply with any other obligations stated in this Agreement.

2. The Borrower has been declared bankrupt by a court judgment with proper authorization.

3. The Borrower has been convicted by a binding court decision in any jurisdiction or is involved in criminal activities, including but not limited to money laundering and/or terrorist activities.

4. The Borrower has provided falsified, incorrect, or misrepresented data. The Lenders retain the absolute right to determine the validity of the information provided.

In the event of default, the Lender has the right to accelerate the loan and demand immediate and full payment of all amounts due under this Agreement, including principal balance, payment charges, late fees, and any other applicable charges. Furthermore, the Lender is entitled to terminate this Agreement and exercise all statutory rights and remedies available for breach.

Termination of this Agreement shall not prejudice the rights of either party accrued up to and including the date of termination of this Agreement.

8. Acceptance and execution of the contract

The Parties acknowledge that they have read and comprehended the terms and conditions outlined in this Contract and hereby mutually agree and accept said terms and conditions, including any accompanying annexes (if applicable).

It is understood that the processing of the Loan will only commence upon both Parties consenting to adhere to the terms and conditions specified in this Contract, as well as the Privacy Policy, the Terms of Service, and any additional terms that may be applicable.