1. Overview of Loan Products
Our loan offerings are designed to suit your financial needs with the following terms:
Loan Limit: Up to ₹5,00,000
Repayment Period: 91 to 180 days
Processing Fee: Up to 3% of the total loan amount
Daily Interest Rate: 0.09%
Annual Percentage Rate (APR): 32.18%
For example, if you take a ₹40,000 loan at an APR of 32.18% for 91 days, your monthly installment will be ₹14,391. By the end of the loan term, you'll repay a total of ₹43,174, which includes ₹3,174 in interest. In addition, a processing fee of ₹1,200 and GST of ₹216 on the fee will be applied, raising the overall loan cost to ₹4,590. Therefore, the amount disbursed to you will be ₹38,584, as the processing fee and GST are deducted from the loan amount upfront.
Note: The processing fee and GST are deducted from the loan at the time of disbursement.
2. 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.
3. 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.
4. Responsibilities of the Borrower
a. Acknowledgment of Terms: The borrower has thoroughly reviewed and agrees to abide by the conditions and stipulations of this loan agreement.
b. Integrity of Information: The borrower asserts that the information provided in the application is correct, comprehensive, and devoid of any fraudulent statements.
c. Repayment Pledge: The borrower promises to fulfill the repayment of the loan principal and interest faithfully according to the agreed schedule.
d. Credit Status Verification Consent: The borrower agrees to allow the loan service provider to examine and verify their credit standing and ability to repay the loan when necessary.
5. Pledges by RMCash
a. Fulfillment of Loan Provision: RMCash will execute the loan provision to the borrower in a single disbursement, conforming to the conditions of this agreement.
b. Repayment Strategy Guidance: RMCash 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: RMCash vows to securely manage the borrower's personal details and repayment records, ensuring these are not disclosed or misused.
6. Guarantee and Additional Agreement
a. Legal Capacity and Status Guarantee: The borrower asserts their status as either an Indian citizen or legal resident, of legal age and fully capable of executing this agreement.
b. Assurance of Lawful Use of Loan Amounts: The borrower guarantees that loan funds will be deployed for legal activities, assuming responsibility for all issues arising from illegal application.
c. Prompt Notification in Case of Force Majeure: The borrower is obligated to quickly inform the lender of any force majeure event or other significant adversities affecting repayment, with the provision of relevant documentation.
Should any situation arise that is not explicitly addressed within the bounds of this agreement, both parties retain the right to engage in further discussions to negotiate and finalize a supplementary contract.
7. Repayment Breach Penalties
a. Interest for Delayed Repayment: Failure to meet the repayment terms will subject the Borrower to additional interest penalties as defined in this Agreement.
b. Rights to Legal Recourse: RMCash retains the right to seek legal remedies against borrowers who default on their repayment, which may include credit reporting and litigation.
8. 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.
