1. Loan Service Benefits
Take advantage of flexible and affordable loan options designed to suit your financial needs:
Repayment Term: 91 to 180 days
Maximum Loan Amount: ₹2,00,000
Processing Fee: Up to 2% of the loan amount
Daily Interest Rate: 0.03%
Annual Percentage Rate (APR): 11.6%
Loan Example:
For a ₹30,000 loan with a 4-month term and an APR of 11.6%:
Processing Fee (2% + GST): ₹708
Monthly EMI: ₹7,786
Total Repayment Amount: ₹31,144
Total Interest Payable: ₹1,144
Total Loan Cost: ₹1,852 (includes Interest and Processing Fee)
Amount Disbursed: ₹29,292 (after deduction applied)
2. 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.
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. 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. Assurance from PavanLoan
a. Loan Payment Commitment: PavanLoan shall adhere to this agreement by paying the loan amount in a single installment directly to the borrower.
b. Repayment Support Plan: PavanLoan 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: PavanLoan commits to the strict confidentiality of the borrower's personal and repayment information, with a firm stance against its unauthorized disclosure or exploitation.
7. Dispute Settlement
This agreement is subject to Indian legal statutes for both its interpretation and application. In the event of any disputes stemming from this contract, the parties will initially attempt to resolve the issues amicably. Should these attempts not result in a resolution, the matter will then be referred to an appropriate court within India's jurisdiction for legal proceedings.
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: PavanLoan 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.
9. Terms Modification Agreement
Modifying the terms of this Agreement, including any changes, amendments, or additions, shall be conducted through a written document, subject to the mutual approval and subsequent signing by both parties.
