Terms of the Loan
1. Loan Terms and Illustrative Example
Loan Terms
We offer loans with a maximum amount of Rs. 4,00,000 for terms ranging from 3 to 12 months. A service charge, capped at 3% of the loan amount, is applicable. The daily interest rate is 0.04%, which equates to an annual percentage rate (APR) of 13.05%.
Illustrative Example
Consider borrowing Rs. 60,000 for a 6-month period at an APR of 13.05%. The processing fee would be Rs. 1,800, with an additional Rs. 324 GST on the fee, totaling Rs. 2,124. This fee is deducted upfront from the loan amount, reducing the disbursed funds to Rs. 57,876. Over the term of the loan, the total interest you would pay amounts to Rs. 3,861. Your monthly Equated Monthly Installment (EMI) would be approximately Rs. 10,644, leading to a total repayment amount of Rs. 63,861.
2. Determination of Loan Amount
The value of the loan to be disbursed to the borrower shall be determined based on the amount requested through the loan application submitted to the lender. Following a mutual agreement on the requested amount by both the borrower and the lender, the loan will be executed in compliance with the terms outlined in this agreement.
3. Repayment Schedule and Terms
· Commencement of Repayment: The borrower agrees to begin the repayment of the loan, covering both the principal and the interest, following the repayment schedule and method outlined in this agreement, starting from the agreement's effective date.
· Delayed Payment Penalties: In instances of delayed payments, the borrower will incur overdue interest charges at an annualized rate previously consented by both parties, accruing from the overdue date until the complete repayment of the due loan principal and accrued interest.
· Prepayment Rights: The borrower reserves the privilege to prepay either the full amount or a portion of the loan principal and interest before the designated end of the repayment term.
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. Responsibilities of Hazoor Loan
a. Agreement on Loan Issuance: Hazoor Loan is obliged to transfer the loan amount to the borrower in a lump sum, as agreed upon in this contract.
b. Provision of Repayment Schedule: Hazoor Loan shall furnish a repayment schedule that includes detailed information on repayment intervals, amounts due, among other specifics, to ensure the borrower can fulfill repayment timely.
c. Assurance of Data Privacy: Hazoor Loan undertakes to keep the borrower's information and repayment details secure, with a commitment to non-disclosure and no misuse.
6. Consequences for Breaching Repayment Terms
a. Interest on Delayed Payments: The Borrower is required to pay interest on overdue payments as per the stipulations of this Agreement.
b. Legal Measures for Non-fulfillment: Non-fulfillment of the loan and interest repayment obligations permits Hazoor Loan to activate legal strategies to hold the borrower accountable. This includes, but is not limited to, reporting to credit bureaus and litigating.
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. Change of Agreement
Any alterations, amendments, or enhancements to the stipulations of this Agreement shall be effectively documented in writing, following the mutual consent and formal endorsement by both participating parties.
Loan Terms
We offer loans with a maximum amount of Rs. 4,00,000 for terms ranging from 3 to 12 months. A service charge, capped at 3% of the loan amount, is applicable. The daily interest rate is 0.04%, which equates to an annual percentage rate (APR) of 13.05%.
Illustrative Example
Consider borrowing Rs. 60,000 for a 6-month period at an APR of 13.05%. The processing fee would be Rs. 1,800, with an additional Rs. 324 GST on the fee, totaling Rs. 2,124. This fee is deducted upfront from the loan amount, reducing the disbursed funds to Rs. 57,876. Over the term of the loan, the total interest you would pay amounts to Rs. 3,861. Your monthly Equated Monthly Installment (EMI) would be approximately Rs. 10,644, leading to a total repayment amount of Rs. 63,861.
2. Determination of Loan Amount
The value of the loan to be disbursed to the borrower shall be determined based on the amount requested through the loan application submitted to the lender. Following a mutual agreement on the requested amount by both the borrower and the lender, the loan will be executed in compliance with the terms outlined in this agreement.
3. Repayment Schedule and Terms
· Commencement of Repayment: The borrower agrees to begin the repayment of the loan, covering both the principal and the interest, following the repayment schedule and method outlined in this agreement, starting from the agreement's effective date.
· Delayed Payment Penalties: In instances of delayed payments, the borrower will incur overdue interest charges at an annualized rate previously consented by both parties, accruing from the overdue date until the complete repayment of the due loan principal and accrued interest.
· Prepayment Rights: The borrower reserves the privilege to prepay either the full amount or a portion of the loan principal and interest before the designated end of the repayment term.
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. Responsibilities of Hazoor Loan
a. Agreement on Loan Issuance: Hazoor Loan is obliged to transfer the loan amount to the borrower in a lump sum, as agreed upon in this contract.
b. Provision of Repayment Schedule: Hazoor Loan shall furnish a repayment schedule that includes detailed information on repayment intervals, amounts due, among other specifics, to ensure the borrower can fulfill repayment timely.
c. Assurance of Data Privacy: Hazoor Loan undertakes to keep the borrower's information and repayment details secure, with a commitment to non-disclosure and no misuse.
6. Consequences for Breaching Repayment Terms
a. Interest on Delayed Payments: The Borrower is required to pay interest on overdue payments as per the stipulations of this Agreement.
b. Legal Measures for Non-fulfillment: Non-fulfillment of the loan and interest repayment obligations permits Hazoor Loan to activate legal strategies to hold the borrower accountable. This includes, but is not limited to, reporting to credit bureaus and litigating.
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. Change of Agreement
Any alterations, amendments, or enhancements to the stipulations of this Agreement shall be effectively documented in writing, following the mutual consent and formal endorsement by both participating parties.