Tailored Loan Information:
Loan Amount: Up to ₹5,00,000
Repayment Term: 91 to 360 days
Processing Fee: Capped at 2% of the loan amount
Annual Percentage Rate (APR): 10.22%
Example for Clarity:
If you borrow ₹10,000 at a 10.22% APR with a 91-day repayment period:
Monthly EMI: ₹3,417
Total Repayment: ₹10,252
Interest Cost: ₹252
Processing Fee: ₹200
GST on Fee: ₹36
Total Charges: ₹488
Loan Amount Received: ₹9,764
Important: The processing fee and applicable GST are subtracted before the loan is credited to your account.
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. Obligations of the Borrower
a. Comprehension and Compliance: The borrower confirms comprehension of this agreement in full and pledges to comply with every term and condition specified.
b. Accuracy of Provided Data: The borrower guarantees the truthfulness, accuracy, and completeness of all submitted data, free from falsehoods or exclusions.
c. Repayment Commitment: The borrower vows to repay the entire loan amount and accrued interest promptly, according to the specified repayment plan.
d. Approval for Credit Investigation: The borrower permits the loan service provider to conduct necessary inquiries into their credit status and repayment capabilities.
4. Repayment Schedule and Penalties
· Start of Repayment Term: The borrower agrees to initiate repayments based on the agreed method and cycle from the activation date of this agreement, until the loan and interest are fully paid.
· Overdue Repayment Interest: Failure to repay on the scheduled date results in the accrual of interest on the overdue amount at the annual rate agreed upon by both parties, until the outstanding loan and interest are settled in full.
· Prepayment Rights: The borrower reserves the right to prepay the loan, whether partially or in full, prior to the maturity of the repayment term.
5. 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: Birdie Cash retains the right to seek legal remedies against borrowers who default on their repayment, which may include credit reporting and litigation.
6. Lender Commitments
a. Loan Provision: Birdie Cash commits to disbursing the agreed loan amount to the borrower as a single payment, strictly adhering to this agreement's conditions.
b. Repayment Assistance: Birdie Cash will outline a comprehensive repayment plan, detailing the schedule, amounts due, and other pertinent information, to facilitate timely repayment by the borrower.
c. Privacy Assurance: Birdie Cash pledges to maintain the confidentiality of the borrower's personal data and repayment history, ensuring no disclosure or misuse.
7. 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.
8. 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.
