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Personal Loan - Terms and Conditions

Important Information:

The Credit Information Companies (CICs) is an initiative of the Government of India and the Reserve Bank of India (RBI) to improve the functionality

and stability of the Indian financial system. We wish to inform you that we shall now be reporting the data pertaining to your account with us to the concerned

Credit Information Company. This data will be updated on a regular basis for all our customers.

Other Information:

• Foreclosure/Prepayment of the loan is possible anytime during the loan tenure after payment of 12 or more EMIs & would be charged at 5% of Principal Outstanding (POS)

• Part Payment is allowed after initial 3 EMIs. Maximum 40% of current Principal Outstanding is allowed as part payment in a financial year, this can be one bullet payment or maximum of 3 payments totaling up to 40% of Principal Outstanding. In case you wish to avail this option, 2% part payment charges is applicable on partial payment. Part payment to be made from customer’s own fund. This facility is allowed only for customers who have opted for Smart Personal Loan. Part payment is not allowed for customers who have opted for Simple Personal Loan

• Post issuance of the Balance Transfer Demand Draft by IDFC FIRST Bank, if the Demand Draft is not submitted by the customer to the previous financer within 90 days, Demand Draft amount will be adjusted in the Principal Outstanding post 90 days & also resulting to customer bearing both EMIs till adjustment/payment.

• Loan Account number must invariably be mentioned on reverse of the cheques submitted for Pre-payment of Loan, replacement PDCs, swap orany other charges.

• Any change in mailing address, telephone numbers and other contact details must be intimated to IDFC FIRST Bank, quoting the Loan Account Number along with a valid documentary proof

• Interest Certificate will be provided on request at the end of each financial year

• Should you require any further information / assistance from our IDFC FIRST Bank Loan Centers, we request you to carry a Valid Photo ID card to be furnished or provide a proper authority letter and self-attested photo ID to your representative along with his / her photo ID

• Kindly ensure that your account is funded with sufficient funds at least a day prior to your EMI date, to avoid bounce charges

• Non-payment of any of the charges levied will be reported to the Credit information company (including CIBIL) and will affect the credit score.

• If any of the deemed address proofs is provided, then within 3 months from date of disbursal, the updated Officially Valid Document with the current address should be submitted by the customer to the bank.

General Information:

• Repayment Schedule: Repayment Schedule provides the amount of each EMI, due dates and break-up between principal and interest components. It also provides the outstanding principal realization of each installment. Please note that you can access the repayment schedule by logging into the Customer Portal

IMPORTANT: The outstanding principal should not be taken as the only obligation to the Company under this Loan Agreement. Prepayment penalty, other charges, if applicable, all other monies that may be due and payable by the borrower to IDFC FIRST Bank, including its subsidiaries/affiliates/assignee on any account whatsoever, whether present of future, including any liability of the Borrower as a surety or co-obligor either singly or along with any other person are also payable at the time of full and final settlement.

• Swap of the Mode of Repayment: The facility of substituting the existing instructions for repayment of EMIs can be allowed. This can be done by submitting set of fresh instructions along with cheque at any of our Branches.

IMPORTANT: Please note that from the date of receipt of fresh instructions, 30 working days are required for affecting the swap. Till such time, the existing instructions will remain in operation for the installment falling due during the intervening period, and necessary cover funds must be provided for the same. Once the Swap is activated, the cheques will be retained at our end. In case you wish these to be returned, kindly lodge a request through our call center within 7 days.

• Statement of Account: Statement of Loan Account provides details of repayments and can be furnished upon request

• Pre-Payment of Loans: Any payment made towards pre-payment of loan should be done at least 5 working days before the validity date to factor Cheque /cash clearing timelines. The interest will stop accruing on your loan account from the date of clearing and excess funds, if any, will be credited to the bank account registered with us. Refer schedule of charges for further details.

For Schedule of Charges please click on link https://idfcfir.st/tlifd8

Terms & Conditions:

Loan Amount >3 Lakhs:

This Agreement made on the day, month and year set out in the Annexure hereto between the person(s) named in the annexure to this Agreement (hereinafter referred to as “the Borrower”, which expression shall, unless the context otherwise requires, include his/ her/their heirs, executors and permitted assigns) of One Part;

AND

IDFC FIRST Bank Limited, formerly known as IDFC Bank Limited a company registered under the Companies Act, 2013 and a banking company within the meaning of Banking Regulation Act, 1949 having its Registered Office at KRM Tower, 8th Floor, No: 1, Harrington Road, Chetpet, Chennai-600031, Tamilnadu, India, and among others, a branch office at the place specified in Annexure hereto (hereinafter called “The Bank” which expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns) of the Second Part.

The Borrower and the Bank are hereinafter collectively referred to as ‘Parties’ and individually as the ‘Party’.

WHEREAS, The Borrower has/have approached the Bank for grant of loan for the amount and the purpose (“Purpose”) as stated in the Schedule hereto which the Bank, has agreed to grant/extend to the Borrower. The Parties hereto are desirous of recording the terms and conditions in relation to the Loan to be made by the Bank to the Borrower on the terms and conditions hereinafter contained.

Unless a contrary indication appears, any reference in this Agreement to:

i) Any expression not defined herein but defined in the General Clauses Act, 1897, the meaning or interpretation assigned to such expression therein shall also carry the same meaning herein;

ii) A person includes any person, firm, company, corporation, government, state or agency of a state or any association, trust or partnership (whether or not having separate legal personality);

iii) The singular includes the plural (and vice versa);

iv) Reference to the masculine gender includes references to the feminine gender and the neuter gender and vice versa.

NOW, THESE PRESENTS WITNESSETH AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS

INTEREST

1.1.1. The Borrower shall pay interest on the Loan as per the Rate of Interest specified in the Annexure as amended from time to time and shall be computed and debited to the Loan Account as followingi) On the day of each calendar month/quarter/half year/year as stated in the Annexure;

ii) Taking the basis of 365 days a year;

iii) On the actual amount outstanding on the last day of the preceding period of one month/quarter/half year/year as stated in the Annexure.

iii) On the actual amount outstanding on the last day of the preceding period of one month/quarter/half year/year as stated in the Annexure.

1.2.1 FEES/CHARGES/COSTS

The Borrower has paid/agreed to pay on or before the disbursement of the Loan to the Bank the processing charges, service charges, (including service tax, if any), disbursement charges, collection charges (if payments are made to a third party beneficiary), penalties (if any), registration charges, other charges/fees/costs etc. as mentioned in the Annexure. Such processing fees, service charge and /or other charges/fees/costs shall be non-refundable and would be payable to the Bank whether or notthe Loan has been drawn down.

1.2.2 The Borrower agrees and covenants with the Bank to promptly pay (a) the applicable stamp duty on this Agreement and also on such other documents as may be executed in relation / incidental to the presents,
(b) all present and future taxes which may include any duties, expenses and other charges whatsoever in relation to this Agreement, the Loan and/or the Security or any other charges or benefits under this Agreement including interest (overdue interest/additional interest) penalty and
(c) all other charges, costs and expenses from time to time specified by the Bank (including all costs and expenses incurred or paid by the Bank) in relation to this Agreement and/or any Security and/or for recovery of the Loan or any part thereof. In case of failure of the Borrower to pay the foregoing, the Bank shall be entitled to debit all other amounts due and payable by the Borrower under this Agreement to the Loan Account and the same shall form part of the Loan

2. DISBURSEMENT

The Bank shall, subject to the provisions of this Agreement and unless agreed between the Borrower and the Bank otherwise, disburse the Loan by issuing a Banker’s Payment Order or a Demand Draft crossed as “A/c Payee only”:

i) In the name of such party(ies) as per the instructions of the Borrower

ii) In the name of the previous financier towards the repayment of the previous loan to be taken over by utilising the Loan; or

iii) in the name of the Borrower, at the discretion of the Bank.The disbursement made as above shall be deemed to be a disbursement to the Borrower.

2.2. The borrower is aware that if disbursement/further drawdown is not accepted or not enchased by the borrower/previous financier within the period of 90 days then Bank shall be entitled to the following:-

a) The Bank shall have the right to recall the credit facility or stop further drawdown/disbursement.

b) The BT Cheque or DD issued in the name of previous financier/Borrower shall be cancelled.

c) The undrawn/ uncashed amount by the borrower/previous financier shall be adjusted towards Principal outstanding as part prepayment of the loan amount, by giving effect to the EMI in the Loan and keeping the loan tenor constant.

d) Part payment charges won’t be levied on aforementioned adjusted amount.

e) Revised loan repayment schedule shall be assigned to the borrower.

f) Borrower won’t be entitled for refund of any processing fees, service charge and /or other charges/fees/costs(if any). All these charges( if applicable) would be payable to the Bank whether or not the Credit facility has been drawn by the borrower.

2.3. The borrower is aware that BT Cheque OR DD will be reissued within the span of 90 days of disbursement only if the said Cheque or DD is mutilated or has spelling error or for any reason is not acceptable by the previous financier.

2.4. The Bank may not disburse at any time, any amount under the Loan unless the following conditions are complied with in the sole discretion of the Bank:

i) This Agreement is duly executed and delivered to the Bank by the Borrower;

ii) The Borrower’s submission to the satisfaction of the Bank of a certificate of employment from his employer and his financial statements;

iii) The Borrower’s submission to the Bank, post-dated cheques towards repayment instalments; and

iv) Any other document or writing as the Bank may require in its sole discretion.

v) The Borrower(s) having furnished such Security as may be required by the Bank, as more specifically detailed in the annexure, in a form and manner satisfactory to the Bank.

3. Repayment

3.1. The Loan (including the principal, interest thereon and any other charges, premium, fees, taxes levies or other dues payable by the Borrower to the Bank in terms of this Agreement) shall be repayable by the Borrower to the Banki)

i)At the Branch (or at any other branch of the Bank or at any other place as may be notified by the Bank) by way of standing instruction and/or electronic clearing system or in any other manner as the Bank may specify from time to time in writing.

ii) By way of EMI as mentioned in the Annexure towards repayment of principal and interest; and

3.2 Notwithstanding anything to the contrary contained in the present, the Borrower agrees with the Bank that the Bank shall have the right at any time or from time to time to review and reschedule the repayment terms of  the Loan or of the outstanding amount thereof in such manner and to such extent as the Bank may at its sole discretion decide.

3.3 The Borrower also undertakes and agrees to pay the interest on the loan, free from any deduction whether on account of tax or otherwise.. The Borrower shall hold the Bank harmless and fully indemnified for any claim which may be made in this regard by any tax authorities and undertake to pay forthwith any such demands which the Bank may become liable to pay. If the Borrower fails to pay the amount so demanded by the Bank, then the Borrower hereby authorises the Bank to enforce any Security that might have been created in relation to the Loan, for the purpose of recovery of the said tax amount.

3.4 Delay in payment of EMI etc.

i) On happening of any Event of Default as set out in Article 6 of this Agreement:

a) Such defaulted amount shall carry Default Interest Rate, computed from the respective due dates and shall be compounded on daily basis; and

b) The Borrower shall at its own cost create additional security interest in such form and manner as may be required by the Bank.

ii) The default interest shall be charged/debited to the Loan Account on the respective due dates and shall be deemed to form part of the outstanding Loan.

iii) The Borrower agrees to issue ECS/SIs (referred to as ‘Repayment Instructions’ in the agreement) for the repayment of the Loan and is fully cognizant that dishonor of the repayment of the Loan is a criminal offence under the law. Additionally, the Bank will also accept payment through NEFT/RTGS and the Borrower can choose to avail such options when required to make payment towards the loan account.

iv) The Borrower acknowledges that the ECS/SI mode of repayment is issued in favor of the Bank, in advance for the payment of the EMIs. The Bank may at any time at its sole discretion, with prior notice to the Borrower, make a demand for the repayment of the loan and dues thereto. The Borrower shall not revoke the ECS/SI mode for payment of the EMIs during the tenure of this Agreement, except with the prior approval of the Bank. In case the Borrower revokes his/her consent to participate in the ECS/SI mode without obtaining the prior written consent of the Bank, the same shall be deemed to be an ‘Event of Default’, as defined in this Agreement the Bank shall have the right to forthwith recall the Loan without giving any notice to the Borrower. Notwithstanding anything contained herein, the Bank shall have the right to initiate criminal action or take any other action/remedy available under the applicable laws against the Borrower.

v) The Borrower undertakes that in the event of any variation in:

a) The date of payment of EMI or any other amount payable under this Agreement;In case the Borrower has availed internet banking facility of the Bank for repayment of the Loan, then in that event, the Borrower shall, in addition to the provisions of the presents, be bound by the rules and regulations formulated by the Bank in regard to internet banking facility.

b) The amount of interest, principal or EMIs;

c) The numbers thereof; or if other wise required by the Bank, the Borrower shall forthwith issue fresh PDCs/ ECS/SI instructions to the Bank as may be required by the Bank.

vi) If the Borrower at any time during the tenure of the Loan, wishes to replace any Repayment Instrument (SI/ NACH mandate) with another then the Borrower will be required to pay swap charges as may be determined by the Bank for every Repayment Instrument so replaced. It is clarified that it shall be at the sole discretion of the Bank to either replace the Repayment Instrument or to refuse the same.

vii) Notwithstanding anything to the contrary contained in this Agreement and irrespective of the mode of repayment selected by the Borrower, upon any default by the Borrower in repayment of any of the EMI/any other amount due under the Agreement, the Bank shall be entitled, without prejudice to its other rights under the Agreement or law, to present and/or re-present the Repayment Instrument issued by the Borrower in favour of the Bank.

3.5. In case the Borrower has availed internet banking facility of the Bank for repayment of the Loan, then in that event, the Borrower shall, in addition to the provisions of the presents, be bound by the rules and regulations formulated by the Bank in regard to internet banking facility.

Prepayment of Loan

3.6.1. The Bank may, at its sole discretion and on such terms as to part pre-payment fees, etc., as it may prescribe from time to time, permit pre-payment or acceleration of EMIs at the request of the Borrower. Subject to the applicable laws and if permitted by the Bank, the Borrower shall and pay to the Bank such part Pre-payment charges mentioned in the Annexure, as amended from time to time.

3.6.2. If the Borrower pre-pays only a part of the Loan, the Bank shall be entitled to adjust the amount pre-paid against the amount payable by the Borrower in such manner as the Bank thinks fit. In such an event the Bank shall be entitled to reschedule the repayment schedule at its sole discretion (including an option to reduce the tenor of the Loan while keeping EMIs payable by the Borrower the same) and the Borrower agrees to adhere to such altered re-payment schedule.

3.6.3. The Bank may, at its sole discretion and on such terms as to foreclosure fees, etc., as it may prescribe from time to time, permit foreclosure of the loan at the request of the Borrower. Subject to the applicable laws and if permitted by the Bank, the Borrower shall and pay to the Bank such Foreclosure charges mentioned in the Annexure, as amended from time to time.

3.7. Recall of the Loan by the Bank:

The Borrower agrees that the Bank shall be entitled to, at any time, in its discretion, recall the Loan by giving to the Borrower notice in writing. It is specified that the repayment schedule set out in the Annexure is without prejudice to the Bank’s right to recall the entire Loan and to demand payment of the Loan. Upon the expiry of the period of notice, if any given, the Loan shall immediately stand repayable by the Borrower to the Bank.

4. Loan Protection Insurance

4.1 The Borrower shall procure such Loan Protection Insurance from a Bank enlisted insurance service provider, as may be acceptable to the Bank, in order to protect the Borrower against any risk of payment incapacities in case of critical illness/ disability/death/job loss, as per the scope of the Insurance Policy. The premium of such Insurance, if opted, may be paid either separately by the Borrower or may be included in the loan amount. Any cancellation of such Insurance may be permitted during the tenor of the loan, as defined in the scope of the Insurance Policy. Such Insurance shall be assigned to the Bank in a form and manner satisfactory to the Bank. The Bank shall be mentioned as the FIRST loss payee under the insurance policy.

5.  Borrower’s Representations, Warranties, Covenants and Undertakings

5.1.  With a view to induce the Bank to grant the Loan, the Borrower, hereby represents/warrants to/covenants/undertakes with the Bank that the Borrower-

5.1.1.  Has furnished true and complete details in the Application are complete and correct;

5.1.2. Shall utilise the Loan only for the purpose for which the same is availed of;

5.1.3. There are no pending claims demands litigation or proceedings against the Borrower before any court or authority;

5.1.4. Shall (in case of more than one borrower) be jointly and severally liable to repay the Loan, interest and all other sums due and payable under this Agreement and to observe its terms and conditions;

5.1.5. Shall notify the Bank regarding the change in his/her/their status as a resident/non-resident Indian. In case of being non- resident Indian/person of India origin, shall abide by and fulfil the provisions of Foreign Exchange Management Act, 1999, as amended from time to time and all other applicable laws with respect to purchasing, retaining, using, selling immovable property in India and repatriating proceeds outside India and the Borrower shall indemnify and keep indemnified the Bank in that behalf.

5.1.6. The Borrower acknowledges and accepts the rates of interest and its calculation method, other fees, charges and all other amounts payable as per the terms of this Agreement as reasonable and the Borrower has understood the meaning of each terms and financial implications, amounts payable and liabilities and obligations created under this Agreement

5.1.6. Any security(ies) furnished by the Borrower(s), under any other agreement entered into or to be entered into with the Bank, including its subsidiaries shall be deemed to be the security(ies) under this Agreement. Further the Borrower(s) agree(s) that the security(ies) offered in respect of this Loan shall be deemed to be continuing security(ies) in respect of other loan(s)/facility(ies) obtained/to be obtained by the Borrower(s) from the Bank and shall not be discharged till such time all the loan(s)/facility(ies) are fully discharged to the satisfaction of the Bank.

5.1.8. The Borrower is aware that Sanctioned terms shall be read in conjunction with the provisions of this Loan Agreement and in the event of any conflict the terms of Loan Agreement will prevail over the said Sanctioned Terms/ Key Fact Statement/Schedule, also the Bank/IDFC FIRST shall be entitled to alter/vary/modify the terms and conditions of this Agreement at any time by notice in writing to the Borrower or notifying the same on its website, either on its own accord or as may be required by any Statutory Authority

6.  Events of default etc.

6.1. The Bank may by a written notice to the Borrower, declare all sums outstanding under the Loan (including the principal, interest, charges, expenses) to become due and payable forthwith and enforce the Security, if any, upon the occurrence (in the sole decision of the Bank) of any one or more of the following:

6.1.1. The Borrower fails to pay to the Bank any amount when due and payable under this Agreement.

The Borrower fails to pay to the Bank any amount when due and payable under this Agreement.

i) The Borrower fails to pay to any person other than the Bank any amount when due and payable or any person other than the Bank demands repayment of the loan ii) Or dues or liability of the Borrower to such person ahead of its repayment terms as previously agreed between such person and the Borrower; iii) The Borrower defaults in performing any of his/her obligations under this Agreement or breaches any of the terms or conditions of this Agreement;

iv) The Borrower defaults in performing any of his/her obligations under this Agreement or breaches any of the terms or conditions of this Agreement;

v) Any of the information provided by the Borrower to avail the Personal Loan or any of his/her Representations, Warranties herein being found to be or becoming incorrect or untrue;

vi) Any person other than the Bank commencing proceedings to declare the Borrower insolvent or if the Borrower shall become bankrupt or insolvent or commit act of insolvency;

vii) If the Loan amount is used for investment made in shares, debentures, advances and inter corporate loans/deposits to other companies (including subsidiary companies)

7. Consequences of default:

7.1 In the event of any default mentioned in Article 6 above the Bank shall have the right: -
i) To recover the entire dues, ii) To suspend any withdrawal to be effected in the Loan Account, iii) Take any other action as it may deem fit for recovery of its dues and enforcement of the Securities.In the Event of Default, the Bank/IDFC FIRST shall also be entitled to communicate in any manner it may deem fit, to or with any person or persons including guarantors, person giving reference to loan, with a view to procure assistance of such person or persons in recovering the defaulted amounts including but not limited to visiting the property and/ or any place of work of the Borrower.

8. Set Off

Without prejudice to what is stated herein, the Borrower hereby expressly agrees and confirms that in the event of the Borrower failing to pay the amount outstanding under the Loan or any other loan/ facility, whether as borrower or guarantor or otherwise, in addition to any general or similar lien to which the Bank or any of its subsidiary/affiliates may be entitled by law, the Bank shall, without prejudice to any of its specific rights under any other agreements with the Borrower, at its sole discretion and without notice to the Borrower, be at liberty to apply any other money or amounts standing to the credit of the Borrower in any account (including fixed deposit account) of the Borrower (whether singly or jointly with another or others) with the Bank or any of its subsidiary/affiliates in or towards payment of the monies due from the Borrower. The rights of the Bank under this Agreement are in addition to other rights and remedies (including without limitation other rights or set off) which the Bank may have under applicable law or otherwise. 

The Bank may at its absolute discretion appropriate any payments made by the Borrower under this loan Agreement towards repayment of any other loan outstanding under any other loan agreement or transaction entered into by the Borrower with the Bank and/or towards any other Indebtedness of the Borrower and such adjustment and/or appropriation shall be final and binding on the Borrower and the Borrower shall continue to remain liable to the Bank for payment of dues under this loan Agreement in respect of which such sums of money were so paid but were appropriated towards another outstanding dues under any other loan this Agreement or transaction entered into by the Borrower with the Bank or towards another Indebtedness of the Borrower. In addition, the Borrower hereby authorizes the Bank to appropriate/adjust any balance amounts of the sale proceeds in possession of the Bank post appropriation/adjustment of the sale proceeds consequent of proceeds has the power to upon sell/transfer or otherwise disposal of any and/or all security created in its favour of the Bank under the security documents or pursuant to this Agreement upon default/ breach of terms of this Agreement, or deposited with Bank or under its possession or control and appropriate the same towards satisfaction/repayment of any other loan/ amounts due to the Bank on account of under any another agreement or transaction entered into by the Borrower with the Bank and/ or the Indebtedness of the Borrower. The Bank shall have right to apply and/or appropriate and/or set off any credit balance of the Borrower(s) or any monies/assets (including but not limited to property, assets, securities, shares, stocks, and the like) belonging to the borrower(s) coming in the hands of the Bank towards repayment of loan under this agreement or any other agreement upon occurrence of the event of default. Exercise any such right shall be binding on the Borrower(s). 

9. Appointment of the Bank as the Borrower’s Attorney

The Borrower shall appoint the Bank as its true and lawful attorney to do and execute for and in the name and on behalf of the Borrower and where the Borrower is more than one individual, jointly and severally, all or any of the acts, deeds and things, specified therein. The powers so vested in the Bank shall be irrevocable and subsists in favour of the Bank till all dues of the Borrower to the Bank are fully satisfied.

10. Assignment and Transfer

The Bank shall have a right to sell or transfer (by way of assignment, securitization or otherwise) whole or part of the Loan and outstanding amounts under the Loan or any other rights under this Agreement or any other document pursuant hereto to any person in a manner or under or under such terms and conditions as the Bank may decide in its sole discretion including reserving a right to the Bank to retain its power hereunder to proceed against the Borrower(s) on behalf of the purchaser, assignee or transferee, any or all outstanding and dues of the Borrower(s), to any third party of the Bank’s choice without reference to or without intimation to the Borrower(s). Any such action and any such state, assignment, securitization or transfer shall bind the Borrower(s) to accept such third party as creditor exclusively or’ as a joint creditor with the Bank, or as creditor exclusively with the right to the Bank to continue to exercise all powers hereunder on behalf of such third party and to pay over such outstanding and dues to such third party and or to the Bank as the Bank may direct. The third party shall have the authority of the Borrower(s) to collect the due amounts. 

The Borrower shall not transfer or assign the rights under this Agreement without previous written consent of the Bank.

11. Disclosure/Sharing of Information

i. The Borrower agrees that the Bank/IDFC FIRST may be required to disclose Borrower personal and financial information to the statutory authorities in connection with any legal process that may be initiated by such authorities in accordance with applicable laws.

ii. The Bank/IDFC FIRST discourages the Borrower from sending or posting to the Bank’s web site any information that the Borrower considers to be confidential or proprietary. Please note that if the Borrower do send or post any such information or material, the Bank/IDFC FIRST will assume that it is not confidential. By sending or posting any information or material, the Borrower grant the Bank/IDFC FIRST an unrestricted, irrevocable license to use, reproduce, display, perform, modify, transmit and distribute those materials or information, and the Borrower agrees that the Bank/IDFC FIRST is free to use any ideas, concepts, know-how or techniques that the Borrower sends or post for any purpose on this web site.

iii. The Borrower agrees that the Bank/IDFC FIRST may also share Borrower information to provide Borrowers with superior services and a range of offers. The Bank/IDFC FIRST may use this information to advise Borrowers about products, services and other marketing materials, which the Bank/IDFC FIRST think may be of interest to Borrowers. The Bank/IDFC FIRST further reserves the right to disclose the information to any third party if the disclosure of the same is for getting any additional service, products which may be beneficial to the Borrower, as per the sole assessment and discretion of The Bank/ IDFC FIRST.

iv. The Bank/IDFC FIRST will limit the collection and use of Borrower information only on a need-to-know basis to deliver better service to the Borrowers. The Bank/IDFC FIRST may use and share the information provided by the Borrowers with its Affiliates and third parties for providing services and any service-related activities such as collecting subscription fees for such services, and notifying or contacting the Borrowers regarding any problem with, or the expiration of, such services. In this regard, it may be necessary to disclose the Borrower information to one or more agents and contractors of the Bank/IDFC FIRST and their sub-contractors, but such agents, contractors, and sub-contractors will be required to agree to use the information obtained from the Bank/ IDFC FIRST only for the said purposes. The Borrower authorizes the Bank/IDFC FIRST to exchange, share, part with all information related to the details and transaction history of the Borrower to its Affiliates/ banks/ financial institutions/ credit bureaus/ agencies/ participation in any telecommunication or electronic clearing network as may be required by law, customary practice, credit reporting, statistical analysis and credit scoring, verification or risk management or any of the aforesaid purposes and shall not hold The Bank/IDFC FIRST liable for use or disclosure of this information. The Bank/IDFC FIRST values relationship with Borrower and will at all times strive to ensure Borrower’s privacy.

v. The Borrower agrees that if the Borrower commits any breach of any provision of this Agreement or any default or delay in the repayment of the Loan or any amount payable under this Agreement whatsoever which the Borrowers is liable to pay, the Bank shall have the unqualified right to disclose or publish the Borrower’s name and particulars (including photographs and particulars of accounts), as a defaulter in such manner as the Bank may deem fit.

11.1 The Borrower understands that:

a. The Bank may at any time in its sole discretion and without assigning any reason may also be entitled to communicate in any manner it may deem fit, to or with any person or persons including guarantors, person giving reference to loan, with a view to receiving assistance of such person or persons in recovering the defaulted amounts including but not limited to visiting the property and/or any place of work of the Borrower.

b. The Credit Information Bureau (India) Ltd. and any other agency so authorized may furnish for consideration, the processed information and data or products thereof prepared by them, to banks/financial institutions and other credit grantors or registered users, as may be specified by the Reserve Bank of India in this behalf.

c. The Borrower is aware that the Bank does not accept any payment either in cash or kind along with or in connection with its products at the time of applying for loan . Charges pertaining to Processing fees and those prescribed in the Loan Agreement/Sanctioned Terms/ Key Fact Statement/Schedule/ Schedule of Charges are the only charges levied by the Bank/IDFC FIRST. The Bank/IDFC FIRST and any of its directors, employees and /or officers shall neither be liable for payment (if any) made in cash or kind nor shall also be held responsible for payment (if any) made to any third party.

12. Miscellaneous

12.1. Service of Notice

The addresses of the Parties shall be as mentioned under the Annexure. The Borrower shall forthwith inform the Bank of change in address, if any. Any notice or request required or permitted under this Agreement to be given by either Party to the other shall be only in writing and sent on the address email address of the other Party as mentioned in the Annexure (or in case to the Borrower, on the address of the Borrower last known to the Bank).

12.2. Severability

Every provision contained in this Agreement shall be severable and distinct from every other such provision and if at any time any one or more of such provisions is or becomes invalid, illegal or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions hereof shall not be in any way affected or impaired thereby.

12.3. Entire Agreement& Counterpart

The Parties confirm that this Agreement and its Annexure and any other documentation pursuant to it represent one single agreement between the Parties. This Agreement may be executed in separate counterparts, each of which, when so executed and delivered, shall be deemed to be an original, but all such counterparts together shall constitute one and the same instrument only.

12.4. Supremacy & Amendment

This Agreement supersedes all discussions and Agreements (whether oral or written, including all correspondence) prior to the date of this Agreement between the Parties with respect to the subject matter of this Agreement. This Agreement may be modified or amended only by a writing duly executed by or on behalf of each of the Parties.

12.5. FORCE MAJEURE

The Borrower shall be liable to perform or fulfil its obligations at all point of time and shall not delay/postpone performance, its obligations in whole or in part, even on the ground of any force majeure event such as acts of God, floods, cyclones, earthquakes, fires, wars, riots, strikes, orders of governmental or other statutory authorities.

12.6 Governing Law & Jurisdiction

The Parties agree that this Agreement shall be governed by the laws of India. The Borrower hereby expressly agrees that all disputes arising out of and/or relating to this Agreement including any transaction document which is: 

a) below the pecuniary jurisdiction limit of the Debt Recovery Tribunals established under Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), then such dispute shall be referred to arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 as may be amended, or its re-enactment, by a sole arbitrator, appointed by the Bank. The arbitration proceeding shall be conducted in the English language. The award passed by the arbitrator shall be final and binding on the Parties. The costs of such arbitration shall be borne by the losing Party or otherwise as determined in the arbitration award. The arbitration proceedings shall be held either in Delhi/ Mumbai/ Chennai/ Kolkata and/or such other place as may be notified at the sole discretion of the Bank. 

b) above the pecuniary jurisdiction limit of the Debt Recovery Tribunals established under Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), then such dispute shall be referred at the sole discretion of the Bank to: 

The exclusive jurisdiction of the courts/tribunals of the city in which the Branch/Bank Outlet of the Bank is situated. Provided that to the extent allowed by law, the Bank shall be entitled to take proceedings relating to a dispute in any court/tribunal of any place with jurisdiction. 

Or 

To arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 as may be amended, or its re-enactment, by a sole arbitrator, appointed by the Bank. The arbitration proceeding shall be conducted in the English language. The award passed by the arbitrator shall be final and binding on the Parties. The costs of such arbitration shall be borne by the losing Party or otherwise as determined in the arbitration award. The arbitration proceedings shall be held at Delhi/ Mumbai/ Chennai/ Kolkata and/or such other place as may be notified at the sole discretion of the Bank.

For loan amount <3 Lakhs:

TERMS & CONDITIONS APPLICABLE TO PERSONAL LOAN

The person(s) named in the Schedule hereto (hereinafter referred to as the “Schedule”) being borrowers, hereinafter collectively referred to as “Borrower” which expression shall, unless it be repugnant to the context or meaning thereof be deemed to mean and include his/her heirs, administrators and executors.

In favour of:

IDFC FIRST Bank Ltd, a Company incorporated under the Companies Act, 2013 and having its registered office at IDFC FIRST Bank Ltd address KRM Tower, 7th Floor, No.1, Harrington Road, Chetpet, Chennai - 600031 and a branch office in India at the address mentioned in the Schedule, hereinafter referred to as “The Bank” (which expression shall, unless repugnant to the context or meaning thereof, shall be deemed to mean and include its successors, transferees and assigns). In case of there being more than one Borrowers, the reference to the term “Borrower” shall be deemed to be as if it were plural and this document shall be read accordingly as if made and liabilities undertaken by each of them jointly and severally. Reference to the masculine gender includes reference to the feminine and neuter genders and vice versa.

The Borrower hereby irrevocable and unconditionally agree to abide by the following terms and conditions:-

1. Pursuant to the application made by the Borrower in the Loan Application Form (“Application”), the Bank has sanctioned the loan not exceeding the amount mentioned in the Schedule hereto(hereinafter referred to as “Loan”), and the Borrower agrees to borrower the same, subject to and upon the terms and conditions contained in the Application and/or this document. The Bank may disburse the Loan or any part thereof (“Disbursement”) at its own discretion. Notwithstanding anything contained herein:

(i) The borrower is aware that if disbursement/further drawdown is not accepted or not enchased by the borrower/previous financier within the period of 90 days then Bank shall be entitled to the following:-

a) The Bank shall have the right to recall the credit facility or stop further drawdown/disbursement.

b) The BT Cheque or DD issued in the name of previous financier/ Borrower shall be cancelled.

c) The undrawn/ uncashed amount by the borrower/previous financier shall be adjusted towards Principal outstanding as part prepayment of the loan amount, by giving effect to the EMI in the Loan and keeping the loan tenor constant.

d) Part payment charges won’t be levied on aforementioned adjusted amount.

e) Revised loan repayment schedule shall be assigned to the borrower.

f) Borrower won’t be entitled for refund of any processing fees, service charge and /or other charges/fees/costs(if any). All these charges( if applicable) would be payable to the Bank whether or not the Credit facility has been drawn by the borrower.

(ii) The borrower is aware that BT Cheque OR DD will be reissued within the span of 90 days of disbursement only if the said Cheque or DD is mutilated or has spelling error or for any reason is not acceptable by the previous financier.

(iii) The Bank may not disburse at any time, any amount under the Loan unless the following conditions are complied with in the sole discretion of the Bank:

a) This Agreement is duly executed and delivered to the Bank by the  Borrower;

b) The Borrower’s submission to the satisfaction of the Bank of a certificate of employment from his employer and his financial statements;

c) The Borrower’s submission to the Bank, post-dated cheques towards repayment instalments; and

d) Any other document or writing as the Bank may require in its sole discretion.

e) The Borrower(s) having furnished such Security as may be required by the Bank, as more specifically detailed in the annexure, in a form and manner satisfactory to the Bank.

2. The Bank may, at its sole discretion and on such terms as to foreclosure fees, etc., as it may prescribe from time to time, permit foreclosure of the loan at the request of the Borrower subject to the applicable laws and if permitted by the Bank, the Borrower shall pay to the Bank such Foreclosure charges mentioned in the Annexure, as amended from time to time. Provided that the Borrower shall not have a right to foreclose the Loan upto the date of payment of 12 EMIs commencing from the repayment of the Loan.

3. The Loan, interest, additional interest, default interest any other charges, dues and monies payable, costs and expenses reimbursable as outstanding from time to time and whether any of them due or not, are hereinafter collectively referred to as “Outstanding Balance”. The Borrower shall pay interest on the Loan, the unpaid due interest and all other outstanding charges and monies(except the default interest), at the rate of interest specified in the Schedule hereto, on the outstanding daily balance from the date of disbursement, compoundable at monthly rests. The Bank in its sole discretion would be entitled to change the said rate interest from time to time including on account of changes made by the Reserve Bank of India, which would be intimated to the Borrower(s) and would be binding upon the Borrower(s). The Borrower shall also pay and bear all interest tax, if any, as applicable from time to time. The Borrower(s ) shall repay the Loan and pay the interest that is due from time to time by way of equated monthly instalments (EMIs) as specified or as may be specified by the Bank from time to time(time being the essence of the contract). The Borrower has perused, understood and agreed to the Bank’s method of calculating EMI’s as also the appropriation thereof into principal and interest. The payment of all the monies by the Borrower including EMI’s shall be made on or before the respective due dates, at such place as the Bank may require, without any set-off or counterclaim or withholding or deduction(save as required by law in which case the amount payable by the Borrower to the Bank shall be increase to the amount which after making such deduction or withholding equals the original due amount as if no withholding or deduction were required), by way of one or more modes and instruments including post-dated cheques “PDCs”), Standing Instructions(SI)/Electronic Clearing System(ECS) instructions/other mode/instrument, as acceptable to the Bank from time to time. If any due date fall on a non business day of the Bank, the payment shall be made by the Borrower on the immediate preceding business day of the Bank. In case of cheques/other instrument, the payment shall be deemed to have been made by the Borrower only at the point of time the sum is credited and realized fully in the Bank’s account irrespective of the date of instrument or time of receipt or presentation of instrument. In case of any default, the Borrower shall without prejudice to the Bank’s right and remedies, pay additional/default interest at the rate mentioned in the Schedule hereto/Application or as may be prescribed by the Bank., over and above the then applicable rate of interest till full payment is made/default is cured. This liability shall not act as justification for any default.

4. The Borrower(s) shall pay to the Bank, the charges, fees, commissions, etc., specified on the Schedule hereto/Application or as specified by the Bank from time to time, within such time or upon occurrence of such events as specified and if not specified then forthwith upon demanded by the Bank. All other present and future costs and expenses, taxes9 as applicable form time to time), any related levy, stamp duty, in all jurisdictions, in relation to this/other documents/any transaction pursuant thereto, irrespective of who the beneficiary is, shall be borne and payable solely by the Borrower, including for creation, enforcement, preservation of security, recovery, initiation/defending/pursuing any legal proceedings/action by the Bank. In case of any such sums if paid or incurred by the Bank, the Borrower shall be liable to reimburse the same to the Bank in full forthwith.

5. Any Payments made by/on behalf/for the Borrower or any realizations in relation to the Loan, security, shall be appropriated towards the Outstanding Balance and /or Liabilities (as defined hereinafter) in the following order: (a) Firstly, towards costs and expenses incurred by the Bank; (b) Secondly, towards any charges, commissions, fees, taxes, levies (wherever applicable); (c) Thirdly, towards additional/default interest; (d) Fourthly, towards interest; (e) Fifthly, towards principal amount(s). Any statement of account furnished by the Bank shall be accepted by and be binding on the Borrower(s) and shall be conclusive proof of the correctness of the amounts mentioned therein except for any manifest error therein.

6. The Borrower who are liable to deduct the TDS, must pay TDS as per applicable rate for the interest and fees being paid to the Bank. Borrower must deposit the TDS amount so due into the government account within the due date prescribed. Once returns are filed, borrower must submit request letter along with TDS certificates in Form 16A generated from the income tax website to the Bank. Original TDS certificate should be submitted for claiming the refund.

7. The Borrower confirms that the Goods and Service Tax Identification Number (GSTIN) (if applicable) provided in the application form/ declaration is true and correct. The Borrower agrees and undertakes that the applicable tax rate will be determined using the information provided by the Borrower and the input tax credit (ITC) will be available to the Borrower (if applicable) based on the GSTIN and the related information/details provided by the Borrower in the application form/ declaration. The Borrower further agrees and undertakes that the Borrower shall not hold the Bank Limited liable for any loss of ITC arising due to incomplete, erroneous or wrong details pertaining to GST provided by the Borrower in the application form/ declaration. The Borrower also further agrees and undertakes that if the Borrower fails to furnish GSTIN, then the Borrower shall be treated as unregistered for Gods and Service Tax (GST) purpose and no credit of GST will be provided to the to the Borrower.

8. Notwithstanding anything stated in any document, the continuation of the Loan shall be at sole an absolute discretion of the Bank and the Bank at any time in its sole discretion and without assigning any reason call upon the Borrower to pay the Outstanding Balance and upon such demand by the Bank, the Borrower shall, within 48 hours of being so called upon, pay the whole of the Outstanding Balance to the Bank without any delay or demur.

9. The Bank may at its own discretion and upon Borrower’s request, also finance the Borrower for the insurance premium of insurance policy taken by Borrowers as per Borrower’s ownwish from any insurance company of Borrower’s choice, which sum(s) shall be added to the principal amount under the Loan and all the terms and conditions shall be additionally applicable thereto. All expenses, charges, fees, taxes etc., as applicable on any suchinsurance shall be incurred and paid by the Borrower, however, in case paid by the Bank onBorrowers behalf, the Borrower shall reimburse the same to the Bank within 24 hours of the Bank’s demand. The Borrower shall instruct the insurance company to add the Bank as loss payee in any such insurance policy.

10. The Borrower shall furnish and create such security from time to time in favour of or for the benefit of the Bank, of such value, in such form and in such manner, as may be deemed fit by the Bank, forthwith upon so required by the Bank. the Bank shall also have the right to stipulate any other and further terms and conditions that it may deem fit at any time prior to or after the grant of the Loan; which shall be binding on the Borrower.

11. Each of the Borrowers represent(s) and warrant(s) that (which shall be deemed to have been repeated to the Bank on the date of Disbursement and on each date thereafter till entire repayment) : (a) The Borrower is a citizen of India and a major (in terms of age) and is of sound mind and is competent to contract and enter into and perform his/her obligations contemplated under this document/other document/in respect of the Loan; (b) There is no impediment or restriction, whether under law, judgment, order, award, contract or otherwise, for any of the Borrowers entering into and/or performing any of the transactions contemplated by this/other documents/in respect of the Loan and all approvals and consents, wherever necessary have been duly obtained and are and will continue to be in full force; (c) The execution hereof constitutes legal, valid and binding obligations of the Borrower. (d) That there is no Event of Default existing; (e) All declarations made by Borrower are true and complete and no material information has been suppressed /withheld.
(f) The Borrower(s) agree that if there are two or more Borrower(s), the Borrower(s) liabilities under this Loan terms and conditions shall be joint and several.

12. The Borrower agree that all amounts payable by the Bank and/or Borrower to the Bank shall be payable and be paid at the branch location or such other place where the Bank operates and the same to be decided by the Bank at its discretion and all the terms and conditions so far as a possible shall be per formed and carried out at the location.

13. Negative Covenants : The Borrower covenants and agrees that, save and except with the prior, specific and express written consent of the Bank, the Borrower shall not ; (a) create, assume or incur any further indebtedness to any person; or lend or advance any amounts to any person; or undertake any guarantee or security obligations; (b) except in favour of the Bank, sell, license, let lease, transfer, alienate, dispose of in any manner whatsoever, surrender or otherwise encumber any of its assets, rights, title or interest, receivables, or any part thereof; or create, facilitate or permit to exist any charge, encumbrance or lien of any kind whatsoever over any of its property or grant any option or other right to purchase, lease or otherwise acquire, any such assets or part thereof; (c) permit of effect any direct or indirect change in the legal of beneficial ownership or control; (d) Change /cease/retire from/terminate/resign from the present employment/profession /business disclosed in the Applications; or change, terminate or open any bank account.

14. The following events shall constitute events of default (each an “Event of Default”), and upon the occurrence of any of them the entire Outstanding Balance shall become immediately due and payable by the Borrower and further enable the Bank inter alia to recall the entire Outstanding Balance and/or enforce any security and transfer/sell the same and/or take, initiate and pursue any actions/proceedings as deemed necessary by the Bank to recovery of the dues; (a) Failure on Borrower’s part to perform any of the obligations or terms or conditions or covenants applicable in relation to the Loan including under this/other documents including non – payment in full of any part of the Outstanding Balance when due or when demanded by the Bank; (b) any misrepresentations or misstatement by the Borrower; or (c) occurrence of any circumstance or event which adversely affects Borrower’s ability/capacity to pay/repay the Outstanding Balances or any part thereof or perform any of the obligations; (d) if any attachment, distress, execution or other process against the Borrowers/its assets or any of the security is threatened, enforced or levied upon by any person; or (e) fall, reduction or decrease, in the opinion of the Bank, in values of any security lower than the values required by the Bank (f) the event of death, insolvency, failure in business, commission of an act of bankruptcy of the Borrower, or change or termination of employment/ profession / business for any reason whatsoever (g) if the loan amount is used for investment made in shares, debentures, advances and inter-corporate loans / deposits to other companies (including subsidiary companies).

15. Notwithstanding anything to the contrary in this document or any other document or any other document/arrangement :
(i) in respect of all and any of Borrower’s present and future liabilities to the Bank, its affiliates, group entities, associate entities, parent, subsidiaries, any of their branched (collectively “Relevant Entities”), whether under this document or under any other obligation/loan facilities/borrowing/document, whether such liabilities are/be crystallised, actual or contingent, primary of collateral or several or jointly with others, whether in same currency or different currencies, whether as principle debtor and/or as guarantor and/or otherwise howsoever (collectively “Liabilities”), each of the Bank and the Relevant Entities shall in addition to any general lien or similar right to which any of them as bankers may be entitled by law, practice, custom or otherwise,have a specific and special lien on all the Borrower’s present and future stocks, shares, securities, property, book debts, all moneys in all accounts whether current, savings overdraft, fixed or other deposits, held with or in custody, legal or constructive, with the Bank and/or any Relevant Entities, now or in future, whether in same or different capacity of the Borrower, and whether severally or jointly with others, whether for any banking relationship, safe custody, collections, or otherwise whether in same currency or different currencies; and (ii) separately, each of the Bank and the Relevant Entities shall have the specific and express right to, without notice to and without consent of the Borrower, set – off, transfer, sell realize, adjust appropriate all such amounts in all accounts (whether prematurely or upon maturity as per the Bank’s discretion), securities, amounts and property as aforesaid for the purpose or realizing or against any of dues in respect of any of the Liabilities whether ear- marked for any particular Liability or not, combine or consolidate all or any of accounts of the Borrower and set- off any monies, whether of same type or nature or not and whether held in same capacity or not including upon happening of any of the events of default mentioned in any of the documents pertaining to the respective Liabilities or upon any default in payment of any part of any the Liabilities. (iii) the Bank and the Relevant Entities shall be deemed to have and hold and continue to have first charge on any assets including on any assets including any deposit on which security has been/will be created in respect of the Loan, as security also for any of the other Liabilities and all the rights and powers vested in the Bank in terms of any security or charge created for the Loan shall be available to the Bank and/or the Relevant Entities also in respect of such other Liabilities, irrespective of the fact whether the Loan is at any time outstanding, repaid or satisfies or not and even after the Loan has been repaid or prepaid.

16. The Bank shall at any time, without any consent of or notice to the Borrower (s) be entitled to securitise, sell assign, discount or transfer all or any part of the Bank’s rights and obligations under the Loan, this document or any other document, to any person (s) and in such manner and on such terms as the Bank may decide. Borrower shall not be entitled to directly or indirectly assign or in any manner transfer, whether in whole or part, any rights, the benefit or obligation under the Loan, this / other document.

17. The Bank shall also be entitled to communicate in any manner it may deem fit, to or with any person or persons including guarantors, person giving reference to loan, with a view to receiving assistance of such person or persons in recovering the defaulted amounts including but not limited to visiting the property and/or any place of work of the Borrower.

18. The Bank shall be entitled at its discretion to engage/avail of, at the risk and cost of the Borrower, services of any person/third party service provider/agent/ agency, for anything required to be done for/in relation to/pursuant to the Loan, including collections, recovery of dues, enforcement of security, getting or verifying any information of the Borrower/assets, and any necessary or incidental lawful acts /deeds/matters and things connected thereto, as the Bank may deem fit.

19. Except to the extent disclosed to the Bank: (i) all the Borrower’s contracts or agreements with, or any commitments to, any affiliates or group companies (if applicable) are on arms’ length basis; (ii) (a) where the Borrower is an individual, he/ she is not a director or specified near relation of a director of a banking company; (b) where the Borrower is a partnership firm/HUF/limited liability partnership firm, none of the partners or members of the HUF is a director or specified near relation of a director of a banking company; and (c) where the Borrower is a joint stock company, none of its directors, is a director or specified near relation of a director of a banking company; (iii) (a) where the Borrower is an individual, that he/ she is not a specified near relation to any senior officer of the Bank, (b) where the Borrower is a partnership firm/HUF/ limited liability partnership firm, none of the partners or members of the HUF, is a specified near relation of any senior officer of the Bank, and (c) where the Borrower is a joint stock company, none of its directors, is a specified near relation of any senior officer of the Bank. The Borrower agrees thatthe bank has an unconditional right to revoke and/or recall the entire loan facility if the disclosure as mentioned in this clause is found to be false.

20. The Borrower shall ensure that neither the Borrower nor any director/partner/member of the Borrower has been declared a wilful defaulter; in case any director/partner/member has been declared as a willful defaulter, the Borrower shall take expeditious steps for removal of such person. Borrower understands and acknowledges that there are inherent risks involved in sending the instructions/communications/documents to the Bank via emails and hereby agree and confirm that all risks shall be fully borne by him and he assumes full responsibility for the same. He will not hold the Bank liable for any losses or damages including legal fees arising owing to any miscommunication or technological error beyond the control of the Bank. Bank shall be responsible to ensure the authenticity, validity, or source of any instructions/documents and shall be liable if any instructions/documents turned out to be unauthorized, erroneous, or fraudulent.

21. DISCLOSURE/SHARING OF INFORMATION

a) In the Event of Default, the Bank/IDFC First shall also be entitled to communicate in any manner it may deem fit, to or with any person or persons including guarantors, person giving reference to loan, with a view to procure assistance of such person or persons in recovering the defaulted amounts including but not limited to visiting the property and/or any place of work of the Borrower.

b) The Bank will limit the collection and use of customer information only on a need-to-know basis to deliver better service to the customers. The Bank may use and share the information provided by the Customers with its Affiliates and third parties for providing services and any service-related activities such as collecting subscription fees for such services, and notifying or contacting the Customers regarding any problem with, or the expiration of, such services. In this regard, it may be necessary to disclose the customer information to one or more agents and contractors of the Bank and their sub-contractors, but such agents, contractors, and sub-contractors will be required to agree to use the information obtained from the Bank only for these purposes. The customer authorizes the Bank to exchange, share, part with all information related to the details and transaction history of the customer to its Affiliates/ other banks/ financial institutions/ credit bureaus/ agencies/ participation in any telecommunication or electronic clearing network as may be required by law, customary practice, credit reporting, statistical analysis and credit scoring, verification or risk management or any of the aforesaid purposes and shall not hold the Bank liable for use or disclosure of this information. The Bank values your relationship and will at all times strive. to ensure your privacy.

22. Force Majeure -The Borrower shall be liable to perform or fulfil its obligations at all point of time and shall not delay/postpone performance, its obligations in whole or in part, even on the ground of any force majeure event such as acts of God, floods, cyclones, earthquakes, fires, wars, riots, strikes, orders of governmental or other statutory authorities, national emergency, or any other similar causes.

23. The Bank shall have the right to not return the Application, the photographs, information and documents submitted by the Borrower. the Bank shall, without notice to or without any consent of the Borrower, be absolutely entitled and have full right, power and authority to make disclosure of any information relating to Borrower including personal information, details in relation to documents, Loan, defaults, security, obligations of Borrower, to the Credit Information Bureau of India (CIBIL) and/or any other governmental / regulatory / statutory or private agency/entity, credit bureau, RBI, the Bank’s other branches/subsidiaries/affiliates/rating agencies, service providers, other banks/financial institutions, and third parties, any assigns/potential assignees or transferees, who may need the information and may process the information, publish in such manner and through such may be deemed necessary by the publisher/the Bank/RBI, including publishing the name as part of willful defaulter’s list from time to time, as also use for KYC information verification, credit risk analysis, or for other related purposes. In this connection, the Borrower waives the privilege of privacy and privity of contract. the Bank shall have the right, without notice to or without any consent of the Borrower, to approach, make enquires, obtain information, from any person including other banks/finance entities/credit bureaus, Borrower’s employer/family members, any other person related to the Borrower, to obtain any information for assessing track record, credit risk, or for establishing contact with the Borrower or for the purpose of recovery of dues from the Borrower.

24. Any notice, approvals, instructions, demand and other communications given or made by the Bank shall be deemed to be duly given and served if send by Normal post, courier, registered post, facsimile electronic mail, personal delivery, sms or by pre-paid registered mail addressed to the Borrower’s address, phone/ mobile number, fax number or email as given in the Applications (or at the address changed on which the Bank’s acknowledgment is duly obtained as hereinafter mentioned) such notice and service shall be deemed to take effect on the third working day following the date of posting thereof in case of normal post, courier, registered post, at the time of delivery if given by personal delivery, upon receipt of a transmission report if given by facsimile, upon sending the electronic mail or sms if given by electronic mail or sms. The Borrower undertakes to keep the Bank informed at all times in writing of any change in the mailing address, email id, phone and mobile number (s) as provided in the Applications and to obtain the Bank’s written acknowledgment on the intimation given to the Bank for any such change.

25. Governing Law, Jurisdiction and Arbitration: 

The Parties agree that this Agreement shall be governed by the laws of India. The Borrower hereby expressly agrees that all disputes arising out of and/or relating to this Agreement including any transaction document which is:

a) below the pecuniary jurisdiction limit of the Debt Recovery Tribunals established under Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), then such dispute shall be referred to arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 as may be amended, or its re-enactment, by a sole arbitrator, appointed by the Bank. The arbitration proceeding shall be conducted in the English language. The award passed by the arbitrator shall be final and binding on the Parties. The costs of such arbitration shall be borne by the losing Party or otherwise as determined in the arbitration award. The arbitration proceedings shall be held either in Delhi/ Mumbai/ Chennai/ Kolkata and/or such other place as may be notified at the sole discretion of the Bank.

b) above the pecuniary jurisdiction limit of the Debt Recovery Tribunals established under Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), then such dispute shall be referred at the sole discretion of the Bank to: 

The exclusive jurisdiction of the courts/ tribunals of the city in which the Branch/Bank Outlet of the Bank is situated. Provided that to the extent allowed by law, the Bank shall be entitled to take proceedings relating to a dispute in any court/tribunal of any place with jurisdiction. 

Or 

To arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 as may be amended, or its re-enactment, by a sole arbitrator, appointed by the Bank. The arbitration proceeding shall be conducted in the English language. The award passed by the arbitrator shall be final and binding on the Parties. The costs of such arbitration shall be borne by the losing Party or otherwise as determined in the arbitration award. The arbitration proceedings shall be held at Delhi/ Mumbai/ Chennai/ Kolkata and/or such other place as may be notified at the sole discretion of the Bank.

26. This document, Application and other documents have been explained to the Borrower in the language known to the Borrower and the Borrower has read and understood the same.

27. The Borrower has affixed their signature after verifying and understanding the contents of this document at the end of the schedule. The Borrower unconditionally consent and authorizes the Bank to raise debits for such amounts as may be calculated by the Bank from time to time and undertake to maintain sufficient balances to cover the Loan Repayment Dues (and charges, if any) on the stipulated due dates. Borrower is aware that failure to repay loan amount through these instruction shall be treated as a default in repayment of dues and all charges/penalties/levies as covered by the agreement will hold good towards the non-payment of obligations.

28. The Borrower further undertakes that in the event of the above account getting closed / transferred for any reason, the Borrower shall intimate to the Bank the new account opened with the bank to debit the Loan Repayment amounts as per the agreement. Borrower also undertakes the responsibility to provide the fresh set of Mandate and security PDC’s for such new account, as per terms of the agreement in lieu of existing instructions.

Documentation