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Instacred Terms and Conditions

  1. LOAN
    1. The loan ("Loan") provided by IDFC FIRST Bank formerly known as IDFC Bank Limited shall be an amount as stated in the Sanction Letter.
    2. The Borrower understands and confirms the disbursement of Loan by IDFC Bank Limited ("The Bank") on the Borrower’s behalf to the Dealer’s account, as per the details provided by the Borrower. The Loan may be disbursed in one lump sum or in installments as may be decided by the Bank and the Loan shall be repaid by the Borrower as per the T & C and Sanction Letter
    3. The borrower can't sell the product until the loan is paid. If the borrower intends to sell the product then he/ she should foreclose the loan first before selling the product.

    1. The Borrower specifically agrees that the Loan shall carry interest at the rate specified in Sanction Letter.
    2. The Bank shall be entitled to revise the rate of interest from time to time as per its policy and/or applicable laws and regulations, during the tenor of the Loan at its discretion. The Bank will inform the Borrower about the variation in the Rate of Interest, if any.
    3. The Borrower understands and agrees to the Bank method of calculating Equated Monthly Instalments (“EMI”) and agrees not to dispute the same, at any time in future.
    4. The Borrower shall pay a non-refundable Processing Fee with upfront EMI as specified in the Sanction Letter OR non-refundable Processing Fee with upfront EMI shall be deducted by the Bank
    5. The Borrower has executed by way of collateral security, Demand Promissory Note (DPN) for the repayment of the Loan along with interest thereon.

  3. TAXES

    The Borrower agrees to pay to the Bank, any and all taxes, charges, duties as may be levied including stamp duty related to the Product, T & C and the Loan. The Borrower also agrees that the EMI shall automatically increase on account of any incremental tax or levy.

    1. The Borrower agrees to repay the Loan to the Bank by EMI, on a monthly basis, on the scheduled due date, as per the mode of payment, specified in the Sanction Letter. The Borrower agrees that timely payment of EMI is the essence of the Loan.
    2. The repayment of the Loan is by Post Dated Cheques (“PDCs”) or other mode of payment, the Borrower undertakes to honour all payments on the scheduled due dates and shall not instruct their bankers for stop payment. The Borrower shall be liable to pay cheque bounce charges for each cheque bounce/dishonour/other mode charges
    3. Any non-presentation/delayed presentation of the cheque due to any reason will not affect the liability of the Borrower to pay the EMIs on time. The Borrower shall replace the cheques/issue fresh cheques if so required by the Bank.
    4. The Borrower may swap the PDCs with the consent from the Bank and on paying the Bank cheque swap charges.

    1. The Borrower shall prepay the entire Loan amount in full , subject to the payments of prepayment charges on the outstanding balance, with prior written request from the Bank.
    2. The Bank shall be at liberty to appropriate amount so prepaid towards prepayment of charges, interest, additional interest, other charges payable under the T & C and then towards the Loan amount or in any other manner that the Bank may deem fit and proper in its sole and absolute discretion.

  6. CONDITIONS: The Borrower shall, prior to the disbursal of the Loan, have utilized his/her own contribution to the cost of the Product less Loan availed from the Bank. The Borrower shall not transfer the Product to any third party and maintain the Product in good order and condition during the currency of the Loan. The Borrower shall upon change of residence immediately intimate to the Bank. The Borrower shall ensure that no part of the Loan is utilized for any illegal, immoral activities, gambling, lottery, speculative activities in nature.

    1. All the documents provided by the Borrower are valid and binding.
    2. The Borrower does not violate any terms and conditions under any existing agreement entered into by the Borrower with any third party, by availing the Loan from the Bank.
    3. There is no action, suit, proceeding or investigation pending to the knowledge of the Borrower before any court of law or any competent authority which might have a material effect on the Borrower financials and/or might put into question the validity, enforceability or performance of the T & C.
    4. The Borrower agrees and accepts the entire risk related to the transaction the Borrower had with the Dealer like non-performance, non-delivery, breach of warranty or supply of inferior or damaged Product and the Bank is not responsible for the same. In any such eventuality, the Borrower's liability to repay the Loan disbursed by the Bank will be in total and continuous.
    5. The Loan is repayable on demand made by the Bank with all the accrued interest and other charges.

  8. SECURITY: The Loan, interest, additional charges, fees and all other charges including but not limited to the Borrower’s outstanding payable to the Bank shall be secured by the Product on which the Bank shall have first and exclusive charge.

    1. The Borrower commits any default, breach, misrepresentation under this T & C and/ or any other loan with the Bank.
    2. The Product is damaged, stolen, confiscated, attached/taken into custody by any official authority, subject to any proceedings, or is disclaimed, endangered.
    3. The Borrower dies, becomes insolvent/ compounds with his/her creditors or permits any attachment or confiscation or other process against any of his assets or properties.
    4. Any circumstances in the opinion of the Bank that jeopardizes the Bank’s interest or security.

    1. The Borrower shall comply with applicable laws.
    2. The Borrower shall use the Product for personal use only.

    1. Upon the occurrence of an Event of Default, the Borrower’s outstanding Loan shall forthwith become payable to the Bank. The Bank may recall the Loan with additional charges. The Borrower, undertake to forthwith surrender to the Bank/ its representatives/agencies, the Product or any other product of such value as approved by the Bank. The Bank/its representatives/ agencies shall be entitled to take possession and/or dispose the same and adjust the proceeds against the total dues. If there is any deficit, the same shall be made good to the Bank by the Borrower.
    2. The Bank shall be entitled to encash PDCs/ ECS/ DPN any other electronic or other clearing mandate referred by the Borrower, until Loan is fully paid up.
    3. The Bank shall be entitled to take recourse to other legal remedies (civil and criminal) under appropriate provisions of the laws.
    4. The Borrower shall be liable for payment of additional interest (if any) for delayed payment, all legal and other costs and expenses incurred in the exercise of the Bank’s remedies, including repossession of the Product/ any asset and recovery of Loan amount.


    Upon the Borrower’s paying to the Bank all EMIs on the due dates or Loan amount and all other charges payable by the Borrower to the Bank under this T & C.

  13. NOTICE

    Any notice or request required or permitted to be given or made under this Agreement to the Bank or to Borrower shall be given in writing or post. Such notice or request shall be deemed to have been duly on made when it shall be delivered by hand, e-mail or any other electronic mode, telegram to the party to which it is required or permitted to be given or made at such party’s addresses

    1. The Borrower have no objection for the disclosure by the Bank of all or any such: (a) information, obligations and data relating to the Borrower, Loan, T & C, Products/assets furnished by the Borrower including other credit facility granted/to be granted by the Bank; (b) information, data relating to default, if any, committed by the Borrower in discharge of its obligations to the Credit Information Company ( "CIC") or agency authorized by the Reserve Bank of India. CIC and/or other agency so authorized may use and/or process the aforesaid information and data in any manner as deemed fit by them. CIC and/or other agency may furnish for consideration, the processed information and data or products thereof prepared by them, to the Bank and other credit guarantors or registered users, as may be specified by RBI.
    2. In the Event of Default, 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 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.
    3. The Borrower agrees that the Bank 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.
    4. The Bank 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 will assume that it is not confidential. By sending or posting any information or material, the Borrower grant the Bank an unrestricted, irrevocable license to use, reproduce, display, perform, modify, transmit and distribute those materials or information, and the Borrower agrees that the Bank is free to use any ideas, concepts, know-how or techniques that the Borrower sends or post for any purpose on this web site.
    5. The Borrower agrees that the Bank may also share Borrower information to provide Borrowers with superior services and a range of offers. The Bank may use this information to advise Borrowers about products, services and other marketing materials, which the Bank think may be of interest to Borrowers. The Bank 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.
    6. The Bank 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 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 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 the said purposes. The Borrower authorises the Bank to exchange, share, part with all information related to the details and transaction history of the Borrower 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 relationship with Borrower and will at all times strive to ensure Borrower’s privacy


    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.

    1. T & C is binding on the Borrower and the Bank on and from the date mentioned in the Sanction Letter.
    2. The Borrower, his/her legal heirs, executors, administrators and successors shall be bound by this T & C. In case of death of the Borrower, the DPN given by the Borrower will be invoked against his/her legal heir/s and successors
    3. The Borrower shall not be entitled to assign his/her rights and obligations or terminate this T & C. The Bank shall be entitled to sell/transfer/assign, any or all its rights, benefits, duties and obligations including rights to receive installments and loan balance to other entity and for such assignment, the Borrower shall perform its obligations under this T & C to such assignee.
    4. The Borrowers undertake/s to indemnify and keep the Bank indemnified in respect of breach of any of the T & C, Sanction Letter, Application Form and any other documents submitted by him/her (collectively referred as the Loan documents).
    5. The Borrower agrees to execute, deliver and perform, any and all further acts or documents which the Bank may reasonably require to effectuate the purposes of this T & C.
    6. Non-Waiver:- Any omission or delay on the part of the Bank shall not be deemed to constitute a waiver by the Bank of any of its rights under this T & C.
    7. Governing law:- The Agreement shall be construed and governed as per the laws of India.
    8. Arbitration:- The Borrower agrees that all claims, disputes or differences arising out of or in connection with this T & C, whether during or after the termination of the T & C, shall be referred to the sole arbitrator, appointed by the Bank, in accordance with the Arbitration and Conciliation Act, 1996 as amended from time to time. The place of arbitration shall be at Mumbai only. Pending the interim award, the Borrower shall be liable to perform its obligations under this T & C, including the payment of installments and other outstanding.

    1. All the Borrower’s contracts or agreements with, or any commitments to, any affiliates or group companies (if applicable) are on arms’ length basis;
    2. (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;
    3. (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 that the 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.


    I/We hereby authorise you and your associates, Third parties and agents to contact me/us, for providing information about new products, offers, promotions etc and also for receiving feedback or surveys etc by way of email, sms, phone calls or by any other means of communication and expressly agree to exempt such actions by you or them for the purpose of Do Not Disturb guidelines issued by Telecom Regulatory & Development Authority (TRAI) or any other authority.

  19. Customer is responsible for submission of complete documents, as per the checklist in the form, for processing his durable loan at the Bank before delivery of product. He/She has to ensure that his documents reaches the Bank Operation Office.

  20. The Borrower meets the Bank requirement of credit eligibility. The Bank shall be further entitled to modify and change any pre- approved Loan Amount on the sole discretion of the Bank basis credit eligibility of the Borrower from time to time.

  21. As instructed by the Customer, the Bank shall disburse the loan amount to the Dealer. It is the responsibility of the Customer to get delivery of the Product from the Dealer. In case the Customer returns the product to the Dealer for any reason (including defect/s in the product), customer is entitled to recover the cost of the product from the Dealer as per the terms and conditions agreed between the Dealer and the Customer. It shall not absolve the Customer from repaying the Loan already disbursed by the Bank to the Dealer.

    In case the Customer returns the Product to the Dealer and inform the Bank before disbursal of the Loan Amount to the Dealer, the Bank shall not disburse the Loan to the Dealer and shall close the loan account in the Books of the Bank.

    In both the cases, customer should get proper acknowledgment from the Dealer as to return of Products by the Customer to the Dealer and share the said acknowledgment with the Bank.

  22. The Bank shall also be entitled to communicate in any manner it may deem fit, with the person/s or persons whose name is given for reference by the Borrower, with a view to get assistance of such person/s in recovering the Loan amount.

  23. The Borrower acknowledges and agrees that the Bank is acting as a Lender and shall not be responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to any communication/ arrangement between the insurance company and the Borrower. The Borrower understands, acknowledges and agrees that the Bank shall not hold responsible or liable for any loss, claim, liability, or damage arising out of insurance related issues on product bought under this Agreement.

  24. NOTE:
    1. The Bank is collecting the premium on behalf of the insurer and liability to pay any claim is solely of the insurer.
    2. The policy cover will commence from date of acceptance of your insurance proposal by the insurer.
    3. If your insurance proposal is not accepted by the insurer, the Bank shall refund the premium or adjust it against your outstanding EMI/ loan amount.