This Personal Loan Agreement (‘Agreement’) is an electronic record in terms of Information Technology Act, 2000 and is made at the place and on the date as set out in Schedule-I.

MyLoanCare Ventures Private Limited (formerly known as My Finance Care Advisors Private Limited), a non-banking finance company incorporated under the provisions of the Companies Act, 2013, having its corporate office at and acting from Ground Floor, Plot No-131, Sector-44, Gurugram, Haryana 122003 (hereinafter referred to as ‘MyLoanCare’ or the ‘Lender’, which expression shall, unless repugnant to the context, include its successors and assigns) of the First Part

AND

The Borrower, whose particulars are described are as per Schedule I, of the OTHER PART.

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

WHEREAS:

• The Lender is a non-banking finance company registered with Reserve Bank of India vide CoR number N-14.03560 and carrying on the business of inter alia, providing loans/credit facilities. The company is having a valid Certificate of Registration dated 23-09-2021 issued by Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the Reserve Bank of India does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of statements or representations made or opinions expressed by the company and for the repayment of deposits/discharge of liabilities by the company. (a) Reserve Bank of India neither accepts any responsibility nor guarantees the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for discharge of any liabilities by the company. (b) Neither there is any provision in law to keep, nor does the company keep any part of the deposits with the Reserve Bank of India and by issuing a Certificate of Registration to the company, the Reserve Bank of India, neither accepts any responsibility nor guarantees the payment of the deposits to any depositor or any person who has lent any sum to the company.
• The Borrower has approached the Lender to grant the Loan to the Borrower and the Lender, relying upon the information and documents provided and representations made by the Borrower, including in the online application form and in customer declaration at Annexure A to this Agreement has agreed to grant the Loan to the Borrower, on such terms and conditions as mutually agreed and contained in this Agreement and in other Loan Documents, up to a maximum amount as mentioned in Schedule I, and for the purpose as mentioned in the Application Form submitted by the Borrower to the Lender, in its sole and absolute discretion.

NOW, THEREFORE, in consideration of the foregoing and with good and valid consideration, the receipt and adequacy of which is expressly acknowledged by both Parties, the Parties hereby agree as follows:

1. DEFINITIONS AND INTERPRETATION
   1.1 Definitions
   • For the purposes of this Agreement, in addition to the terms defined in the description of the Parties: (a) all capitalized words and expressions defined by inclusion in quotation and/or parenthesis anywhere in this Agreement, have the same meanings as ascribed to such words and expressions; (b) words and expressions used herein but not defined shall have the same meaning as assigned to them in General Clauses Act, 1897; and (c) following words and expressions shall have the meaning as set-out in this Clause 1:
   • 'Affiliate' means the subsidiary company and/or holding company and/or associate company of MyLoanCare where the subsidiary company, holding company and associate company shall have the meaning ascribed to such term in the Companies Act, 2013, as amended from time to time;
   • 'Agreement' means and includes this Agreement, together with all the schedules, exhibits, addendums, attachments and appendices annexed hereto and all amendments/supplements hereto and restatements hereof which may be executed either physically or in an electronic record form in terms of Information Technology Act, 2000 with either physical or digital signatures;
   • 'Applicable Law' means the ‘Indian Law’ as per the General Clauses Act, 1897;
   • 'Application Form' means the Loan application, in such form and manner as prescribed and acceptable to the Lender together with documents and information as may be required by the Lender, as filled in and as submitted by the Borrower to the Lender in relation to the Loan including but not limited to information submitted manually or digitally by the Borrower, information accessed digitally by the Lender either under consent from the Borrower or from independent sources as an authorized user or subscriber of such information;
   • 'Bounce Charges' means an amount payable by the Borrower to the Lender where PDCs issued by the Borrower or ECS or any other Repayment Mode is / are not honored by the drawee bank as mentioned in Schedule II;
   • ‘Broken Period Interest’ means the interest payable at the same rate as the Interest Rate for the period from the date of disbursement of the loan to one month before the date of first EMI in case such period is more than one month which may be collected by the Lender at any time before, alongwith or after disbursement.
   • 'Business Day' means a day on which the Lender and banks are open for business in Delhi, Mumbai and location of the drawee bank on which the Repayment Mode is drawn;
   • ‘Due Date’, means,:
     1. In case of the Monthly Installment and/or Outstanding Dues, the respective Repayment Dates;
     2. In case of the interest payable on the Outstanding Dues, the Interest Payment Date;
     3. In case of costs, charges and expenses incurred or paid by the Lender under the Loan Documents any other amount payable under the Loan Documents, the due date mentioned in the demand notice from the Lender to the Borrower, provided that such date shall be at least seven (7) Business Days from the date on which the Borrower has received notice from the Lender providing details of such costs, charges and expenses;
   • 'Electronic Clearing System or ECS ' or NACH, means authorized clearing schemes such as electronic funds transfer including without limitation the IMPS, NEFT, RTGS, UPI, ECS among others;
   • 'IMPS' means the instant real-time inter-bank electronic funds transfer system.
   • 'Interest Payment Date' means the due date for the payment of the Monthly Installment of the interest on the Loan at the Interest Rate and/or such other date as may be specified by the Lender, commencing from the date of the disbursement of the Loan or the date on which the Loan is booked by the Lender in the name of the Borrower in the Lender’s books, whichever is earlier and includes the due date for the payment of interest on the principal amount payable by the Borrower before the commencement of the Monthly Installment;
   • 'Interest Rate' means the rate of interest in relation to the Loan as mentioned in Schedule II.
   • 'Loan' means the personal loan provided by the Lender to the Borrower as mentioned in Schedule I:
   • 'Loan Documents' means collectively:
     1. Application Form;
     2. Demand Promissory Note and Letter of Continuity for Demand Promissory Note;
     3. this Loan Agreement;
     4. any other document executed from time to time pursuant to any of the foregoing between the Borrower and the Lender; and
     5. any other agreement or document which the Lender designates as a Loan Document
   • 'Loan Tenure' shall mean the tenure of the Loan as specified in Schedule II;
   • 'Monthly Instalments' or 'Equated Monthly Instalments (EMIs)' means the amount payable every month by the Borrower to the Lender comprising of the interest, or as the case may be, principal amount of the Loan and/or interest;
   • 'NEFT' means the National Electronic Fund Transfer in terms of the regulations and directions issued by RBI or any regulatory or statutory body;
   • 'Outstanding Dues' means, at any time, all the amounts outstanding and payable or obligations to be performed by the Borrower to the Lender, pursuant to the terms of this Agreement and/or any other Loan Documents, including but not limited to the following:
     1. the principal amount(s) of the Loan;
     2. the interest on the Loan;
     3. Broken Period Interest;
     4. all other obligations and liabilities of the Borrower, indemnities, liquidated damages, costs, charges, expenses and other fees and interest incurred under, arising out of or in connection with this Agreement and/or any other Loan Documents (either severally or jointly); and
     5. any and all expenses or sum incurred by the Lender for the enforcement of and collection of any amounts due under this Agreement and/or any other Loan Documents, including expenses of enforcement and realisation;
   • 'Outstation Collection Charges' means an amount payable by the Borrower to the Lender as a fee for outstation PDCs submitted by the Borrower, details of which are provided in Schedule II;
   • 'PDC' shall mean post-dated cheque(s) and / or ECS and/ or NACH/ e-NACH instructions drawn in favor of the Lender for an amount equivalent to the Loan availed and interest, charges, penalties, taxes and other dues as applicable under this Agreement, from time to time, details of which are provided in Schedule II;
   • 'PDC / ECS Swap Charges' means an amount payable by the Borrower to the Lender for replacement or exchange of PDCs or ECS submitted by the Borrower with the Lender, details of which are provided in Schedule II;
   • 'Penal Interest' means a charge payable by the Borrower to the Lender as a penalty in case of delay in payment of the Monthly Installments and/or Outstanding Dues, at the rate as mentioned in Schedule II;
   • 'Pre-payment Charges' means an amount payable by the Borrower to the Lender as a charge for repayment of the Outstanding Dues, either in part or whole, before its scheduled Repayment Date, details of which are provided in Schedule II;
   • 'Repayment Date':
     1. in relation to the Monthly Installments, means the date, on or before which each Monthly Installment is to be repaid by the Borrower, as more specifically mentioned in Schedule II commencing from the date of the disbursement of Loan or the date on which the Loan is booked by the Lender in the name of the Borrower in the Lender’s books, whichever is earlier and includes the due date for the payment of interest on the principal amount payable by the Borrower before the commencement of the Monthly Installment; and
     2. in relation to the Outstanding Dues means the date, on or before which, the entire Outstanding Dues is to be repaid by the Borrower, as more specifically mentioned in Schedule II;
   • 'Repayment Modes' means the payment of the Monthly Installments and the Outstanding Dues, as the case may be, on or before the Due Dates(s), by any of the following modes, which options are set out in Schedule II:
     1. ECS/NACH/ e-NACH;
     2. NEFT;
     3. PDCs;
     4. RTGS;
     5. Standing instructions at the bank; and
     6. Any other instrument suitable from time to time.
   • 'RBI' means the Reserve Bank of India;
   • 'RTGS' shall mean real time gross settlement in terms of the regulations and directions issued by RBI or any regulatory or statutory body;
   • 'Website' the website of the Lender, presently being www.myloancare.in and that of its loan service provider, presently being www.moneywide.com

1.2 Interpretation
1. Unless the context otherwise requires, words denoting the singular shall include the plural and vice versa;
2. the table of contents, headings and the use of bold typeface, are inserted for ease of reference and shall be ignored in the construction and interpretation of the Agreement;
3. a reference to a Clause or Schedule is, unless indicated to the contrary, a reference to a Clause or Schedule to this Agreement;
4. references to this Agreement shall be construed as references also to any separate or independent stipulation or agreement contained in it;
5. references to the word ‘includes’ or ‘including’ shall be construed without limitation; and
6. words importing a particular gender include all genders.
2. LOAN
   • 2.1 The Borrower agrees to borrow from the Lender and the Lender agrees to make available and extend to the Borrower, at its sole and absolute discretion, the Loan, for an amount as mentioned in Schedule I, for the purpose as mentioned in the Application Form, on the terms and conditions contained in this Agreement and in other Loan Documents.
   • 2.2 The disbursement of the Loan may be made directly to the Borrower in one lump sum or in such Installments as per the details provided under the Application Form and Schedule I and Schedule II, subject to the terms and conditions contained herein.
   • 2.3 The disbursement of the Loan shall be made in accordance with the RTGS business hours as notified by the RBI from time to time. The Lender shall not in any event or circumstance be liable or be construed as being liable in case there is any delay(s) in crediting the Borrower’s account on account of any technical or system errors, etc..
   • 2.4 The Borrower shall pay interest on the Loan on the Interest Payment Date at the applicable Interest Rate. Subject to the commencement of Interest Payment Date with respect to the Loan, all interest accruing on the Outstanding Dues under the Loan shall accrue from day to day and shall be calculated on a reducing balance by taking a base of 360 (three hundred and sixty) days per year and 30 days per month.
   • 2.5 The Interest Rate shall be fixed during the tenure of the Loan except that:
   1. The Lender shall be entitled to revise the Interest Rate at any time and from time to time as per its policy, if any, during the Loan Tenure, due to change in the regulatory requirements including any guidelines/ regulations issued by RBI and such revised Interest Rate shall be deemed to form part of the Loan and the Borrower shall also be liable to pay such revised amount of interest on the Loan in such manner and within such period as may be determined by the Lender in its sole discretion.

      Any revision in the Interest Rate shall be effective from a prospective date and the Lender shall notify the Borrower in advance to this effect and the same would be binding upon the Borrower. The Lender may also notify any change in the Interest Rate by updating the same on its Website.

   • 2.6 The Borrower agrees to repay the Monthly Installments and the Outstanding Dues to the Lender on or before the Repayment Date using the Repayment Modes as set out in Schedule II, or in such manner and at such place, as may be agreed between the Borrower and Lender, from time to time during the course of this Agreement. The instructions for the ECS as provided by the Borrower shall be open ended and will cover the maximum principal amount under the Loan and other Outstanding Dues thereon. The Lender may, at the request of the Borrower in writing, agree to change the Repayment Mode.
   • 2.7 In the event the Borrower defaults in payment of the Outstanding Dues or the credit rating of the Borrower falls below the required criteria fixed by the Lender as per its internal policy or the Borrower resigns/is terminated from the current or future employment or for any other reason deemed fit by the Lender, the Lender may revise the Monthly Installment such that the Borrower shall repay principal and/or interest amount to the Lender and the Borrower agrees that it shall be liable to pay such revised Monthly Installment as per the repayment schedule revised by the Lender at its sole discretion. Such revision in the Monthly Installment and repayment schedule shall be effective from a prospective date and the Lender shall notify the Borrower in advance to this effect and the same would be binding upon the Borrower. The Lender may, at any time, in its sole discretion, recall / foreclose the Loan with notice to the Borrower and revise the repayment schedule in its sole and absolute discretion. The Borrower agrees and undertakes to forthwith issue fresh PDCs/ECS instruction to the Lender in the event of any revision in the repayment schedule. The PDCs shall be presented for encashment in case the Monthly Installment through ECS is not processed due to any technical issue or otherwise. However, the Lender has a right to take action against the Borrower in case of default by the Borrower in payment of Monthly Installments through ECS. The Borrower confirms having perused, understood the Lender’s method of calculating the interest on the Loan on reducing balance rate and also the calculation of the Monthly Installments.
   • 2.8 Notwithstanding anything contained in this Agreement, the Lender may at any time in its sole discretion and without assigning any reason whatsoever, call upon the Borrower to pay the Outstanding Dues and thereupon the Borrower shall within 15 (fifteen) days of being so called upon pay the whole of the Outstanding Dues to the Lender without any delay or demur. The liability of the Borrower to the Lender shall not be discharged until and unless the Borrower has paid or discharged the Outstanding Dues owed to the Lender under this Agreement.
   • 2.9 The Monthly Installments shall automatically change by reason of change in any rates, taxes, charges, imposts, levies and monies whatsoever that are or may be levied on the Monthly Installments or the transaction contemplated hereunder or may become payable by the Borrower by virtue of this Agreement. Such change in the Monthly Installments due to change in the rates, taxes, charges, imposts, levies and monies as stated above shall be effected only prospectively and the same shall automatically form part of the Loan.
   • 2.10 At the written physical or electronic request of the Borrower, the Lender may foreclose the Loan by accepting the pre-payment of the Outstanding Dues ("Part Pre-Payment"). The Pre-Payment of the Outstanding Dues may be either full Pre-Payment or part Pre-Payment as described below.
     1. Full Pre-Payment
        At the request of the Borrower, the Lender may accept the full Pre-Payment of the Outstanding Dues and foreclose the Loan subject to payment of applicable Foreclosure Charges by the Borrower to the Lender as per Schedule II.
     2. Part Pre-Payment
        At the request of the Borrower, the Lender may accept part Pre-Payment of the Loan provided that the Borrower pays a minimum sum of one Monthly Installment under the Loan and subject to payment of applicable part Pre-Payment Charges by the Borrower to the Lender as per Schedule II . Based on the part Pre-Payment made by the Borrower, as stated herein, either the Loan Tenure shall be reduced to the extent of the part Pre-Payment made or the Monthly Installment amount shall be reduced by maintaining the Loan Tenure with the mutual written consent of the Parties.
   • 2.11 The Borrower acknowledges that any Pre-Payment shall be subject to the payment of the Pre-Payment Charges. The Lender shall be entitled to recover from the Borrower the Pre-Payment Charges on the amount of the Loan, repaid by the Borrower ahead of the timeline, as mentioned in Schedule II.
   • 2.12 The Borrower undertakes to deliver to the Lender, the PDCs. The Borrower confirms that PDCs are issued towards repayment of the Monthly Installments and the Outstanding Dues, and the delivery of PDCs shall be deemed to be an unconditional and irrevocable authority given by the Borrower to the Lender to present PDCs towards repayment of the Monthly Installments and the Outstanding Dues. The Borrower confirms that each PDC shall be honored on its first presentation and the Borrower shall not issue any contrary instructions to the drawee bank. The Borrower confirms that PDC is not a security. The Lender shall be entitled to recover PDC Swap Charges and the Outstation Collection Charges from the Borrower.
   • 2.13 Any dispute or difference of any nature whatsoever shall not entitle the Borrower to withhold or delay payment of any Monthly Installments or other sum and the Lender shall be entitled to present the PDCs/ECS to the bank of the Borrower on the Due Dates.
   • 2.14 The Borrower understands, confirms and agrees that the Lender shall, at its sole discretion, at multiple occasions and on different dates, present in the Borrower’s bank account, the ECS/ NACH mandate or any other electronic or other clearing mandate (given by the Borrower in favor of the Lender covering all the Outstanding Dues) which returns unpaid, for recovering the Outstanding Dues from the Borrower and until realization of all Outstanding Dues. The Borrower agrees and undertakes that the Borrower shall not dispute, complain or object to such presentations by the Lender. Further, the Borrower understands and agrees that return of PDCs or ECS /NACH mandate or any other electronic or other clearing mandate, will result in Bounce Charges being added to the Outstanding Dues at each such instance.
   • 2.15 The Borrower hereby irrevocably authorizes the Lender to destroy PDC(s) (if any) in the possession of the Lender upon repayment of the Loan together with all costs, charges and expenses, by the Borrower to the satisfaction of the Lender.
   • 2.16 Notwithstanding anything contained herein, the Lender shall be entitled to adjust any advance Monthly Installment and / or security deposit/initial payment made by the Borrower towards any Outstanding Dues in such manner and at such time as the Lender may determine in its sole discretion.
   • 2.17 All sums payable by the Borrower to the Lender shall be paid without any deductions whatsoever at such place as the Lender may specify and shall be so paid so as to enable the Lender to realize the sum on or before the Due Date. Credits/discharge for payments will be given only on realization of amounts due.
   • 2.18 In the event of the Borrower committing a default in the payment of any sum payable hereunder and/or in relation to the Loan or the Borrower committing any breach or default of any other condition of this Agreement or under any other instrument in respect of the Loan, the Borrower shall, in respect of the Outstanding Dues and in respect of the Monthly Installments or other amount in default, pay the Penal Interest, from the date of default till the date of realization by the Lender. The payment of the Penal Interest shall not absolve the Borrower of the other obligations in respect of such breach or default or affect the rights of the Lender in respect of the breach or default.
   • 2.19 Any sums received by the Lender from the Borrower shall be appropriated in the following manner:
     1. Firstly, against any penalties, fees and other charges or any other claim of the Lender on the Borrower under the Loan Documents
     2. Secondly, against interest payment.
     3. Lastly against the principal amount of the Loan.
3. DEFAULT

   The Borrower shall be deemed to have committed an act of default if the Borrower does not comply with his/her obligations as mentioned in this Agreement and also on the happening of any one or more of the following events, (each an ‘Event of Default’ and collectively ‘Events of Default’):

   1. The Borrower fails to pay any Monthly Installments or the Outstanding Dues under this Agreement on or before the Due Date;
   2. The Borrower commits breach of any of the terms, covenants or conditions contained in this Agreement;
   3. The Borrower commits a default of any of the terms and conditions in respect of any other loan or facility provided by the Lender and/or any Affiliates of the Lender;
   4. Demise of the Borrower or if the Borrower compounds with his/her creditors or permits any attachment or sequestrations or other processes against any of his/her assets or properties;
   5. if the Borrower commits an act of insolvency or if the Borrower is declared insolvent or bankrupt or if a receiver or official assignee is appointed in respect of any property or estate of the Borrower or if the Borrower asks for any application for declaring himself an insolvent or if an application for declaring the Borrower as insolvent is made or any order is passed by any competent count or authority for taking the Borrower into insolvency; and
   6. if any proceedings are pending or threatened against the Borrower by any government agency or authority for any misconduct or breach/violation of any law or regulations or code of conduct, etc.

   Upon the occurrence of the Event of Default and at any time thereafter, if any such event shall be continuing, the Lender may:

   1. accelerate the repayment of the Loan including the Outstanding Dues;
   2. place the Loan on demand or declare all the Outstanding Dues payable by the Borrower in respect of the Loan to be due and payable immediately;
   3. Recover the charges for dishonor of the Repayment Modes, Penal Interest and any other penal charges from the Borrower as mentioned in Schedule II;
   4. terminate this Agreement;
   5. exercise such other rights and remedies as may be available to the Lender under law during the pendency of the Loan including without limitation under Section 138 of the Negotiable Instruments Act, 1881 and under Section 25
      (1) of Payment of Settlement System Act, 2007; and/or
   6. stipulate such other condition(s) or take such other action(s) as the Lender deems fit.
4. COVENANT OF BORROWER

   The Borrower hereby covenants that during the period of this Agreement:

   1. The Borrower shall observe and perform all its obligations and covenants under this Agreement.
   2. The Borrower shall ensure timely payment of the amounts due to the Lender and ensure that the Repayment Modes issued towards payment of the Monthly Instalments are honoured on presentation. It is the duty of the Borrower to ensure that his/her bank account has been debited towards the Monthly Instalments and in case of his/her account not been so debited, the Borrower shall be obliged to inform the Lender in this regard within 3 (three) Business Days from the Due Date of such Monthly Installment.
   3. The Borrower shall promptly notify the Lender of any change in the Borrower’s address, phone number, employer name, email address, as mentioned in Schedule I.
   4. The Borrower shall ensure availability of funds in the bank account on which such PDCs have been drawn and that the Borrower will not at any time close his/her bank account until the full and final payment of the Outstanding Dues has been made to the Lender by the Borrower.
   5. The Borrower shall not change his/her name or change his/her bank account on which PDCs have been drawn without prior written consent of the Lender.
   6. The Borrower shall pay/reimburse the Lender against all expenses for any purpose relating to this Agreement including any taxes pertaining to this Agreement, or the Loan and enforcing the terms thereof.
   7. The Borrower shall pay and bear all taxes, rates, duties, charges and other imposts and obligations, existing as well as in future, in respect of the product and the transaction hereunder.
   8. The Borrower shall do all such things and execute all such writings as the Lender may require from time to time for duly or more perfectly securing the repayment of the Loan.
5. GENERAL TERMS
   • 5.1 The Lender reserves the right to levy such fees and / or charges, from time to time, as specified in the Loan Documents. The fees and charges levied by the Lender in pursuance to the Loan Documents shall be non-refundable and non-transferable. The Lender may during the Loan Tenure and at its sole discretion amend / revise any of the terms and conditions contained in the Agreement including the repayment schedule and/or any other fee or charge such as Penal Interest, processing fees, annual maintenance charges, Bounce Charges, Outstation Collection Charges, PDC Swap Charges, Pre-payment Charges, Foreclosure Charges, service charges, other charges etc. and the Borrower acknowledges and agrees to be bound by such revised terms and conditions including repayment schedule and/or such fee or charges mentioned above. The Lender shall give notice to the Borrower of any such amendment/revision/ addition and shall ensure that changes in Interest Rate and other fee or charges are effected only prospectively. The Lender may notify the Borrower of such changes by updating the same on the Website or through other modes of communication. The Borrower hereby agrees to keep himself/herself abreast with all notifications on the Website in this regard and shall be bound by the aforesaid change and agrees not to dispute the same.
   • 5.2 Any statement of account furnished by the Lender regarding the Outstanding Dues payable by the Borrower under this Agreement shall be accepted by and be binding on the Borrower and shall be a conclusive proof of the correctness of the amount mentioned therein. Without prejudice to what is stated above, if the Borrower desire to question any statement or any part thereof, the Borrower shall furnish to the Lender full details of the same within 10 (ten) Business Days from the receipt of the statement by the Borrower and the Lender may consider the same and the Borrower shall not be entitled to object to the same thereafter on any ground whatsoever. It is however clarified that the Borrower shall not be entitled to default or delay the payment of Monthly Installments on the ground of the statement of account furnished by the Lender being inaccurate or any other ground whatsoever.
   • 5.3 Wherever the Borrower has given demand promissory note(s) to the Lender for the amount of the Loan, in case of a default, the Borrower will still be liable to repay to the Lender the Loan amount along with the interest at the Interest Rate hereto from the date of default till actual payment.
   • 5.4 The Borrower confirms that if a demand promissory note is issued by him/her, the same shall operate as continuing security to the Lender to be enforceable for the repayment of the Outstanding Dues and/or all sums remaining unpaid under the Loan now or hereafter, including all interest to become payable in respect of/under the Loan or which may in future be advanced and that the Borrower will remain liable under/in respect of the demand promissory note notwithstanding payment made into the account of the Loan from time to time or the Loan being reduced or extinguished from time to time or even if the balance in the account of the Loan may be in credit. In case of death of the Borrower, the demand promissory note(s) given by the Borrower will be invoked against his/ her legal heir/s, legal representative/s, executor/s, administrator/s and permitted assign/s.
   • 5.5 Any promotional scheme and / or contest being initiated by the Lender for its customers is independent of this Agreement and the Loan and such promotional schemes and / or contests do not constitute any kind of solicitation by the Lender. Such promotional schemes and / or contests shall be governed by the terms and conditions in relation thereto, which shall be carefully read by the Borrower in case the Borrower decides to participate in such schemes / contests. Further, the Borrower agrees and confirms that the Lender shall have the right to withdraw any of the promotional schemes at its sole discretion.
   • 5.6 The Borrower hereby agrees and confirms that the Lender shall have the right to cross sell other products and services (including insurance and investments), to the Borrower along with the Loan or after availing the Loan, subject to consent of the Borrower.
   • 5.7 In case, Borrower has chosen an insurance cover and is a member of ‘Group Insurance Policy’ taken by the Lender, the Lender shall have the right to appropriate insurance claim paid thereunder towards the Outstanding Dues. If after such appropriation, there is any surplus leftover, it shall be paid to the Borrower. If there is any deficit, then the Borrower shall be liable to pay the entire deficit forthwith.
   • 5.8 At the request of the Borrower, the Lender may at its own discretion also finance the insurance premium of an insurance policy insuring the Borrower against various risks including without limitation the risks of personal accident, accidental hospitalization, Outstanding Dues to the Lender and/or critical illness provided that such insurance policy has been taken out by the Lender on behalf of the Borrower from an insurance company approved by the Lender with a specific instruction and authority by the Borrower to such insurance company that in case of any loss, the loss will be paid to the Lender by such insurance company. Such insurance premium paid by the Lender on behalf of the Borrower shall be added as the principal amount to the Loan granted herein and shall from part of the Loan. The Borrower shall pay to the Lender the amounts towards insurance premium as mentioned above which may be loaded to the installments. The insurance premium being a part of Loan may be disbursed by the Lender directly to such an insurance company approved by the Lender and such disbursement shall be deemed to be disbursement to the Borrower. Wherever the Borrower agrees for the insurance coverage, all expenses, charges, fees, and taxes etc. as applicable shall be incurred and paid by the Borrower. In the event the said charges are paid by the Lender on Borrower’s behalf the Borrower shall reimburse the same to the Lender within 24 (twenty-four) hours of the Lender’s demand.
   • 5.9The Borrower shall pay any and all stamp duty, stamp duty penalties, registration fees and similar taxes and duties which are or may become payable in connection with the entry into, performance or enforcement of this Agreement and/or Loan Documents whether at the time of execution or thereafter. The Borrower hereby agrees that in case the Lender is required to make any payments such as stamp duty, stamp duty penalty, registration charges and/or any other charges and/or duties on and in relation to this Agreement and/ or Loan Documents or any other underlying/associated documents, whether at the time of the execution or thereafter then the Lender shall be entitled/authorized to recover the same from the Borrower.
   • 5.10 The Borrower shall provide to the Lender the correct Goods and Service Tax ("GST") registration number ("GSTIN") of the Borrower and the Lender shall not be responsible for verification of the same. In the event, the Borrower fails to furnish the GSTIN to the Lender, the Borrower shall be treated as unregistered for the purpose of GST.
   • 5.11 The Lender shall raise an invoice on the Borrower in respect to the fees, charges and/or penal interest levied as per the Loan Documents. In the event the Lender issues a credit note towards adjustment of any discrepancy in the value of invoice raised by the Lender and if Borrower has failed to adjust the excessive input tax credit claimed by the Borrower on account of such discrepancy, the Borrower shall pay to the Lender the differential input tax credit, within a period of 30 (thirty) days from the date such issue is raised by the Lender. In the event the said amount is not paid by the Borrower to the Lender, the same shall be a debt due from the Borrower and shall be payable forthwith to the Lender together with any interest thereon. The Lender shall not be liable for any loss of credit arising on account of incomplete, erroneous or wrong details mentioned in the invoice.
   • 5.12 Any provision of this Agreement which is prohibited or unenforceable including without limitation due to any notification, guidelines, circular issued by RBI from time to time, in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or un-enforceability but that shall not invalidate or affect the remaining provisions of this Agreement nor affect such provision in any other jurisdiction.
   • 5.13 The liabilities of the Borrower and the Co-Borrowers, if any, under this Agreement shall be joint and several.
   • 5.14 Any delay in exercising or omission to exercise any right, power or remedy accruing to the Lender under this Agreement or any other agreement or document shall not impair any such right, power or remedy and shall not be construed to be waiver thereof or any acquiescence in any default, nor shall the action or inaction of the Lender in respect of any default or any acquiescence by it in any default affect or impair any right, power or remedy of the Lender in respect of any other default.
   • 5.15 Any notice to be given to the Borrower in respect of this Agreement shall be deemed to have been validly given if served on the Borrower or sent by courier or left at the address of the Borrower stated in Schedule I hereto or at the Borrower’s existing or last known business or private address. Any such notice sent by courier shall be deemed to have been received by the Borrower within 48 (forty-eight) hours from the time of its posting.
   • 5.16 Without prejudice to all other rights as the Lender or any of the third parties appointed by the Lender may have under this Agreement and under law, on the occurrence of an Event of Default, the Lender, its authorized representatives, agents, and third parties as appointed by the Lender are authorized to use the contact details provided by the Borrower to get in touch with the Borrower (including the authorized signatory(ies) / representative(s), guarantor(s) (if any) and third parties including the family members of the Borrower) whose information the Borrower has provided to the Lender. Also, the Borrower may be sent reminders from time to time for settlement of any Outstanding Dues by post, fax, telephone, email, SMS text messaging via mobile phone.
   • 5.17 Upon the occurrence and continuation of an Event of Default, the Lender is authorized at any time, without presentment, demand, protest or other notice of any kind to the Borrower, any such notice being expressly waived, to set off and to appropriate and apply any and all monies lying or deposited or held by the Lender. The Borrower agrees, declares and confirms that, notwithstanding any of the provisions of the Indian Contract Act, 1872 or Applicable Law, or any terms and conditions to the contrary contained in this Agreement, the Lender may, at its absolute discretion, appropriate any payments made by the Borrower under this Agreement or any amounts realized by the Lender by enforcement of security or otherwise, towards the dues payable by the Borrower to the Lender under this Agreement and/or other agreements entered into between the Borrower and the Lender and in any manner whatsoever.
   • 5.18 The Borrower hereby agrees and confirms that the Borrower has given no payment in cash or blank cheque or by NEFT/ RTGS/ UPI/ IMPS or any other mode to the Lender’s representative or staff along with or in connection with this loan application. The Borrower also confirms that no gift, discount, or other commitment has been given by the Lender or its authorized representative(s) to the Borrower to apply for this Loan or to avail the Loan.
   • 5.19 The Borrower acknowledges and irrevocably and unconditionally agrees that the Lender, either directly or through its authorized agencies, as listed on its Website, is authorized to contact the Borrower for the purpose of collection of Outstanding Dues and for any matter related to the same. Further, the Borrower acknowledges that the list of entities/ individuals/ agencies authorized to do so is subject to change from time to time at the sole discretion of the Lender and that the Borrower shall have no objection to the same. Refer to Schedule II and Key Fact Statement for list of LSP’s authorized by the Lender to act as collection agent under this Agreement.
   • The current list of agencies authorized by the Lender for the purpose, and in each case including its respective affiliates, group companies and entities, their authorized employees, directors and officers is available on the website.
   • 5.20 Cooling off/ Look up period - The Borrower may, at own will, cancel the loan at anytime within the cooling off/ look up period as mention in Key Facts Statement after paying the outstanding principal amount and proportionate APR without any penalty. Borrower may contact Lender’s customer care at details provided on the Website for the same.
6. ASSIGNMENT OF RIGHTS
   • The Lender shall at any time, without any consent of or notice to the Borrower be entitled to securitise, sell, assign, discount or transfer all or any part of the Lender’s right and obligations under this Agreement or other Loan Documents, to any person(s) and in such manner and on such terms as the Lender may decide. The Borrower shall not be entitled to directly or indirectly assign or in any manner transfer, whether in whole or part, any rights or obligation under this Agreement and other Loan Documents.
7. DISCLOSURE
   • 7.1 The Borrower agrees and understands that as a pre-condition relating to the grant of the Loan to the Borrower, the Lender requires the Borrower’s consent for the disclosure by the Lender of information and data relating to the Borrower, of the Loan availed of/ to be availed by the Borrower, obligations assured/ to be assured by the Borrower in relation thereto, default, if any, committed by the Borrower in discharge thereof and any other information made available by the Borrower to the Lender.
   • 7.2 Accordingly, the Borrower agrees and gives consent for the disclosure by the Lender, if required under the Applicable Law, of all or any such:
     1. information and data relating to the Borrower;
     2. the information or data relating to Loan availed of/to be availed by the Borrower; and
     3. default, if any, committed by the Borrower in discharge of such obligation as the Lender may deem appropriate and necessary to disclose and furnish to credit bureau(s) or any other agency authorised in this behalf by RBI.
   • 7.3 The Borrower further declares that the information and data furnished by the Borrower to the Lender is true and correct.
   • 7.4 In the event of the Borrower committing a default in the repayment of Outstanding Dues on the Due Dates, the Lender shall have an unqualified right to disclose the name of the Borrower to RBI, credit bureaus and any other agency authorized in this behalf by RBI. The Borrower gives its consent to the Lender and/or RBI and/ or credit bureaus to publish their name as defaulters in such manner and through such medium as the Lender/RBI and/or credit bureaus in their absolute discretion may think fit.
   • 7.5 The aforesaid right shall be available to the Lender in addition to and not in derogation of any other rights available under the Agreement.
   • 7.6 Borrower further agrees and understands that:
     1. Credit bureaus and any other agency so authorized may use and/or process the said information and data disclosed by the Lender in the manner as deemed fit by them; and
     2. Credit bureaus and any other agency so authorized may furnish for consideration the processed information and data or products thereof prepared by them, to the Lender/financial institutions and other credit grantors or registered users, as may be specified by RBI on this behalf.
   • 7.7 The Borrower agrees and understands that the Lender may also disclose any information/documents relating to the Borrower to any third party including Lender’s Affiliates for promotional purposes or any other purpose as Lender may deem fit.
8. INDEMNITY
   • 8.1 The Borrower shall indemnify the Lender (and its Affiliates) at all times hereafter from and against any and all claims, damages, costs, losses, expenses, suits, proceedings, actions, liabilities, etc., that may have been suffered by the Lender and/or its Affiliates by reason of any act by the Borrower or default on the part of the Borrower under this Agreement/in respect of the Loan and/or for the recovery of the Outstanding Dues (including legal/ attorney fee).
   • 8.2 The Borrower further agrees to indemnify and keep indemnified the Lender and/or its Affiliates from time to time and at all times hereafter and against any and all claims, duties, damages, costs, losses expenses, suits, proceedings, actions, liabilities etc., for/under which the Lender and/or its Affiliates may be liable:
     1. on account of destruction of PDCs of the Borrower in accordance with Clause 2.23; and
     2. at any point of time whether at the time of execution of this Agreement or any time thereafter.
   • 8.3 The Borrower further agrees to indemnify and keep indemnified the Lender and/or its Affiliates from time to time and at all times hereafter from and against any and all claims, damages, costs, losses, expenses, suits, proceedings, actions, liabilities, etc., whatsoever arising in connection with or relating to any Communications (as defined below) provided/received by the Lender and/or its Affiliates by Electronic Media (as defined below).
9. ELECTRONIC MEDIA
   • 9.1 The Borrower hereby confirms, acknowledges and agrees that the online acceptance of this Agreement including any addendums hereto through the Website or such other internet or web-based means results in a binding contract between the Parties.
   • 9.2 The Borrower is aware that transmission of this Agreement, addendums to this Agreement, terms and conditions, instructions, acceptances and communications ("Communications") through electronic means such as email, facsimile, SMS text messaging, websites, online acceptance, etc. ("Electronic Media") involves a number of risks including fraudulent alterations and incorrect transmissions and absence of confidentiality. However, the Borrower is desirous of receiving Communications from and providing Communications to the Lender through the Electronic Media for various matters under this Agreement including in relation to the Loan and the operation thereof.
   • 9.3 In consideration of the Lender permitting the same, the Borrower hereby irrevocably, confirms and undertakes to the Lender as under:
     1. The Lender shall be entitled (without being bound to do so) to rely upon the Communications provided through the Electronic Media (and believe the same to be genuine), for their requirements. In case of any question as to what were the Communications provided or received, the records of the Electronic Media received by the Lender shall be treated as final, conclusive and binding.
     2. The Borrower has ensured and shall ensure that the Communications provided through the Electronic Media to the Lender are provided by the Borrower and hereby agrees and confirms that the Lender shall not be responsible for conducting any verification whatsoever in this regard.
     3. The Borrower confirms that the Lender shall not be bound to act in accordance with whole or any part of the communications as it may appear in the Communications so conveyed and the same shall be at the sole risk of the Borrower.
     4. The Lender shall not be liable for the consequences of any act or any refusal or omission to act or deferment of action by the Lender on basis of the Communications through the Electronic Media.
     5. The Lender shall not be required to await receipt of the Communications in writing before taking any action in connection with the Communications provided through any Electronic Media and the non-delivery and non-conformity of such Communications in writing shall not in any manner prejudice the Lender’s rights under this Agreement or otherwise.
     6. The Lender may at any time whatsoever without assigning any reason withdraw or modify or add the facility/ies provided to the Borrower in relation to the Communications through Electronic Media.
     7. The Borrower is aware and confirms that the Lender is agreeing to act on any Communications provided through Electronic Media only by reason of, and relying upon the undertaking and indemnities contained in this Clause.
10. GRIEVANCE REDRESSAL
    
    • 10.1 For grievance of customers related to interest rates, charges or any other loan related issues, customers may either fill up the online service request form available at the Lender’s Website or write to Company’s customer care on details provided, as updated from time to time, on the Company’s Website, currently being:

      Customer Care Officer

      MyLoanCare Ventures Private Limited
      Ground Floor, Plot No-131, Sector-44, Gurugram, Haryana 122003
      Email: care@myloancare.in
      Contact no.: 8448389600

    • 10.2 If the complaint/dispute is not addressed within a period of 10 days or the customer is not satisfied, the customer may get in touch with the below designated senior management official for quick and effective redressal as per details provided, as updated from time to time, on the Company’s Website, currently being: :
      
      The Grievance Redressal Officer
      MyLoanCare Ventures Private Limited
      Ground Floor, Plot No-131, Sector-44, Gurugram, Haryana 122003
      Email: gro@myloancare.in
      Contact no.: 9910998479
      
      
11. DISPUTE RESOLUTION
    Any dispute arising out of or in relation to the Loan, including this Agreement and/or Loan Documents shall be referred for arbitration to the sole arbitrator appointed by the Lender. The Parties agree and confirm that the arbitration proceedings shall be conducted in accordance with the Arbitration and Conciliation Act, 1996 and the rules applicable thereto. The venue of the arbitration shall be at Gurugram or capital of the state where the Borrower resides, at the sole discretion of the Lender and the arbitration proceeding shall be conducted in English language. The decision of the Arbitrator shall be final and binding on the Parties. Pending the passing of the final award, the Borrower shall be liable to perform all its obligations under this Agreement.
12. GOVERNING LAW
    The validity, interpretation, implementation and resolution of disputes arising out of or in connection with this Agreement shall be governed by Indian law. The Parties agree that all matters arising out of this Agreement shall be subject to the exclusive jurisdiction of the courts or tribunals (as the case may be) at Gurugram, India.