The Simple Credit Agreement is entered into by two parties: the Application CLASSIC FINANCE-Cash Loan app (hereinafter referred to as the "Lender") and the individual whose full name appears on the Application, the "Customer". Collectively, the "Parties" are provided in accordance with the following background, statements, definitions and agreements.
The PARTIES express their mutual consent to enter into this contract in accordance with the provisions of the Commercial Code in relation to distance credit operations and the declaration of their will.
BACKGROUND
Loan amount: ₹10,000 to ₹70,000
Repayment Duration: 91 days to 1 year
Annual Interest Rates (APR) range from 16% to 20%
For example, a loan of ₹50,000 with an annual interest rate (APR) of 20% and a repayment tenure of 1 year, the processing fee is ₹0 (no additional fees), and the total interest is ₹10,000 (50,000*20%=10,000). The total loan repayment amount is ₹60,000, and a monthly repayment amount is ₹5,000.
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1. the Customer applies to the Lender for a simple letter of credit (hereinafter referred to as "Letter of Credit") in local currency from the Lender through an electronic application form (hereinafter referred to as "Application") prepared and signed by the Customer for the purpose of entering into this Contract
2. The Customer applies through the Lender's application (Application) to create an access account ("Profile Account"), which includes the generation of a username and password to identify him/her as a customer of the Lender. The Profile Account will allow access to the electronic means by which you can query and/or specify, including but not limited to: (i) status of the credit process, (ii) credit terms, (iii) general credit information, (iv) privacy statements, (v) credit contracts, (vi) consent to new credit, (vii) updates to customer data, (viii) requests for clarification, etc.
The Lender, after reviewing and analyzing the applications and other information and documents provided and submitted by the Customer, authorizes the extension of credit to the Customer in the amount shown on the cover page (as defined below), after which the parties formalize their relationship with the credit-related agreement by electronic means and establish mechanisms that will allow them to complete future transactions electronically. Accordingly, the statements and definitions in this contract apply to each contract entered into in the future.
Declarations of parties
1. The Lender declares that
a) It is a commercial company duly incorporated under the applicable laws of India and is bound by the terms set forth herein, as defined below.
b) For purposes related to this contract, the company is domiciled at the property at the address indicated in this application.
c) Its website is located at the address specified in this application.
2. The customer declares that
a) He/she is a natural person who, without his/her consent, interferes with the conclusion of the contract in his/her own right by mistake, fraud, violence, etc., to bind himself/herself, harm or malicious bad habits in accordance with the terms agreed in the contract.
b) For the purposes of this contract, the real estate specified in the application is considered a residence.
c) The information and documents provided to the lender and stated in the application are true and correct.
d) It has sufficient financial resources to meet the monetary obligations for which it is responsible under the terms of the Contract and that such resources come and will come from legitimate sources.
e) It has been explained by the Lender prior to the conclusion of the contract, the content, scope and effect of the contract and the terms that constitute it.
3. The parties declare that
a) They intend to grant and accept simple credit, to bind themselves in accordance with the terms relating to this contract and to conclude it by electronic means.
b) The subheadings used in the terms of the contract are for information and simple reading only and therefore do not affect the interpretation of the contract.
c) They mutually acknowledge their legal existence and legal capacity.
In accordance with the background and statements to be published, the parties hereby grant and agree to be bound by the following terms.
CLAUSES
1. Definitions of terms
For purposes of this Contract, the parties give the following terms the meanings set forth below in each case, when capitalized, unless the context in which the terms are used suggests a different concept and is so indicated, whether they are used in the singular or plural.
l "Advance Payment". Means the partial or total payment that, without being due, is applied to cover, to the extent of the principal of the Credit.
l "Application". Means the document filled in by the customer through the Profile Account, through the App, which is an integral part of this Agreement.
l "Day of Delay". Means each calendar day after the Payment Deadline, in those cases in which the customer has not paid the Total Credit Amount by the Payment Deadline.
l "Deposit". To make available in the customer's Account, in pesos and immediately available funds, the Amount of the Credit.
l "Device". Means the equipment that allows access to the App, which may be used to enter into credit agreements and/or any other product offered by the lender.
l "Drawdown". Means the amount(s) of money available to the lender up to the Credit Amount under this Agreement, in accordance with Clause Two hereof.
l "Electronic Means". Means the equipment, automated data processing systems and communication networks, through which the lender will interact with the customer, such as email addresses, SMS and App to record electronic signature, landline and mobile phone, or any other agreed between the PARTIES.
l "Geolocation". Means the geographical coordinates of latitude and longitude in which the Device is located.
l "Password". Set of alphanumeric characters created by the customer, which will be used to access his or her Profile Account.
l "Payment Account". Means the bank account of the lender, in which the customer will deposit the payment of the Total Amount of the Credit, which is indicated in the Drawdown Instruction.
l "Payment Deadline". Means the day indicated on the Cover Page and on which the customer shall pay the Total Amount of the Loan to the Lender.
l "PIN". Means the password generated at the request of the customer, after the authentication of the latter. Said password will be required, in order to obtain the express consent, through Electronic Means regarding the Credit, as well as the conditions of the Contract and its annexes.
l "Profile Account". Account created by the customer in the lender's App, which accredits him/her as a customer of the lender and through which the customer accepts and acknowledges that he/she may make and/or carry out the following consultations and operations: (i) the status of the Credit process, (ii) Credit conditions, (iii) general information on the Credit, (iv) Privacy Notice, (v) Credit contract, (vi) consent to new credits, (vii) update the customer's data, (viii) request clarification, among others.
l "Service Fee". Means any charge, regardless of its denomination or modality, that is generated by the contracting of the Credit and that, if applicable, for the purposes of the Contract shall be indicated on the Cover Sheet, which shall be payable at the end of the Credit Term.
l "Total Amount of the Credit". Means the amount of the Credit, plus the service fee, expenses and respective taxes that the customer shall pay to the lender to settle the Credit, except in the event of early settlement.
2. Object
The lender opens a simple line of credit to the customer, up to the credit limit. Likewise, it is expressly agreed that fees, commissions and charges that may be incurred by the customer are not included in the line of credit.
Lender may draw on the line of credit in one or more times during the term of the line of credit up to the maximum term of the line of credit as follows: (ii) subscribe to and accept the corresponding promissory note recorded or supporting the issuance of the award. Lender shall credit the amount of the Credit to Customer's account, provided it meets the requirements set forth herein.
The parties acknowledge and agree that, with respect to withdrawals by Customer at or below the Credit Limit, Customer hereby expressly and irrevocably instructs and authorizes Lender that amounts below the Credit Limit may be withdrawn by electronic transfer, bank deposit or inter-bank transfer instructions.
Upon deposit: (i) the deposit shall be deemed to be the performance of Lender's obligations and, (ii) Lender shall be deemed to have received the withdrawal amount in full and to its satisfaction, by electronically signing this Agreement confirming the foregoing. As a result of the deposit, Customer shall be obligated to pay the total amount of the credit in accordance with the provisions of this Agreement.
The customer can amend the details of the bank account provided in his application by submitting a written request to the lender via the application or email, provided that the new bank account is in his name.
3. Acceptance of the Contract
The parties agree that acceptance of the Contract shall be construed as an externalization of the Contract with respect to the Lender, requiring the Lender to introduce a PIN code through the application prior to certification by the Lender. Lender's acceptance shall be deemed to be associated with the availability of the credit line.
4. Destination
The parties determine that the amount of the credit will be used and/or used for whatever the lender freely determines. The customer declares that the use of the line of credit is legal.
5. Disposition
The Parties agree that the disposition of the Credit Amount shall be carried out in accordance with the Client's instructions in the Withdrawal Instruction. As a result of the execution of the instructions concerning the disposition of the credit amount, the Client is obliged to pay the full amount of the credit to the Lender.
6. Collection Service Fee
If Customer fails to make timely and pro forma payment of the Total Credit Amount, a collection fee shall be payable to Lender in accordance with the following terms: (i) from the first day of the delay up to and including the sixth day, the daily collection fee shall be the amount indicated in the corresponding Annex for this event, payable by Lender for each day of delay; (ii) from the seventh day of the delay, the amount indicated in the corresponding Annex shall apply, and if Lender takes legal or extrajudicial action against Lender or extrajudicial action against Lender, Lender may be required to pay this amount.
DISPOSITION INSTRUCTION
The parties agree that they have read and understood the scope of this contract, and therefore, by mutual agreement, express their consent to enter into this contract in accordance with the provisions of the Commercial Code concerning remote credit transactions to indicate their intention.
This app (hereinafter the lender). By means of this drawdown instruction, [Name of customer] (hereinafter the lender) and for the purposes of the provisions of the simple credit opening agreement, which I entered into with the lender on the date indicated in the upper right-hand margin and whereby the lender grants me the amount of $[Amount indicated in the app], i.e., the Credit Amount; I hereby declare the following:
(i) Pursuant to the Fourth Clause of the Contract, the Destination of the Credit Amount shall be for:
(ii) I indicate as bank account for the Deposit of the Credit Amount and/or the Drawdown, the following: Credit Institution: [Name of the bank indicated in the app], Code: [ACCOUNT CODE indicated in the app] Beneficiary: [Name of the customer].
The client acknowledges and accepts that it has provided correct and complete information about the client's account and credit destination; therefore, it hereby releases the lender from any liability arising from errors and/or lack of information provided.
The Client undertakes to pay the full amount of the letter of credit at the time and in the manner agreed upon in the contract; this amount shall therefore be paid to the account by direct debit, in-store payment or electronic transfer, the code of which the Client can find in the Refund section of the application.
ANNEX ON INFORMATION COLLECTION AND USEAGE
Collect information
In order to provide better service to the Customer, the Customer agrees and authorizes the Lender to obtain information about the Customer other than that which the Customer voluntarily provides to the Lender at the time of application or use of the Services by the following information:
(i) Collect any information related to the Services that you retain with Lender's affiliates.
(ii) Collect any information related to the Services that you retain with Lender's partners, including but not limited to microfinance companies, guarantee companies, factoring companies, fund companies, securities institutions, trust companies, other third-party partners, etc.
(iii) To inquire, verify, print and retain your information and/or credit reports with banks, credit bureaus, credit assessment agencies or similar agencies licensed by the relevant legal or regulatory bodies
(iv) To inquire, print and retain any information related to the Service from administrative and judicial authorities. To collect any information related to the Service from natural and legal persons and other organizations that legally retain customer information.
Information types
The customer agrees and authorizes the lending institution to collect customer information, including but not limited to:
(i) Identifying information of the customer and the customer's related parties, including, but not limited to, name, ID number, place of residence, telephone number, email address, biometric and other identifying information.
(ii) Logs of the customer's actions when accessing the service website and its related websites, or the service's mobile device customers, or when using the service, including but not limited to computer's IP address, device identifier, hardware model, operating system version, the customer's location, and log information related to the service.
(iii) Credit information of customer, including but not limited to credit records and credit reports.
(iv) Information on the customer's property, including but not limited to the customer's shop/business operations, financial and tax information, property information, vehicle information, investment and financial information such as funds, insurance, stocks, trusts and bonds, and information on liabilities.
(v) Any information retained by the customer with administrative and judicial authorities, including but not limited to household registration information, business and industrial information, litigation information, enforcement information and information on offences and crimes of the customer as actual controller of the enterprise.
Usage of information
Customer agrees and authorizes Lender to use Customer's information for the following purposes, including but not limited to.
(i) Creating data analysis models to provide services such as financing, factoring, and risk control that are appropriate to the customer's needs, and maintaining and improving those services.
(ii) Providing services to customers, including but not limited to credit and factoring, such as performing pre-credit checks when granting loans or providing factoring services.
(iii) Comparing the accuracy of information and verifying it with third parties, such as verifying customers' identity information.
(iv) Assessing the business status of customers and/or customers' related parties to prevent and control risks.