1. Loan Service Specifications
We offer loans with amounts up to ₹5 lakh, repayment terms ranging from 91 to 360 days, a daily interest rate of 0.03%, and an annual percentage rate (APR) of 10.08%. A processing fee of up to 1% of the loan amount applies.
Illustrative Example: Borrowing ₹25,000 at an APR of 10.08% over 180 days would result in a monthly EMI of ₹4,374. The processing fee of ₹250 and ₹45 GST on the fee are deducted upfront from the loan, reducing the disbursed amount to ₹24,705. The total repayment amount is ₹26,243, comprising ₹1,243 in interest charges. Therefore, the total cost of the loan is ₹1,538.
2. Loan Amount Confirmation Process
The loan amount to be disbursed will be directly based on the amount requested by the borrower in their loan application to the lender. Both the lender and the borrower will confirm and agree upon the specified loan amount before proceeding, ensuring all actions are taken in line with the provisions detailed in this agreement.
3. Commitments by Puli Credit
a. Loan Payment: Puli Credit will fulfill its commitment to pay out the loan in accordance with the agreement's terms, delivering the entire amount in one transaction to the borrower.
b. Repayment Planning Assistance: Puli Credit commits to providing the borrower with a clear repayment strategy, detailing the repayment timeframe, installment sums, and other necessary details for on-time repayment.
c. Protection of Borrower Information: Puli Credit assures the confidentiality of all borrower-related information and repayment data, with a promise against its disclosure or misuse.
4. Repayment Agreement Specifications
· Repayment Initiation: The repayment process as described in this agreement shall begin immediately from its effective date, adhering to the agreed-upon repayment mechanics until the entire loan along with interest is fully settled.
· Late Payment Repercussions: Failure to timely repay the loan will result in the accrual of overdue interest from the lapse date, calculated at an annualized rate mutually agreed, until the entire overdue principal and interest are paid in full.
· Option for Early Repayment: It is within the borrower's right to fully or partially repay the loan ahead of the stipulated repayment timeframe.
5. Borrower's Assurance
a. Agreement Compliance: The borrower fully understands this agreement and agrees to meet all its conditions and obligations.
b. Information Veracity: The borrower ensures the veracity, precision, and fullness of the provided information, without any falsehoods.
c. Fulfillment of Repayment: The borrower will adhere to the repayment timeline, settling the principal and interest in accordance with the plan laid out in the application.
d. Permit for Credit Examination: The borrower grants the loan service provider the authority to assess their creditworthiness and repayment potential as necessary.
6. Agreement Modification Process
For any modifications, including changes or amendments to this Agreement's terms, a written form is required, which must be mutually agreed upon and officially signed by both parties to be valid.
