1. Loan Offer Highlights
Get the financial assistance you require with our dependable and adaptable loan choices:
Maximum Borrowing Amount: ₹1,00,000
Loan Duration: 91 to 180 days
Processing Charge: Up to 3% of the loan amount
Daily Interest Rate: 0.05%
APR: 18.76%
Sample Personal Loan Calculation:
For a ₹15,000 loan with a 3-month duration:
Processing Fee (3%): ₹450
GST on Processing Fee: ₹81
Total Interest Due: ₹694
EMI: ₹5,231
Disbursed Amount: ₹14,469 (Processing fee and GST deducted in advance)
Total Repayment Amount: ₹15,694
2. 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.
3. Commitments by WWS Credit
a. Loan Payment: WWS 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: WWS 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: WWS Credit assures the confidentiality of all borrower-related information and repayment data, with a promise against its disclosure or misuse.
4. 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.
5. Loan Repayment Conditions
· Repayment Onset: The borrower shall commence loan repayments in accordance with the agreed terms and schedule from the date this agreement takes effect, continuing until the full repayment of the loan principal and interest.
· Penalty for Repayment Delays: If repayment is not made timely, interest on the overdue amount will be charged at the annualized rate mutually agreed upon from the date of delay until the complete clearance of the outstanding loan principal and interest.
· Provision for Early Repayment: The borrower holds the right to repay the outstanding loan balance, either partially or in its entirety, before the close of the repayment period.
6. Resolution of Dispute
In accordance with the laws of India, the provisions of this agreement will be interpreted and implemented. Any conflicts or disputes that emerge from this agreement are to be first addressed through mutual negotiations between the involved parties. If such negotiations do not yield a resolution, the dispute shall be presented to a court holding jurisdiction in India to seek a legal settlement.
7. Borrower's Commitments
a. Agreement Acknowledgment: The borrower acknowledges understanding the entirety of this loan agreement and commits to adhering to all its terms and conditions.
b. Truthfulness of Information: The borrower assures that all provided information is authentic, precise, and complete, containing no misrepresentations or omissions.
c. Timely Repayment Assurance: The borrower commits to the timely and full repayment of both the loan principal and interest as per the outlined repayment schedule.
d. Consent to Credit Review: The borrower consents to the loan service provider's right to assess, inspect, and evaluate the borrower's creditworthiness and repayment capacity as deemed necessary.
8. Guarantees and Supplementary Agreements by the Borrower
a. Certification of Eligibility: The borrower confirms their eligibility as an Indian citizen or resident with full civil conduct capability to engage in this agreement, being over the age of 18.
b. Assurance on the Use of Funds: The borrower pledges that the loan will be utilized for lawful purposes, assuming all liabilities for consequences of any illicit use.
c. Force Majeure Disclosure Requirement: If force majeure or other grave incidents render the borrower unable to meet repayment deadlines, immediate notification and relevant proof must be furnished to the lender.
In instances where this agreement does not provide specific guidance, both parties agree to negotiate in good faith to draft and execute an addendum to this agreement.