[Note: This is a draft document. After you consent, the relevant details shall be populated in the document and a final version would be made available.]

CUSTOMER LOAN APPLICATION FORM

LOAN AGREEMENT

NOW THIS AGREEMENT WITNESSES AS FOLLOWS.

1. DEFINITIONS

2. APPOINTMENT OF LENDING SERVICE PROVIDER / DIGITAL LENDING APP

3. LOAN DETAILS

4. DISBURSEMENT AND FREE LOOK PERIOD

5. REPAYMENTS

1. strict compliance by the Borrower with the Repayment Schedule is an essential condition for the grant of the Loan;
2. No notice, reminder or intimation shall be given by the Lender to the Borrower prior to the presentation of the e-NACH mandate;
3. non-presentation of the e-NACH mandate by the Lender due to any reason whatsoever will not affect the liability of the Borrower to repay the Loan; and
4. Without prejudice to any other rights or remedies the Lender may have under this Agreement and / or under the Applicable Law, the Borrower shall be liable to pay a flat charge as stated in the Schedule 1 in case of dishonor of the Instruments on the first presentation. The levy of such charge upon dishonouring of the Instruments is without prejudice to the rights of Lender under the Payment and Settlement Systems Act, 2007, as amended and as in force for the time being, and without prejudice to the other rights, which the Lender have under this Agreement or under Applicable Law or equity;

6. COLLECTIONS

7 EVENT OF DEFAULTS

1. The Borrower fails to repay any particular EMI, in accordance with the Repayment Schedule set out in Schedule 1 of this Agreement when it is due;
2. There has been a dishonour of e-NACH mandate or any instrument provided by the Borrower in relation to payment of any EMI or any outstanding amount in relation to the Loan;
3. The Borrower dies or takes any steps or any steps are taken with a view to his being made insolvent or files for bankruptcy or with a view to the appointment of a receiver, trustee or similar officer of any for his/ her assets or is declared insolvent or bankrupt under Applicable Laws;
4. Regardless of the reason thereof, Borrower instructs its bankers for stopping payment of the e-NACH mandate or any instrument provided by the Borrower in relation to payment of any EMI or any outstanding amount in relation to the Loan;
5. Any information given or representations made by the Borrower to the Lender under this Agreement or any other documents submitted by the Borrower is found to be inaccurate or misleading;
6. The Borrower is declared to be a wilful defaulter;
7. The Borrower becomes a sanctioned person under sanctions imposed by any government of any nation or by a multilateral body such as the EU or the UNSC;
8. The Borrower fails to discharge any indebtedness which has become due and payable, or the Borrower is deemed for the purposes of any Applicable Law to be unable to pay his/her debts as they fall due or the Borrower admits in writing to be unable to pay his/her debts as they fall due, the Borrower begins negotiations with any creditor for the rescheduling or restructuring of any of the Borrower’s indebtedness;
9. The providing of Loan is no longer in accordance with the Applicable Law or the Agreement is not effective in accordance with its terms or is alleged by the Borrower to be ineffective in accordance with its terms for any other reason or it is or it becomes unlawful for the Borrower to perform any of its obligations under the loan documents;
10. The Borrower fails to perform any of the obligations or terms or conditions or covenants applicable in relation to the Loan including a breach of the provisions under this Agreement; and
11. the Borrower utilizes the Loan towards any purpose or activity other than for personal purposes.

1. recall the Loan and declare the Outstanding Dues immediately due and payable by the Borrower;
2. present and appropriate the proceeds of the e-NACH mandate given by the Borrower to the Lender under this Agreement, for all such times that the Outstanding Dues are repaid.
3. require the Borrower to pay liquidated damages equal to all unpaid EMIs which in the absence of an Event of Default would have been payable by the Borrower for the full term hereof;
4. exercise its right of set-off against any monies due to the Lender from the Borrower and to combine all the accounts of the Borrower held with the Lender to recover the Outstanding Balance from the Borrower;
5. publish the name of the Borrower as defaulter in such form and manner and through such medium as the Lender may in their sole discretion may think fit and also inform other Lenders of the Borrower about such default by the Borrower and to make disclosure of the details pertaining to the Borrower any credit information companies and authorities; and
6. seek indemnification in respect of all legal and other costs and expenses resulting from the defaults by the Borrower or the exercise of remedies by the Lender.

8. BORROWER REPRESENTATIONS AND WARRANTIES

1. The Borrower has adequate legal capacity to enter into and execute this Agreement. The Borrower is not restricted in any manner or prevented in any manner under any Applicable Laws or otherwise from executing and undertaking the obligations in the manner provided in this Agreement. Upon execution, this Agreement shall be a valid legally binding commitment of the Borrower enforceable against the Borrower on the terms set out herein.
2. There are no suits, actions or claims pending or are likely to be filed or taken (whether civil or criminal or otherwise) against the Borrower of any nature whatsoever which shall make it illegal for the Borrower to avail the Loan or otherwise effectively perform its obligations under this Agreement.
3. There is no Event of Default, subsisting hereunder or under any other agreement binding the Borrower including any payment or other contractual obligations or, whether existing or expected to arise pursuant to the availing of Loan.
4. Borrower’s household income, that is to say, the annual income of the Borrower’s family unit, i.e., husband, wife, and unmarried children, is more than INR 3,00,000 (Indian Rupees Three Lakhs Only) and therefore the Borrower’s borrowing of the Loan does not qualify to be a microfinance loan under the Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022.
5. The Borrower understands English and the Borrower has full understood and accepted the terms of (i) this Agreement; (ii) terms and conditions of CRED; (iii) the Key Facts Statement; and (iv) any other information displayed during the loan journey on the CRED App.

9. COVENANTS / UNDERTAKINGS OF THE BORROWER

1. utilize the entire Loan solely for personal purposes and not utilize any part of the monies so borrowed for any illegal purpose, or towards immoral / unethical practices;
2. promptly notify the Lender of any event or circumstances, which may delay compliance with any terms hereof or may result in an Event of Default;
3. maintain sufficient balance in the account of the drawee bank for payment of the Instruments if presented;
4. indemnify and hold harmless, and agrees to keep indemnified and hold harmless the Lender, from time to time and at all times hereafter, against any and all claims, losses, costs, damages, liabilities, losses and expenses (including all legal costs and attorney fees) that may be incurred by the Lender on account of any act or default on the part of the Borrower in respect of the Loan, the non-performance of or non-observance of any of the terms and conditions stipulated under this Agreement or due to occurrence of an Event of Default or a potential Event of Default in relation to the Loan and/or for the recovery of the outstanding amounts under this Agreement;
5. immediately intimate CRED and the Lender in respect of any change in the contact details, residential, or any other details as intimated to CRED or the Lender; Borrower further agrees and acknowledges that in the event, the Borrower is not contactable at the registered contact details and/or address, then the Lender and/or CRED shall be at liberty (either directly or through subcontractors) to carry out skip tracing of the Borrower in order to determine the Borrower’s whereabouts and contact details;
6. not without the prior, specific, and express written consent of the Lender, close the Designated Bank Account.
7. not assign the rights and/or obligations under this Agreement in favour of any third party; and
8. not appoint, engage or authorize any third party to deal with the Lender or CRED and/or theany other lending service provider in respect of the Loan under this Agreement.

1. The Borrower has expressly and irrevocably authorized the Lender and CRED to collect, store, share, obtain (including if necessary through agencies providing skip tracing services) and authenticate any aspect of his personal information / KYC either directly or through any of the authorized agencies and disclose such information to its agents/contractors/service providers and to also use such information in the manner that may be required by the Lender and CRED including for the purposes of this Loan and for such time period as they may deem fit. Borrower further agrees and acknowledges that even after the repayment of the Loan or termination of this Agreement in any other manner, the Lender may continue to store (and share with third parties to the extent necessary) all information provided as a part of the application for the Loan, as well as the information in relation to the terms of the Loan and the manner of its repayment.
2. The Borrower agrees and acknowledges that the Lender, CRED and their agents or subcontractors may at any time communicate with the Borrower in relation to the recovery of the Loan through any channel (including but not limited to telephone call, SMS, whatsapp, physical visits and email) notwithstanding any registration with the NDNC Registry as laid down by Telecom Regulatory Authority Of India.

10. ASSIGNMENT/SECURITISATION

11. SET-OFF AND LIEN

12. NOTICES

13. GRIEVANCES AND COMPLAINTS

1. Name of the Grievance Redressal Officer: Vandan Suba
2. Address: 404, Uphar II CHS LTD, Plot No. 5 BHD, Sanjeeva ENC 7 Bungalows, Near Juhu Circle Mumbai Suburban City, Maharashtra, India 400061
3. Email: gro@newtap.in

1. Name of the Grievance Redressal Officer/ Principal Officer: Atul Kumar Patro
2. Address: Attn: Grievance Officer, CRED, No. 769 and 770, 100 Feet Road, 12th Main, HAL 2nd Stage, Indiranagar, Bengaluru, Karnataka, India - 560038.
3. Email: grievanceofficer@cred.club.

14. JURISDICTION

15. TERM AND TERMINATION

16. MISCELLANEOUS

SCHEDULE 1

TERMS AND CONDITIONS OF THE LOAN

1. If the Repayment Date with respect to the Facility falls on March 31st, and the relevant Outstanding Amounts payable on such date is not received in full on such Repayment Date, before the Lender runs the day-end process with respect to classification of their borrower accounts for the Repayment Date, the date of overdue shall be March 31st.
2. In the event of the Facility continues to remain overdue, then the loan account shall be tagged as SMA-1 upon running day-end process on the 30th day from March 31st i.e. upon completion of 30 days of the Facility being continuously overdue. Accordingly, the date of SMA-1 classification for that account shall be 30th April.
3. Similarly, if the Facility continues to remain overdue after it being classified as SMA-1, it shall be tagged as SMA-2 upon running day-end process on the 60th day from March 31st i.e. on 30th May.
4. In the event of the Facility continuing to remain overdue further, it shall become classified as NPA upon running day-end process on the 90th day from March 31st i.e. on 29th June.

TERMS AND CONDITIONS OF THE LOAN

Recovery Mechanism:

Process to handle customer complaints/grievances:

1. Email us at support@newtap.in
2. Contact CRED Support through the chat-bot on the CRED App.