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CRED cash terms & conditions

[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

I intend to avail a loan from the Lender by submitting this Application Form, which shall be facilitated by the Technology Facilitator through the CRED mobile application or its corresponding website ("Platform").

LOAN AGREEMENT

This Loan Agreement (this “Agreement”) is made on the date on which the User has electronically accepted this Agreement:
1. The person described and as stated in the SCHEDULE 1 (hereinafter referred to as the “Borrower” which expression shall unless be repugnant to the context or meaning thereof include its successors and permitted assigns), details whereof are more particularly as described in the Schedule 1 of the FIRST PART; and
2. VIVRITI CAPITAL PRIVATE LIMITED, a company incorporated under the Companies Act, 2013, having its registered office at 2nd Floor, Presitge Polygon, No. 471, Annasalai, Nandanam, Chennai, Tamil Nadu- 600035 (hereinafter referred to as the “VCPL” or “Lender ” which expression shall unless be repugnant to the context or meaning thereof include its successor and permitted assigns) of the SECOND PART; and
3. DREAMPLUG TECHNOLOGIES PRIVATE LIMITED, a company registered under Indian Companies Act, 2013 and having its corporate office at CRED, No. 769 and 770, 100 Feet Road, 12th Main, HAL 2nd Stage, Indiranagar, Bangalore, Karnataka – 560038 (hereinafter referred to as the “CRED/Service Provider”, which term shall, unless repugnant to the context or meaning thereof, be deemed to include, its successors and permitted assigns) of the THIRD PART.
Each of the Lender, the Service Provider and the Borrower(s) are individually referred to as “Party” and collectively as “Parties”.
WHEREAS
1. The Lender and Service Provider have executed a co-lending framework agreement and as may be amended by the Parties from time to time(wherein, the Service Provider has agreed to offer to provide specialized services to the Lender by way of acting as a Service Provider) to provide certain services in accordance with the terms and conditions set out therein.
2. The Service Provider is inter alia engaged in the business of assisting financial institutions promote their financial products to individuals who may or may not be clients of the financial institution, through the use of technology and its proprietary product i.e. smartphone application known as the CRED App.
3. The Service Provider is also engaged in the business of assisting financial institutions in recovery of the loans provided from time to time. The Borrower is an individual who avails the technology services provided by the CRED App, and is desirous of availing financial services and loan products provided by the Lender;
4. The Borrower has requested for a Loan facility and more fully described under the Schedule 1 hereunder.
5. Relying upon the representations made by the Borrower, the Lender has agreed to make available a Loan facility to the Borrower that the Borrower has requested through CRED App upon the terms and conditions mentioned in this Agreement.

NOW THIS AGREEMENT WITNESS AND THE BORROWER (S) HEREBY AGREES AND UNDERTAKES AS FOLLOWS.

1. DEFINITIONS

1.1 In this Agreement unless the context otherwise requires:
“Applicable Laws” means and includes any statute, law, regulation, ordinance, rule, judgment, rule of law, order, decree, clearance, approval, directive, guideline, policy, requirement or other governmental restriction or any similar form of decision or determination by or any interpretation or administration of any of the foregoing by any statutory or regulatory authority, whether in effect as of date of this Agreement or thereafter and in each case as amended.
“Business Day” means a day which is not a Sunday or a public holiday for the purposes of Section 25 of the Negotiable Instruments Act, 1881 and on which the banks are open for normal course of business in India.
“Default Interest” means the interest rate identified as such under Schedule 1.
“Facility Documents” means this Agreement duly executed by the Borrower, the Loan Application, and any other document, deed, declaration or any other instrument or declaration, entered into pursuant to this Agreement or designated as such by the Lender.
“Final Settlement Date” means the date on which all the Outstanding Balances under the Loan Agreement and all other obligations of the Borrower have been irrevocably and unconditionally paid and discharged in full to the satisfaction of the Lender.
“Installment” means the amount of monthly payment specified in the Schedule 1, necessary to amortize the Loan with interest, over the period of the Loan.
“Loan” means the Loan sanctioned jointly by the Lender to the Borrower as more particularly identified under Article 2 of this Agreement and Schedule 1.
“Loan Application” means the information submitted digitally by the Borrower to the Lender/Service Provider, as the case maybe, on such date as identified under Schedule 1.
“Material Adverse Effect” means a material adverse effect on (i) the ability of the Borrower to perform its obligations under the Agreement; (ii) the legality, validity and enforceability of the whole or any material part of the Agreement or any material rights or remedies of the Lender as determined by the Lender in their own discretion; (iii) any event or circumstance which has/ may have an adverse effect on the Borrower’s financial position, including any action taken by any creditor; or (iv) the validity, legality or enforceability of any Security expressed to be created under any Facility Document.
“NACH Mandate” has the meaning ascribed to such term under Article 21 hereunder written.
“Outstanding Balance” means collectively the principal, interest, compound interest, Default Interest, any other charges, dues and monies payable, costs and expenses, reimbursable, as outstanding from time to time and whether any of them are due or not in relation to the Loan.
“Rate of Interest” means that rate of interest as specified in in Article 2.2 of this Agreement and the Schedule 1.
“Repayment” means the repayment of the principal amount of loan, interest thereon, commitment and / or any other charges, premium fees or other dues payable in terms of this Agreement to the Lender and means in particular, the amortization provided for in Article 2 of this Agreement and the Repayment Schedule.
1.2 The terms and expression not herein defined shall where the interpretation and meaning have been assigned to them in terms of the General Clauses Act, 1897, have that interpretation and meaning.
1.3 All terms used in singular shall unless the context requires otherwise, include plural and a reference to one gender shall include all genders.

2. LOAN, INTEREST ETC.

2.1 Amount and the term of the Loan:
  1. Pursuant to the application made by the Borrower in the Loan Application, together with all other information, particulars, clarifications and declarations, if any, furnished by the Borrower or any other person from time to time, to the satisfaction of the Lender in connection with the requested financial assistance, the Lender have agreed to grant the Loan to the Borrower of sum, as stated in the Schedule 1 on the terms and conditions herein set-forth.
  2. The Loan provided under this Agreement shall be for a period as specified in Schedule 1 of this Agreement.
2.2 Interest: The Rate of Interest is as stated in Schedule 1.
2.3 The Borrower agrees and undertakes to make payment of all the equated monthly Installments and all other monies due and payable to the Lender on the due dates as specified and set out in the Repayment Schedule. The monthly Installments shall automatically stand increased by reason of increase in any rates, taxes, charges, imports, levies and monies whatsoever that are or may be levied on the monthly Installments and as determined by the Lender. The increase in the rates, taxes, charges, imposed levies and monies as stated above shall automatically form part of the sanctioned Loan under this Agreement.
2.4 Computation of Interest: (a) The Rate of Interest stipulated in the Schedule 1 shall remain as mandated by the Reserve Bank of India or any other regulatory authorities or unforeseen or exceptional changes in money market conditions or modification to the policies of the Lender. In such an event, notwithstanding the provisions of the Schedule 1, the Borrower agree to pay interest on such revised rate and this Agreement shall be construed as if such revised rate was expressly mentioned herein as the Rate of Interest, (b) The Borrower shall reimburse or pay to the Lender such amount as may have been paid or payable by the Lender to the Central or State Government on account of any tax levied on interest (and/or other charges) on the Loan by the Central or State Government when called upon to do so by the Lender.
2.5 Upon the occurrence of an Event of Default under the terms of this Agreement, the Borrower shall pay such Default Interest as is set out in Schedule 1 over and above the Rate of Interest specified therein till the date of rectification of such Event of Default. In addition, the Borrower shall also be liable to reimburse all the costs and expenses whatsoever, including legal fees incurred or suffered or sustained by in the process of collection of payments from the Borrower. Nothing contained in this Section shall prejudice the other rights available to the Lender under Applicable Law or otherwise. The payment of Default Interest will not absolve the Borrower of any other obligations under the Facility Documents, including to make timely payments or affect any of the other rights of the Lender in respect of the default.
2.6 The Lender reserves the right to approve or reject, in its sole discretion, any Loan Application applied by the Borrower and processed by the Service Provider. However, if a Loan Application is approved by the Lender, the Loan or any part thereof as may be requested by the Borrower, will be disbursed by the Lender.
2.7 Details of Disbursement: The Loan amount may, at the option of the Lender, be disbursed by the Lender directly to the to the Borrower or through the Service Provider.
2.8 Furnishing Statements: The Lender may, as on 31st March of every year, send to the Borrower, a statement of transaction drawn as on March 31, showing the amount due, the interest charged, etc. to the Borrower either directly or through the Service Provider. Unless the Borrower notified the non-receipt of this statement or points out any discrepancy therein within 5 (five) days of receipt of statement, it shall be deemed that the Borrower has agreed and accepted that the amount stated therein is due and outstanding against him.
2.9 Processing charges: The Borrower shall be liable to pay to the Lender processing charges as stated in the Schedule 1 at the time of and together with the application for Loan.
2.10 Repayment of Loan: (a) The repayment of the Loan and the interest thereon shall be made by the Borrower in Installments in the manner provided under in Schedule 1 and the Repayment Schedule. The Repayment Schedule is without prejudice to the right of the Lender to be paid on demand as contemplated under this Agreement, the entire Loan amount along with other dues. (b) The Borrower agrees that time is the essence of the contract. No notice, reminder of intimation will be given to the Borrower regarding his obligation to pay the Installment regularly on due date. Any dispute being raised about the amount due or interest computation will not entitle or enable the Borrower to withhold payment of any Installment.
2.11 Mode of payment of the Installment: (a) Subject to the terms and conditions stipulated hereunder, the repayment shall be by way of one or more modes and instruments including the NACH Mandate, electronic clearing system (ECS) or such other mode (“Instruments”) Borrower on the dates specified in Schedule 1. The Borrower acknowledges that
  1. strict compliance by him/ her 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 Instruments;
  3. If any one or more than one or all of NACH Mandates by the Borrower pursuant to this Agreement (i) Is/are lost, destroyed or misplaced while in the custody of the Service Provider or (ii) become non encashable due to any reason, then, in such an event, the Borrower shall, on receipt of the intimation of such loss, destruction or misplacement (as the case may be) from the Lender or immediately on the said Instruments or any of those being non encashable due to the reasons set out in this Agreement, then the Borrower shall, deliver to the Lender such numbers of Instruments similar in nature to the lost, destroyed, misplaced or non- encashable Instruments as are adequate to replace those that have been lost, destroyed, misplaced or become non encashable, or make such suitable alternative arrangement for repayment of Loan as is acceptable to and is approved by the Lender;
  4. non-presentation of the Instruments by the Lender due to any reason whatsoever will not affect the liability of the Borrower to repay the Loan. The Lender shall not in any way be responsible for delay, omission or neglect in encashment, damage or loss of any Instruments (already given or to be given by the Borrower to the Lender in terms hereof) for any reason whatsoever
  5. Without prejudice to any other rights or remedies the Lender may have under this Agreement and / or under the Applicable Laws, 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 charge upon dishonouring of the Instruments is without prejudice to the rights of Lender under the Negotiable Instruments Act, 1881, 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 Laws or equity;
  6. The charges mentioned in Schedule 1 are subject to change with intimation to the Borrower and Borrower agree to pay such revised charges from the date of intimation.
2.12 Alteration and Re-Scheduling of the Installments: The Lender shall be entitled to, if the Lender deems fit in the circumstances, alter or re-schedule the Installments, in such manner and to such extent as the Lender may, in its sole discretion, decide with due notice to the Borrower and the repayment will be made by the Borrower as per the said alteration and/ or rescheduling from the date of which the Installments are altered or re-scheduled, notwithstanding anything stated in the Schedules to this Agreement.
2.13 Repayment on demand: Notwithstanding anything stated in any document, the continuation of the Loan shall be at sole and absolute discretion of the Lender and the Lender may at any time in their sole discretion and without assigning any reason have the right to review the Loan and to (i) immediately vary, terminate, reduce, suspend or cancel the Loan or any unutilized portion of the Loan and/or to cease to make available any further utilization of the Loan, without prejudice to any other rights and remedies available to Lender under the Facility Documents or Applicable Law; and/or (ii) to cancel, reject or refuse to provide Loan. On intimation of or upon service of any such notice of cancellation, suspension, or repudiation of Loan pursuant to this Article, the Loan will become due and repayable by the Borrower to the Lender along with the Outstanding Balance and the amounts of costs, taxes, charges, charges, interests, Default Interests, fees and all amounts payable on the date specified by the Lender in the notice for such repayment. Upon such demand by the Lender, the Borrower shall within 1 (one) Business Day of being so called upon, pay the whole of the Outstanding Balance and other amounts as mentioned hereinabove to the Lender without any delay or demur. The intimation of or service of, cancellation, suspension or repudiation by the Lender shall be final, non-negotiable and binding on the Borrower. Any cancellation,suspension or repudiation will not affect the validity of any Facility document or discharge the liability of the Borrower under such Facility documents.

3. APPROPRIATION OF PAYMENT

The Lender shall have a right to appropriate any payments due and payable under this Agreement and made by the Borrower towards dues in the order the Lender deems fit, towards the principal, interest, Installments, Default Interest, prepayment penalty, costs, charges, expenses and any Outstanding Balances payable under the Loan. Notwithstanding anything stated herein, the Lender retain the right to modify the manner of appropriation of the payments received from the Borrower at any time in their sole discretion and in the manner they deem fit. Further, notwithstanding any such appropriation, the Borrower shall continue to remain liable to Lender for all the Outstanding Balances until the Final Settlement Date.

4. CONDITIONS FOR DISBURSEMENT

4.1 The obligation of the Lender to make any Disbursements under this Agreement shall be subject to the conditions that:
  1. Non-existence of any Event of Default by the Borrower or any other person.
  2. No extra-ordinary or other circumstances have occurred which shall make it improbable for the Borrower to fulfill its obligation under this Agreement.
  3. Submit documents to satisfy all ‘know your customer’ regulations issued by RBI in a form and manner acceptable to VCPL;
  4. Furnishing of the NACH Mandate;
  5. execution of all applicable Facility Documents to the satisfaction of the Lender;
  6. such other actions or items that the Lender may require from the Borrower.

5. PREPAYMENT

5.1 The Borrower may repay the entire Loan or pay the next EMI in advance using the CRED mobile application made available by the Service Provider.
5.2 In the event of prepayment in the manner specified above, the Borrower shall pay prepayment charges (if any) as specified under Schedule 1. It is hereby clarified that in case of any prepayment by the Borrower, alongwith the prepayment charges (if any) the Borrower shall at all times repay the disbursed Loan amount alongwith applicable interest rate calculated upto the date of prepayment as specified under Schedule 1.

6. EVENT OF DEFAULTS

An Event of Default shall be deemed to have occurred if:
6.1 The Borrower fails to repay the Loan, any Outstanding Balances or any fee, charges, or costs, in the manner herein contained and any one of the Installments or any other amount due hereunder remains unpaid after the date on which it is due and/or dishonor of the Instruments furnished by the Borrower for any reason whatsoever;
6.2 The Borrower dies or takes any step(s) 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;
6.3 Any instruction being given by the Borrower for stop payment of any Instruments given under this Agreement for any reason whatsoever;
6.4 Any information given or representations made by the Borrower to the Lender under this Agreement or any other documents submitted by the Borrower being found to be inaccurate or misleading;
6.5 There exist any other circumstances, which in the sole opinion of the Lender, jeopardizes the Lender’s rights under the Facility Documents;
6.6 The Borrower has been declared to be a willful defaulter or failure by the Borrower to discharge any indebtedness which has become due and payable, or the Borrower is deemed for the purposes of any Applicable Law to be/ admits in writing to be unable to pay his/her debts as they fall due or, if the Borrower begins negotiations with any creditor for the rescheduling or restructuring of any of its indebtedness;
6.7 The providing of Loan is no longer in accordance with the Applicable Laws or the Loan 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;
6.8 Failure on Borrower’s part 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 or other Facility Documents or the Loan 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 Facility documents;
6.9 the Borrower utilizes the Loan towards any purpose or activity other than for the purpose for which the Loan the granted;
6.10 occurrence of a Material Adverse Effect or any circumstance or event which is likely to cause a Material adverse Effect. The Borrower shall promptly notify the Lender in writing upon becoming aware of any of the Event of Default and the steps, if any, being taken to remedy it. The Lender may in their sole discretion determine whether or not an Event of Default has occurred, and such decision of the Lender shall be final and binding upon the Borrower. A certificate / notice in writing signed by an officer of any of the Lender stating the amount at any particular time due shall be conclusive evidence both against the Borrower of any Outstanding Balances / amounts payable under the Facility Documents.

7. CONSEQUENCES OF THE EVENT OF DEFAULT

In the event of occurrence of any Event of Default, the Lender may, in their discretion, without requiring any consent or confirmation from the Borrower and without prejudice to any other rights available, take one or more of the following actions including but, not limited to:
7.1 Declare the Loans to be cancelled or suspended or repudiated and the entire Outstanding Balance shall become immediately due and payable by the Borrower and recall the entire Outstanding Balance. In such case, the entire sums and charges shall become immediately payable by the Borrower to the Lender;
7.2 exercise any other rights or remedy, which may be available to it under the Applicable Laws and under Facility Documents;
7.3 The Borrower shall also be liable for all legal and other costs and expenses resulting from the foregoing defaults or the exercise of the Lender and/or remedies;
7.4 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 Lender of the Borrower about such default by the Borrower and to make disclosure of the details pertaining to the Borrower to Reserve Bank of India or Transunion CIBIL Limited or such other authorities or credit information companies authorized in this regard;
7.5 to invoke guarantees, if any furnished by the Borrower;
7.6 require the Borrower to pay liquidated damages equal to all unpaid Installments which in the absence of an Event of Default would have been payable by the Borrower for the full term hereof;
7.7 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.
The Lender shall be entitled to exercise each of its rights, independent of the other rights set out herein.

8. REPRESENTATION OF THE BORROWER

The Borrower hereby makes the following representations and warranties and states that the same shall remain true, correct, valid and subsisting at all times in every respect as of the date of this Agreement, and as on each day until the Final Settlement Date:
8.1 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 him/her in terms of this Agreement to which he/ she is or he/her shall be a party.
8.2 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.
8.3 There is no Event of Default, Material Adverse Effect (by whatsoever name called) 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.

9. COVENANTS / UNDERTAKINGS OF THE BORROWER

9.1 The Borrower agrees and undertakes that he/ she shall:
  1. Utilize the entire Loan solely for the purpose indicated by him/ her in Schedule 1 of this Agreement.
  2. Promptly notify the Lender of any event or circumstances, which may delay compliance with any terms hereof or result in a Material Adverse Effect or 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 as contained under the Facility Documents or in respect of any security created or purported to be created hereunder 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 Balances under this Agreement.
  5. The Borrower expressly understands that the relationship between the Borrower and the Lender is purely financial and not in respect of any service rendered or to be rendered by the Lender. Accordingly, the provisions of the Consumer Protection Act, 1986 shall not apply to any transaction arising out of or in connection with this Agreement.
  6. To immediately intimate the Service Provider any change in the residential / office address as well as any change in the bank account as intimated to the Lender.
9.2 The Borrower hereby covenants and agrees that, save and except, with the prior, specific, and express written consent of the Lender, the Borrower shall not:
  1. create, assume or incur any further indebtedness to any other person;
  2. lend or advance any amounts to any person or undertake any guarantee or security obligations in relation to the obligations of any other person;
  3. change, cease or diversify the business currently undertaken by the Borrower and as disclosed in the Loan Application or retire/ be terminated from/ resign from the present employment or profession as disclosed in the Loan Application;
  4. close the bank account with respect to the Instruments for effecting any payments hereunder which has been issued by the Borrower;
9.3 The Borrower further agrees and acknowledges that:
  1. The Borrower expressly understands that the relationship between the Borrower and the Lender is purely financial and not in respect of any service rendered or to be rendered by the Lender. Accordingly, the provisions of the Consumer Protection Act, 1986 shall not apply to any transaction arising out of or in connection with this Agreement.
  2. The Borrower understands English and he/she full understood and accepted the terms of (i) the Facility Documents (including this Agreement); and (ii) terms and conditions of the Service Provider.
  3. By applying for the Loan, the Borrower has expressly and irrevocably authorized the Lender and the Service Provider to collect, store, share, obtain 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 the Service Provider including for the purposes of this Loan as well as for purposes of its other business activities 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 and the Service Provider may continue to store all information provided as a part of the Loan Application as well as the information in relation to the terms of the Loan and the manner of its repayment.
  4. The Borrower agrees and acknowledges that the Lender, the Service Provider 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 “National Do Not Call Registry” (the “NDNC Registry”) as laid down by Telecom Regulatory Authority Of India.

10. SECURITISATION

10.1 The Borrower expressly recognizes and accepts that the Lender shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Lender may decide, including reserving a right to the Lender to retain its power hereunder to proceed against the Borrower on behalf of the purchaser, assignee or transferee, any or all outstanding and dues of the Borrower, to any third party of the Lender’s choice without reference to or without written intimation to the Borrower. Any such action and any such sale, assignment or transfer shall not absolve the Borrowers’ liabilities under the Facility Documents and shall bind the Borrower to accept such third party as creditor exclusively or as a joint creditor with the Lender, or as creditor exclusively with right to the Lender to continue to exercise all powers hereunder on behalf of such third party and to pay over such Outstanding Balances and dues to such third party and or to the Lender as the Lender may direct. The Borrower acknowledges and undertakes to pay to such third party all amounts due hereunder as required. The third party shall have authority of the Borrower to collect the due amounts.

11. SET-OFF AND LIEN

11.1 Notwithstanding anything contained in this Agreement, the Lender shall have a lien, irrespective of any other lien or charge over the deposits of any kind and nature (including fixed deposits) held or balances lying in any account maintained by the Borrower with the Lender and a right of set off against any monies due to the Lender from the Borrower and to combine all accounts of the Borrower for recovery of the Lender’s dues hereunder.
11.2 It is hereby agreed and understood by the Borrower that, in the event of occurrence of an Event of Default or the Borrower defaulting in payment of the Installments/ charges / fees, without prejudice to the right of termination, the Lender shall have the right to set-off the amount in the Borrower’s account that it may be holding with the Lender with the amount in respect of which the default has been committed under this agreement.

12. NOTICES

12.1 All correspondence shall be addressed to the Lender and the Service Provider at their respective addresses mentioned in the description of parties appearing in the preamble to this Agreement.
12.2 Any notice, approvals, instructions, demand and other communications given or made by the Lender (or the Service Provider on behalf of the Lender) shall be deemed to be duly given and served by them if sent by post, courier, registered post, electronic mail, personal delivery, short message service (SMS), other digital messaging services including Whatsapp, Facebook Messenger or by pre-paid registered mail address, courier to the Borrower address, phone number, or email as given Schedule 1 (or at the modified address on which the Lender acknowledgement is duly obtained as hereinbefore mentioned) and such notice and service shall be deemed to take effect on the 3rd (third) day following the date of posting thereof in case of normal post, courier, registered post, at the time of delivery if given by personal delivery, upon sending the electronic mail, SMS or other digital messaging services including WhatsApp or Facebook Messenger if given by electronic mail, SMS or other digital messaging services. Any notice or other communication to be sent to the Borrower shall be sent to/ made through the mailing address, e-mail ID or phone number identified in Schedule 1 hereunder. The Borrower undertakes to keep the Lender informed at all times in writing of any change in the mailing address, email ID, phone and mobile number as provided in Schedule 1 and to obtain Lender’ written acknowledgement on the intimation given to Lender for any such change.

13. PARTIAL INVALIDITY

13.1 If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent for any reason including by reason of any law or regulation or government policy, the remainder of this Agreement and the application of such provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each provision of the Agreement shall be valid and enforceable to the fullest extent permitted by Applicable Laws. Any invalid or unenforceable provision of this Agreement shall be replacement with a provision, which is valid and enforceable and most nearly reflects the original intent of the unenforceable provision, in a mutually agreeable manner.

14. JURISDICTION

Parties agree that courts at Chennai, Tamil Nadu shall have the sole jurisdiction in relation to all disputes, differences and / or claim arising out of this Agreement whether during its subsistence or there after shall be settled. Provided however, this shall not restrict any Party from applying for specific relief from any court of competent jurisdiction.

15. DISCLOSURE BY THE LENDER

15.1 It is acknowledged by the Borrower that the Lender shall be entitled to make such enquires about the Borrower by themselves or through their authorized person and also to disclose the information pertaining to the Borrower to any credit bureau, or other person as the Lender may deem fit, and the Borrower hereby agrees and undertakes not to dispute or question the same on any manner whatsoever.

16. TERM AND TERMINATION

16.1 This Agreement shall come into effect from the date of this Agreement and shall terminate only upon the Borrower making full repayment/ payment of all Outstanding Balances to the Lender of the Loan, interest thereon and all on charges and dues payable by the Borrower, to the Lender under this Agreement.

17. MISCELLANEOUS

17.1 Amendments: No modification or amendment of the terms of this agreement except to the revision in Rate of Interest as provided under Article 2 and also alteration or re-scheduling of the Installment as provided under Article 2 herein and no waiver of any of the terms or conditions hereof shall be valid or binding unless made in writing and duly executed by all Parties hereto.
17.2 Cumulative Rights: All remedies of Lender under this agreement whether provided herein or conferred by statue, civil law, common law, custom, trade, or usage are cumulative and not alternative and be enforced successively or concurrently.
17.3 Waiver: 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 right , power or remedy and shall not be construed to be a waiver thereof or any acquiescence in any default, not shall the action or inaction of the Lender in respect of any default, affect or impair any right, power or remedy of Lender in respect of any other default.

18. GRIEVANCES AND COMPLAINTS

The Lender will endeavor to prevent any inappropriate staff behavior and any complaints in respect thereof shall be addressed in a timely manner in accordance with the grievance redressal mechanism constituted by the Lender and the Service Provider. The Lender and the Service Provider have designated a grievance redressal officer to redress the genuine grievances of the Borrower. The details of the grievance redressal mechanism and the grievance redressal officer have been provided to the Borrower and are as provided in the websites with respect to each Lender respectively: https://www.vivriticapital.com (for VCPL) and http://cred.club(for Service Provider). The details of the Designated Grievance Redressal Officer of VCPL is as follows (or as updated from time to time on the website as aforesaid):
  1. Name of the Grievance Redressal Officer/ Principal Officer: Vamshi Vasudevan,–Head - Institutional Risk.
  2. Address: 12th Floor. Prestige Polygon, Anna Salai, Teynampet, Mount Road, Chennai -600035
  3. Contact Details (Telephone/Email): 044- 40074801/ grievanceredressal@vivriticapital.com.
The details of the Designated Grievance Redressal Officer of the Service Provider is as follows (or as updated from time to time on the website as aforesaid):
  1. Name of the Grievance Redressal Officer/ Principal Officer: Nemash Semaria
  2. Address: CRED, No. 769 and 770, 100 Feet Road, 12th Main, HAL 2nd Stage, Indiranagar, Bengaluru, Karnataka, India - 560038.
  3. Contact Details (Telephone/Email): grievanceofficer@cred.club.

19. COSTS AND EXPENSES

19.1 The Borrower shall promptly on demand pay to the Lender the amount of all the costs and expenses (legal or otherwise) incurred by the Lender in connection with the enforcement or preservation of any rights of the Lender under the Loan documents.

20. NACH MANDATE

20.1 During the loan application process facilitated by the Service Provider on the CRED smartphone app, the Borrower shall create an NACH / e-NACH mandate in favour of the Lender and/or the Service Provider such that the mandate will provide for:
  1. The debit frequency specified as “As and when presented”;
  2. Debit type specified as “Maximum” Installment Amount;
  3. Period of mandate specified with an identified date as acceptable to the Lender. (hereinafter referred to as the “NACH Mandate”).
20.2 The Borrower agrees and acknowledges that the Service Provider and/or the Lender shall present / exercise the NACH Mandate to recover equated monthly installments as well as whenever any other amounts that are due from the Borrower pursuant to or otherwise.

21. APPOINTMENT OF SERVICE PROVIDER

21.1 The Borrower expressly recognizes and accepts that the Lender have appointed CRED as the Service Provider and that the Service Provider shall also be entitled at its discretion to engage/ avail of, at the risk and cost of the Borrower, services of any person/third party service provider/agent/agency, for anything required to be done for/ in relation to/ pursuant to the Loan, including disbursement, collections, recovery of dues, getting or verifying any information of the Borrower and any necessary or incidental lawful acts/ deeds/ matters and things connected thereto, as the Lender may deem fit. For the purposes as aforesaid, the Lender shall be entitled to disclose to such persons/third parties all necessary and relevant information pertaining to the Borrower, the Loan and such other details and the Borrower hereby expressly consents to such disclosure.

22. GOVERNING LAWS AND JURISDICTION

This agreement shall be constructed in accordance with the laws in India. Any or all disputes arising out of this agreement shall be subject the exclusion jurisdiction of the courts at Chennai.

23. ACCEPTANCE

23.1 The Borrower hereby declare as follows:
  1. He / she has read the entire Agreement and the details given in the Schedules. He/ she shall be bound by all the conditions of the Agreement.
  2. He/she has understood the entire meaning of all the clauses.
  3. He/she agrees that this Agreement shall be concluded and become legally binding on the date when the authorized officers of all the Lender sign this Agreement.
  4. He/she agrees and understands that this is a standard template approved by Vivriti Capital Private Limited and Dreamplug Technologies Private Limited and does not need their respective signature. The Agreement shall be deemed to be executed, once it is digitally accepted by the Borrower on the CRED App or website by entering the OTP delivered to the Borrower’s mobile.
This is a standard template approved by Vivriti Capital Private Limited ans Dreamplug Technologies Private Limited and does not need their respective signature. The Agreement shall be deemed to be executed, once it is digitally accepted by the Borrower on the CRED App or website by entering the OTP delivered to the Borrower’s mobile.
Digitally accepted by ____________________ on ____________________
Consent ModeOTP sent toOTP submitted on CRED App atDevice used
OTP

SCHEDULE 1

PART I

TERMS AND CONDITIONS OF THE LOAN

1.PurposeFor personal purposes.
2.Date and Place of Execution of the Agreement:
3.Borrower Details: (Name, Gender, Mobile Number, Address)
4.KYC Details
5.Lender’s Details: Name & Registered Address:
6.CRED Details – Registered address and support email
7.Facility Amount
8.Applicable Rate of Interest*
9.Payment frequency
10.Tenure
11.EMI amount
12.EMI breakdown (Interest and Principal)
13.EMI Date (Due date(s) of repayment)
14.Processing Fee / Charges
15.Late Payment FeeAs displayed on CRED App at the time of drawal.
*This rate of interest is arrived through the Lender’s interest rate model which takes into account relevant factors such as cost of funds, margin and risk premium. We take a comprehensive approach to the gradation of risk that does not discriminate between classes of Borrowers, but rather tailors the interest rate to each loan. The decision to give a loan and the rate of interest thereon are carefully assessed on a case by case basis, based on multiple factors which may include the Borrower’s cashflows (past, current and projected), Borrower’s other financial commitments, the Borrower’s credit record, or other financial guarantees etc. such information is gathered based on information provided by the Borrower, credit reports, market intelligence and information gathered by field inspection of the Borrower’s premises.

PART II

  1. The providing of the Facility by the Lender to the Borrower is subject to the prudential norms applicable to the Lender, as may be determined by the Lender in accordance with, or as may be specified by the applicable guidelines, rules and regulations prescribed by RBI and any internal policy of the Lender (to the extent such policy does not conflict with any applicable guidelines, rules or regulations prescribed by the RBI).
  2. The terms of this Agreement shall become binding on the Borrower and shall be deemed to have been executed only upon the Borrower duly accepting this Agreement. If the terms contained in this Agreement. are acceptable, the Borrower should indicate such acceptance by returning the duly executed Agreement. along with such other Facility Documents as stipulated. On execution of the Agreement., read with the other Facility Documents will comprise the entire understanding and will form the entire agreement between the Borrower and the Lender regarding the Facility.
  3. Illustration with respect to SMA/NPA Classification:
    1. If the Repayment Date with respect to the Facility falls on March 31st, and the relevant Outstanding Dues Amounts payable on such date is not received in full till 30th April 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.
    2. 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.
    3. 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.