This Loan Agreement is entered into between the Borrower and INTLOW LEASING AND FINANCE PRIVATE LIMITED (hereinafter referred to as the "Lender"), a Non-Banking Financial Company (NBFC) authorized by the Reserve Bank of India (RBI), with Corporate Identification Number (CIN): U65922WB1996PTC137641.
The Borrower has submitted a loan application to the Lender through the LoanLava mobile app. The Lender, after reviewing and considering the application, has agreed to provide the loan services to the Borrower as per the terms and conditions outlined in this Agreement.
As a registered user of the LoanLava platform, the Borrower acknowledges and agrees to comply with the platform's Privacy Policy, Service Terms, and any additional terms that may be introduced or updated by the platform. The Lender is authorized to extend the loan to the Borrower, and the Borrower has consented to receive the loan under the agreed-upon terms and conditions, including those detailed in the Service Terms and Privacy Policy.
By mutual agreement, both parties hereby enter into this Loan Agreement, reflecting the Borrower's intent to obtain a loan and the Lender's approval to provide the same.
In this Agreement, unless the context clearly suggests otherwise, the following terms are defined as follows:
Loan: Refers to the personal loan services provided by the Lender to the Borrower.
Bank Account: The bank account specified by the Company for disbursing the loan, receiving the principal amount, and handling any fees or payments owed by the Borrower to the Lender.
OTP (One-Time Password): A single-use password sent to the Borrower's registered mobile number, used for one-time login or transaction authentication.
Repayment: The total amount the Borrower is required to pay back by the loan’s maturity date.
Overdue: When the Borrower fails to make a payment or repayment by the due date.
Overdue Fee: The amount that becomes overdue when the Borrower misses a payment or repayment by the due date.
Due Date: The final date by which the Borrower must make the payment or full repayment as required.
Loan Amount: ₹1000-70000
Loan Tenure: 180days
Interest Rate Type: Fixed
Loan Interest Rate: 0.052% per day
Communication for Rate Changes: Notification through email
At the Time of Application (Specify all fee categories): Service Charge and GST18% on processing fee
During the Loan Tenure (Specify all fee categories): Total Interest
(a) Service Fee: 5% (inclusive of taxes)
(b) Interest: XXX
Regarding Prepayment (Specify all fee types): None
Refund Charges if Loan Not Approved/Disbursed: None
(a)Late Interest: None
(b) Late Fee: 1% per day
Equal Monthly Installments Payable: 1 installment
The Borrower agrees to use the loan amount exclusively for the purposes outlined in the loan application. The Borrower shall not use the funds for any illegal activities or purposes not specified in the agreement.
The Borrower agrees to comply with all applicable laws, regulations, and guidelines, including those related to the usage of the LoanLava app and the loan funds. The Borrower shall provide all necessary information and documents required to fulfill Know Your Customer (KYC) and other regulatory obligations.
Insurance (if applicable)
If the loan is secured by collateral, the Borrower is required to maintain adequate insurance on the collateral, listing INTLOW LEASING AND FINANCE PRIVATE LIMITED as the beneficiary. The Borrower must provide proof of insurance upon request.
Provision of Funds: The lender commits to providing the loan amount agreed upon in the contract, subject to the borrower meeting all conditions and requirements.
Compliance with Laws: The lender agrees to comply with all applicable laws and regulations, including those related to anti-money laundering, data protection, and consumer rights.
Confidentiality: The lender commits to maintaining the confidentiality of the borrower’s personal and financial information, using it only for purposes related to the loan agreement and as permitted by law.
Transparent Communication: The lender agrees to provide clear and timely communication regarding the terms of the loan, repayment schedules, interest rates, fees, and any changes to the agreement.
Fair Practices: The lender commits to fair lending practices, ensuring that the borrower is treated fairly and without discrimination throughout the loan process.
Disbursement of Funds: Upon approval, the lender commits to disbursing the loan funds to the borrower’s designated bank account promptly and in accordance with the terms of the agreement.
Resolution of Disputes: The lender agrees to resolve any disputes or issues that arise during the loan term in a fair and transparent manner, following the procedures outlined in the agreement.
Non-Exploitation: The lender pledges not to exploit the borrower through unreasonable terms or hidden charges and to act in good faith throughout the duration of the loan agreement.
Borrower’s Representations
The Borrower represents and warrants that:
They have the legal capacity to enter into this agreement.
All information provided during the loan application process is true, accurate, and complete.
The loan funds will be used solely for the purposes specified in the loan application.
The Lender represents and warrants that:
INTLOW LEASING AND FINANCE PRIVATE LIMITED is a duly registered Non-Banking Financial Company (NBFC) authorized by the Reserve Bank of India (RBI) to provide loan services.
The Lender has the authority to enter into this agreement and disburse the loan funds.
This agreement may be amended only by a written instrument signed by both the Lender and the Borrower.
Neither party may assign or transfer their rights or obligations under this agreement without the prior written consent of the other party.
All notices or communications required or permitted under this agreement shall be sent to the respective parties at their addresses specified in this agreement or as otherwise notified in writing.
This agreement constitutes the entire agreement between the parties and supersedes all prior agreements, understandings, or representations, whether oral or written.
Contact Information:
Email: contact@intlowleasingandfinance.com
Address: 66A/2 KANKULIA ROAD DLAT D GROUND FLOOR , KOLKATA, West Bengal, India - 700029