1. Eligibility

• • Applicant must be an Indian resident aged 21–65 years.
• • For individuals: Income stability and credit history will be evaluated.
• • For businesses: Entity must be legally registered with proof of stable operations and financial performance.
• • Loan eligibility is subject to lender’s assessment of credit score, income/turnover, and repayment capacity.

 

2. Documentation

• • Valid KYC documents (identity & address proof).
• • Income proofs: Salary slips, ITR, bank statements, GST returns, or audited financials (as applicable).
• • Business/Property documents depending on loan type (e.g., incorporation certificates, property deeds, land records).
• • Any additional documents requested by the lender must be provided.

 

3. Loan Disbursement

• • Sanction amount, tenure, and interest rate are finalized after credit evaluation and due diligence.
• • Disbursement may be one-time or in stages (for commercial/industrial projects).
• • Loan amount may be credited directly to seller/vendor in case of property/plot purchases.
• • The lender reserves the right to reject any application without obligation to provide reasons.

 

4. Interest & Charges

• • Interest rates may be fixed or floating as per lender’s policy.
• • Additional charges may include processing fees, appraisal/legal charges, late payment penalties, and foreclosure/prepayment charges.
• • All fees and charges will be disclosed at the time of sanction.

 

5. Repayment

• • Repayment through EMIs via ECS, auto-debit, or post-dated cheques.
• • Tenure may vary depending on loan type (short-term for business loans, long-term for industrial/plot loans).
• • Delay in repayment will attract penalties and impact credit score.
• • Prepayment/foreclosure is allowed as per prevailing policy.

 

6. Security / Collateral

• • Unsecured loans (e.g., small business loans) may not require collateral.
• • Secured loans (e.g., commercial, industrial, plot purchase) require property, machinery, or assets as security.
• • The lender reserves rights over pledged assets until full repayment.

 

7. Borrower’s Responsibilities

• • Ensure timely repayment of EMIs.
• • Use loan strictly for declared purposes (business, industrial, or property purchase).
• • Notify lender of any change in financial status, contact details, or collateral ownership.
• • Avoid submission of false or misleading information; violations may lead to legal action.

 

8. Rights of the Lender

• • To modify terms, charges, or policies as per law and market conditions.
• • To recall/recover the loan in case of default, breach of agreement, or fraudulent activity.
• • To enforce legal rights over pledged collateral in the event of default.

 

9. Governing Law

• • All loans, agreements, and disputes shall be governed by Indian law.
• • Jurisdiction of courts will be the city where the loan is sanctioned.