We provide loans with competitive rates and flexible terms to meet your financial needs:
Borrowing Limit: Up to ₹300,000
Loan Tenure: From 3 to 6 months
Processing Fee: Capped at 1% of the principal amount
Daily Interest Rate: 0.07%
APR (Annual Percentage Rate): 26.47%
Loan Example in Detail:
For a loan of ₹30,000 with a 4-month (120-day) repayment period at an APR of 26.47%, the processing fee would be ₹300, and GST on the fee would be ₹54. These charges are deducted upfront, leaving you with an in-hand amount of ₹29,646. Over the loan period, the total interest payable would be ₹2,611. The monthly installment (EMI) would be ₹8,153, resulting in a total repayment amount of ₹32,611. The overall cost of the loan, including processing fees and GST, would be ₹2,965.
2. Repayment Schedule and Penalties
· Start of Repayment Term: The borrower agrees to initiate repayments based on the agreed method and cycle from the activation date of this agreement, until the loan and interest are fully paid.
· Overdue Repayment Interest: Failure to repay on the scheduled date results in the accrual of interest on the overdue amount at the annual rate agreed upon by both parties, until the outstanding loan and interest are settled in full.
· Prepayment Rights: The borrower reserves the right to prepay the loan, whether partially or in full, prior to the maturity of the repayment term.
3. Loan Amount Confirmation
The amount to be loaned out will correspond to the figure applied for by the borrower and subsequently confirmed by both the borrower and the lender as per the application process. This confirmation will lead to the enactment of the loan, adhering to the conditions specified within this agreement.
4. 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.
5. Dispute Resolution
Under the governance of Indian law, this agreement's interpretation and enactment shall be in accordance. Should any disagreement or conflict arise from this contract, both parties commit to seeking an amicable settlement through negotiation first. Failing which, the issue will be escalated to the competent legal authorities in India for adjudication.
6. Responsibilities of Yachika Cash
a. Agreement on Loan Issuance: Yachika Cash is obliged to transfer the loan amount to the borrower in a lump sum, as agreed upon in this contract.
b. Provision of Repayment Schedule: Yachika Cash shall furnish a repayment schedule that includes detailed information on repayment intervals, amounts due, among other specifics, to ensure the borrower can fulfill repayment timely.
c. Assurance of Data Privacy: Yachika Cash undertakes to keep the borrower's information and repayment details secure, with a commitment to non-disclosure and no misuse.
7. 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.