1. Governing Law and Jurisdiction
This Loan Contract shall be interpreted and enforced under the laws of India. Any conflicts or disputes arising from or in connection with this Contract, including issues related to their validity, execution, or termination, shall be subject exclusively to the jurisdiction of Indian courts.
2. Borrower Declarations and Commitments
The Borrower hereby makes the following continuous declarations and commitments to the Lender:
The obligations assumed by the Borrower under this Loan Contract and all associated documents are lawful, valid, and enforceable;
The Borrower's execution and fulfillment of this Loan Contract and any related documentation do not and shall not conflict with (i) any applicable statute or regulation; or (ii) any agreement or instrument binding the Borrower;
No current default exists nor is there a reasonable expectation of default related to the loan disbursement;
The Borrower has disclosed to the Lender all material facts, whether financial or otherwise, relevant to this Loan Contract and associated documents, ensuring that all such information is truthful, complete, and free from material misrepresentation;
The Borrower confirms having read, fully understood, and agreed to all terms and conditions contained within this Loan Contract and related documents;
The Borrower acknowledges the obligation to make full, timely payments as set forth in the Loan Contract;
The Borrower understands that the Lender reserves sole discretion to approve or deny the Loan Application for valid reasons, and that any submitted documents will remain with the Lender and will not be returned;
The Borrower recognizes that submitting a Loan Application constitutes merely an offer, with final approval at the Lender's discretion based on internal evaluation policies. The Borrower agrees to accept the Lender's decision as final and binding;
The Borrower unconditionally acknowledges full indebtedness to the Lender for any loan amount disbursed as specified in this Loan Contract.
During the Loan Term, the Borrower agrees to:
Utilize the loan funds solely for personal expenses such as education, healthcare, emergencies, travel, household needs, and similar purposes;
Adhere to all relevant laws while fulfilling obligations under the Loan Contract and any related agreements;
Secure and maintain any required permits, consents, or approvals needed for performing obligations under the Loan Contract, ensuring their validity and enforceability;
Promptly notify the Lender in writing of any actual or potential default events as defined by the Loan Contract, including remedial measures undertaken;
Inform the Lender in writing within three (3) calendar days of any changes to the Borrower's name, date of birth, or residential address;
Report any changes in employment, business, or professional status to the Lender. If self-employed, the Borrower agrees to provide periodic financial updates to the Lender upon request.
3. Loan Principal
The Lender commits to providing a Loan to the Borrower, who agrees to receive and repay the Loan according to the sum detailed in the Loan Approval. This sum is documented in the Loan Contract and registered in the Borrower's Personal Account.
4. Intended Use of Loan Funds
The Borrower agrees to use the funds disbursed by Rapi Rupee strictly for lawful, personal purposes. Under no circumstances shall the Loan be applied toward unlawful, prohibited, or unauthorized activities.
5. Loan Term
The Loan Term denotes the timeframe within which the Borrower is obligated to repay the full principal amount, together with any applicable interest, fees, and charges as detailed in the Disclosure Statement. The repayment duration shall range between ninety-one (91) and one hundred eighty (180) calendar days, as determined in the approved Loan Decision and documented in the Loan Contract.
6. Interest Charges
The Borrower agrees to pay interest on the Loan until the total outstanding balance has been completely repaid. Interest will be calculated and imposed in accordance with the provisions outlined in these General Terms and Conditions.
Interest accrual is calculated on a daily basis through the Maturity Date. The specific interest rate applicable to each Borrower is individually assessed and indicated in both the Loan Contract and the Disclosure Statement.
7. Conditions Precedent to Loan Release
The release of the Loan funds is subject to the Borrower's compliance with the following prerequisites, to the satisfaction of the Lender:
· The Borrower must provide complete and accurate bank account details.
· A clear personal photograph and a valid identification document must be uploaded in the Borrower's registered account.
· The Borrower must acknowledge and accept the Loan terms as outlined in the Loan Decision, confirmed through SMS verification and/or direct phone confirmation.
Upon the Lender's approval of the Loan Application, the Borrower forfeits the right to revoke or refuse the Loan disbursement unless such cancellation is subject to applicable fees related to withdrawal, denial, or early repayment, as determined solely by the Lender. The Borrower agrees that the Lender retains full discretion to approve or deny any request for cancellation.
The Lender assumes no liability for any erroneous Loan disbursement resulting from incorrect bank account details submitted by the Borrower.
Additionally, the Lender bears no responsibility for any delay or failure in transferring funds to a third party if such transfer was executed per the Borrower's written instructions.
8. Overdue Penalties and Associated Charges
If the Borrower fails to settle the Loan by the Maturity Date, the Lender shall be entitled to impose applicable penalties. The Borrower will be responsible for a one-time late payment fee of INR 1,000 for first-time clients and INR 800 for returning clients. Additionally, interest-based penalties shall be applied to the unpaid principal as follows:
· 5% of the overdue balance per day from the first (1st) day through the thirtieth (30th) day of delinquency
· 4% of the overdue balance per day from the thirty-first (31st) through the ninetieth (90th) day of delinquency
· 2% of the overdue balance per day from the ninety-first (91st) day until full repayment is made
All penalty fees and accrued interest shall remain applicable until the total outstanding obligation is fully repaid by the Borrower.
9. Sharing and Processing of Borrower's Personal Data
The Borrower grants full authorization to the Lender to share, transfer, or disclose personal and financial information related to the Borrower and the Loan, as deemed necessary for regulatory, operational, or business purposes, with the following parties:
· Relevant government and regulatory bodies, including but not limited to the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), law enforcement agencies, and any other authority in accordance with applicable Indian legislation;
· Any prospective party interested in assuming or acquiring the Borrower's liabilities under the Loan;
· The Lender's legal counsel, auditors, and third-party collection agencies acting on behalf of the Lender for purposes of debt recovery;
· Credit bureaus and credit reporting agencies such as the Credit Information Bureau (India) Limited (CIBIL), Equifax, Experian, CRIF High Mark, and other entities governed under the Credit Information Companies (Regulation) Act, 2005;
· Insurance providers, external contractors, technical service providers, and third-party vendors assisting in service delivery to the Lender or its partners;
· Affiliates and partners of the Lender for promoting and cross-selling financial products in accordance with governing Indian law.
The Borrower acknowledges and agrees that such data may be processed, stored, or transmitted electronically and may be disclosed in compliance with data protection laws in India, including the Information Technology Act, 2000 and the Digital Personal Data Protection Act, 2023.
By consenting to this clause, the Borrower waives the need for any additional permissions and accepts that the Lender shall not be liable for disclosures executed under the scope of lawful and regulatory compliance.
As mandated under the Credit Information Companies (Regulation) Act, 2005, the Lender may report the Borrower's credit performance, outstanding dues, and repayment behavior to registered credit bureaus. These agencies are authorized to compile and share such information with other financial institutions for credit risk assessment.
In cases of delayed payment, incorrect settlement, or outright default, the Lender may escalate the matter to authorized collections partners, credit bureaus, or judicial authorities in line with applicable law.
Furthermore, the Borrower permits the Lender and its accredited partners to collect and retain relevant data, which may include:
· Identifying details such as name, age, photographs, biometric identifiers (e.g., facial features or fingerprints), contact data, employment background, and income records;
· Credit information, repayment status, and other information pertinent to credit evaluation and loan servicing.
The Lender may, subject to legal limitations, retrieve data from telecom companies, financial institutions, or other authorized sources to support credit assessments, fraud monitoring, and marketing of legitimate financial products or services through affiliated entities.
At all times, the Borrower's rights under the Digital Personal Data Protection Act, 2023 shall be respected, including the right to:
· Receive transparent information on how their data is used;
· Object to certain forms of processing;
· Access or review personal data maintained by the Lender;
· Request corrections to inaccurate or incomplete records;
· Seek deletion of personal data under qualifying circumstances;
· Claim compensation for any mishandling of personal data.
Any recipient or processor of the Borrower's information under this clause shall be legally bound to safeguard and respect these rights in full compliance with Indian law.
10. Events of Default and Remedies
Acts of Default
The Borrower shall be considered in default if any of the following events occur:
· Breach of any obligation, representation, or term set forth in the Loan Contract or any related agreement executed with the Lender;
· Failure to make payment of the principal, interest, fees, or any amounts due under the Loan Contract on the agreed date;
· Any statement, declaration, or warranty provided by the Borrower is proven to be materially false, inaccurate, or misleading at the time of issuance, regardless of whether such misrepresentation causes direct harm to the Lender;
· Issuance of a final judgment, order, or decree by a court or regulatory body in India directing the Borrower to pay any significant amount of money, damages, or penalties, where such obligation remains unpaid or unsecured beyond the permitted legal timeframe;
· The Borrower is adjudged insolvent, files for or is subjected to insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, or is unable to meet their financial liabilities;
· The Borrower passes away, is criminally convicted resulting in legal incapacitation, or becomes incapable of fulfilling obligations due to impossibility under Section 56 of the Indian Contract Act, 1872;
· Non-compliance by the Borrower with any legal or regulatory requirements, including those imposed by the Reserve Bank of India (RBI), that materially impair the Borrower's ability to perform under the Loan Contract.
Actions Upon Default
Upon the occurrence of a default:
· The Lender may, at its sole discretion, accelerate the Loan, declaring the total outstanding amount immediately due and payable without prior notice or judicial intervention;
· If the default arises from late payment, the Borrower shall be subject to the penalties and late fees outlined in Clause 6 of this Agreement;
· The Lender reserves the right to enforce its rights through all available legal remedies, including filing claims, initiating recovery proceedings, or engaging third-party recovery services as per Indian law;
· The Borrower expressly waives any additional notice requirements or procedural formalities before the Lender takes action in response to a default, to the extent permitted by applicable law;
· Any inaction, delay, or partial exercise of rights by the Lender shall not be deemed a waiver unless explicitly confirmed in writing, and such waiver shall apply only to the extent clearly stated therein.
11. Loan Contract Duration and Termination Conditions
This Loan Contract shall take effect upon the disbursement of loan funds to the Borrower as outlined in the Loan Contract unless terminated earlier by the Lender. The Contract will continue to be valid and enforceable until the Borrower fulfills all obligations stipulated in the Loan Contract, except where both parties have mutually agreed otherwise in writing.
12. Notification of Changes to Borrower Information
The Borrower agrees to promptly inform Rapi Rupee of any changes to their personal information, including but not limited to residential address, contact number, email address, employment status, or bank account details. Such notification must be made within three (3) calendar days of the change. Failure to provide updated information may affect the Borrower's ability to receive communications or loan disbursements and could result in penalties or default under this Loan Contract.
13. Compliance with Google Play Policies and App Usage
The Borrower agrees to use the loan services provided through Rapi Rupee in full compliance with Google Play Store policies and applicable Indian laws. Any misuse of the application, including but not limited to fraudulent activities, unauthorized access, or violation of terms, may result in suspension or termination of access to Rapi Rupee and could lead to legal consequences under Indian regulations. The Borrower acknowledges responsibility for maintaining the confidentiality of their account credentials and agrees to notify the Lender immediately of any unauthorized use.