1. Highlighted Loan Attributes
Our loans are tailored with adaptability and customer-focused conditions to suit your requirements:
Max Loan Sum: ₹4,00,000
Loan Duration: 91 to 180 days
Processing Charge: Up to 2% of the loan amount
Annual Percentage Rate (APR): 14.56%
Illustrative Loan Breakdown
For a ₹10,000 loan with a 6-month repayment tenure at an APR of 14.56%:
Processing Fee + GST (18%): ₹200 + ₹36 = ₹236
Total Interest Due: ₹718
Overall Loan Expense: ₹954
EMI (Monthly Payment): ₹1,786
Total Repayment Sum: ₹10,954
2. Determination of Loan Amount
The value of the loan to be disbursed to the borrower shall be determined based on the amount requested through the loan application submitted to the lender. Following a mutual agreement on the requested amount by both the borrower and the lender, the loan will be executed in compliance with the terms outlined in this agreement.
3. 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.
4. Change in Agreement
All updates, changes, or supplements to the conditions of this Agreement necessitate drafting in a written format, which shall then be validated through the mutual agreement and signatures of the involved parties.
5. 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.
6. Lender Commitments
a. Loan Provision: Rainbow Cash commits to disbursing the agreed loan amount to the borrower as a single payment, strictly adhering to this agreement's conditions.
b. Repayment Assistance: Rainbow Cash will outline a comprehensive repayment plan, detailing the schedule, amounts due, and other pertinent information, to facilitate timely repayment by the borrower.
c. Privacy Assurance: Rainbow Cash pledges to maintain the confidentiality of the borrower's personal data and repayment history, ensuring no disclosure or misuse.
