1. Annuity means a condition of the preparation of the Loan repayment schedule, under which the monthly installments payable by the Borrower to the Creditor (the principal of the Loan Amount plus the Interest payment) are equal until the Loan repayment date (with the exclusion of the last installment, which may differ from other installments as a result of rounding).Interest means the fee payable by the Borrower to the Creditor for the use of the Loan during the term of the Loan.
1.1 Interest period means the time period(s) specified in the Basic Conditions of the Agreement, to which the Interest Rate that is based on the fixed for the Interest Period shall apply. 1.2 Daily Interest is the Interest calculated per day upon withdrawal from the Agreement (applicable in cases where the Borrower withdraws from the Agreement). 1.3 Third Party means a natural or legal person who is not a Party to the Agreement. 1.4 Account means the Borrower’s account opened in the Creditor as set forth in the Basic Conditions of the Agreement. 1.5 Total Cost of Credit is the total amount of payments to be made by the Borrower for repayment of the Loan and the costs arising from the use of the Loan, consisting of the Loan Amount, Interest and Agreement Fee. The calculation of the Total Cost of Credit shall be governed by the assumptions set forth in the definition of the term “Annual Percentage Rate of Charge”. 1.6 Annual Percentage Rate of Charge is the cost of use of the Loan for the Borrower (Interest and Agreement Fee), expressed as an annual percentage rate of the Loan Amount and calculated based on the assumption that the entire Loan will be put to use by the Borrower immediately and to the full extent and that the Agreement will be valid for the agreed term and that the Parties to the Agreement will fulfill their obligations under the conditions and by the terms set forth in the Agreement. Any costs and fees that are not known to the Creditor at the time of entry into the Agreement, as well as the costs to be paid by the Borrower upon breach of Agreement shall not be taken into account upon calculation of the Annual Percentage Rate of Charge. The Annual Percentage Rate of Charge has been presented for information purposes, is based on the contractual assumptions, and shall have no bearing on the contractual obligations and payable amounts. The Annual Percentage Rate of Charge shall be calculated on the basis of the formula established by the Reserve Bank of India and Ministry of Finance of the Republic of India, and the result shall be rounded off to two digits after the decimal point. 1.7 Loan means the maximum amount made available by the Creditor to the Borrower for a fixed period of time for the purpose established in the Agreement, which the Borrower is obliged to repay to the Creditor together with the Interest in accordance with the terms and conditions established in the Agreement and/or the Loan repayment schedule. 1.8 Due date for commencement of the use of the Loan means the period during which the Borrower has the right to apply for the Loan granted into the use and disposal of the Borrower (i.e. disbursement of the Loan) on the basis of the Agreement. 1.9 Loan repayment schedule means an annex or annexes to the Agreement, which the Creditor prepares in accordance with the principles set forth in the Basic Conditions of the Agreement and which specify the Loan repayment dates and Interest payment dates as well as the amounts payable by the Borrower. The Loan repayment schedule shall also be valid without the Borrower’s approval (representative’s signature). 1.10 Agreement means the Basic Conditions of the Agreement and the General Terms and Conditions of the Agreement as well as the Loan repayment schedule(s) together with all the amendments and annexes. 1.11 Party/Parties to the Agreement - the Creditor and/or the Borrower. 1.12 Agreement Fee means the fee payable by the Borrower to the Creditor for the preparation of the documents and its potential amendments. 1.13 Grace Period means a period agreed in the terms and conditions of the Loan repayment schedule and specified in the Loan repayment schedule, during which the Borrower is exempted from repayment of the Loan principal. The Borrower is obliged to pay Interest during the Grace Period. The Grace Period shall begin on the date of commencement of the Grace Period and end on the date of expiry of the Grace Period. 1.14 Payment Date means a calendar day agreed in the Agreement and/or the Loan repayment schedule, on which the Borrower is obliged to fulfill his or her monthly financial obligations arising from the Agreement (with regard to the Loan Amount and the Interest) towards the Creditor. 1.15 Crediting Day - a calendar day which is not a Saturday, Sunday, national holiday or public holiday. 1.16 Periodic Grace Period means the calendar month(s) or the period set forth in the terms and conditions of the Loan repayment schedule, during which the Borrower is exempted from repayment of the Loan principal. The Borrower is obliged to pay Interest during the Periodic Grace Period. 1.17 Repayment Date means the term set forth in the Agreement, by which the Borrower shall have repaid to the Creditor the entire Debt arising from the Agreement. 1.18 Part of the Loan Amount repayable on the Repayment Date means the part of the Loan Amount agreed in the Basic Conditions of the Agreement and specified in the Loan repayment schedule, which is to be repaid by the Borrower to the Creditor on the Repayment Date. The monthly installment arising from the Agreement shall be added to this amount. 1.19 Collateral Agreement means the agreement concluded or to be concluded between the Creditor and the Borrower and/or the Creditor and a Third Party for securing the appropriate performance of the Agreement (including a pledge, surety and/or bond guarantee agreement). 1.20 Bond Guarantee means the bond agreement concluded between the company and the guarantor and/or the borrower and a guarantee of Third Party (i.e.: state or central government employee, permanent private employee, businessmen, corporate guarantors or witnesses) for securing of the appropriate performance of the bond Agreement (including a outstanding Loan Amount, outstanding Interest, fine for delay, and contractual penalty etc). 1.21 Collateral means property encumbered for the benefit of the Creditor under the Collateral Agreement. 1.22 Debt means the Borrower’s financial obligation to the Creditor, which may take the form of an outstanding Agreement Fee, outstanding Loan Amount, outstanding Interest, fine for delay, contractual penalty, expenses related to the conclusion of the Collateral Agreement (including notary fees and state fees), expenses related to the insurance of the Collateral and/or expenses related to the collection of the Debt. 1.23 Debt Repayment Date means a date specified in the Agreement or the Loan repayment schedule (including the Payment Date) or a term additionally notified by the Creditor to the Borrower or calculated pursuant to the conditions of the Agreement, by which the Borrower is obliged to pay his or her Debt to the Creditor. 1.24 Equal Principal Payment means a condition for the preparation of the Loan repayment schedule, under which the monthly payments of the Loan principal repayable by the Borrower will be equal until the Loan Repayment Date (with the exclusion of the last installment, which may differ from other installments as a result of rounding and/or the part of the Loan Amount repayable on the final Loan repayment date as agreed in the Basic Conditions of the Agreement).2. DISBURSEMENT OF THE LOAN:
2.1 The Creditor shall grant the Loan into the use and disposal of the Borrower by transferring the Loan to the Account pursuant to the procedure and/or on the date(s) specified in the Basic Conditions of the Agreement, provided that the agreed Collateral Agreement(s) has/have been concluded for the benefit of the Creditor and the Borrower has fulfilled all the preconditions for disbursement of the Loan. 2.2 In addition to the preconditions listed above, the Creditor shall have the right not to grant the Loan or a part thereof into the use and disposal of the Borrower, if any of the following circumstances occur: 2.3 The due date for commencement of the use of the Loan has expired; 2.4 The Borrower has failed to appropriately perform the Agreement and/or any other Agreement concluded with the Creditor and has not eliminated the violation within the additional term granted for the elimination of the violation; 2.5 The Borrower has failed to submit to the Creditor the requested documents or information or has submitted false documents or information. 2.6 The Borrower hereby grants the Creditor the right to verify any documents and evidence related to the above circumstances and/or other circumstances related to the Agreement (including disbursement of the Loan) and submit inquiries in areas related to the disbursement of the Loan to the Borrower and the use and disposal of the Loan by the Borrower. 2.7 Where the verification of documents and/or evidence or the submission of inquiries is caused by the Borrower’s failure to perform or appropriately perform the Agreement, the Borrower shall be obliged to compensate to the Creditor the costs incurred by the Creditor in connection with the verification. 2.8 Any one of the circumstances described in the sub clauses of clause 10.1. Occurs;3. AGREEMENT FEES
3.1 The Creditor shall debit from the Borrower’s Account the amount equal to the Agreement Fee set forth in the Basic Conditions of the Agreement or in another agreement on the date of disbursement of the Loan or the first part thereof (unless the Parties to the Agreement have established another date in the Basic Conditions of the Agreement). 3.2 If the Account does not hold sufficient funds, the outstanding amount of the Agreement Fee shall be covered at the expense of the Loan, or added to the Borrower’s Debt.4. CALCULATION OF INTEREST
4.1 Interest shall be calculated on the unpaid part of the Loan used by the Borrower on the basis of the term of use and the annual interest rate specified in the Basic Conditions of the Agreement. 4.2 Interest shall be calculated on the basis of the actual number of days in a month and a 360-day year. 4.3 Interest shall be calculated from (including) the date when the Loan was granted into the use and disposal of the Borrower until (excluding) the date of complete and appropriate repayment of the Loan.5. FINE FOR DELAY
5.1 If the Borrower fails to effect the contractual payments (pay the Debt) in a timely manner or to the full extent, the Borrower shall be obliged to pay to the Creditor a fine for delay on the outstanding amount for each day of delay in the maximum rate set forth in valid legislation for consumer credit. 5.2 The calculation of the fine for delay shall cease on the date of payment of the Debt. 5.3 No fine for delay shall be calculated on outstanding Interest or fine for delay6. SETTLEMENT PROVEDURE
6.1 Loan repayment and Interest payment shall be made in accordance with the Loan repayment schedule, which shall be prepared pursuant to the terms and conditions established in this sub clause and the conditions for preparation of the Loan repayment schedule set forth in the Basic Conditions of the Agreement. 6.2 By entering into this Agreement, the Borrower shall grant the Creditor, for the term of the Agreement, an irrevocable order to debit the Account in the extent of the Debt without the additional authorization of the Borrower, starting from the Debt Repayment Date. If the Account does not hold sufficient funds on the Debt Repayment Date, the Creditor shall have the right to block the use of the Account and debit the Account in the extent of the Debt upon receipt of funds. 6.3 The debiting of the Account by the Creditor in the extent of the payable amount shall be considered as payment of the amount payable by the Borrower to the Creditor under the Agreement. 6.4 If, on the Debt Repayment Date, the Account does not hold sufficient funds in the currency in which the Loan has been denominated, but the Account holds funds in another currency, the Creditor shall have the right to convert these funds in the extent of the Debt on the basis of the daily currency exchange rate established by the Creditor, and debit the Account in the extent of the Debt thereafter. 6.5 If the Account does not hold sufficient funds on the Debt Repayment Date, but other accounts have been opened in the Creditor in the name of the Borrower, the Creditor shall have the right to debit such accounts in the extent of the Debt without the additional authorization of the Borrower pursuant to the procedure and under the conditions established in clause 6. 6.6 If the Borrower fails to allow the Creditor to debit the Account in the extent of the Debt payable, the following shall be withheld from the amount debited by the Creditor: 6.7 If the Borrower fails to pay the contractual amounts in a timely manner, the Creditor shall have the right to demand from the Borrower compensation, that is, debt processing fee, for the expenses incurred in connection with the collection of the debt (incl. fee for the notice of debt) in accordance with the rate(s) established in the Creditor’s Price List and/or the actual costs incurred by the Creditor 6.8 The Creditor hereby warns the Borrower that any failure to pay the contractual amounts could have serious consequences for the Borrower (including the obligation to pay a Fine for Delay, premature termination of the Agreement, etc.) and this, in turn, may complicate the Borrower’s credit funding in the future.7. OBLIGATIONS OF THE BORROWER
7.1 Use the Loan only for the purpose specified in the Agreement; 7.2 Make Loan, Interest and other payments arising from the Agreement pursuant to the procedure and under the conditions established in the Agreement (including the Loan repayment schedule), ensuring unrestricted debiting of the Account at least in the extent of the Debt by the end of the Debt Repayment Date. If the Creditor has presented, at least 10 (ten) Crediting Days before the expiry of the corresponding term, a written request for transfer of payments to another account, the Borrower shall be obliged to transfer the relevant payments to the account indicated in the notice; 7.3 Submit to the Creditor all other documents or information concerning the use and repayment of the Loan within 14 (fourteen) days from the receipt of the relevant request from the Creditor; 7.4 Inform the Creditor in writing or in a format which can be reproduced in writing within 7 (seven) days of the occurrence 7.5 Priory coordinates with the Creditor all Loans to be taken from Third Parties and/or other financial obligations if the obligation to be assumed or the total amount of obligations exceeds 10% (ten per cent) of the Loan. 7.6 Upon entry into the Collateral Agreement, immediately pay the fees and taxes (including notary fee and state fee) related to the conclusion and registration of the Collateral Agreement and guarantee payment of said fees even if the Collateral Agreement is signed with the Creditor by a Third Party; 7.7 Insure the Collateral on the terms and conditions established in the Agreement, submit the ALOP (Advance loss and profit) policy in proof of the fulfillment of the insurance obligation and ensure the fulfillment of the insurance obligation and submission of the insurance policy also if the Collateral is owned by a Third Party; Not transfer, rent or lease the Collateral, encumber the Collateral with real right encumbrances (including the right of security) or other rights of use without the Creditor’s separate written consent, and ensure fulfillment of the aforementioned obligation and the acquisition of the relevant consent also if the Collateral is owned by a Third Party.8. INSURANCE OF THE COLLATERAL
8.1 The Borrower is obliged to immediately insure the Collateral at his or her own expense with an insurer acceptable to the Creditor on the terms and conditions satisfactory for the Creditor, or to amend a previously concluded insurance agreement and to ensure the uninterrupted insurance cover of the Collateral during the validity of the Agreement 8.2 If the Borrower and/or the owner of the Collateral fails to insure the Collateral on the terms and conditions set forth in and pursuant to the procedure provided by the Agreement or fails to submit to the Creditor the insurance policy in proof of fulfillment of the insurance obligation, or if the Creditor has grounds to believe that the insurance cover of the Collateral is invalid, the Creditor shall have the right to conclude a new insurance contract at its own discretion and to add the expenses incurred in relation thereto (including the premiums paid) to the Borrower’s Debt. 8.3 In the event of full or partial destruction of the Collateral, the Creditor shall have the right to gain possession of the insurance indemnity and to use it at its own discretion for fulfillment of the Borrower’s payment obligations arising from the Agreement or to pay the indemnity to the owner of the Collateral for restoration of the Collateral.9. SECURING THE PERFORMANCE OF THE AGREEMENT
9.1 The Borrower shall be liable for the fulfillment of the obligations arising from the Agreement with all of his or her property. 9.2 To secure the appropriate performance of the Agreement, Collateral Agreement(s) shall be concluded between the Creditor and the Borrower and/or the Creditor and a Third Party.10. EXTRAORDINARY CANCELLATION OF THE AGREEMENT
10.1 The Creditor shall have the right to cancel the Agreement without advance notification and to demand repayment of the entire Debt upon occurrence of any one of the following events which the Parties to the Agreement consider a good reason 10.1.1 The Borrower has, in the Loan application or in other documents related to the Agreement, submitted false information to the Creditor or failed to submit data which is known to the Borrower and could impact performance of the Agreement;| For State, Central Govt. or Private MNC Emp | For Businessmen Guarantor/Property Owner |
|---|---|
| A copy of passport /voters ID card/PAN card. | A copy of passport /voters ID card/PAN card. |
| 2 passport size photographs of guarantor. | 2 passport size photographs of guarantor. |
| Salary slips for the last three month. | Proof of business address. |
| Copy of identity card issued by the department. | Business proof (Registration Certificate of establishment, Business Aadhar /Trade license, Sales Tax Registration,etc.) |
| Signature identification from bankers of Guarantor. | Photocopies of IT Returns/Assessment orders for the last 3 years. |
| Statement of bank account for the last six months which reflects credit of salary, savings etc. | Balance sheet and Profit and Loss A/c for the last three years (Certified true copy) |
| TDS Certificate (Form 16A the last 2 years. if applicable) | A photocopy of Certificate of Practice (if applicable). |
| *Power of Attorney/ Guarantor deed in suchitra Finance standard format duly stamped and notarized/attested by guarantor competent authority. | |
11 INTRODUCTION OF AMENDMENTS AND ADDITIONS IN THE AGREEMENT
11.1 Amendments and additions may be introduced in the Agreement only upon the Parties' written consent, except if the legislation regulating consumer credit or contractual relations change, and a unilateral amendment of the Agreement is justified due to harmonization with legislation. 11.2 The amendments and additions to the Agreement shall enter into force from the moment of their signing by the Parties to the Agreement, unless otherwise stipulated by the terms and conditions of the Agreement.12. LIABILITY OF PARTIES
12.1 A Party to the Agreement shall be obliged to fully compensate any damage caused to the other Party to the Agreement through failure to perform or appropriately perform the Agreement. 12.2 In case of non-fulfillment or inappropriate fulfillment of the Borrower’s obligations assumed under the Agreement (excluding the obligation to make payments under the Agreement), the Creditor shall have the right to demand from the Borrower a contractual penalty at the rate established in the Basic Conditions of the Agreement. The Creditor shall have the right to immediately debit the Borrower’s Account in the extent of the contractual penalty. If the Borrower’s Account does not hold sufficient funds, the contractual penalty shall be added to the Borrower’s Debt. The payment of the contractual penalty shall not exempt the Borrower from the fulfillment of his or her obligations, including the obligation to compensate any damage arising from violation of the Agreement. 12.3 The Borrower shall be fully and unconditionally liable for the correctness of the documents submitted to the Creditor. The Borrower shall be obliged to compensate to the Creditor any damage suffered by the Creditor as a result of submission of false information or intentional concealment of the actual situation and information of importance for the Creditor by the Borrower.13. CONFIDENTIALITY
13.1 The Parties to the Agreement shall be obliged not to disclose information concerning the conclusion and terms and conditions of the Agreement without the written consent of the other party, and to take all measures to prevent Third Parties from accessing such information, except in the event set forth in clause 13.2. Of the Agreement. 13.2 By entry into the Agreement, the Borrower grants their consent to the Creditor for transferring their name, personal identification code, data about their place of residence, entry into the Agreement and terms and conditions 13.3 The Borrower grants each current administrator of the register of payment defaults their consent for processing the personal data set forth in clause 13.2. To the Agreement, incl. for publication in the register of payment defaults with the purpose of providing the users of the register of payment defaults (incl. other credit institutions) with information for assessing the creditworthiness of the Borrower and for making credit decisions.14. EXCHANGE OF NOTICE
14.1 Any notices submitted to the other Party to the Agreement under the Agreement shall be prepared in writing or in a format which can be reproduced in writing (i.e. sent by e-mail or fax). A notice shall be prepared in writing in the cases set forth in the Agreement. 14.2 A notice submitted in writing shall be considered as received by the other Party to the Agreement when delivered against signature or sent by a postal service provider by registered mail to the address specified by the Party to the Agreement in the Agreement and 5 (five) calendar days have passed since the posting or if a digitally signed notice has been sent to the e-mail address of the Creditor. If a Party to the Agreement has changed its address or fax number or e-mail address during the term of the Agreement, and has failed to inform the other Party to the Agreement thereof, the notice shall be considered as received by the Party to the Agreement when it has been sent to the address specified in the Agreement. Any notices submitted in connection with a violation of the Agreement shall be prepared in writing.15. APPLICABLE LAW AND SETTLEMENT OF DISPUTES
15.1 The entry into, performance of and any disputes arising from the Agreement shall be governed by the legal acts of the Republic of India. 15.2 Any disputes arising between the Parties to the Agreement in connection with the Agreement shall be solved by way of negotiation. If the Parties fail to reach an agreement by way of negotiation, the dispute shall be settled in court at the location of the Creditor. The jurisdiction agreement stipulated in this clause shall be applied insofar as and on the condition that this is not prohibited under a mandatory provision of the law in the particular dispute. 15.3 The Borrower confirms that he or she agrees to the application of the law of the Republic of Estonia to the relations arising from the Agreement and to the settlement of any disputes in an Estonian court (including in the event that the Customer is living in or moves to a foreign country upon entry into the Agreement). 15.4 The Borrower shall also have the right to turn to the Consumer Protection Board for the protection of his or her rights. The Borrower shall have the right to turn to supervisory authorities for extra-judicial settlement of the dispute. The Financial Supervision Authority (https://suchitrafintrade.co.in; telephone: +91-97797-28613; e-mail: info@suchitrafintrade.co.in) shall conduct supervision over the Creditor as a credit institution. 15.5 The Borrower is obliged to be subject to immediate compulsory execution in order to satisfy the Creditor's claims arising from the Agreement.16. FINAL PROVISIONS
16.1 The Agreement shall enter into force from the moment of its signing by the Parties to the Agreement and shall remain in force until appropriate performance of the Agreement (including full repayment of the Loan and other amounts arising from the Agreement and appropriate fulfillment of other obligations arising from the Agreement). 16.2 The Agreement has been prepared on the basis of the legal acts of the Republic of India, in the English language, in two identical copies of equal legal force, of which each Party to the Agreement shall retain one.17. CUSTOMER SERVICE:
17.1 For any service related issue, customer can get in touch with https://suchitrafintrade.co.in by: 17.1.1 Calling Customer Help Line Numbers 17.1.2 Contact Customer Grievance Cell at our Head Offices 17.1.3 Write to Grievance Cell at our Head Offices(Details on Helpline Numbers +91-978-135-2951 and Grievance Cell available on www.suchitrafintrade.co.in)
In case a customer is not satisfied with the handling of grievance by the associate, a communication may be sent (enclosing the message sent earlier to Head Office)
To
The General Manager (Customer Service)
Customer Service Department
Helpline: (0091)-978-135-2951
E-mail address - info@suchitrafintrade.co.in
DISCLOSURE: suchitra Finance is authorized to disclose from time to time any information relating to the loan to any credit bureau (Existing or Future) approved by Government of India and Reserve Bank of India without any notice to the borrower. suchitra Finance is also authorized to make inquiries with the Credit Information Bureau of India (CIBIL) and get the applicants Credit Information Report.
WEBSITE DISCLAIMER: The information and opinions contained in any of the material requested from this website are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. They are given for informational purposes only and are not a solicitation to buy or sell any of the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. Neither the firm not its agents provide financial advice. Please consult with a qualified professional for purchasing decisions.
