You are requested to read the loan agreement below and ensure your acceptance with OTP sent to your register mobile number.

THIS LOAN AGREEMENT (“Agreement”) is made at the place and on the date as stated in the schedule 1 hereunder written ( “the Schedule 1” ) BETWEEN The Borrower described as stated in the Schedule 1 hereinafter referred to as “the Borrower” (which expression shall, unless repugnant to the context or meaning thereof, be deemed to mean and include his / her / its / their respective heirs, administrators, executors, legal representatives (where the borrower is an individual / sole proprietor) , Successors (where the Borrower is a Company incorporated under the Companies Act 1956/2013 or any other body corporate) , the partner(s) from time to time of the firm, the survivor(s) of them and their heirs, executors administrators, legal representatives and the successors of the partner(s) (where the Borrower is a partnership firm) of the First part.

And

M/s Shriram Finance Limited, a Limited liability Company incorporated under the Companies Act 1956 having its Registered office at Sri Towers, Plot No.14 A, South Phase, Industrial Estate, Guindy, Chennai - 600 032, and an office at the address mentioned in Schedule 1, hereinafter referred to as the “Lender”, which expression shall, unless it be repugnant to the subject or context thereof, shall mean and include its successors, transferees and assigns, of the Other Part.

The Borrower, the Guarantor(s) and the Lender shall hereinafter be referred to individually as “Party” or collectively as “Parties”.

WHEREAS

1. The Lender is engaged in the business of providing finance to a wide range of customers including small and medium enterprises.

2. The Borrower is engaged in carrying on bonafide business activities as set out in Schedule 1.

3. The Borrower is a Major resident of India and is competent to execute this Agreement. The execution hereof constitutes legal, valid and binding obligations of the Borrower; and that there are no suits, actions or proceedings against the Borrower pending before any court of law, which might affect the Borrower in performance of the obligations hereunder.

NOW, THEREFORE, THE PARTIES HEREBY AGREE AS UNDER:

1. The Borrower had approached the Lender for a Loan amount as stated in Schedule 1 (the loan amount hereinafter shall be referred to as ‘the loan’ or “Loan” or “Loan Amount”) on the terms, conditions and the purpose as stated / contained in this Agreement. The Borrower hereby confirms that the funds are required to meet personal obligations.

2. The Lender hereby grants to the Borrower and the Borrower agrees to avail from the Lender, a financial assistance of a Loan Amount on the terms and conditions contained in this Agreement. The Tenure, interest rate (“Interest”) and the schedule of repayment in respect of the Loan shall be as specified in Schedule 1 as set out herein or as may be amended in accordance with this agreement from time to time.

3. The Borrower has requested the Lender to disburse the Loan to the bank account as reflected in the schedule 3

4. Fees

The Borrower agrees to pay to the Lender the fees as set out in Schedule 2. The Borrower hereby authorizes the Lender to deduct these amounts together with applicable taxes from the Loan Amount and to disburse the balance amount to the Borrower. The Borrower hereby confirms that he is the sole beneficiary of the bank account, the details of which are as specified in schedule 3 and requests the Lender to transfer the loan amount after deduction of processing fee and other charges to the said bank account. The Borrower hereby confirms that irrespective of deduction of such fees, the obligation of the Borrower to repay to the Lender shall be of the entire Loan Amount along with Interest, and other charges together with applicable taxes in terms of this Agreement. The fees paid / deducted by the Lender is to meet the out of pocket expenses and the same is non- refundable / non-adjustable.

5. Repayment

In consideration of the Lender extending the “Loan” the Borrower and the Guarantor shall jointly and severally repay the Loan along with interest in accordance with the Repayment Schedule set out in Schedule 2 of this Agreement. The Borrower hereby confirms having perused, understood that the interest is applied on the principal on a monthly basis on the actual number of days in a month and agreed to the method of computation of EMI and the Annualized rate of interest stipulated in Schedule-1. The Borrower further agrees to pay the EMI as per schedule hereto and shall also pay Delayed Payment Interest arising out of the default in repayment of installments, any other charges such as Bank charges, pre-payment interest etc. as per schedule together with Goods and Services tax and all other statutory taxes and levies as be applicable from time to time. It is further clarified that the loan availed by the Borrower shall be classified as Special mention Account (SMA) in the event of any delay/non-payment beyond prescribed timelines as per the relevant RBI guidelines. The illustration settling our the timelines for declaring the loan account as SMA and consequently as a non-performing Asset (NPA) is more fully set out in Schedules. The loan account classified as SMA/NPA shall be upgraded as a standard account only if the entire arrears of interest and principle are paid by the Borrower. 

The Borrower hereby confirms that he has provided to the Lender the details of the bank account of the Borrower where all the receipts / receivables / income of the Borrower is being credited and the Borrower hereby confirms that it shall issue binding irrevocable instructions to the said bank to debit the account periodically with the amounts due to the Lender as set out in this Agreement. Further, the Borrower hereby confirms that he will not alter these instructions nor divert this income / inflow to any other bank account till such time any dues to the Lender remain under this Agreement. Further, the Borrower confirms that he will not open any new bank account for his receipts/ income.

The Borrower shall unconditionally and irrevocably authorize the Bank through Standing instructions or Electronic Clearing System (ECS) instructions / NACH / E – NACH to debit the Borrower account towards the dues payable to the Lender. The Borrower further agrees to maintain sufficient balance in the account to enable his / her /its Bankers to facilitate the debit of the account, and remittance of the amount so debited to the credit of the Lender. The Borrower undertakes that sufficient balance will be made available for honouring the cheques on the due date as and when presented for payment by the Lender on and after the due date. The Borrower may request for Swap of the E- NACH mandate issued and the Lender may decide on acceptance or otherwise at its sole discretion. The Borrower hereby agrees that the Lender can represent the E- NACH mandate, at its discretion without any notice to the Borrower, in case where the same was earlier returned by the bank

If the Borrower desires to repay the Loan within cooling off/look-up period as mentioned in Schedule-I, the Borrower will not be charged with any foreclosure/prepayment interest and borrower needs to pay the actual loan principal outstanding along with the proportionate APR (Annual Percentage Rate). If the borrower desires to repay loan after the cooling off /look up period, foreclosure / prepayment interest shall be payable by the borrower on the balance outstanding on the date of such foreclosure /prepayment in addition to the Loan, as mentioned in the Key fact Sheet.

6. Pre- payment

• a) Subject to approval of the Lender, the Borrower may exercise the option to pre-pay the amount due under the agreement, subject to the Borrower complying with the following conditions and at the absolute discretion of the Lender. The Borrower shall give the Lender a notice of 21 days intimating his desire to pre-pay the loan and the Lender may at its sole discretion, accept pre-payment together with pre-payment interest / foreclosure charges as specified in Schedule 2, hereto and such charges is payable by the Borrower together with applicable taxes.

• b) If the loan is being foreclosed by the Borrower by obtaining financial assistance from any other financial institution / Bank / NBFC / Third party, the Borrower shall be charged additional prepayment/foreclosure charges at the rate specified in Schedule 2 herein, which is payable together with applicable Goods and Service Tax (GST) by the Borrower in addition to the applicable foreclosure charges.

  7. Security

  The Borrower hereby agrees that the Lender can lien mark any asset and will continue to have a valid charge over any asset that is already pledged / Mortgaged / lien marked in favour of the Lender and charges if any incurred by the Lender to lien mark the same shall be debited to the account of the Borrower and the same is payable by the Borrower together with Annualized rate of interest.

  8. Event of Default

  The happening of the following events shall constitute an event of default (“Event of Default”)

• a) Any non-compliance by the Borrower of the terms & conditions of this Agreement or any other agreement entered into in respect of this Loan or any other financial assistance availed of by the Borrower from the Lender;
• b) Any breach of this Agreement by the Borrower.
• c) Non adherence to the Repayment Schedule;
• d) Insolvency, winding up, dissolution or inability of the Borrower to repay their debts;
• e) Any concealment of any material document or event by the Borrower
• f) Submission of any forged document by the Borrower
• g) Any other event which in the sole opinion of the Lender would endanger the repayment of the Loan Amount.

9. Consequences of an Event of Default

The happening of the following events shall constitute an event of default (“Event of Default”)

• a) The entire Loan Amount along with Interest for the entire period shall immediately become due and payable, and the Lender shall have the right to recall the entire loan together with interest for the entire period, together with the Delayed Payment Interest arising on account of default, Bank charges and other Charges, as mentioned in Schedule 2 hereunder; All charges are payable by the Borrower together with applicable taxes.
• b) Lender shall be entitled to enforce the Security, if any available;
• c) Lender shall be entitled to proceed against and take any action against the Borrower in order to realize the Loan Amount along with Interest, Charges and expenses;
• d) In addition to the rights specified in this Agreement, the Lender shall be entitled to take all or any action to recover the monies due and payable by the Borrower under this Agreement as per rights available to the Lender under law.
• e) Notwithstanding any other rights available to the Lender under this Agreement,the Lender shall be entitled to initiate criminal proceeding or any other appropriate actions against the Borrower if at any time the Lender at its sole discretion has sufficient grounds to believe that the Borrower has made any misrepresentations and / or submitted any forged documents or fabricated data to the Lender.
• f) All rights and powers conferred on the Lender under this Agreement shall be in addition and not supplemental to any rights the Lender has as a creditor against the Borrower under any law for the time being in force and shall not be in derogation thereof.

10. General Terms and Conditions

• a) The Borrower shall repay the dues as per repayment schedule whether demanded or not.
• b) The Borrower shall, at all times, adhere to the terms and conditions set out in this Agreement. Any change / amendment to the terms and conditions of this Agreement shall be advised by the Lender shall come into force prospectively.
• c) The Lender shall have the right to appropriate the amounts paid by the Borrower in such manner, at the sole discretion of the Lender.
• d) The Borrower shall be liable to pay / bear all taxes including GST that may be applicable from time to time.
• e) The Lender shall at any time, at its absolute discretion have the right to combine or consolidate or divide into two or more of any of the accounts of the Borrower accounts with the Lender and/or set-off or transfer or appropriate any sum or sums standing in the credit of any one or more of such accounts in or towards part or full satisfaction of the liabilities of the Borrower on any other account.
• f) Without prejudice to any rights of the Lender, the Lender shall have a paramount lien and right of set-off against all monies of the Borrower standing to the credit of the Borrower in any account(s) of the Borrower with the Lender and the Borrower authorizes the Lender to debit the account(s) of the Borrower with the Lender and adjust the money standing to the credit of the Borrower, to any debit balance which the Borrower is liable to repay on any account of the Borrower or as a guarantor for any other account with the Lender in (part) satisfaction of any sum, whether for principal or interest or otherwise due and payable by the Borrower to the Lender under this Agreement. The Borrower hereby agrees to pay to the Lender the outstanding amount if any in the loan account even after the credit of the amount from other accounts.
• g) Nothing contained herein shall prejudice or adversely affect any general or special lien or right to set-off to which the Lender is or may by law or otherwise be entitled, or any rights or remedies of the Lender including in respect of any present or future security, guarantee, obligations of the Borrower.
• h) It is hereby accepted by the Parties that the amounts stated by the Lender as due from the Borrower, shall be final and conclusive proof of the correctness of any sum claimed by the Lender to be due from the Borrower in respect of this Agreement, a statement of account made out from the books of the Lender, without production of any voucher, documents or other papers whether in support thereof or otherwise and the Parties hereby agree that the same shall not be disputed by the Borrower.
• i) The right of the Lender to recover the dues from the Borrower shall be exercised either by the Lender or its authorized representatives and the Borrower hereby agrees to the same.
• j) The Lender shall be entitled to assign / securitize its receivables from the Borrower and the Borrower hereby consent to the Lender exercising such right.
• k) The Borrower shall not give or pay to any person who agrees to incur any obligation for the Borrower in favour of the Lender, any monies or other consideration or remuneration, whether by way of commission, brokerage or fee or in any other form whatsoever or howsoever for availing loan.
• l) The Borrower shall during business hours permit the Lender to inspect the place of business / residence of the Borrower and also agrees to produce any documents / additional documents as may be required by the Lender from time to time. Further, the Borrower hereby agrees to permit the Lender and its authorized representatives to contact (by phone, email, and any other mode) / meet the Borrower at their place of residence / work place for collection of dues under this Agreement.
• m) The Borrower agrees to pay all the applicable charges as per schedule together with all taxes as may be applicable from time to time.
• n) Without prejudice to any other rights available to the Lender, in the event the Borrower commits a default in the repayment of the Loan, the Lender at its sole discretion shall make an application to the Adjudicating Authority (as defined in the Code) and proceed under the Insolvency and the Bankruptcy Code, 2016 (“Code”) in order to realize the Loan Amount along with interest.
• o) The Borrower hereby agree that the Borrower may seek any further loan facility from the Lender and any such further loan granted by the Lender to the Borrower shall be repaid by the Borrower on terms that may be communicated by the Lender to the Borrower.For this purposes, the Parties hereby agree that any confirmation for further loan facility as confirmed and accepted by the Borrower over the phone is binding on the Borrower and that the Borrower agrees to repay such loans granted based on verbal confirmation (voice call), together with interest, month on month by way of equated monthly installments as may be communicated by the Lender.

11. Cost and Expenses

• a) The Borrower shall bear all costs and other expenses incurred in relation to thecompletion of this Agreement and in complying with the terms and conditions of this Agreement, including any and all costs incurred inconnection with this Agreement.
• b) The Borrower hereby confirm their liability and shall reimburse / pay any tax that the Lender may have to pay to the Government, in respect of the transactions under this Agreement.
• c) The Borrower hereby authorizes the Lender at the cost and risk of the Borrower to engage one or more person(s) / agencies to verify any fact or information furnished by, concerning and pertaining to the Borrower and collect the outstanding amount and / or to enforce any security and may furnish to such person/s such documents, information, facts and figures as it may deem fit.
• d) Any claim, demands, actions, costs, expenses and liabilities incurred or suffered by the Lender by reason of non-payment or insufficient payment of stamp duty by the Borrower on this Agreement and the documents and any other writings or documents which may be executed by the Borrower pursuant to or in relation to this Agreement, will be to the cost of the Borrower.
• e) The Borrower hereby unconditionally and irrevocably agree to pay to the Lender a sum as specified in Schedule 2 towards cancellation of the Agreement, if the loan is not availed / if the request for loan is withdrawn or rejected, on execution of this Agreement. This would be in addition to the cost of stamp duty, registration charges and other expenses that may have been incurred by the Lender on behalf of the Borrower. The said charges shall be paid by the Borrower together with all applicable taxes.
• f) The Borrower hereby undertakes to reimburse / pay charges as per Schedule 2 here below to the Lender for every visit by the representative of the Lender to the premises of the Borrower for collection of the dues outstanding from time to time.

12. Representations and Warranties

• a) The Borrower represents and warrants that:
  • i) The execution, delivery and performance of this Agreement are within his / her powers and have been duly authorized, do not contravene any contract binding on or affecting his / it or any of his / its properties, do not violate any applicable law or regulation;
  • ii) this Agreement is valid and binding upon the Borrower;
  • iii) there is no pending or threatened action which may materially adversely affect the validity or enforceability of this Agreement;
  • iv) All information provided by the Borrower to the Lender under this Agreement is correct and true.
  • v) The Borrower hereby confirms that the funds will be utilized for the purpose as stated in Schedule 1 and that the Loan will not be utilized for speculative purpose.

b) The Borrower will not seek to claim or recover from the Lender on any grounds whatsoever and/or in any circumstances whatsoever (whether now or hereafter existing), any purported damages or compensation, direct, indirect or consequential, for any acts or actions whatsoever of the Lender hereunder and/or in respect of the Loan and/or the Security, taken or omitted by the Lender in terms hereof and/or pursuant hereto and/or to protect any of its interests and rights as the lender or a creditor, and the Borrower hereby expressly waives any right to seek or make any such claim or recovery on any grounds whatsoever.

c) The Borrower hereby accepts and confirms that it has no objection to the Lender administering the Loan through third Parties. The Borrower confirm that the Lender may, either partly or in full delegate such of those activities to any third party as it may think fit in the circumstances. Such delegation of work, would include the right and authority to tele call, collect the outstanding on behalf of the Lender, the dues and unpaid installments and other amount due under the Agreement and to perform and execute all lawful acts, deeds and matters and things connected therewith and incidental thereto including sending notices to the Borrower, receiving cash against issue of the receipt, cheques and drafts. For the purpose aforesaid as for any other purpose at the sole discretion of the Lender, the Lender shall be entitled to disclose to the third party the details of the Borrower, the Loan, the outstanding amount and other information for effectively discharging the work assigned to the third Party and the Borrower hereby consents to such disclosure by the Lender.

13. Indemnification

The Borrower shall indemnify and hold the Lender and its directors, officers, employees, agents and advisers harmless against losses, claims, liabilities, or damages which are sustained as a result of any acts, errors, or omissions of the Borrower, their / its respective employees, agents, or assignees, or for improper performance or non-performance or breach relating to this Agreement or any other document executed thereof in pursuance to this Agreement.

14. Assignment

• a) It is expressly agreed that the Borrower shall not be entitled to assign, either directly or indirectly, the obligations set out herein.
• b) The Lender shall be entitled to assign its rights and obligations under this Agreement in part or in full to any third party.
• c) The Lender shall at any time, without reference to the Borrower be entitled to securitize, sell, assign, discount or transfer all or any of the Lender's rights and obligations under this Agreement together with the underlying security if any to any person(s) of the choice of the Lender, in whole or in part and in such manner as the Lender may decide. Any such sale, assignment or transfer shall bind the Borrower, conclusively.

15. Term and Termination

• a) This Agreement shall become effective on execution.
• b) The Agreement shall stand terminated on the date the Borrower has repaid the Loan Amount in full along with Interest, Delayed Payment Interest, bank charges and other charges as mentioned in this Agreement, and fulfilled all other obligations under the Agreement to the satisfaction of the Lender.
• c) The Borrower does not have the right to terminate this Agreement in any situation except with the written consent of the Lender, by repaying the entire amounts due to the Lender under this Agreement.

16. Arbitration and Dispute Settlement

• a) Without prejudice to the Lender's right available to it under any provisions of law, all disputes, differences and/or claims, arising out of this Agreement, whether during its subsistence or thereafter, shall be settled by arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 or any other statutory modification or re-enactment for the time being in force and shall be conducted by a sole arbitrator to be appointed by Southern India Chamber of Commerce and Industry (SICCI), Chennai. The applicable law shall be Indian laws. In the event of incapacity or resignation or death of the sole arbitrator so appointed, SICCI shall be entitled to appoint another arbitrator in place of the earlier arbitrator, and the proceedings shall continue from the stage at which the predecessor had left.
• b) The award given by the arbitrator shall be final and binding on the parties to this Agreement. The cost of the Arbitration shall be borne with by the Party/ies, in accordance with the Award passed by the Arbitrator.
• c) The venue of Arbitration shall be as specified in Schedule 1 hereto and the proceedings shall be conducted in English language.
• d) The Borrower hereby agree and confirm that the Lender shall be permitted to invoke the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and any amendments thereto or any other provision of law in order to recover its dues under this Agreement from the Borrower.

17. Jurisdiction and Governing Law

• a) Subject to the Arbitration Clause mentioned above, this Agreement shall be governed and construed in accordance with the substantive laws of India and the parties hereto submit to the exclusive jurisdiction of the Courts, situate at the place as specified in schedule 1 hereto.

b) Term and Termination of the aforesaid Loan Agreement should be read as follows.

• The agreement shall stand terminated on the date the Borrower has repaid the Loan Amount in full along with Interest,Delayed Payment Interest, Bank Charges and other Charges as mentioned in this Agreement and fulfilled all other obligation under the Agreement to the satisfaction of the Lender.

18. Waiver

• The Lender's failure to exercise or delay in exercising any right, power, privilege or remedy under the Agreement will not operate as a waiver or acquiescence, nor will any single or partial exercise of any right, power, privilege or remedy prevent any further or exercise of any other right, power, privilege or remedy.

19. Severability

• If any provision in this Agreement shall be found or be held to be invalid or unenforceable, then the meaning of said provision shall be construed, to the extent feasible, so as to render the provision enforceable, and, if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement and in such an event, the Parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement, which most nearly reflects the Parties' intent in entering into this Agreement.

20. Disclosure of Information

• a) The Borrower accepts, confirm and consent for the disclosure and sharing by the Lender of all or any information and data relating to the Borrower, the facilities, any other transactions that the Borrower has with the Lender, the Borrower's account, and the agreements and documents related to the facilities and transactions, including but not limited to information relating to default, if any, committed by the Borrower, in the discharge of the Borrower's obligations in relation to the facilities or other transactions, as the Lender may deem appropriate and necessary to disclose and furnish, to the Reserve Bank of India (“RBI”) and/or to the Credit Information Companies and/or to any other agency or body as authorized in this behalf by RBI, to other banks and lenders including assignees and potential assignees, to its professional advisers and consultants and to its service providers instructed by it in relation to the Facilities, and/or as required under law or any applicable regulation, or at the order of a court of law, or at the request or order of any statutory, regulatory or supervisory authority with whom it customarily complies.
• b) The Borrower undertakes and covenants that it shall provide all information, including information regarding other credit facilities enjoyed by the Borrower, as and when required by the Lender. The Borrower declares that the information furnished to the Lender from time to time is and shall be true and correct.
• c) The Borrower hereby further agrees that in case the Borrower fails to pay the Lender's dues or commits default in the repayment of the loan installment(s) or interest thereon on due date(s), or the account of the Borrower becomes Non-Performing Assets as per the Reserve Bank of India's norms, the Lender will be at liberty to disclose or publish in print and / or electronic media the photograph(s), name(s) and address(es) of the Borrower as wilful defaulter along with the details of outstanding dues payable by such Borrower, to the Lender.
• d) The Borrower
• i) accepts that the RBI or the Credit Information Companies and or any other agency so authorized, or any statutory, regulatory or supervisory authority or other lenders / potential lenders, may use, process and disseminate the said information and data disclosed by the Lender in such manner as deemed fit by them in any particular circumstances; and
• ii) shall not hold the Lender responsible or liable in this regard.
• e) The Borrower authorize the Lender to disclose, from time to time any information relating to the Loans to any Parent / subsidiary / affiliates / associate entity of the Lender, and to third parties engaged by the Lender, for the purpose of marketing of services and products and to its investors.
• f) The Parties confirms that presentation/sharing of the e-agreement by the Lender to the Borrower shall be taken as an act of execution by the Lender.
• g) The Parties confirm that the Borrower shall be signing this Agreement by means of electronic signature and that on execution of the Agreement, irrespective of the electronic nature of the agreement and the execution of the same by means of electronic signature / OTP confirmation / consent on a click wrap text, for the purposes of Indian Contract Act, 1872, Information Technology Act, 2000, Evidence Act, 1872 and other applicable laws, this Agreement shall be a valid agreement legally binding on all the Parties.
• h) The Borrower further confirm that:
• i) the signature below their name has not been forged and they themselves or their valid authorized representatives have signed the Agreement for due and proper execution of the same and further, the Borrower waive any right to challenge, at later stage, the validity or enforceability of the Agreement, on any grounds before the court of law;
• ii) the Borrower shall provide all the authorizations necessary, to the Lender and/ or to such other person, as required by the Lender from time to time, to facilitate the electronic execution of this Agreement and performance of due diligence and other such background check including but not limited to authentication of Borrower's identity and his credit score, for the purposes of this Agreement and for determining the eligibility criteria of the Borrower for the Loan.
• i) The Borrower and the Lender represents and warrants that they have:
• i) consented to the recording and storing of any or all the colloquies between the Parties, whether in electronic mode or otherwise, including telephonic conversations, in connection with this Agreement or potential transaction(s); and
• ii) agreed, to the extent permitted by applicable laws, that recordings may be submitted as evidence in any legal proceedings.

21. Notices

Every notice, request, demand or other communication under this Agreement shall:

• a) be in writing, delivered by hand, or by registered post / Speed post, acknowledgement due, or by Courier or any other mode as decided by the Lender;

• b) be deemed to have been received by the Borrower when delivered by hand, at the time so delivered if during business hours on a business day for the recipient, and if given by registered post acknowledgement due, 72 hours after it has been put into post; and

• c) be sent to the Borrower to the address mentioned in Schedule 1 hereto and to the Lender at its office address first hereinabove mentioned and to the address mentioned in schedule 1, or to such other address as either party may in writing hereafter notify to the other party.

• d) The Lender may (but not obliged to) send short message services (sms) / Email to the Borrower intimating him on the dues payable by him and may call the Borrower to pay any dues that is outstanding under the agreement. The Borrower hereby specifically authorizes the Lender to make such calls or send SMS or emails to their contact details provided to the Lender, and further acknowledges that the same shall not be considered as unsolicited calls/SMS/mails from the Lender.

• e) The Borrower hereby agrees to pay the postal and other charges as mentioned in Schedule 2 here to for each of the notices being sent to him / them.

  The Borrower has read the entire Agreement, constituting the above clauses including the Loan details and the terms of repayment, the fees and charges payable as clearly enumerated in the schedule to this Agreement. The Borrower further confirms that the entire Agreement and its' contents provided herein is explained in the language understood by the Borrower. The Borrower further confirm having executed the duly filled in agreement together with the schedules and received a copy of the same along with copies of the documents submitted by the Borrower. The Borrower further confirms that they have received the repayment schedule and the amortization schedule and agree to remit the dues as mentioned in the schedule thereto.

22.Privacy Policy

• In the course of using this website or applying for / availing the products and services vide Mobile and web-based applications with user interface that facilitate digital lending services through online application forms/ and questionnaires, Shriram Finance Limited ("SFL") may become privy to the personal information of its customers, including information that is of a confidential nature. SFL is strongly committed to protecting the privacy of its customers and has taken all necessary and reasonable measures to protect the confidentiality of the customer information and its transmission through the world wide web and it shall not be held liable for disclosure of the confidential information when in accordance with this Privacy Commitment or in terms of the agreements, if any, with the customers. SFL endeavours to safeguard and ensure the security of the information provided by the customer.

• SFL undertakes not to disclose the information provided by the customers to any person, unless such action is necessary to:

  • a)Conform to legal requirements or comply with legal process.

  • b)Protect and defend SFL's rights, interests or property.

  • c)Enforce the terms and conditions of the products or services.

• The Customers shall not disclose to any other person, in any manner whatsoever, any information relating to SFL of a confidential nature obtained in the course of availing the services through the website. Failure to comply with this obligation shall be deemed a serious breach of the terms herein and shall entitle SFL to terminate the services, without prejudice to any damages, to which the customer may be entitled otherwise.

• SFL will limit the collection and use of customer information only on a need-to-know basis to deliver better service to the customers. SFL may use and share the information provided by the customers with third parties for providing services and any service-related activities, and notifying or contacting the customers regarding any problem with, or the expiration of, such services. In this regard, it may be necessary to disclose the customer information to one or more agents and contractors of SFL and their sub-contractors, but such agents, contractors, and sub-contractors will be required to agree to use the information obtained from SFL only for these purposes.

• The Customer authorises SFL to exchange, share, part with all information related to the details and transaction history of the customers to banks/ financial institutions/ credit bureaus/ agencies/ participation in any telecommunication or electronic clearing network as may be required by law, customary practice, credit reporting, statistical analysis and credit scoring, verification or risk management and shall not hold SFL liable for use or disclosure of this information.

• For the purpose of this Privacy Commitment, SFL shall mean and include any company which is the holding company or subsidiary of SFL, or any person under the control of or under common control with SFL.

22. (A) Right to Appoint Agency & Grievance Redressal Mechanism

(a) Right to appoint agency

• The Borrower(s) and the Guarantor hereby accept and confirm that they have no objection to the Lender administering the Loan through third parties. The Borrower(s) and the Guarantor confirm that the Lender may, either partly or in full delegate such of those activities to any third party as it may think fit in the circumstances. Such delegation of work would include the right and authority to collect on behalf of the Lender the instalment / Interest or other charges due to the Lender under this Agreement including other rights to send notices, demand, visiting the residence/office/business place of the Borrower(s) and Guarantor, take possession of the security or contacting the Borrower(s) to collect the outstanding amounts. For the purpose aforesaid as for any other purpose at the sole discretion of the Lender, the Lender shall be entitled to disclose to the third party the details of the Borrower(s) and the Guarantor, the Loan, the outstanding amounts and other information for effectively discharging the work assigned to the third party and the Borrower(s) and Guarantor hereby consent to such disclosure by the Lender.

(b) Grievance Redressal Mechanism

• (i) In order to raise any grievance which the Borrower(s) may have in relation to the Loan, the Borrower(s) may access the website of the Lender at any point of time for grievance redressal mechanism. If a complaint in respect of a grievance has been received in writing from the Borrower(s), the Lender shall endeavour to respond to the same in terms of its internal policies and procedures developed based on the directions as may be issued by the relevant regulator from time to time.
• (ii) Notwithstanding the existence or continuance of such considerations or matters, whether being a valid grievance in terms hereof or otherwise, the Borrower(s)’ obligation in respect of the Loan, including but not limited to its obligations, shall be absolute, distinct and independent of such considerations or matters, whether being a valid grievance in terms hereof or otherwise.