STANDARD TERMS AND CONDITIONS

ADITYA BIRLA CAPITAL LIMITED

CIN: U65990GJ1991PLC064603

Registered Office Address

Indian Rayon Compound, Veraval,

Gujarat 362 266

Corporate Office Address

One Indiabulls Centre, Tower 1, 18th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013

DEFINITIONS AND INTERPRETATION

The following words and expressions shall have the meaning ascribed to them throughout these terms and conditions, unless there is anything repugnant to the subject or context thereof:

• "ABCL" means Aditya Birla Capital Limited, a company registered under the Companies Act 1956 having its registered office at Indian Rayon Compound, Veraval, Gujarat 362266 and Corporate Office Address One Indiabulls Centre, Tower 1, 18th Floor, Jupiter Mill Compound 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013 and shall include its successors and assigns.
• "Application Form" means, as the context may permit or require, the Credit Loan Application Form submitted by the Borrower, as the context may permit or require, to ABCL (defined hereinafter) for applying for and availing of the Loan, together with annexures and addenda and all other information, particulars, clarifications, letters and undertakings and declarations, if any, furnished by the Borrower/s or any other persons from time to time in connection with the Loan.
• "Borrower/s" means and refers to jointly and severally to the Applicants (more particularly described in the Application Form) who has/have been sanctioned/granted/disbursed the Loan by ABCL pursuant to the relevant Application Form submitted by such applicants to ABCL for availing of the Loan and depending upon the nature of the Borrower/s, shall, unless repugnant to the context or meaning thereof, be deemed to include, (a) where the Borrower is an individual or a proprietorship, his/her heirs, executors and administrators; (b) where the Borrower is a partnership firm within the meaning of the Indian Partnership Act, 1932, the partners or the partners for the time being of the said partnership firm, the survivor of them and the heirs, executors and administrators of the last surviving partner; (c) where the Borrower is the Karta of a Hindu Undivided Family and the borrowing is for the purposes of the Hindu Undivided Family, the adult members for the time being of the said Hindu Undivided Family and their respective heirs, executors and administrators and permitted assigns; (d) where the Borrower/s is a company within the meaning of the Companies Act, 1956 or the Companies Act, 2013 (as the case may be), its successors and permitted assigns; (e) where the Borrower is an unincorporated body, all the members of such body and their respective successors; (f) where the Borrower is a governing body of the Society, respective successors of the members of the governing body and any new members and (g) where the Borrower is a trust, the trustee(s) for the time being thereof and the successors and permitted assigns of the trust/trustees.
• "Borrower/s’ Dues" means and includes the outstanding principal amount of the Loan, interest on the Loan, all other interest, all fees, costs, charges, expenses, taxes, stamp duty and all other sums whatsoever payable by the Borrower/s to ABCL in accordance with the Loan Terms, as well as all other monies whatsoever stipulated in or payable by the Borrower/s under the Loan Terms and loan documents.
• "Charge" means the aggregate amount payable by the Borrower to the ABCL as per the details provided in the Application Form towards the documentation fee, servicing fee, loan processing fee, registration fee and such other fee as mentioned or notified by ABCL to the Borrower from time to time.
• "Due Date" means the date(s) on which any amounts in respect of the Borrower/s’ Dues including the principal amounts of the Loan, interest and/or any other monies, fall due as specified in the Application Form and/or the Loan Terms and/or the Loan documents.
• "Effective Date" means unless specified otherwise, the date of disbursement of the Loan to the Borrower.
• "Event of Default" means and includes the occurrence of any one or more of the events of default as stipulated in Clause V.
• "Standard Terms and Conditions" or "Standard Terms" means these terms and conditions for the grant of the Loan to the Borrower by ABCL.
• "Loan" or "Personal Loan" means the loan/financial assistance sanctioned by the ABCL to the Borrower according to receipt of a duly filled-in Application Form for the purposes mentioned in the Application Form.
• "Loan Documents" mean the Application Form, Standard Terms and Conditions, Demand Promissory Note, and Declaration and include all writings and other documents executed or entered into or to be executed or entered into, by the Borrower/s or as the case may be, in relation, or about the Loan and each such Loan Documents as amended from time to time.
• "Loan Terms" means and refers collectively to (a) all the terms and conditions set out in the Application Form, (b) these General Terms and Conditions, and (d) all terms and conditions specified in the other Loan Documents.
• "OnEMI Technology Solutions Limited" shall mean a third party who has or would refer its customer(s) or prospective customer(s) to ABCL for availing the Loan facility.
• "Pre EMI" means the amount payable by the Borrower at the interest indicated on the Loan from the Effective Date to the date immediately before the date of commencement of the instalment.
• "Rate of Interest" means the rate of interest applicable for the Loan as specified.
• "RBI" means Reserve Bank of India.
• "Tenure" means the duration for which Borrower has opted for repayment of Loan excluding the Pre EMI.

• "Website" means www.ABCLdirect.com and/or https://personalfinance.adityabirlacapital.com

  • The expression “OnEMI Technology Solutions Limited is a Lending Service Provider (LSP) who is onboarding borrowers on their consumer app”. ABCL is an NBFC and is engaged in the business of providing financial facilities to various entities. ABCL has agreed with “OnEMI Technology Solutions Limited” having terms and conditions mentioned therein for providing financial assistance on ABCL’s terms and conditions to the potential customer referred to by “OnEMI Technology Solutions Limited”. The Borrowers indisputably acknowledge and agree that ABCL has extended the financial assistance and would not dispute whatsoever.

"Borrower", and the "ABCL", unless repugnant to the context, shall include his/her/their respective heirs, representatives, beneficiaries, successors, executors, administrators and permitted assigns and shall individually be referred to as "Party" and collectively as "Parties"

Preamble

• Borrower

  The borrower must have seen, read, verified and accepted the loan offer before acceptance of the terms and conditions of this agreement. Terms and conditions of this agreement are tied to the loan offer accepted by the borrower with Aditya Birla Capital Limited (ABCL) applied through either through its mobile-based app if any, Website or through its Partners. The loan offer terms (agreement execution date, loan sanction date, amount sanctioned, tenure of loan, interest rate applicable and EMI) would be the same as those mentioned or displayed on the App, Website or in the documents provided by ABCL in physical or electronic mode and borrower’s identity would be same as retrieved through KYC. Further, for any notices, the borrower’s residential address would be utilized as per KYC.

  The expression "Instant Loan", unless repugnant to the context, shall mean and include Personal Loan Disbursement within 36 (thirty-six) working hours from the time of final sanction of Loan/facility by ABCL.

  The Borrower(s) have agreed to these Standard Terms by clickwrap method or by physically consenting as the case may be and the same is construed as express consent under the existing laws of India. The standard terms and conditions set out herein (the "Standard Terms") shall apply to the Facility/Loan provided/ to be provided by ABCL to the Borrower(s).

  • Upon the representations and information provided by the Borrower in the application for the loan made to the ABCL, the ABCL hereby agrees to lend to the Borrower the Sanctioned Amount for the purpose herein above. Disbursal of the Loan shall be subject to compliance by Borrower with all necessary documentation and procedures as advised by and to the satisfaction of ABCL, including but not limited to successful registration of NACH /E-NACH/ SI etc.
  • The ABCL shall have the right to recall the Loan at any time at its discretion, without assigning any reasons for such recall, and upon such recall, the Loan and all other amounts stipulated by the ABCL shall be payable forthwith. The Borrower shall be liable for all amounts due and all costs, interest, additional interest, duties, levies etc. incurred for enforcing this Standard Terms or for undertaking any recovery proceedings concerning the Loan. The Borrower acknowledges that stamp duty applies to this Standard Terms and accordingly has paid the same, in case of any deficit the Borrower shall be liable for the same and the penalties thereon.
  • The Borrower shall repay the Loan, and the interest payable thereon, in monthly instalments as per the as agreed, which instalments are hereinafter referred to as "The Equated Monthly Instalments" or "EMI''. Any dispute, including that relating to the interest computation, shall not entitle the Borrower to withhold payment demanded by the ABCL and/or payment of any EMI. The repayment schedule for the Loan is without prejudice to the rights of the ABCL to re-compute the interest, in case of any variation of the same. On such re-computation, payments shall be made by the Borrower by such amended repayment schedule(s), as may be intimated by the ABCL to the Borrower. Borrower agrees that the decision of ABCL on the computation of EMI or interest computation is final and legally binding upon the Borrower and the Borrower shall pay the EMI or interest along with principal amount without any protest or demure.
  • The Borrower agrees to issue Cheques/SI/NACH (referred to as "Repayment Instructions") for the repayment of the Loan and is fully cognizant that dishonor of the repayment of the Loan is a criminal offence under the law. Additionally, the ABCL will also accept payment through NEFT/ RTGS/ Po-UPI and the Borrower can choose to avail such options when required to make payment towards the loan account. The Borrower further agrees that it shall provide NACH document to ABCL, in original and/or in copy form either through physical or electronic mode or as such manner as ABCL may direct from time to time. The Borrower shall ensure availability of funds in the account on which such Repayment Instrument(s) have been drawn and the Borrower shall not at any time close his/ her account and/or issue any notice instructing the Lender not to present any such Repayment Instrument(s) for encashment or instruct his/her bank to stop payment on any such Repayment Instrument(s) and also confirmed that the repayment instrument remains valid for all Loans along with interest (including default interest) and other charges, if any.
  • Borrower agrees and confirms that he/she shall repay the Loan only from his/her account, and any third-party payment shall not be made by it. If ABCL establishes third-party payment made on behalf of the Borrower on any outstanding dues for his/her loan, then the Borrower will need to provide a detailed consent letter in writing to ABCL within 30 days from ABCL’s communication to the customer
  • ABCL agent/representative shall never demand cash repayment of the Loan and the Borrower agrees that any cash repayment made by the Borrower to any person in such regard is at his/her own risk and not adjustable from Loan amount/interest or Charges/fees associated with the Loan, further ABCL shall not be held liable for the same.
  • The Borrower acknowledges that the Cheques/ SI/NACH/ Po-UPI mode of repayment is issued in favour of the ABCL, in advance for the payment of the EMIs. The ABCL may at any time at its sole discretion, with prior notice to the Borrower, make a demand for the repayment of the loan and dues thereto. The Borrower shall not revoke the Cheque/SI/NACH/ Po-UPI mode for payment of the EMIs during the tenure of this Loan, except with the prior approval of the ABCL. In case the Borrower revokes his/her consent to participate in the SI/NACH/ Po-UPI mode without obtaining the prior written consent of the ABCL, the same shall be deemed to be an 'Event of Default', as defined in this Standard Terms the ABCL shall have the right to forthwith recall the Loan without giving any notice to the Borrower, Notwithstanding anything contained herein, the ABCL shall have the right to initiate criminal action or take any other action/remedy available under the applicable laws against the Borrower.
  • The Borrower may prepay the entire outstanding balance of the Loan. In such an event, ABCL shall be entitled to charge pre-payment charges as specified hereinabove on the outstanding dues. The pre-payment amount will get adjusted towards interest, other charges and principal amount outstanding. Pre-payment shall take effect only if the standard Cheques /ECS/Po-UPI payment for the month or alternate payment made through NEFT/RTGS has been cleared and proceeds thereof realized by ABCL in clear funds. The Cooling off/look-up period would be as mentioned in KFS. The Borrower can any time post the Cooling off/lookup period, on such terms and conditions as may be imposed by the Lender, prepay the Loan and [there is no penalty for the same]. Post, the Cooling-off/look-up period prepayment can be done in part or full. No amounts which have been repaid or prepaid under the Loan may be subsequently redrawn by the Borrower.

  • The Borrower may prepay a part of the outstanding balance of the loan subject to the following conditions and other internal credit parameters:

    • The amount pre-payable shall be determined by ABCL and subject to prepayment charges
  • The records maintained by the ABCL shall be conclusive proof of the amounts outstanding from and due by the Borrower. A certificate issued by the ABCL stating the amount due at any particular time shall be conclusive evidence as against the Borrower. However, nothing herein shall prejudice the ABCL's interests or rights if there is any clerical or arithmetical error in the interest calculations due and payable by the Borrower.
  • ABCL shall have the right to recall the Facility at any time at its discretion, without assigning any reasons for such recall, and without notice or intimation to the Borrower, and upon such recall, the Loan and all other amounts stipulated by the ABCL shall be payable forthwith.
  • ABCL shall have a right to sell or transfer (by way of assignment, securitization or otherwise) whole or part of the outstanding amounts under the Facility or any other rights under this Standard Terms or any other document pursuant hereto to any person in a manner or under such terms and conditions as ABCL may decide in its sole discretion, with or without notice to the Borrower. The Borrower hereby specifically consents to the right of ABCL to sell or transfer. The Borrower shall not transfer or assign his/her rights under the aforesaid Loan.
  • I/We hereby confirm that as per the sanctioned terms, ABCL shall charge and collect BPI (Broken Period Interest).
  • Borrower hereby agrees and confirms that in the case wherein the Borrower avails any third-party services through ABCL then the fees/ charges applicable for the said third-party services shall be deducted from the Loan amount and ABCL shall not be held liable for the services provided by such third party. It shall be the sole discretion of the Borrower to opt for such third-party products and services and any changes/cancellations on booking of such products will need to be done through a relevant third party as per their product T&C. ABCL shall not be liable for any claims and damages arising out of or about third-party product and services availed by the Borrower.
  • The Borrower/s shall pay Charges, non-refundable upfront transaction/processing fees, and other charges as and when applicable.

  • Personal Loan (If applicable) – undertaking for salaried loan applicants:

    Borrower undertake that I will be providing my salary account bank statement for the past one month and any other details as required by Aditya Birla Capital Limited post disbursal of the loan. All information provided by me about my demographics, employment and salary account is true. I undertake to foreclose the loan immediately in case any of the above provided information is found to be false by Aditya Birla Capital Limited officials.

• BORROWER'S REPRESENTATIONS, WARRANTIES, COVENANTS AND UNDERTAKINGS

  To induce ABCL to grant the Facility/Loan to him/her, the Borrower, hereby represents/warrants to/ covenants/ undertakes with ABCL that he/she-

  • Has given complete and correct information and details in the application form about himself/herself.
  • ABCL's associates, the Partner, agencies, Credit Information Companies and/or any other agency so authorized may use, and process the said information and data disclosed to ABCL in the manner as deemed fit by them.
  • has no pending claims, demands, litigation or proceedings against him/her before any court or authority (public or private);
  • shall ensure that the purpose for the Loan is advanced by ABCL is fulfilled in all respects and produced to ABCL, the necessary documents, as may be required by ABCL;
  • shall in addition to the income/ financial statement/s required by ABCL furnish such other information/ documents concerning his/her employment, trade, business, profession or otherwise as ABCL may require from time to time;
  • acknowledge that “OnEMI Technology Solutions Limited is a facilitator and the Loan is extended by ABCL. The Borrower further acknowledges that the Loan amount/disbursement of the Loan may flow from OnEMI Technology Solutions Limited or ABCL’s banking account, in either case Borrower shall be liable to ABCL to repay the outstanding on the Loan account”
  • shall promptly and without requiring any notice or reminder from ABCL, repay the Facility by the terms mentioned herein
  • shall (in case of more than one borrower) be jointly and severally liable to repay the Facility, interest and all other sums due and payable under this Standard Terms and to observe its terms and conditions;
  • where applicable, shall inform ABCL of any likely change in his/her employment;
  • shall not stand surety or guarantor for any third-party liability or obligation;
  • being a resident in India, shall not leave India for employment or business or long stay without first fully repaying the Facility then outstanding due and payable with interest and other dues, including prepayment charges, if any;
  • Borrower shall, in case the Borrower is a company/firm/body corporate, notify ABCL at least 30 days in advance of any intended a) change in business, constitution or constitution documents or b) closure of its business or c) address change.
  • The Borrower hereby undertakes to keep the ABCL informed of any change in the Borrower's e-mail ID, Telephone number, Mobile number and Address. The Borrower authorizes the ABCL to update the contact information change that the ABCL may be informed of and hereby authorizes the ABCL to contact the Borrower at the updated contact details, by post, phone, e-mail, SMS/text messaging.
  • the Borrower agrees and undertakes not to, and warrants and represents to the ABCL that the Borrower shall not, utilize the Facility for any antisocial, unlawful, or speculative purposes and/or capital market.
  • The Borrower agrees that the ABCL shall send any notice/letter/other document meant for the Borrower at the address last intimated by the Borrower and shall be deemed to have been delivered within 48 hours after it has been sent by registered post, under certificate of posting, ordinary post or courier or email at the discretion of the ABCL. All writings from the Borrower to the ABCL must be received from the Borrower at the address specified in the Facility application

• INTEREST AND APPORTIONMENT OF PAYMENT

  • Interest shall accrue on the Loan/Facility at the rate prescribed herein mentioned above from the Effective Date and shall be payable as provided for herein mentioned above.
  • The Borrower agrees to pay Interest on the Facility as mentioned herein above which shall be fixed at all times and calculated on the daily balance of the outstanding Facility.
  • ABCL shall be entitled to debit all other amounts due and payable by the Borrower under this Standard Terms (including but not limited to interest tax, fees, stamp duty, processing fee, login fees, costs, service/Prepayment and other charges, claims and expenses including expenses which may be incurred by the Borrower in recovery proceedings) to the Borrower Loan account unless separately reimbursed to ABCL by the Borrower. Such amounts shall form part of the Facility.
  • ABCL shall be entitled to levy Additional/ Penal Interest on the amounts outstanding i.e., such outstanding balance which is due and payable but has not been paid, from the date when the Event of Default occurred until the date when the Event of Default ceases to exist. It is understood by the Borrower that for default in repayment of interest/principal as it may fall due as per Facility terms, Additional/ Penal Interest as mentioned hereinabove are applicable on principal outstanding including interest overdue from the day of default for the period the amount is in default.
  • Without prejudice to any other terms contained herein, the Parties expressly agree that any payment made by the Borrower to ABCL shall be appropriated by ABCL in the following order (i) Interest; (ii) Default Interest and loss of profit on the defaulted amount/s; (iii) Principal amount of the Loan (iv) Costs, charges and expenses that ABCL may expend to service and recover the Loan, Interest and all sums due and payable by the Borrower to ABCL under this Standard Terms; (v) Prepayment and other charges.

• OTHER CONDITIONS

  • ABCL shall, at its discretion, obtain a confidential credit report on the borrower from its other lenders.
  • ABCL reserves the right to appoint qualified accountant’s management consultants of its choice to examine the books of accounts and operations of the Borrower or to carry out a full concurrent/statutory audit. The cost of such inspection shall be borne by the Borrower
  • In case any condition is stipulated by any other lender that is more favorable to them than the terms stipulated by ABCL, ABCL shall at its discretion, apply to this Facility such equivalent conditions to bring its Facility at par with those of the other lenders.

  • The Borrower hereby represent, warrant and confirm that the aforesaid purpose is a valid purpose and also agrees and undertake to utilize the Facility only for the above-mentioned purpose and that the Facility shall not be used for any of the following purposes:

    • Illegal & antisocial activity;
    • Speculative investment in real estate;
    • Investment in securities, debentures or the stock markets;
    • Money lending activities;
    • Speculative activity not mentioned above; or
    • Any other activities for which the Facility is not extended.

    The Borrower further agree, confirm, and undertake that the purpose of use of funds under the Facility shall not be changed in any manner during the tenure of the Facility, including as may be extended in accordance with its terms; or that such change in purpose shall take place only with the prior written permission of Aditya Birla Capital Limited (“ABCL”).

  • Rate of Interest rates vary from person to person based on various assessment including credit score, personal track record, documents provided by the customer.
  • The Borrower will keep ABCL informed of the happening of any event which is likely to have an impact on their profit or business and more particularly, if the monthly production or sale and profit are likely to be substantially lower than already indicated to ABCL. The Borrower will inform accordingly with reasons and the remedial steps proposed to be taken.
  • The Borrower should not pay any consideration by way of commission, brokerage, fees or in any other form to guarantors directly or indirectly.
  • The Borrower shall be deemed to have given their express consent to ABCL to disclose the information and data furnished by them to ABCL and also those regarding the credit facility/ies enjoyed by the borrower, conduct of accounts and guarantee obligations undertaken by Guarantor to the Credit Information Companies in India or Reserve Bank of India (RBI) or any other agencies specified by RBI who are authorized to seek and publish information.
  • The Borrower will keep ABCL advised of any circumstances adversely affecting their financial position including any action taken by any creditor, or government authority against them.

  • The obligation of ABCL to make disbursements out of the Loan shall be subject to the Borrower complying with all the conditions to the satisfaction of ABCL in its sole discretion. The Borrower shall complete all documentation as stipulated, to the satisfaction of ABCL.

    The Lender may, by notice to the Borrower, suspend the right of the Borrower to disbursements or cancel the undisbursed portion of the Loan in whole or in part, without any prior notice or intimation.

    Indemnity: The Borrower shall, without prejudice to any other right of Lender, indemnify and keep indemnified and hold Lender, its officer/employees/agents/affiliates harmless against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs expenses or disbursements of any kind or nature whatsoever (including without limitation, fees and disbursements of lawyers) which may be imposed on, incurred by, or asserted against Lender in any claim, litigation, proceeding or investigation instituted or conducted by any governmental agency or instrumentality or any person or entity, and which are related directly or indirectly to this Agreement or any document executed pursuant hereto, whether or not Lender is a party thereto, and shall pay and reimburse to Lender, without any dispute or demure any losses, costs, charges or expenses which Lender shall certify as sustained or suffered or incurred by Lender as a consequence of occurrence of an event of default, or any other breach of obligations by the Borrower under this Agreement or otherwise in connection with this Agreement (including any interest or fees incurred in funding any unpaid sum). The Borrower shall indemnify and keep the Lender its officer/employees/agents/affiliates indemnified during the Tenure of this Agreement from and against all liabilities, claims, losses, damages and expenses whatsoever in respect of its obligations and liabilities in connection with the payment of amounts due under this Agreement and the Borrower shall be liable to pay such amounts forthwith on demand. Borrower expressly understands and acknowledges that the Lender shall not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses, even if the Lender has been advised of the possibility of such damages

    Notwithstanding any provision of this Agreement, Lender will not be liable for loss (whether direct, consequential or loss of profit, data or interest) or damage suffered by any Party arising out of:

    • Any delay or failure by the Lender in performing any of its duties under this Agreement or other obligations caused in whole or in part by any steps which the Lender, in its sole and absolute discretion, considers appropriate to take in accordance with all such applicable laws and regulations; or
    • The exercise of any of the Lender’s rights under this Agreement.
    • Any delay or failure by the Lender in performing any of its duties under this Contract or other obligations caused in whole or in part by any steps which the Lender, in its sole and absolute discretion, considers appropriate to take in accordance with all such applicable laws and regulations;
    • Notwithstanding any suspension or termination of this Agreement, all the provisions of this Agreement for the benefit or protection of the Lender and its interests shall continue to be in full force and effect as specifically provided in this Agreement.

• EVENT OF DEFAULT

  • ABCL may by a written notice to the Borrower, declare all sums outstanding under the Loan (including the principal, interest, charges, and expenses) to become due and payable forthwith and enforce the security (if applicable) in relation to the Facility upon the occurrence (in the sole decision of ABCL) of any one or more of the following:
  • The Borrower fails to pay to ABCL any amount when due and payable under this Standard Terms.
  • The Borrower fails to pay to any person other than ABCL any amount when due and payable or any person other than ABCL demands repayment of the loan or dues or liability of the Borrower to such person ahead of its repayment terms as previously agreed between such person and the Borrower;
  • The Borrower defaults in performing any of its/his/her obligations under this Standard Terms or breaches any of the terms or conditions of this Standard Terms;
  • The Borrower, in case of an individual, opts to resign or retires from the employment prior to the age of superannuation or is discharged or removed from service before such date for any reason whatsoever
  • Any of the information provided by the Borrower to avail the Loan or any of its/his/her Representations, Warranties herein is found to be or become incorrect or untrue;
  • Any person other than ABCL commencing proceedings to declare the Borrower insolvent or if the Borrower shall become bankrupt or insolvent or commit an act of insolvency or initiating criminal proceedings against the Borrower;
  • The Borrower is found to have a fraudulent history or found or alleged to have been involved in document misrepresentation/fraud or is proven to be involved in any sort of money laundering activities or any other

  • Any default by the Borrower or its/their promoters/ affiliates/ agents/ associates/ group companies/ directors (independent or executive)/ subsidiaries /assigns, under this or any other agreement or other writing between the Borrower(s) (including its/their promoters/ affiliates/ agents/ associates/group companies/ directors (independent or executive)/ subsidiaries/ assigns) and ABCL or its promoters/ affiliates/ subsidiaries, assigns or any group company, or under any other agreement or writing of indebtedness of the Borrower or its/their promoters/ affiliates/ agents/associates/group companies/ directors (independent or executive) /subsidiaries/ assigns, or in the performance of any covenant, term or undertaking thereunder, or any indebtedness of the Borrower or its/their promoters/ affiliates/ agents/associates/group companies/ directors (independent or executive)/subsidiaries /assigns, not being paid when due or any creditor of the Borrower or its/their promoters/ affiliates/agents/associates/group companies/ directors (independent or executive)/subsidiaries /assigns becoming entitled to declare any indebtedness due and payable prior to the date on which it would otherwise have become due or any guarantee or indemnity or collateral given or other support agreement entered into by the Borrower or its/their promoters/ affiliates/ agents/ associates/group companies/ directors (independent or executive)/subsidiaries /assigns not being honored when due and called upon.

    Any instruction is given by the Borrower to stop the payment of any loan ECS/ NACH mandate for any reason whatsoever.

    Any default arising in relation to any other agreement entered into by the Borrower with the Lender, default under any other loan availed from the Lender or any other bank and/ or financial institution including the Lender shall constitute an event of default under this Agreement.

    occurrence of any material adverse event in the opinion of ABCL

• CONSEQUENCES OF EVENTS OF DEFAULT

  If one or more of the events specified in Clause 6 (Events of Default) occur(s), then the Lender at its discretion, shall be entitled to: -

  • place the Loan on demand or declare all amounts payable by the Borrower in respect of the Loan to be due and payable immediately, including default interest and other charges including penal charges due to bouncing of the Repayment Instrument(s), from the Borrower as mentioned in Annexure
  • take any other remedy which may be available under law during the pendency of the Loan including without limitation the remedy under section 138 of the Negotiable Instruments Act, 1881 and under section 25(1) of Payment of Settlement System Act, 2007.
  • make disclosure of details pertaining to the Borrower to RBI or any other credit information companies.
  • charge default interest on the entire outstanding amounts under the Loan as specified under the Sanction Letter.
  • suspend further access to/ drawls by the Borrower of the Loan.
  • Appoint a collection agent to recover all outstanding due amounts from the Borrower.
  • exercise and enforce all rights and remedies available to the Lender under this Agreement.

  FORCE MAJEURE

  ABCL shall not be held liable for any delay of or failure to comply with any of the terms of this Agreement, nor shall any such delay or failure be deemed a default when such delay or failure has been caused primarily by any circumstances beyond the reasonable control and without the fault of ABCL affected, including but not limited to fire, war, insurrection, government restrictions, act of terrorism, computer system failure or act of God or such other event which is beyond the control of ABCL ("Force Majeure Event"), provided that such affected Party uses due diligence to mitigate the effects of the Force Majeure Event on the performance of its obligations under this Agreement.

  Lien & Set Off

  Without prejudice to and in addition to any other right or remedy which the Lender may have under the Loan Documents or under the law of contract or any other applicable law, the Lender shall have the lien over any asset/security and/or any or all amounts received by it under other agreements with the Borrower. The Lender shall be entitled to exercise its lien over the assets/security and/or any or all amount received by it’s under other agreement as mentioned above to set off and recover any or all amounts payable by the Borrower under the Loan Documents. The Borrower hereby expressly acknowledges and affirms the Lender’s lien and right of set off as specified in this clause

• SETTLEMENT OF DISPUTES AND GOVERNING LAW

  Any differences or disputes arising out of or touching the Standard Terms shall be settled solely between ABCL and the Borrower, amicably in the first instance. Unresolved disputes or differences shall be referred to a sole Arbitrator, who shall be appointed by ABCL only and the Borrower shall have no objection to the same. The Arbitration shall be governed by the Arbitration and Conciliation Act 1996 or any statutory modification or re-enactment thereof and the Rules made there under and for the time being in force. The award of the Arbitrator shall be final, conclusive and binding on the parties. The venue of such arbitration proceedings shall be Mumbai and shall be conducted in the English language only. Laws of India shall govern this Standard Terms, the documentation pursuant hereto and Courts in the City of Mumbai having exclusive jurisdiction over all aspects governing the interpretation and enforcement of these Standard Terms and other documentation pursuant hereto.

• ENGAGEMENT OF RECOVERY AGENTS

  In case of non-payment of the loan amount, interest, and other charges as per the terms of the loan documents, the Lender reserves the right to engage recovery agents / service providers for the purpose of recovering any outstanding / overdue amount and other charges. Lender or its authorized service provider(s) may approach the borrower, co-borrower, and guarantor for the payment of the outstanding /overdue amount and other charges, by way of call(s), SMS(s), email(s), and in person visit(s), in accordance with the Fair Practice code stipulated by the Reserve Bank of India. Notwithstanding anything mentioned hereinabove, in the event of non-payment of the outstanding/ overdue loan amount and other charges by the borrower/ co-borrower/guarantor, the Lender may resort to legal recourse. The Borrower agrees, confirms and understands that the Lender might resort to such legal recourse either directly, or through the Lending Service Provider, or any of its third-party agents, officers or collections agencies.

• NOTICES / GRIEVANCES

  Any notice under these Terms must be in writing and shall be deemed to be received (a) on delivery, when delivered personally, and when sent from/ to the registered email id unless 'delivery failure notification' is received by the sender; (b) on the 3rd (third) day post-dispatch, when sent by registered post at the registered/ current address, postage prepaid. For the LENDER, registered email shall be care.digitalfinance@adityabirlacapital.com and office address shall be One Indiabulls Centre, Tower 1, 18th Floor, Jupiter Mill Compound 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013, addressed to the Grievance Redressal Officer / Principal Nodal officer. For information on grievance redressal visit: www.ABCLdirect.com or write to grievance.finance@adityabirlacapital.com.

GRIEVANCE REDRESSAL MECHANISM

Customers who wish to provide feedback or send in their complaint may use the following channels:

• Call at our Customer Care number between 9:00 am and 7:00 pm from Monday to Sunday: 18002707000
• Email at: care.digitalfinance@adityabirlacapital.com (for raising Queries / Request / Complaints) and grievance.finance@adityabirlacapital.com (for Grievance)

Write to us at the below-mentioned address:

• Customer care: Aditya Birla Capital Ltd, Ground floor, R Tech Park, Nirlon Complex, Goregaon, Mumbai – 400063
• Grievance: Aditya Birla Capital Ltd, 10th Floor, R Tech Park, Nirlon Complex, Goregaon, Mumbai – 400063

Details of the Grievance Redressal Officer / Principal Nodal Officer along with the details of escalation mechanism and the complaint lodging portal of the Ombudsman are available on the website and branches of the Company. For information on grievance redressal visit: ABCL.adityabirlacapital.com/_layouts/15/ABC.FINPLF/GrievenceNew.aspx

Annexure - Classification as Special Mention Account (SMA) and Non-Performing Asset (NPA)

With reference to the RBI circular no. RBI/2021-2022/125 DOR.STR.REC.68/21.04.048/2021-22 on ‘Prudential norms on Income Recognition, Asset Classification and Provisioning, pertaining to Advances – Clarifications’ dated 12th November, 2021, the following table explaining the Special Mention Account (SMA) and Non-Performing Asset (NPA) classification may kindly be noted.

Loans other than revolving facilities

SMA Sub-categories

(Basis for classification – Principal or interest payment or any other amount wholly or partly overdue)

• SMA-0 (Upto 30 days)
• SMA-1 (More than 30 days and upto 60 days)
• SMA-2 (More than 60 days and upto 90 days)
• NPA (More than 90 days)

Loans in the nature of revolving facilities like cash credit/overdraft

SMA Sub-categories

(Basis for classification – Outstanding balance remains continuously in excess of the sanctioned limit or drawing power, whichever is lower, for a period of)

• SMA-1 (More than 30 days and upto 60 days)
• SMA-2 (More than 60 days and upto 90 days)
• NPA (More than 90 days)

An illustration/example of SMA/NPA classification for ease of understanding is as follows:

Mr. X has taken a loan of Rs.10 lakhs for 36 months and the due date of instalment payment is April 05, 2021.

• SMA 0 - If Mr. X does not pay the dues wholly (dues defined as - principal, interest, charges or any other amount due) to ABCL by the day end on April 05, 2021 then the loan account becomes overdue on same date i.e. April 05, 2021 end of day and shall be tagged as “Overdue” and “SMA-0”.
• SMA 1 – If Mr. X does not pay the dues wholly and the loan account continues to remain overdue the loan account shall be tagged as SMA-1 on May 05, 2021 i.e. upon completion of 30 days of being continuously overdue.
• SMA 2 - If Mr. X does not pay the dues wholly and the account still continues to remain overdue, it shall be tagged as SMA-2 on June 04, 2021 i.e. upon completion of 60 days of being continuously overdue.
• NPA - Further if Mr. X still does not clear the dues wholly as stated above, the loan shall be classified as Non-Performing Asset (NPA) on July 04, 2021 i.e. upon completion of 90 days of being continuously overdue.

The above illustration is also applicable for revolving facilities where either outstanding balance remains continuously in excess of the sanctioned limit /drawing power or interest is overdue and not paid on due dates.

It may be noted that any overdue loan account classified as SMA/NPA will have an impact on the Credit Bureau Score of the Borrower.

Source:

RBI circular no. RBI/2021-2022/125 DOR.STR.REC.68/21.04.048/2021-22 on ‘Prudential norms on Income Recognition, Asset Classification and Provisioning, pertaining to Advances – Clarifications’ dated 12th November, 2021. Here's a comprehensive table explaining the Special Mention Account (SMA) and Non-Performing Asset (NPA) classification.

Aditya Birla Capital Limited

Corporate Office: One World Center, Tower 1, 18^th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai, Maharashtra - 400 013

Registered Office: Indian Rayon Compound, Veraval, Gujarat - 362 266

CIN: L67120GJ2007PLC058890

For customer care and other queries: care.digitalfinance@adityabirlacapital.com

Toll-free no.: 1800-270-7000 | www.adityabirlacapital.com

Terms and conditions apply. Credit at sole discretion of Aditya Birla Capital Limited (ABCL) and subject to credit appraisal, eligibility check, rates etc. ABCL may use the services of their authorized agencies in servicing the requirements.