These terms and conditions, once digitally signed/accepted by the customer, assume legally binding force as to any loan facility obtained by the customer (hereafter referred as borrower) from Paul Instacred (P) Ltd. (hereafter referred as Lender) having its registered office at SCO 827 – 828, Sector 22 – A, Chandigarh – 160022. Read the terms and conditions set forth below carefully and convey your acceptance in the manner indicated by the Lender.

The borrower do hereby agrees and binds himself/herself on the following terms & conditions:-

Definition of “Borrowers Dues” means and includes the outstanding principal amount of the Loan, all interest, penal interest, all fees, costs, charges, expenses, legal costs, stamp duty and all other monies whatsoever payable by the Borrower to Lender in accordance with these terms and conditions.

In consideration of the Lender having agreed to grant/granted to the Borrower the Loan, the Borrower irrevocably undertakes and confirms the acceptance of the following terms and conditions:-

• Based upon the particulars given in the Loan Application and documents submitted to the lender, the Lender has sanctioned to the borrower, a loan more particularly described in the Schedule-I.
• The Loan amount shall be disbursed to the Borrower net of all initial payments towards administration fees, premium, transaction/processing charges etc. Lender shall disburse the Loan by bank transfer.
• It is further agreed that Lender shall be entitled to require the Borrower to execute such additional documentation as may be required at any time in future as may be required in order to give effect to any provision of these terms and conditions or any other understanding with Borrower and the Borrower do hereby undertakes to execute all such documentation as and when required by Lender without any objection or delay.
• The applicable interest rate has been determined by taking into account the risk involved in loans under each scheme/slab. While the rate of interest shall be lower in case periodicity of payment of interest is shorter, it shall be increased progressively with increase in periodicity of payment of interest.
• The Loan shall be utilized by the borrower only for legitimate purposes and shall not be utilized for any speculative, improper or unlawful/purposes/activities. However, full responsibility/answerability in this respect shall solely rest on the borrower.
• The Loan, interest and other dues shall be paid by the borrower as per the repayment schedule as agreed in Schedule I.
• The lender has the right to recall the loan at any time before the expiry of the period for which the loan is sanctioned if in the opinion of the lender the loan has been availed through misrepresentation, falsification or suppression of facts or for any other reason as deemed fit by the lender. The decision of the lender in this regard shall be final and binding on the Borrower. If so demanded, the Borrower will be bound to clear the entire loan together with interest and other dues.
• The repayment/payment of Loan shall not be affected, impaired or discharged by insolvency or death of the Borrower.
• The Borrower shall have to remit the principal amount, interest and other dues as per Schedule-I. In case of any delay in payment of due interest or principal or other dues on or before the agreed due date, the loan shall automatically be shifted to the next interest slab as per Rate of Interest Schedule given in the Schedule-I, which the Borrower has understood and agreed. In case of default, the customer shall also be liable to pay penal charges as applied by the lender along with cost of recovery.
• Borrower understands that the Lender reserves the right to change the rate of interest at its discretion at any time taking into consideration all relevant factors such as cost of funds, risk factors, market conditions etc. Any change in the rate of interest shall have effect prospectively only.
• In the event of pre-payment of the loan or any part thereof by the borrower, the amount will be first adjusted towards costs/charges and interest and then towards the principal loan amount without any pre-payment penalties.
• Where the Loan is provided to more than one Borrower, the liability of the Borrowers to repay the Loan along with interest, costs, charges, expenses, legal costs, etc shall be joint and several and the word Borrower in these terms and conditions shall mean to include all Borrowers and their Legal Heirs.
• The Borrower shall bear, pay and reimburse to Lender, all charges relating to NACH failure, cheque bouncing, administration charges, Legal costs, interest tax, GST, all kinds of applicable duties (including stamp duty), and taxes of any description as may be levied from time to time by the Government or other authority and all other costs and expenses whatsoever in connection with (a) application for and the grant and repayment of Loan; (b) recovery and realization of the Loan together with interest;(c) clearance of arrears of all taxes and any other charges and levies of the Government in respect of the loan.
• An event of default shall be deemed to have occurred if the Borrower (a) commits a breach of any of these terms and conditions , or (b) fails to pay the Dues or any other amount due and payable to lender on the due date, or (c) has made any misrepresentation to lender (d) the Borrower has been declared insolvent or is subjected to insolvency proceedings and/or (h) If any circumstance or event occurs which is prejudicial to or impairs or imperils or jeopardize or is likely to prejudice, impair, imperil or jeopardize the interest of the Lender.
• Upon occurrence of any of the events of default, lender without prejudice to its rights and remedies available under these terms and conditions or otherwise, shall send a prior notice of 7 days in writing to the Borrower calling upon the Borrower to accelerate the payment or to pay forthwith all the dues payable under these terms and conditions; failing which lender shall have right to initiate Legal action against the borrower, at the costs and risks of the Borrower.
• The Borrower declares that :
  • The Borrower has all legal right and full power to accept these terms
  • The borrower acknowledges that lender has acted purely on the information, documents, statements and assurance given by the borrower without making any independent enquiries, on its own
  • There is no action, suit or proceedings against the Borrower/Borrowers pending before any court of law or before any other tribunal, judicial, quasi-judicial or administrative authority, which might affect the Borrowers/Borrowers ability to perform its/their obligations hereunder.
• The Borrower hereby agrees that lender, as it may deem appropriate and necessary, be entitled to disclose all or any:
  • Information and data relating to the Borrower;
  • Information or data relating to these terms;
  • Obligations assumed /to be assumed by the Borrower in relation to the Loan, furnished by the Borrower for any other credit facility granted / to be granted by lender;
  • Default, if any, committed by the Borrower in discharge of the aforesaid obligations,
  to the Credit information Bureau (India) Limited (“CIBIL”), any other Credit Bureau, Reserve Bank of India (RBI), Government authorities, Regulatory authorities and any other agency authorised in this behalf by the said Agencies. Said Agencies may use and/or process the aforesaid information and data disclosed by lender, in any manner as deemed fit by them and may furnish the processed information and data or products thereof prepared by them, to financial institutions and other credit grantors or registered users, as may be specified by them in this behalf.
• Borrower understands that the loan is sanctioned in compliance of the Terms of “Fair Practice Code” of the NBFC partner company, Paul Merchants Finance Private Limited, of the Lender on the website: www.paulfincap.com.
• In case of any change in these terms and conditions, the same shall be updated on Lender’s website. It is the responsibility of the Borrower to review these Terms periodically for updates / changes and any such by the Lender will automatically become the part of these terms and conditions.
• In case the borrower has any grievance about any of the aspects concerning the loan availed, he/she shall first bring it to the notice of the Credit Manager of the Company on his/her email id cm@paulfincap.com or Mobile no.8872376773 If the Credit Manager could not resolve the grievance, the borrower shall bring take up the matter with Business Head on his/her email id sonali.bansal@paulmerchants.net or Mobile no.9569444122.If the Business Head also could not resolve the grievance to the satisfaction of borrower, the borrower may write to the Grievance Redressed Cell of the Company at this address:- The Grievance Redressal Cell, Paul Merchants Finance (P) Ltd, SCO 829 – 830 Sector 22 – A, Chandigarh – 160022.
• Any notice, request, demand or other communication under these terms and conditions shall:
  a) Be in writing, delivered to the registered email or by hand, courier or by registered post, to the address as indicated by the borrower in loan application or
  b) Be sent to the Borrower at its the address mentioned in the application form or address mentioned herein and to lender at its registered office or to such other address as either party may in writing hereafter notify to the other party.
  c) Be intimated by SMS or email registered with the lender
• If there is any change in the address or phone no. given in the loan application, the same should be intimated by the borrower to the lender by email or on the digital platform or through registered letter or through hand delivery failing which it will be presumed that notices sent at the address given in loan application is duly received by the Borrower, irrespective of its acknowledgement.
• The parties hereto expressly agree that all disputes arising out of and/or relating to these terms and conditions including any other loan document shall be referred to arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 as may be amended, or its re-enactment, by a sole arbitrator, appointed by lender. The costs of such arbitration shall be borne by the borrower or otherwise as determined in the arbitration award. If a party is required to enforce an arbitral award by legal action of any kind, the party against whom such legal action is taken shall pay all reasonable costs and expenses and attorney’s fees, including any cost of additional litigation or arbitration taken by the party seeking to enforce the award. The place of arbitration shall be Chandigarh. The Courts in Chandigarh shall have exclusive jurisdiction to try and entertain any dispute proceedings arising out of these terms and conditions.
• INDEMNITY:- Borrower agrees to indemnify, defend and hold the Lender and its directors, officers and Representatives and all related parties harmless against any and all kinds of claims, losses, damages, and liabilities, costs and expenses, including and without limitation legal fees and expenses, arising out of or related to use or misuse of the Loan, any violation of these Terms and conditions, any falsification in these Terms and conditions or any breach of the terms, representations, warranties, and covenants made by the borrower.
• The Borrower declares that the information and data furnished by the Borrower to lender under these terms and conditions including schedules and annexure are true and correct. The borrower further undertakes to furnish the information to lender immediately in case of any change in the information.
• By accepting these terms and conditions, the borrower agrees to opt for receiving the SMS and Emails about products of the lender and its associate/sister concerns and collection calls.