1. Tailored Loan Solutions
Access reliable and flexible loan solutions designed to meet your unique financial needs:
Maximum Loan Limit: ₹1,00,000
Loan Duration: 91 to 180 days
Processing Charge: Capped at 3% of the loan amount
Daily Interest Rate: 0.07%
Annual Percentage Rate (APR): 25.48%
Detailed Loan Calculation Example
Let's break down a personal loan of ₹10,000 with a 4-month repayment term:
Processing Fee (3%): ₹300
GST on Processing Fee: ₹54
Total Deductions (Processing Fee + GST): ₹354
Amount Disbursed: ₹9,646 (Processing fee and GST deducted upfront)
Total Interest Payable: ₹838
EMI (Monthly Installment): ₹2,709
Total Repayment Amount: ₹10,838
Please note that the processing fee and applicable GST are deducted from the loan amount at the time of disbursement.
2. Assurance from Yatrik Loan
a. Loan Payment Commitment: Yatrik Loan shall adhere to this agreement by paying the loan amount in a single installment directly to the borrower.
b. Repayment Support Plan: Yatrik Loan will provide a detailed repayment schedule, including all necessary repayment information and support to the borrower for timely loan repayment.
c. Confidentiality and Data Protection: Yatrik Loan commits to the strict confidentiality of the borrower’s personal and repayment information, with a firm stance against its unauthorized disclosure or exploitation.
3. Determination of Loan Amount
The value of the loan to be disbursed to the borrower shall be determined based on the amount requested through the loan application submitted to the lender. Following a mutual agreement on the requested amount by both the borrower and the lender, the loan will be executed in compliance with the terms outlined in this agreement.
4. Repayment Agreement Specifications
· Repayment Initiation: The repayment process as described in this agreement shall begin immediately from its effective date, adhering to the agreed-upon repayment mechanics until the entire loan along with interest is fully settled.
· Late Payment Repercussions: Failure to timely repay the loan will result in the accrual of overdue interest from the lapse date, calculated at an annualized rate mutually agreed, until the entire overdue principal and interest are paid in full.
· Option for Early Repayment: It is within the borrower's right to fully or partially repay the loan ahead of the stipulated repayment timeframe.
5. Borrower's Assurance
a. Agreement Compliance: The borrower fully understands this agreement and agrees to meet all its conditions and obligations.
b. Information Veracity: The borrower ensures the veracity, precision, and fullness of the provided information, without any falsehoods.
c. Fulfillment of Repayment: The borrower will adhere to the repayment timeline, settling the principal and interest in accordance with the plan laid out in the application.
d. Permit for Credit Examination: The borrower grants the loan service provider the authority to assess their creditworthiness and repayment potential as necessary.
6. Change in Agreement
All updates, changes, or supplements to the conditions of this Agreement necessitate drafting in a written format, which shall then be validated through the mutual agreement and signatures of the involved parties.
7. Repayment Breach Penalties
a. Interest for Delayed Repayment: Failure to meet the repayment terms will subject the Borrower to additional interest penalties as defined in this Agreement.
b. Rights to Legal Recourse: Yatrik Loan retains the right to seek legal remedies against borrowers who default on their repayment, which may include credit reporting and litigation.
