Document

Loan Agreement

The Simple Credit Agreement is entered into between Brahaspati Instant Loan (referred to as the "Lender") and the individual customer named in the loan application form (the "Customer"), hereinafter collectively referred to as the "Parties", pursuant to the terms, definitions, and conditions expressly set forth herein.

For a maximum period calculated from the date of disbursement , the Borrower agrees to repay the Lender the granted line of credit, as well as the agreed ordinary interest, related charges, and any other amounts due in accordance with the terms of this Agreement.

The Lender grants a Loan for , excluding interest, fees, donations, VAT, and any other taxes or fees arising from this Agreement. After deducting interest and fees, the Borrower will receive . The loan will mature exactly on with an annual percentage rate of .

The Borrower holds full and unrestricted legal capacity, authority, and power to execute, deliver, and perform all obligations stipulated in the Loan Documents.

Each Loan Document constitutes a legal, valid, and binding obligation of the Borrower, enforceable against the Borrower in accordance with its respective terms.

The Loan Documents—including all representations and warranties contained therein—and the Borrower’s compliance with their terms and conditions are in full accordance with all applicable agreements, contracts, laws, regulations, and decrees binding upon the Borrower, their income, and their assets.

The Borrower has no criminal record and is entering into the Loan Documents and/or the Loan Agreement freely, voluntarily, and without coercion.

The Borrower's existing loans and obligations with other lenders (including banks, financing companies, and credit card companies) are current and not delinquent or past due.

All documents, communication, and information provided by, or on behalf of, each Borrower are complete, accurate, and true.

The representations and warranties made by each Borrower as of the date of execution of each Loan Document and are deemed repeated throughout the duration of the Loan.

The Borrower shall promptly notify the Bank’s Customer Care department by phone or email of any changes to key personal information, including but not limited to residential address or contact details. In the event of any discrepancy in the Borrower's name as stated in the Loan Documents, corrected documents shall be issued to accurately reflect the Borrower's legal name. Furthermore, any change in the Borrower's employment status must be reported within two (2) business days.

The Borrower acknowledges and agrees to be bound by these Terms and Conditions, as well as all terms, covenants, and obligations set forth in the Loan Documents.

The Borrower shall repay in full all outstanding amounts due under the loan, including but not limited to principal, fees, finance charges, interest, and any other unpaid balances, in accordance with the repayment schedule and terms specified in the Loan Documents.

Each Borrower agrees to promptly provide and submit all required documents and information as needed throughout the loan term.

Each Borrower agrees to use the Loan solely for personal purposes and the declared intent stated in the application, and not for any unlawful activities or purposes.

Each Borrower agrees that the credit agreement shall remain valid and enforceable even in the event of unforeseen circumstances such as the Borrower's death or permanent disability, until "Brahaspati-instant loan" receives formal notice of such an event.

Each Borrower acknowledges that the Terms and Conditions, along with the Loan Documents, are legally binding and shall benefit both "Brahaspati-instant loan" and the Borrower(s), including their respective estates, heirs, personal representatives, assigns, successors-in-title, and any other parties who may acquire rights under these agreements.

Any applicable Documentary Stamp Tax related to the loan shall be the responsibility of the Borrower and will be deducted from the net proceeds of the loan.

Prior to the Loan taking effect, the Borrower(s) will be formally notified of the applicable interest rate(s) as stated in the Loan Documents. Each Borrower hereby expressly consents to pay the specified interest rate—whether standard or preferential—as set forth therein.

Unless otherwise expressly communicated in writing by Brahaspati Instant Loan, the interest rate applicable to the Loan shall be the regular rate as indicated in the Disclosure Statement provided to the Borrower(s).

The Borrower must promptly notify the Bank's Customer Care department via phone or email of any changes to essential information, including residential address or contact details. If the Borrower's name as recorded in the Loan Documents contains any discrepancies, corrected documents will be issued to accurately reflect the correct name. Additionally, any change in employment status must be reported within two (2) business days.

The Borrower agrees to comply with and be bound by these Terms and Conditions, as well as all terms and provisions contained in the Loan Documents.

Each Borrower commits to repaying all outstanding amounts, fees, finance charges, interest, and any other unpaid balances in accordance with the terms specified in the Loan Documents.

Each Borrower further agrees to promptly provide and submit all necessary documents and information as reasonably required by the Bank throughout the loan period.

Each Borrower agrees to use the Loan exclusively for personal purposes and the declared intent specified in the application, and not for any illegal activities or purposes.

Each Borrower agrees that the credit agreement will remain valid and enforceable even in the case of unforeseen events such as the Borrower's death or permanent disability, until the "Brahaspati-instant loan" is formally notified of such an event.

Any applicable Documentary Stamp Tax associated with the loan shall be the Borrower's responsibility and will be deducted from the net proceeds of the loan.

The Borrower agrees to pay the late payment fee specified in the Loan Documents if the monthly installment is not paid in full by the due date. "Brahaspati-instant loan" will collect the late fee, along with any applicable penalties and interest, starting the calendar day after the missed payment and continuing until all overdue amounts are settled.

At the discretion of "Brahaspati-instant loan," a Borrower shall be deemed in default, regardless of the cause and whether voluntary or involuntary, if any of the following events occur:

Failure to pay any principal, interest, fees, or other amounts due under these Terms and Conditions and other Loan Documents when payable.

Provision of inaccurate or misleading information or representations regarding the Promissory Note, these Terms and Conditions, additional Loan Documents, or any other documentation required by or submitted to "Brahaspati-instant loan".

Any Borrower fails to fulfil or defaults on any term, obligation, or covenant contained in any contract or evidence of indebtedness and related documents.

Any Borrower neglects to make payments or defaults on the principal or interest due or fails to comply with any stipulation, duty, or agreement outlined in any loan agreement with another financial institution, individual, or organization, which will be considered a breach of their obligations.

If any Borrower fails to comply with the terms of any agreement entered into with a financial institution or other entity—such as defaulting on the repayment of borrowed funds—or if any default condition is triggered under such agreements, such conduct shall be deemed a breach of their obligations under this Agreement.

A Borrower shall also be considered in default if he/she/they become insolvent or are unable to meet his/her/their debt or other payment obligations as they fall due, or if he/she/they commit or are subject to any act of insolvency.

Furthermore, default will occur if any Borrower applies for or is placed under voluntary or involuntary relief, or becomes the subject of any proceedings, under applicable bankruptcy or insolvency law, or in the event of the Borrower's death or legal incapacity.

Any of the properties of any Borrower, real or personal, becomes the subject of garnishment, attachment, levy, expropriation, seizure, execution, or other legal processes.

If any Borrower challenges the legitimacy or enforceability of the Promissory Note, these Terms and Conditions, or the other Loan Documents, or if they formally dispute in writing the overall responsibility of the Borrower(s) as per any of the mentioned documents, it will be considered a repudiation of their obligations.

“Brahaspati-instant loan” believes on reasonable grounds that any Borrower fraudulently misrepresented any information or submitted any falsified documents in order to facilitate the granting of the Loan;

Any event or circumstance transpires that, in the reasonable opinion, will adversely affect any Borrower’s performance or ability to pay the obligations as they fall due under the Loan.

In the event of a Default, "Brahaspati-instant loan" reserves the right, though not obligated, to deem the entire outstanding principal of the Loan, all accrued and unpaid interest, and any unpaid penalties to become immediately due and payable. At that point, they will be due without the necessity for presentation, demand, protest, or any additional form of notice, all of which are hereby explicitly waived by each Borrower.

Upon default and in addition to the principal amount, interest and late payment charges, each Borrower agrees to pay the charges on the outstanding amount due as stated in the Loan Documents. Such charges may consist of the following:

The aforementioned fees or charges are clearly outlined in the Disclosure Statement and Amortization Schedule.

Upon default, the Borrower acknowledges that "Brahaspati-instant loan" may appoint representatives, agents, or third-party agencies to enforce its rights under the Loan. The Borrower consents to the disclosure of relevant account information to these authorized parties and agrees to indemnify Brahaspati-instant loan for any damages, costs, or liabilities resulting from such disclosures.

If the Borrower fails to pay the full amount due on the Payment Date, the account will be classified as delinquent.

In the event of delinquency, the Borrower authorizes "Brahaspati-instant loan" to report their name, loan details, and relevant information to credit reporting agencies and financial industry databases.

Furthermore, the Borrower grants the Bank the authority to sell, assign, or transfer all or part of its rights and obligations under the Loan Documents to any individual or entity.

Each Borrower represents and warrants that the third-party references whose details have been provided are personally known to them, are of legal age, possess full legal capacity, reside within India, and maintain an active local mobile number. The Borrower further confirms that they have obtained prior consent from these third parties before submitting their names and contact information, and that such third parties have agreed to be contacted by Brahaspati Instant Loan for verification purposes.

The Borrower hereby expressly waives, to the extent permitted by applicable law, any rights of confidentiality relating to the Loan, the Promissory Note, and all associated documents, in favour of Brahaspati Instant Loan, the Bangko Sentral ng Pilipinas (BSP), any competent court, and any other governmental or administrative authority that may lawfully require disclosure of such information.

The Borrower may not assign, transfer, or delegate any rights or obligations under these Terms and Conditions or any related Loan Documents to any third party without the prior written consent of Brahaspati Instant Loan.

Brahaspati Instant Loan reserves the right, at its sole discretion and at any time, to sell, transfer, assign, or participate all or any portion of its rights and obligations under the Loan, these Terms and Conditions, and/or any other Loan Documents to one or more parties, without being required to obtain the Borrower’s consent or to provide prior notice.

The Borrower acknowledges the confidentiality of all information acquired during the loan application process, including details regarding "Brahaspati-instant loan"'s products, services, operations, and its affiliated entities and personnel. The Borrower agrees to maintain strict confidentiality and shall not disclose any such information to third parties.

Each Borrower hereby reiterates his/her consent and agreement to the terms and conditions of the Privacy Statement, and such terms and conditions are hereby incorporated herein by reference and shall apply as if fully set forth herein mutatis mutandis.

Each Borrower hereby agrees to provide accurate and truthful information, and if there are additional Borrowers involved, ensures that they too provide such information. They consent to the collection, processing, maintenance, retention, verification, and utilization of this information in accordance with the Bank's Privacy Policy, including the terms, conditions, and permissions stated therein.

In addition to the consents, authorizations and agreements stated in the Privacy Statement, each Borrower hereby agrees that the collected Personal Data can also be used for or in the following means:

b. used in any market research or study of “Brahaspati-instant loan” on its loan products.

c. marketing of products and services of “Brahaspati-instant loan”, and its Affiliates, and of Merchant-Partners, including marketing initiatives, special offers, or promotional activities through e-email, SMS, telephone calls, social media, e-commerce or other means of communication or channels.

d. enhancing the products of “Brahaspati-instant loan”, which includes surveys, benchmarking, profiling, statistical analysis, planning and research.

e. curation of offers of other products or services that will fit each Borrower’s profile.

"Brahaspati-instant loan" reserves the right to modify these Terms and Conditions at any time, provided that Borrowers are notified at least 30 calendar days before such changes take effect. Notification will be delivered through the communication methods specified in these Terms and Conditions.