This Loan Agreement (the "Agreement") is made effective as of July 15th, 2024 (the "Effective Date"), by and between SAMSARA FINANCE PRIVATE LIMITED (the "Lender"), a nonbanking financial company, and app user(the "Borrower"), facilitated through the digital lending platform Reba Cash operated by REBA REALTORS PRIVATE LIMITED (the "Service Provider"), which does not participate in the management or recovery of the loans. By agreeing to these terms, the Borrower acknowledges and accepts the conditions set forth by the Lender in relation to the loan disbursement and repayment process.
Lender:
Name: SAMSARA FINANCE PRIVATE LIMITED
Website: https://www.samsarafin.com
Borrower:
The borrower is an individual who uses the Reba Cash app to apply for and receive loans. The borrower agrees to the terms set forth by the lender and is responsible for the repayment of the loan.
Platform:
Name: Reba Cash
operated by REBA REALTORS PRIVATE LIMITED (the "Service Provider")
Website: https://www.rebarealtors.com
Borrowers must be at least 18 years old and Indian residents to qualify for a loan through our app. They must submit valid identification documents for identity verification purposes and satisfy all prerequisites and criteria set by the platform and/or the lender, including complying with Know Your Customer (KYC) procedures, verifying documents, and meeting submission requirements.
Loan Amount: ₹2000 to ₹50000
Interest Rate: 0.05% per day
Term: 91-120 days(Flexible terms)
Maximum Annual Percentage Rate (APR): 25.02%
Service Charge: 5%(including GST18%)
Loan Amount: ₹10000
Interest= ₹10000*0.05%/day*91=₹455
Service Charge(including GST18%)=₹10000*5%=₹500
Received Amount= ₹10000-₹500(Service Charge)=₹9500
Repayment Amount: ₹10000+₹455(Interest)=₹10455
Late Payment Penalties:
(1)Late Interest: None
(2)Late Fee: 1% per day
Rate Changes:
Any changes to the interest rate will be communicated via email.
During the Loan Term:
Total Interest: To be detailed in the loan agreement
Prepayment:
Fees: None
Refunds for Unapproved Loans:
Charges: None
Repayment:
Installments: 1 installment
Collateral/Guarantee:
Requirement: None
Tax Responsibility: The Lender will pay any applicable income or other taxes on loan proceeds or interest.
Processing Fees/Service Fee: The Borrower will cover all processing and service fees, which will be included in the total loan amount.
Corridor and Repayment Fees: The Borrower is responsible for corridor fees and any fees related to processing loan or installment payments.
Overdue Costs: If the Borrower misses a payment, overdue charges will be calculated daily at the overdue interest rate, added to the loan balance until the principal is fully repaid.
From the contract date, the Lender agrees to issue a loan to the Borrower under the following conditions:
Loan Approval: Approval is at the Lender's sole discretion.
Eligibility: The Borrower must meet all platform and Lender criteria, including KYC compliance, document verification, and submission requirements.
Contract Acceptance: Both parties must sign the contract, promissory note, and loan agreement. The Borrower must accept the Privacy Policy, Terms of Service, and any additional terms through the Reba Cash app. Entering the OTP confirms full agreement to the contract.
OTP Responsibility: The Borrower is liable for any loss or damage from OTP usage and agrees to indemnify the Lender for any related claims.
Loan Disbursement: Upon approval, funds will be deposited into the Borrower’s bank account, covering the loan principal and any associated fees.
Approval Notification: The Lender will inform the Borrower of approval through the platform and via SMS.
Application Cancellation: The Borrower cannot cancel a loan application after submission through the platform.
The Borrower agrees to:
- Provide Accurate Information: The Borrower shall provide truthful, accurate, and complete personal and financial information to ensure the smooth processing of the loan application. If any false or misleading information is discovered, the Lender has the right to reject the loan application and take appropriate measures.
- Timely Repayment: The Borrower must repay the loan on time, strictly adhering to the terms and conditions of the loan agreement. Failure to do so will result in late fees and legal consequences.
- Legal Use of Loan: The Borrower agrees to use the loan for legitimate and declared purposes and not engage in any fraudulent or illegal activities. If the loan is found to be used illegally, the Lender has the right to terminate the loan and demand early repayment.
- Notify Changes: The Borrower shall promptly notify the Lender of any changes in contact information or financial status to enable timely communication and risk assessment.
- Maintain Credit Record: The Borrower should maintain a good credit record to avoid affecting future loan applications.
SAMSARA FINANCE PRIVATE LIMITED (the "Lender") agrees to:
- Provide Clear Terms: The Lender will provide clear and detailed loan terms and conditions to ensure the Borrower understands important information such as interest rates, fees, and repayment methods.
- Information Protection: The Lender will take stringent measures to protect the Borrower's personal information and privacy, and will not disclose it to third parties without the Borrower's consent unless required by law or for loan management purposes.
- Legal Compliance: The Lender will comply with all relevant laws and regulations to ensure the legality and compliance of the loan process and to protect the Borrower's legal rights.
- Fair Approval: The Lender will fairly and justly approve loan applications based on the Borrower's credit evaluation and risk management policies, ensuring the Borrower receives an appropriate loan amount.
- Customer Service: The Lender will provide high-quality customer service to answer the Borrower's questions and assist with any issues that may arise during the loan process.
Reba Cash, operated by REBA REALTORS PRIVATE LIMITED (the "Platform"), acts solely as an intermediary between the Borrower and the Lender. The Platform itself is not responsible for the approval or rejection of loans. The Platform will:
- Connect Both Parties: The Platform will facilitate the connection between the Borrower and the Lender, providing a convenient and secure lending platform that enables the Borrower to easily find suitable loan products.
- Ensure Information Transparency: The Platform will ensure the transparency of loan information, displaying detailed information about various loan products to help the Borrower make informed lending decisions.
- Data Security: The Platform will employ advanced technology to protect the data security of both the Borrower and the Lender, preventing unauthorized access and data breaches.
- User Support: The Platform will provide comprehensive user support services to answer any questions the Borrower or Lender may have while using the Platform, ensuring a satisfactory user experience.
- Continuous Improvement: The Platform will continuously improve and optimize its services by collecting user feedback and enhancing its features and performance to provide better service to both the Borrower and the Lender.
This agreement becomes effective as soon as the Borrower submits the loan application and will terminate once the Borrower has fully repaid the loan principal and interest.
Both parties agree that this agreement is legally binding and has the same effect as a physically signed document.
Thank you for using our services. For any inquiries, please contact our customer service team at support@rebarealtors.com.