Nomenclature
All the loans are given as a demand loan. It is either the client who contacts the Company or our representatives who contact the client on the basis of the information made available to the Company by the clients themselves using our website.
Tenure of the Loan
All loans are sanctioned for a minimum tenure of 1 Years and a maximum period of 20 Years. Once the loan is availed, the term of the loan can’t be extended under any circumstances.
Eligibility for the Loan
Any individual who is a citizen of India and fulfills all requirements for the loan and KYC norms as per RBI guidelines is eligible to apply for a loan. The basic documents that are required for every loan are:
• UIDAI No(Aadhaar Card)
• Bank Account Number
Purposes
The loan can be extended to anyone who is having short-term or long-term funds requirements like capital for establishment/expansion of business activity, personal requirements, or domestic needs including medical expenses, education, vehicle, etc. Loans shall not be availed for any speculative, illegal, or unlawful purposes that violate the laws of the Country.
Loan Amount
The minimum loan amount will be Rs. 10,000/- and maximum of Rs. 50,00,000/- Loan amount. But, the loan amounts approval depends on the banking partners.
Loan Approval
After considering all the facts and aspects of the loan application, the applicant will be intimated in due course of time approval of the loan by the Aadhaar Cash. The loan will be approved after thoroughly checking your documents, etc. The Aadhaar Cash provides financial assistance to the customers on its own, and the Company has tie-ups with several banks. The Company is authorized to offer you through these banks as well.
Interest and charges
Interest rates depend on the type of loan availed by the customer. The interest rate ranges between 7.00% to 24.00% annually. The interest shall be calculated for the actual number of days the loan remains outstanding, it refers to the period between the date of the loan disbursement and the date of closure.
A grace period up to 3 days on the due date may be allowed to the client at the sole discretion of the Company. For the purpose of calculation of interest, a year will be counted as 365 days. Interest is calculated on 30 days compounding basis.
Penal interest
In the event of failure on the part of the borrower to pay the EMI along with interest and other charges on the due date or within the grace period permitted, penal interest as decided by the Company shall be charged over and above the regular interest prospectively.
Loan Repayment
The repayment of the loan is accepted on a monthly basis. The client has to pay the EMIs every month until the tenure of the loan is complete and the full debt has been cleared. It is the duty of the client to pay EMIs on a timely basis as it not only saves late fees charges but it also improves the CIBIL score of the client.
However, if the client fails to pay the EMI of the loan in any particular month, a late fee interest of 1.5% will be charged on a daily basis on the EMI amount.
Fraud Prevention
All kinds of fraudulent activities or attempts to defraud, whether it is by our employees or outsiders, must be brought to the knowledge of the Management as soon as it is detected so that we can take appropriate action against the miscreant.
Employees of Central/State Government
A loan may be given to any person working in State/ Central Government within India.
Relaxation on the Interest
If the full and final repayment of the loan amount is made before the stipulated period, then the applicant may get relaxation on interest.
The Company May Demand
There are chances that the Company may demand the following elements in order to complete the procedure of the loan. The Company will choose whether to demand these from you or not based on the following three criteria:
• The type of loan you have availed
• The amount of loan you have demanded
• Your Locality like city-area
Non-Refundable Charges
If the customer fails to complete the loan procedure due to any reasons or problem, then service charges and other charges in the process taken will be non-refundable.
Loan Disbursal
Once the applicant submits all papers and completes all formalities as per the Company’s requirement, the finance company will disburse the loan one working day through Online payments.
Suspension of Services
The Company may also suspend services on the web or cancel loan requests for any customer at its sole discretion without assigning any reason, whatsoever.
If Any Party Fails to Complete the Process
If the customer is unable to complete the process, the following will be applicable:
1. The Company will not refund any amount in such cases. The Company is not responsible for or liable for, any action, claims, demands, losses, damages, costs, charges, and expenses that a customer may suffer, sustain or incur due to the offer.
2. If the Company is unable to disburse the loan amount due to mismatch of the details in UIADI document or bank account number or any other related documents then the loan seeker/customer may not make any issues or from the legal aspects because he/she could not applied with genuine documents or details to the company.
Transaction Issues
Returned, Disputed or Un-Authorized / fraudulent transactions by the customers will not be considered.
Recovery Agents
The Company has a specific Recovery Department that takes care of the recovery of the loan amount. There are many authorized recovery agents in this department who are responsible for recovering the money in case a client fails to pay the EMI. If a client does not pay EMIs on a timely basis, then these recovery agents will take over and try to recover the loan amount in a manner they deem fit. These agents can call you or reach out to you at the provided address. They have their own way of dealing with defaulter clients and the Company has no say in it, whatsoever.
Disputes
If the client holds any grudges against the company due to any reasons, the client must not, in any case, stage protests, damage the property of the Company, fight, abuse, etc. then the Company is entitled to take legal action against the client.
