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|Document Title:||Interest Rate Policy|
|Approved in the Board Meeting:||02.09.2022|
|Approved by (Chairman of the Board):||Mr. Pawan Kumar Mittal|
|Place of Meeting:||Chawla House, 3rd Floor, 19, Nehru Place, New Delhi-110019|
The Reserve Bank of India (“RBI”) vide notification no. DNBS. 204/CGM (ASR)-2009 dated January 02, 2009 and Master Direction DNBR. PD. 007/03.10.119/2016-17 dated September 01, 2016, and subsequently amended from time to time, advised that the Board of Directors (hereinafter referred to as “Board”) of applicable NBFCs shall formulate appropriate internal principles and procedures and thereafter, adopt an interest rate model considering the relevant factors such as cost of funds, margin and risk premium and determine the rate of interest to be charged for loans and advances.
Unifinz Capital India Limited (herein after referred to as “Company”) shall adopt all such guidelines prescribed by RBI from time to time and shall make appropriate modifications if any necessary to this Policy to conform to the standards so prescribed.The Company operates under the brand name “lendingplate” hence the name used as “lendingplate” shall represent Unifinz Capital India Limited for all purposes. In compliance with these regulatory requirements and the Fair Practices Code adopted by the Company, the Company has adopted this Interest Rate Policy broadly outlining the Interest Rate Model and the Company’s approach of risk gradation in this regard for its lending business.
The interest rate determination process and interest rate shall be disclosed on the Company’s website and shared with the customer in a timely and transparent manner.
This policy is approved by the Board of Directors of the Company and the Company has adopted the interest rate model taking into account all relevant factors such as cost of funds, margin and risk premium in order to determine the rate of interest to be charged for loans and advances. In terms of this policy, the rate of interest and the approach for gradations of risk and the rationale for charging different rates of interest to different categories of borrowers shall be disclosed by the Company to the borrowers/ customersthrough the Company’s website and/ or through other means in a timely and transparent manner and the information published on the website shall be updated whenever there is any change in the rates of interest. Further, the rate of interest to be charged from every individual borrower shall be communicated individually by way of loan documentation like sanction letter and loan agreements followed by explicit consent in writing from every such borrower prior to the disbursal of loan.. The rate of interest shall also be communicated in annualized rate so that the borrower is aware of the exact rates that would be charged to the loan account This policy for the Interest Rate model states that the interest rate or other rates and costs charged to the borrower shall be based on the following broad parameters:
The rate of interest and/ or charges for the same loan product and same tenor availed during the same period by different customers need not to be standardized as it can vary for different customers based on consideration of any or a combination of above parameters. Our loans range from ₹10,000 to ₹2,00,000 with repayment periods starting from 3 months to 15 months. The annual interest rates range from 36 - 240% however, rates may vary from case to case. All loans are paid through Equal Monthly Instalments (EMIs) via electronic payment.
Company shall offer only Fixed Rate loans to all its customers. The interest could be charged on monthly or on such rest as communicated in the loan sanction terms. The interest shall be deemed payable immediately on the due date as communicated and no grace period for payment of interest is allowed. Besides normal interest, Company may levy additional/ penal interest for delay or default in making EMI repayments and such interest to be calculated at the contracted default interest rate applicable to the defaulted EMI alone for the number of days of delay in repaying the EMI.
The changes in the interest rates would be prospective in effect and intimation of change of interest or other related charges would be given to customers in a mode and manner deemed fit.
Besides interest, Company shall require borrowers/ customers to bear certain financial cost for availing the loan and these are usually in the nature of fees/ charges like processing/ credit assessment fees, origination/ conversion fees, EMI mandate return charges, ECS/ Direct Debit/ ACH mandate registration/ lodgement/ handling charges, Fees for Rescheduling of loan or any other services provided by the Company or any other cost incurred by the Company for the provision of services related to the loan granted to the customers or as per schedule of charges communicated by the Company from time to time or cost towards an expense incurred by the Company for the recovery of the loan. Besides these charges, service tax and other cesses, if any would be collected at applicable rates from time to time. The Company may also levy and collect charges for loan documentation, portfolio monitoring, recovery of loan or for other facilities and services provided based on market standards. The details of the charges will be as per the schedule of charges. Any revision in these charges would be prospective in effect. Claims for refund or waiver of charges / penal interest would normally not be entertained by the Company, and it is at the sole discretion of the Company to deal with such requests.
The Company shall communicate the final fixed interest rate and fees and charges to customers at the time of sanction through Sanction Letter and other acceptable mode of communication. The disbursement loan documentation shall also specify the rate of interest among other loan parameters. A copy of the loan agreement shall be provided to the customer after the disbursal of loan.
This policy may be amended or modified in whole or in part, at any time without assigning any reason, whatsoever with the approval of the Board.
This policy will come into effect on the date of approval by the Board of Directors, i.e., 02.09.2022.
lendingplate may, at its sole discretion, amend the Terms & Conditions from time to time. Unless otherwise set out herein, amendments shall be effective upon the posting of such updated Terms & Conditions at this website of lendingplate. Your continued access or use of the services after such posting constitutes your consent to be bound by the Terms & Conditions, as amended.
If you are an individual, you must be at least 21 years old. If you are a non-individual you must be duly authorized (by such non-individual entity) to agree to these Terms. You must be a human being to enter into these Terms. Any use of lendingplate system by ‘bots’ or other automated tools or methods are not allowed. You represent and warrant that you can enter into these Terms & Conditions and performing the obligations set out hereunder.
In order to use the lendingplate system and avail the Service, you must register for and maintain a Service Account (“Account”). Account registration requires you to submit certain information such as your name, address, phone number, Permanent Account Number (PAN) and age and / or any unique identifier that may be assigned to you by lendingplate. You agree to maintain accurate, complete, and up-to-date information in your Account. Your failure to maintain accurate, complete, and up-to-date Account information may result in your inability to access and use lendingplate systems and / or the Services or result in lendingplate termination of this agreement with you.
You are responsible for all activity that occurs under your Account, and you agree to always maintain the security and secrecy of your Account username and password. Unless otherwise permitted by lendingplate in writing, you shall only use and operate one Account. You acknowledge and agree that any misuse of your Account for reasons not attributable to lendingplate shall be to your Account and you shall be liable for any and all liabilities incurred as a result of such misuse.
The Service constitutes of your access to lendingplate system, the assessment by lendingplate of your credit worthiness, and subject to lendingplate determining (in its sole and absolute discretion) that it is appropriate, your ability to apply for short term credit facility.
You acknowledge that lendingplate allows you to submit a Credit Facility Application based on a determination made by methodologies and algorithms in lendingplate system. The lendingplate system undertakes a dynamic evaluation of risk in relation to each Credit Facility Application submitted by you based on various factors including the amount of the Advance, the credit eligibility parameters, and other requirements. Given the dynamic nature of the determination made by lendingplate system, you acknowledge that there is no assurance or guarantee that lendingplate shall allow you to submit a Credit Facility Application for each Advance that you seek to avail.
You agree and accept that lendingplate may in its sole discretion, by itself or through authorised persons, advocate, agencies, bureau, etc. verify any information given, check credit references, employment details and obtain credit reports to determine creditworthiness from time to time.
lendingplate will require you to submit further documentation, information and details as required under applicable laws and its internal policies prior to taking any decision about grant of Advance to you. When lendingplate decides to grant an Advance to you, it shall require that you execute a loan / credit facility agreement with it to record the terms of the arrangement.
You must repay the Advance along with all interest, charges and fees payable to lendingplate in such manner as prescribed by lendingplate as and when it becomes due.
You acknowledge that an Advance disbursed under the Loan Documentation is a distinct transaction between You and lendingplate and each transaction is distinctly separate from the other.
You agree to allow lendingplate to send you payment reminders from time-to-time at such frequency and in such manner as permissible under applicable law. You further permit lendingplate to use any User Generated Content; and / or other information which you have granted lendingplate access to, for the purposes of enabling lendingplate to send payment reminders to yourself or to other persons who can be contacted by lendingplate through you whether such other persons are users of the lendingplate system to the extent permitted under applicable law.
You are responsible for acquiring and updating compatible hardware or devices necessary to access and use the services and lendingplate system and any updates thereto. lendingplate does not guarantee that the services, or any portion thereof, will function on any hardware or devices. In addition, the services may be subject to malfunctions and delays inherent in the use of the internet and electronic communications. You are further responsible for obtaining the data network access necessary to use the services on your own.
Subject to your compliance with these Terms & Conditions, lendingplate grants you a limited, non-exclusive, revocable, non-transferrable license in India to :-
You shall not :-
lendingplate shall have the on-going right to monitor your use of the services to the extent required to determine your compliance with the terms of these Terms.
User Generated Content means any information that may be generated or encountered through your Use of the Service, such as data files, device characteristics, written text, software, music, graphics, photographs, images, sounds, videos, messages and any other like materials.
You understand that all User Generated Content, to the extent permitted by the lendingplate system, is the sole responsibility of the person from whom such User Generated Content originated. This means that You, and not lendingplate, are solely responsible for any User Generated Content you upload, download, post, email, transmit, store or otherwise make available through your use of the Service. lendingplate does not control the User Generated Content used in the service, nor does it guarantee the accuracy, integrity or quality of such User Generated Content. You understand and agree that your Use of the Service and any User Generated Content is solely at your own risk.
You shall not use the services to upload, download, post, email, transmit, store or otherwise make available any User Generated Content that is unlawful, harassing, threatening, harmful, tortious, defamatory, libellous, abusive, violent, obscene, vulgar, pornographic, explicit, invasive of another’s privacy, hateful, racially or ethnically offensive, or otherwise objectionable.
You are responsible for backing up, to your own computer or other device, any important documents, images or other User Generated Content that you store or access via the service. lendingplate shall use reasonable skill and due care in providing the service, but lendingplate does not guarantee or warrant that any User Generated Content you may store or access through the service will not be subject to inadvertent damage, corruption, or loss.
You understand and acknowledge that certain risks are inherent in the transmission of information over the internet. By entering in to this agreement, You have chosen to use the security measures provided by lendingplate even though other security measures are available. While lendingplate uses industry standard information security measures to protect the Service from viruses and malicious attacks, lendingplate does not represent or guarantee that the Service will be free from loss, corruption, attack, viruses, interference, hacking, or other security intrusion, and lendingplate disclaims any liability relating thereto to the extent that such loss, corruption, attack, viruses, interference, hacking, or other security intrusion occur despite lendingplate using the information security measures. lendingplate warrants that, during the term of this agreement, lendingplate will employ commercially reasonable system security measures. Except as expressly set forth in this section, lendingplate makes no representation, warranty, covenant or agreement that its security measures will be effective and neither lendingplate nor its affiliates shall have any liability for the breach of its security measures, or the integrity of the systems or lendingplate’s computer servers, unless caused by the wilful misconduct or gross negligence of its employees.
The Services are provided to you on an “as-is” and “as available basis”. lendingplate is not responsible for any failure of the telecommunications network or other communications links utilised to gain access to the Services. lendingplate does not represent that the Services will meet your requirements or that operation of the Services will be uninterrupted or error free.
You further acknowledge that the Service is not intended or suitable for use in situations or environments where the failure or time delays of, or errors or inaccuracies in, the content, data or information provided by the Service could lead to death, personal injury, or severe physical or environmental damage.
lendingplate and its affiliates, subsidiaries, officers, directors, employees, agents, partners and licensors hereby disclaims and expressly waives all other, conditions, representations and guarantees, whether express or implied, arising by law, custom, oral or written statements of lendingplate or third parties including, but not limited to, any warranty of merchantability or fitness for particular purpose or of error-free and uninterrupted use or of non-infringement except to the extent expressly provided above (limited warranty).
These Terms and the right to use granted hereunder shall take effect on the date you create an Account with lendingplate and shall continue in effect until either you or lendingplate terminates this Agreement in accordance with this section. Either party may terminate this Agreement by providing thirty (30) days’ notice of the same.
lendingplate may terminate the Agreement i) thirty (30) days after lendingplate gives you notice of your breach of any provision of the Agreement (other than your breach of its obligations under Section 3(i) (Restrictions) or Section 6 (Confidential Information) which breach shall result in immediate termination) and which you do not cure within the thirty (30) day notice period; or ii) immediately for not repaying the Advance or any other charges payable by You pursuant to these Terms, iii) if you file for bankruptcy, become insolvent, or make an assignment for the benefit of creditors.
All accrued rights and obligations of the parties shall survive any termination of these Terms & Conditions and the Terms shall continue to be valid till such rights and obligations are extinguished or fulfilled.
In course of your dealings with lendingplate, either party may share and provide the other with access to its confidential and proprietary information (“Confidential Information”). Confidential Information may be disclosed either orally, visually, in writing (including graphic material) or by way of consigned items. The receiving party agrees to take all reasonable security precautions, to protect the secrecy of the Confidential Information. Confidential Information shall be disclosed only on a need-to-know basis. Except as provided herein, the parties agree to treat the same as confidential and shall not divulge, directly or indirectly, to any other person, firm, corporation, association or entity, for any purpose whatsoever, such information, and shall not make use of such information, without the prior written consent of the disclosing party. Confidential Information includes but is not limited to the Services, documentation, third party materials, business plans, business forecasts, financial information, customer lists, development, design details, specifications, patents, copyrights, trade secrets, proprietary information, methodologies, techniques, sketches, drawings, models, inventions, know-how, processes, algorithms, software programs, and software source documents.
You shall defend, indemnify and hold harmless lendingplate, it’s officers, directors, employees and agents, from and against any and all claims, damages, obligations, losses, liabilities, debts and costs (including reasonable attorneys’ fees), brought against lendingplate by third parties alleging that :-
In no event shall lendingplate be liable, whether in contract, tort (including negligence) or otherwise for any loss of profits, business, contracts, or revenues, loss of operation time, increased costs or wasted expenditure, loss of goodwill or reputation, special, indirect, incidental punitive or consequential damage of any nature whatsoever or howsoever arising out of this agreement.
The maximum aggregate amount that you or any party claiming through you can recover from lendingplate and its affiliates, officers, employees, agents and professional advisors for all claims arising from, under or relating to this agreement (whether in contract, tort including negligence or otherwise) will in no event exceed inr 2,500 (rupees two thousand five hundred only).
You may not assign this Agreement without the prior written consent of lendingplate.
The Parties hereby agree that this Agreement shall be governed by and construed in accordance with the laws of India, without regard to its conflict of laws principles. Any and all disputes that arise under this Agreement shall be subject to the exclusive jurisdiction of the competent courts in Delhi, India.
Unifinz Capital India Limited shall not be liable to the other for failure or delay in the performance of Services, if such failure or delay is caused by strike, riot, fire, flood, natural disaster, or other similar cause beyond its control.
No waiver of any breach of any provision of this Agreement shall constitute a waiver of any prior, concurrent or subsequent breach of the same or any other provisions of this Agreement. Further, no waiver shall be effective unless made in writing and signed by an authorised signatory of the waiving party.
If any of the terms, conditions or provisions contained in this Agreement are determined by any Court of competent jurisdiction to be invalid, unlawful or unenforceable to any extent, such terms, conditions or provisions shall to that extent be severed from the remaining terms, conditions and provisions which shall continue to be valid to the fullest extent permitted by law.
All notices and other communications made or required to be given under this Agreement shall be in writing and shall be deemed given upon receipt when sent through (1) email (2) registered post acknowledgement due, or (3) personal service, to the address specified below:
If to lendingplate:
If to You:
These Terms along with any supplementary terms or addendum as may be prescribed by lendingplate / Unifinz Capital India Limited constitute the entire agreement between the parties pertaining to the subject matter contained herein and any written or oral agreements existing between the parties or modifications to these Terms shall have no force or effect unless expressly agreed to in writing or acknowledged in writing by lendingplate / Unifinz Capital India Limited.
This website lendingplate.com is owned and operated by Unifinz Capital India Limited having its principal place of business at Chawla House 3rd. floor, 19 Nehru Place, New Delhi – 110 019 and operating under the brand name “lendingplate” (which expression shall mean and include its affiliates, successors and permitted assigns). lendingplate is committed to protecting and respecting the privacy of its customers. Any person who enters or uses this website or shares information on this website is considered as customer for the purpose of this policy.
In the course of using this website or availing the products and services vide the online application forms and questionnaires, lendingplate may become privy to the personal information of its customers, including information that is of a confidential nature.
During the use of this website and / or online application forms or mobile applications of the company, lendingplate may collect and process such text and media information, including but not limited to the below mentioned :-
lendingplate pledges that it shall not sell or rent customers’ personal details to anyone. lendingplate shall protect every bit of the customers’ business or personal information and maintain the confidentiality of the same. lendingplate undertakes to keep all information confidential except in the following cases :-
Unifinz Capital India Limited never will sell or rent personal information of its clients to anyone, at any time, for any reason.
lendingplate may use the customer’s personal information in the following ways, viz :-
lendingplate takes the security of its customer’s information very seriously. lendingplate protects the customer’s information using 128 bit-encryption and a Secure Sockets Layer (SSL) protocol. This creates an encrypted connection between the customer’s browser and lendingplate’s servers. All information remains encrypted at all times.
All information provided to lendingplate is stored on its secure servers.
lendingplate uses commercially reasonable safeguards to preserve the integrity and security of the customers’ information against loss, theft, unauthorized access, disclosure, reproduction, use or amendment.
The information that is collected from the customers may be transferred to, and stored at, a destination inside or outside India. By submitting information on the website/or though other physical or electronic form, the customers agree to this transfer, storing and / or processing. lendingplate will take such steps as it considers reasonably necessary to ensure that the customers’ information is treated securely and in accordance with the Policy.
In using the website, the customers accept the inherent security implications of data transmission over the internet and the World Wide Web cannot always be guaranteed as completely secure. Therefore, the use of the website will be at the own risk of the customers.
lendingplate assumes no liability for any disclosure of information due to errors in transmission, unauthorized, third party access or other acts of third parties, or acts or omissions beyond its reasonable control and the customers agrees not to hold lendingplate responsible for any breach of security unless such breach has been caused as a direct result of gross negligence or wilful default by lendingplate.
In the event lendingplate becomes aware of any breach of the security of the customers’ information, it will promptly notify the customers and take appropriate action to the best of its ability to remedy such a breach.
This Policy does not apply to any information other than information collected by Unifinz Capital India Limited through the website including such information collected in accordance with the clause on “Collection of Information” above. This Policy shall not apply to any unsolicited information provided by the customers through this website or through any other means. This includes, but is not limited to, information posted to any public areas of the website. All such unsolicited information shall be deemed to be non-confidential and Unifinz Capital India Limited shall be free to use, disclose such unsolicited information without limitation. Any customer aggrieved with the policy or its implementation or contents relating to information may approach the Grievance Officer for redressal of his grievance.
If the customer wishes to introduce lendingplate / the website to any other person / entity, the customers will be asked to provide such person / entity’s name and email address. lendingplate may send such person / entity an email inviting it or to visit the website. lendingplate may store this information for the purpose of sending this email and keeping a record of the number of persons / entities so referred by the customers. lendingplate may send additional emails to the said person / entity in connection with services offered by lendingplate. Such person / entity may contact lendingplate at the address / email ID provided below on Grievance Redressal Officer, to request that this information be removed from lendingplate’s database.
To opt out of email correspondence from lendingplate or make a change to (or delete) the customers information stored in lendingplate’s records, customer may send his / her request by way of email to firstname.lastname@example.org.
Customer’s information will be retained for as long as the Customer’s account is active or as needed to provide services to the customers. If the customers wishes to cancel its account or requests that lendingplate no longer uses its information to provide services, the customers may contact lendingplate at email@example.com. lendingplate will retain and use customers information as necessary to comply with its legal obligations, resolve disputes, and enforce its agreements or its data / document preservation policy or for other business purposes.
Unifinz Capital India Limited has made every effort to ensure that this Policy adheres with the applicable laws. The invalidity or unenforceability of any part of this Policy shall not prejudice or affect the validity or enforceability of the remainder of this Policy.
The rights and remedies available under this Policy may be exercised as often as necessary and are cumulative and not exclusive of rights or remedies provided by law. It may be waived only in writing. Delay in exercising or non-exercise of any such right or remedy does not constitute a waiver of that right or remedy, or any other right or remedy.
This Policy shall be governed by and construed in accordance with the laws of India and subject to the provisions of arbitration set out herein, the courts at Delhi shall have exclusive jurisdiction in relation to any disputes arising out of or in connection with this Policy.
If any dispute arises between lendingplate and the customers in connection with or arising out of the validity, interpretation, implementation or alleged breach of any provision of the Policy, such dispute shall be referred to and finally resolved by arbitration in accordance with the Indian Arbitration and Conciliation Act, 1996 for the time being in force, which rules are deemed to be incorporated by reference in this clause.
There shall be one (1) arbitrator and the seat of the arbitration shall be Delhi, India. The language of the arbitration proceedings and of all written decisions and correspondence relating to the arbitration shall be English.
Unifinz Capital India Limited makes no representation that the content contained on the website is appropriate or to be used or accessed outside of the India. If the customers use or access the website from outside the India, they do so at their own risk and are responsible for compliance with the laws of such jurisdiction.
In case of any questions or concerns, the customer may contact the Customer Care department of the Company at the below co-ordinates :-+91 - 73 73 73 73 16
In case the customer is not satisfied with the response / resolution provided by the Customer Care department in the normal course of business, he / she may contact the Grievance Redressal Officer of the Company with his / her unresolved queries / concerns at the below co-ordinates :-Mr. Suhail Sheikh
After examining the matter, it shall be our endeavor to provide the customer with our final response, within a period of one (1) month from the receipt of such query / concern.
The Reserve Bank of India (herein after referred as “RBI”) has issued guidelines on Fair Practice Code for Non-Banking Finance Companies (herein after referred as “NBFCs”) vide Notification No. DNBS (PD) CC No. 80 / 03.10.042 / 2005-06 dated September 28, 2006 and subsequently amended from time to time, thereby setting the standards for fair business and corporate practices while dealing with their customers. Unifinz Capital India Limited (herein after referred to as “Company”) shall adopt all such guidelines prescribed by RBI from time to time and shall make appropriate modifications if any, necessary to this Code to conform to the standards so prescribed. It is, and shall be, the policy of the Company to make available all financial products to all eligible qualified applicants, without discrimination on the basis of race, caste, color, religion, sex, marital status, age or handicap.
The Company has revisited the prevalent Fair Practices Code and amended it suitably in the context of its present nature of business to lay down the following procedures / practices in dealing with the business transactions and treating all its borrowers consistently and fairly.
All complaints / grievances shall be heard and disposed-off by a person at least one level higher to the person / designation against / relating to whom the grievance is made. After examining the matter, it will be our endeavor to provide the borrower / applicant with our final response, within a period of one (1) month from the receipt of such complaint / grievance.
The various commitments outlined and made by the Company are applicable under the normal operating environment. In the event of Force Majeure, the Company may not be able to fulfill the commitments under the FPC to the entire satisfaction of the customer/s, the other stake holders and the public in general.
The Company shall offer assistance, encouragement and service in a fair, equitable and consistent manner. The Company shall ensure that the implementation of the Fair Practice Code (FPC) is the responsibility of the entire organization and shall be demonstrated in terms of employee accountability, training, counselling, and monitoring, auditing programs and internal controls, and optimal use of technology.
In order to enhance the value and relevance to the borrowers, this Code shall be under review from time to time.