Loan Terms and Conditions

Loan Terms and Conditions

The person(s) named in the Key Fact Statement/Sanction Letter hereto (hereinafter referred to as the "Schedule") being Borrower(s) and co-Borrower(s), hereinafter which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include his/her heirs, administrators and executors.

In favour of:

IIFL Finance Limited, a Finance company incorporated under the provisions of the Companies Act, 1956 having its Regd. Office: IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, Thane Industrial Area, Wagle Estate, Thane - 400 604 • Corporate Office: 802, 8th Floor, Hub Town Solaris, N.S. Phadke Marg, Vijay Nagar, Andheri East, Mumbai - 400 069 and a branch office at the place mentioned in the Schedule hereto (hereinafter referred to as the "IIFL" / "Company" which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors, transferees and assign.

In case of there being more than one Borrower(s) (i.e. there being co Borrower(s)), the reference to the term " Borrower(s)" shall be deemed to be as if it were plural and this document shall be read accordingly as if made and liabilities undertaken by each of then) jointly and severally.

Reference to the masculine gender includes reference to the feminine and neuter genders and vice versa.

Please read the following loan terms and conditions carefully. It contains very important information about your rights and obligations as well as limitations and exclusions that may apply to the Borrower(s). This document contains a mandatory dispute resolution clause.

By electronically executing this document, the Borrower(s) hereby agrees and acknowledges that you/Borrower(s):

is at least 18 years of age,
has understood the loan terms and conditions in relation to the loan and
agrees to be bound by such loan terms and conditions contained herein below in relation to the loan.

The Borrower(s) hereby irrevocably and unconditionally agrees to abide by the following agreement:

Application & Disbursement
Pursuant to the application made by the Borrower(s) in the Loan Application Form ("Application"), IIFL has sanctioned the non-revolving loan not exceeding the amount mentioned in the Schedule hereto (hereinafter referred to as "Loan" / "Facility"), and the Borrower(s) agrees to borrow the same, subject to and upon the agreement contained in the Application and/or this document. IIFL may disburse the Loan or any part thereof ( "Disbursement" ) at its own discretion. Notwithstanding anything contained herein: (i) IIFL may at its sole discretion, suspend or cancel the Loan if the same is not utilized within 45 days of the issuance of instrument/instruction for Disbursement; or (ii) the Borrower(s) may cancel the Loan within the Cooling-off Period. The Borrower(s) shall use the Loan only for the purpose stated in the Application and not for any other purpose including making investment in the capital market or any speculative or illegal or anti-social purpose and restricted by RBI from time to time.
Repayment
The Loan, interest, compound interest, default interest, margin dues, monies payable, costs and expenses reimbursable, and any other charges, as maybe specified herein or communicated as per the terms of the Transaction Documents, as maybe outstanding from time to time and whether any of them are due or not, are hereinafter collectively referred to as "Outstanding Balance". The Borrower(s) shall pay interest on the Loan, the unpaid due interest and all other outstanding charges and monies, at the rate of interest specified in the Schedule hereto, on the outstanding daily balance from the date of Disbursement, compoundable at monthly rests. The Borrower(s) shall also pay and bear all interest tax, if any, as applicable from time to time. The Borrower(s) shall repay the Loan and pay the interest that is due from time to time by way of Equated Monthly Installments (EMIs) as specified in the Schedule or as may be specified by IIFL from time to time (time being the essence of the contract). The Borrower(s) has perused, understood and agreed to IIFL's method of calculating EMIs as also the appropriation thereof into principal and interest. The payment of all the monies by the Borrower(s) including EMIs shall be made on or before the respective due dates, at such place as IIFL may require, without any set-off or counterclaim or withholding or deduction (save as required by law in which case the amount payable by the Borrower(s) to IIFL shall be increased to the amount of such deduction or withholding making it equal the original due amount as if no withholding or deduction were required), by way of one or more modes and instruments including post-dated cheques ("PDCs"), Electronic Clearing System ("ECS"), National Automated Clearing House ("NACH") instructions/ other mode/ instrument ("Payment Instrument(s)") , as acceptable to IIFL from time to time. If any due date falls on a non-business day of IIFL, the payment shall be made by the Borrower(s) on the immediately preceding business day of IIFL. In case of cheques/ other instrument, the payment shall be deemed to have been made by the Borrower(s) only at the point of time the sum is credited and realized fully in IIFL's account irrespective of the date of instrument or time of receipt or presentation of instrument. In case of any default, the Borrower(s) shall without prejudice to IIFL's other rights and remedies, pay additional /default charges at the rate mentioned in the Schedule hereto/ Application or as may be prescribed by IIFL, over and above the then applicable rate of interest till full payment is made/default is cured. This liability shall not act as justification for any default.
The Borrower(s) shall pay to IIFL, the charges, fees, commissions, etc, specified in the Schedule hereto/ Application subject to such amendment, if any, from time to time), within such time or upon occurrence of such events as speciﬁed and if not speciﬁed then forthwith upon demanded by IIFL. All other present and future costs and expenses, taxes (as applicable from time to time), any related levy, stamp duty, in all jurisdictions, in relation to the this/other documents/any transaction pursuant thereto, irrespective of who the beneﬁciary is, shall be borne and payable solely by the Borrower(s), including for creation, enforcement, preservation of security, recovery, initiating/defending/pursuing any legal proceedings/ actions by IIFL. In case of any such sums if paid or incurred by IIFL, the Borrower(s) shall be liable to reimburse the same to IIFL in full forthwith. Penal/ Default Charges as defined in the Key Fact Statement/ Sanction Letter shall be charged in case of any failure to make timely payments by the Borrower.
The Borrower(s) confirms and agrees that they have understood the contents of the Transaction Documents and, on request, have been read to and explained in vernacular language.
IIFL shall share the copy of the documents executed digitally between the IIFL and Borrower(s) including Application form, Standard Terms and Conditions, Sanction-cum-Key Fact Statement, etc. to the Borrower(s) registered/verified email address/SMS to the registered mobile number of the Borrower(s).
Any payments made by/on behalf/for the Borrower(s) or any realisations in relation to the Loan, security shall be appropriated towards the Outstanding Balance and/or Liabilities (as defined hereinafter) in the following order: (a) Firstly, towards principal amount(s); (b) Secondly, towards interest; (c) Thirdly, towards additional/default interest and (d) Fourthly, towards cost, expenses, charges, commissions, fees, taxes and levies (wherever applicable) incurred by IIFL. Any statement of account furnished by IIFL shall be accepted by and be binding on the Borrower(s) and shall be conclusive proof of the correctness of the amounts mentioned therein except for any manifest error therein. Notwithstanding any of the provisions of the Indian Contract Act, 1872 or any other applicable law or anything contained in this Section, IIFL may, at their absolute discretion, appropriate any payments made by the Borrower(s) in any manner and/or appropriate the same towards any other dues payable by the Borrower(s) under any other arrangements entered into between the Borrower(s) and IIFL and or its associates. Notwithstanding anything stated in any document, the continuation of the Loan shall be at sole and absolute discretion of IIFL and IIFL may at any time in its sole discretion and without assigning any reason call upon the Borrower(s) to pay the Outstanding Balance and upon such demand by IIFL, the Borrower(s) shall, within 48 hours of being so called upon, pay the whole of the Outstanding Balance to IIFL without any delay or demur. Pursuant to the Reserve Bank of India vide their Notification on "Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances - Clarifications" dated 12th November 2021 you/ the Borrower(s) shall refer the loan classification structure available on https://www.iifl.com/SMAclassification. Overdue amount shall mean EMI Amount (Principal + Interest).
Prepayment
Subject to the cooling off period specified under the Schedule/ Sanction Letter, the Borrower(s) shall be entitled to prepay the Loan in full : (i) only if IIFL permits the same upon at least 15 days prior written notice from Borrower(s) communicating intention to prepay in full at IIFL's lending branch; and (ii) subject to such conditions as IIFL may prescribe including payment of the prepayment charges for full prepayment as mentioned in the Transaction Documents (including but not limited the Key Fact Statement/ Sanction Letter) or as specified from time to time by IIFL Full prepayment shall take eﬀect only when entire Outstanding Balance has been paid to and realized by IIFL. The Prepayment charges are clearly defined in the Schedule of Charges.
Insurance
IIFL may at its own discretion and upon Borrower(s) request, also ﬁnance the Borrower(s) for the insurance premium of insurance policy taken by Borrower(s) as per Borrower(s) own wish from any insurance company of Borrower(s) choice, which sum(s) shall be added to the principal amount under the Loan and all the terms and conditions shall be additionally applicable thereto All expenses, charges, fees, taxes etc as applicable on any such insurance shall be incurred and paid by the Borrower(s), however in case paid by IIFL on Borrower(s) behalf, behalf, the Borrower(s) shall reimburse the same to IIFL within 24 hours of IIFL's demand. The Borrower(s) shall instruct the insurance company to add IIFL as loss payee in any such insurance policy.
Security
The Borrower(s) shall furnish and create such security from time to time in favour of or for the beneﬁt of the, IIFL, of such value, in such form and in such manner, as may be deemed ﬁt by IIFL, forthwith upon so required by IIFL. IIFL shall also have the right to stipulated to any other and further terms and conditions that it may deem ﬁt at any time prior to or after the grant of the Loan, which shall be binding on the Borrower(s).
Borrower(s) Representations and Warranties:
Each of the Borrower(s) represent(s) and warrant(s) that (which shall be deemed to have been repeated to IIFL on the date of the Disbursement and on each date thereafter till entire repayment, to the satisfaction of IIFL):
1. The Borrower(s) is a citizen of India and a major (in terms of age) and is of sound mind and is competent to contract and enter into and perform his/her obligations contemplated under this document/ other document/in respect of the Loan;
2. There is no impediment or restriction, whether under law, judgement, order, award, contract or otherwise, for any of the Borrower(s) entering into and/or performing any of the transactions contemplated by this/other documents/ in respect of the Loan and all approvals and consents, wherever necessary have been duly obtained and are and will continue to be in full force;
3. The execution hereof constitutes legal, valid and binding obligations of the Borrower(s).
4. That there is no Event of Default existing;
5. All declarations made by Borrower(s) are true and complete and no material information has been suppressed / withheld.
6. The Borrower(s) shall give Payment Instrument (s) for the complete repayment of the Loan being fully aware of the fact that dishonor of any Payment Instrument is a criminal offence under the Negotiable Instruments Act, 1881/The Payment and Settlements Act, 2007 (as may be applicable). No notice reminder or intimation will be given regarding the presentation of the Payment Instruction(s) by IIFL. Such Payment Instrument shall be drawn from such bank and such location as agreed to by IIFL.
7. The Borrower(s) shall at all times abide by the laws in India, and in particular, provisions of the Prevention of Money Laundering Act, 2002.
8. The Borrower(s) hereby covenants that (i) it shall observe and perform all its obligations under the Loan Terms and Conditions and transaction documents; (ii) immediately deliver to IIFL all documents/information, including bank account statements as may be required by IIFL from time to time. The Borrower(s) also authorizes IIFL to communicate independently with Borrower(s) bank and / or employer and/or debtors and/or creditors of Borrower(s). (iii) immediately notify IIFL of any litigations or legal proceedings against any Borrower(s); (iv) notify IIFL of any Event of Default; (v) notify IIFL in writing of all changes in the location/ address of office / place of business (vi) it shall be the Borrower(s) obligation to keep being acquainted with the rules of IIFL, in force from time to time (vii) to make regular repayments to IIFL as per the agreed terms; and (viii) the Borrower(s) has paid all public demands such as income tax and all the other taxes and revenues payable to the Government of India or to the government of any state or to any local authority and that at present there are no arrears of such taxes and revenues due and outstanding.
Negative Covenants
The Borrower(s) covenants and agrees that, save and except with the prior, speciﬁc and express written consent of IIFL, the Borrower(s) shall not: (a) create, assume or incur any further indebtedness to any person; or lend or advance any amounts to any person; or undertake any guarantee or security obligation; (b) except in favour of IIFL, sell, license, let, lease, transfer, alienate, dispose of in any manner whatsoever, surrender or otherwise encumber any of its assets, rights, title or interest, receivables, or any part thereof; or create, facilitate or permit to exist any charge, encumbrance or lien of any kind whatsoever over any of its property or grant any option or other right to purchase, lease or otherwise acquire, any such assets or part thereof; (c) permit or eﬀect any direct or indirect change in the legal or beneﬁcial ownership or control; (d) Change/ cease/ retire from/ terminate/ resign from the present employment/ profession/business disclosed in the Application; or change, terminate or open any IIFL account.
Event of Default
The following events shall constitute events of default (each an "Event of Default" ), and upon the occurrence of any of them the entire Outstanding Balance shall become immediately due and payable by the Borrower(s) and further enable IIFL inter alia to recall the entire Outstanding Balance and/or enforce any security and transfer/sell the same and/or take, initiate and pursue any actions/proceedings as deemed necessary by IIFL for recovery of the dues:
1. Failure on Borrower(s) part to perform any of the obligations or terms or conditions or covenants applicable in relation to the Loan including under this/other documents including non-payment in full of any part of the Outstanding Balance when due or when demanded by IIFL;
2. Any misrepresentations or misstatement by the Borrower(s);
3. Any Payment Instrument issued by the Borrower(s) in favour of IIFL is dishonoured by the Borrower(s) bank;
4. Occurrence of any circumstance or event which adversely aﬀects Borrower(s) ability/capacity to pay/repay the Outstanding Balance or any part thereof or perform any of the obligations;
5. If any attachment, distress, execution or other process against the Borrower(s)/its assets or any of the security is threatened, enforced or levied upon by any person;
6. If the Borrower(s) commits any act of bankruptcy or makes assignment for the benefit of creditors or consents to the appointment of a trustee or receiver or insolvency proceedings, whether voluntary or otherwise, are instituted against the Borrower(s);
7. If any application is filed by the creditors of the Borrower(s) under the Insolvency and Bankruptcy Code, 2016;
8. Fall, reduction or decrease, in the opinion of IIFL, in value of any security lower than the value required by IIFL;
9. The event of death, insolvency, failure in business, commission of an act of Bankruptcy of the Borrower(s), or change or termination of employment/profession/business for any reason whatsoever.
Consequence of Default
Notwithstanding the aforestated, upon happening/occurrence of any Event of Default, without prejudice to IIFL's rights and remedies under contract or law, and without necessity of any demand upon or notice to the Borrower(s), all of which are hereby expressly waived by the Borrower(s), and notwithstanding anything to the contrary contained herein or in any of the security documents (as the case may be), IIFL may at its absolute discretion, pursue any or all of the following, and whether simultaneously or independently or otherwise,:
a) declare the entire Outstanding Balance and all of the obligations of the Borrower(s) to IIFL hereunder, to have become due and payable by the Borrower(s) to IIFL forthwith thereupon, in which event the Borrower(s) shall be liable to forthwith pay to IIFL the entire Outstanding Balance;

b) to enforce the Security (if any) or any part thereof, including by selling, transferring or disposing of the assets/ some or any part thereof either by means of private treaty or public auction or otherwise, with or without the intervention of any Court/ tribunal;

c) to exercise, initiate and pursue any action, rights, notices, remedies, any proceedings (including litigation), whether civil, criminal or otherwise in nature, and including for recovery of Outstanding Balance.
Notice
IIFL may however without being obligated to do so, in its sole and absolute discretion, on occurrence of any Event of Default or any event which after the notice or lapse of time or both would constitute an Event of Default, give notice to the Borrower(s) in wring specifying the nature of such Event of Default or of such event and where the Event of Default is capable of being cured or remedied, specify a time period within which such Event of Default or event is to be cured to the satisfaction of IIFL, failing which IIFL shall be entitled to pursue all or any of the actions as contemplated hereunder.
Notwithstanding the actions undertaken by IIFL pursuant to clause, all the provisions of these Loan Terms and Conditions shall continue in full force and eﬀect as herein speciﬁcally provided till the Final Settlement Date.
Securitization/ Assignment
IIFL shall at any time, without any consent of or notice to the Borrower(s) be entitled to securitize, sell, assign, discount, or transfer all or any part of IIFL's rights and obligations under the Loan, this document or any other document, to any person(s) and in such manner and on such terms as IIFL may decide. Borrower(s) shall not be entitled to directly or indirectly assign or in any manner transfer, whether in whole or part, any rights, the beneﬁt or obligation under the Loan, this/any other document.
IIFL shall be entitled at its discretion to engage/ avail of, services of any person/third party service provider/agent/agency, for anything required to be done for/ in relation to/ pursuant to the Loan, including collections, recovery of dues, enforcement of security, getting or verifying any information of the Borrower(s)/ assets, and any necessary or incidental lawful acts/ deeds/ matters and things connected thereto, as IIFL may deem ﬁt. The Details of such person/third party service provider/agent/agency is specified in the Schedule hereto/ Application.
Set Off, Counter Claim & General Lien
1. In respect of all and any of Borrower(s) present and future liabilities to IIFL, parent, subsidiaries, any of their branches (collectively "Relevant Entities"), whether under this document or under any other obligation/loan/facilities/borrowings/document, whether such liabilities are/be crystallised, actual or contingent, primary or collateral or several or jointly with others, whether in same currency or diﬀerent currencies, whether as principal debt or and/or as guarantor and/or otherwise howsoever (collectively "Liabilities"), each of IIFL and the Relevant Entities shall in addition to any general lien or similar right to which any of them as NBFC may be entitled by law, practice, custom or otherwise, have a speciﬁc and special lien on all the Borrower(s) present and future stocks, shares, securities, property, book debts, all moneys in all accounts whether current, savings, overdraft, ﬁxed or other deposits, held with or in custody, legal or constructive, with IIFL and/or any Relevant Entities, now or in future, whether in same or diﬀerent capacity of the Borrower(s), and whether severally or jointly with others, whether for any other relationship, safe custody, collection, or otherwise, whether in same currency or diﬀerent currencies; and
2. Separately, each of IIFL and the Relevant Entities shall have the speciﬁc and express right to, without notice to and without consent of the Borrower(s), set-oﬀ, transfer, sell, realize, adjust, appropriate all such amounts in all accounts (whether prematurely or upon maturity as per IIFL's discretion), securities, amounts and property as aforesaid for the purpose of realizing or against any of dues in respect of any of the Liabilities whether ear-marked for any particular Liability or ﬂat, combine or consolidate all or any of accounts of the Borrower(s) and set-oﬀ any monies, whether of same type or nature or not and whether held in same capacity or not including upon happening of any of the events of default mentioned in any of the documents pertaining to the respective Liabilities or upon any default in payment of any part of any of the Liabilities. IIFL and the Relevant Entities shall be deemed to have and hold and continue to have ﬁrst charge on any assets including any security that has been/ will be created in respect of the Loan, as security also for any of the other Liabilities and all the rights and powers vested in IIFL in terms of any security or charge created for the Loan shall be available to IIFL and/or the Relevant Entities also in respect of such other Liabilities irrespective of the fact whether the Loan is at any time outstanding, repaid or satisﬁed or not and even after the Loan has been repaid or prepaid.
Information Covenant
All the information shared by the Borrower(s) with IIFL will be retained and thereafter destroyed as per the guidelines formulated by IIFL in accordance with Applicable Laws. IIFL shall, without notice to or without any consent of the Borrower(s), be absolutely entitled and have full right, power and authority to make disclosure of any information (except personal information of the Borrower(s)) including, details in relation to documents, Loan, defaults, security, obligations of Borrower(s), to the Credit Information Company (CIC) and/or any other governmental/regulatory/ statutory or private agency/entity, credit bureau, RBI, IIFL other branches/ subsidiaries/ aﬃliates/ group companies/ rating agencies, service providers, other IIFLs / ﬁnancial institutions, any third parties, any assigns/ potential assignees or transferees, who may need the information and may process the information, publish in such manner and through such medium as may be deemed necessary by the publisher/ IIFL/ RBI, including publishing the name as part of willful defaulter's list from time to time, as also use for KYC information veriﬁcation, credit risk analysis, or for other related purposes. Any disclosure of the personal information, other than as maybe laid in this Loan Terms and Conditions, of the Borrower(s) shall be with the prior consent of the Borrower(s).

In this connection, the Borrower(s) waives the privilege of privacy and privity of contract. IIFL shall have the right, without notice to or without any consent of the Borrower(s), to approach, make enquiries, obtain information, from any person including other IIFLs/ ﬁnance entities/ credit bureaus, Borrower(s) employer/family members, any other person related to the Borrower(s), to obtain any information for assessing track record, credit risk, or for establishing Contact with the Borrower(s) or for the purpose of recovery of dues from the Borrower(s). Further Borrower(s) shall also be interested in receiving any other information about various products of IIFL through calls/ mails/ leers or any other communication mode and Borrower(s) shall waive its privilege under the guidelines of TRAI or any other such similar statutory authority.

The Borrower(s) hereby gives specific consent to IIFL for disclosing/submitting the "financial information" as defined in Section 3 (13) of the Insolvency and Bankruptcy Code, 2016 ("Code") read with the relevant regulations/rules framed under the Code, as amended and in force from time to time and as specified thereunder from time to time, in respect of the Credit/Financial facilities availed from IIFL, from time to time, to any "Information Utility" ("IU") as defined in Section 3 (21) of the Code, in accordance with the relevant regulations framed under the Code, and directions issued by RBI to banks from time to time and hereby specifically agree to promptly authenticate the financial information submitted by IIFL as and when requested by the concerned IU.

It shall be the sole responsibility of the Borrower(s) to provide IIFL with the correct GST registration number at the time of on-boarding. Further, IIFL will not be responsible for the verification of GSTIN and loss of credit arising on account of furnishing incorrect GST registration number to IIFL. In case the Borrower(s) fails to furnish a GST registration number, the Party will be treated as "Unregistered"
Recovery Mechanism IIFL/service provider authorized by IIFL, as maybe applicable, shall undertake the below mentioned steps towards the recovery of the Loan. IIFL shall disclose the details of the relevant service provider to the Borrower(s):
- a) The Borrower(s) may be reminded regarding the due date and payment of the due amount either through a telecall or SMS or by a visit by an officer of IIFL or the service provider, as the case maybe. In case of a telecall the same shall be made to the Borrower(s) between 8 am to 7 pm;
- b) In case of a personal visit, the Borrower(s) would be contacted ordinarily at the place of his/her choice and in the absence of any specified place at the place of his/her residence and if unavailable at his/her residence, at the place of business/occupation.
  In the event the Borrower(s) defaults in their repayment despite the aforementioned reminders, IIFL may enforce the securities provided, or deposit the post-dated cheques submitted or initiate any other legal remedy as may be stipulated in these Loan Terms and Conditions or may be available under the applicable laws.
Electronic Execution
1. For ease of operation of the Borrower(s), the Loan is being sanctioned and provided using an electronic secure platform ("Platform") and the Borrower(s) has consented to accept the Loan and the terms of such Loan (including the Sanction Letter and these Loan Terms and Conditions) through a one-time password, access code or other forms of secure authentication.
2. The Borrower(s) acknowledges and accepts that on receipt of the one-time password, access code or other forms of secure authentication, IIFL shall assume that such authentication has been provided by the Borrower(s) and it is the sole responsibility of the Borrower(s) to ensure that the one-time password, access code or other forms of secure authentication is not compromised or shared with any unauthorized users.
3. IIFL shall have no obligation to verify the authenticity of any transaction or instruction received or purported to have been received from the Borrower(s) through the Platform or purporting to have been sent by the Borrower(s) other than by means of verification of the one-time password, access code or other forms of secure authentication. All the records of IIFL with respect to the online request for Loan arising out of the use of the Platform and arising out of the use of the one-time password, access code or other forms of secure authentication shall be conclusive proof of the genuineness and accuracy of the transaction and shall be binding on the Borrower(s).
4. The Borrower(s) is aware that electronic communications involve certain risks including unauthorized alteration of data and/ or unauthorized access by third parties thereof. IIFL may (but shall not be obliged to) act as aforesaid without inquiry as to the identity or authority of the Borrower(s) giving or purporting to give any electronic instruction or as to the authenticity of any electronic message and may treat the same as fully authorized by and binding on the Borrower(s). The Borrower(s) hereby further agrees to indemnify the IIFL and keep them at all times indemnified from and against all actions, suits, proceedings, costs, claims, demands, charges, expenses, losses and liabilities howsoever arising in consequence of or in any way related to the IIFL having acted or omitted to act in accordance with or pursuant to any electronic instruction.
5. The IIFL shall share the copy of the documents executed digitally between the Parties including Schedule, summary of products, sanction letter, terms and conditions, account statements, privacy policies of any third party appointed by the IIFL to the Borrower(s) registered/verified email address/SMS to the registered mobile number of the Borrower(s).
Notices
Any notice, approvals, instructions, demand and other communications given or made by IIFL shall be deemed to be duly given and served if sent by normal post, courier, registered Post, facsimile, electronic mail, personal delivery, sms or by pre-paid registered mail addressed to the Borrower(s) address, phone/ mobile number, fax number or email as given in the Application (or at the address changed on which IIFL's acknowledgment is duly obtained as hereinafter mentioned) and such notice and service shall be deemed to take eﬀect on the third working day following the date of the posting thereof in case of normal post, courier, registered post, at the time of delivery if given by personal delivery, upon receipt of a transmission report if given by facsimile, upon sending the electronic mail or sms if given by electronic mail or sms. The Borrower(s) undertakes to keep IIFL informed at all means in wring of any change in the mailing address, email id, phone and mobile number(s) as provided in the Application and to obtain IIFL's written acknowledgment on the information given to IIFL for any such change.
Jurisdiction & Arbitration
The Loan, this document/other documents, shall be governed by the laws of India. The parties hereto expressly agree that all disputes arising out of and/or relating to the Loan, this or any other Relevant document shall be subject to the exclusive jurisdiction of the court/tribunal of the city/place in which the branch of IIFL from where the Disbursement has been made is situate, provided that the exclusivity aforesaid shall bind the Borrower(s) and IIFL shall be entitled to pursue the same in any other court of competent jurisdiction at any other place; such dispute shall be referred to arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 as may be amended, or its re- enactment, by a sole arbitrator appointed by IIFL. The arbitration proceedings shall be conducted in English language and held at Chennai, Tamil Nadu or any other place as maybe decided by IIFL. The costs of such arbitration shall be borne by the losing Party or otherwise as determined in the arbitration award If a party is required to enforce an arbitral award by legal action of any kind, the party against whom such legal action is taken shall pay all reasonable costs and expenses and attorney's fees, including any cost of additional litigation or arbitration taken by the party seeking to enforce the award.
This document, Application and other documents have been explained to the Borrower(s) in the language known to the Borrower(s) and the Borrower(s) understood the same.
Severability If any provision of these Loan Terms and Conditions is held by a court of competent jurisdiction to be contrary to Law, then the remaining provisions of this Loan Terms and Conditions, shall remain in full force and effect.
No change in applicable terms and conditions of the Facility shall be made retrospectively.
Any future changes in the rate of interest or any charges with respect to the Facility shall only be made prospectively and with explicit consent of the Borrower, unless provided otherwise as per any applicable laws or regulations.
Grievance Redressal Mechanism It is our constant endeavor to provide the Borrower(s) with the best possible service and care. In case of any grievances (including concerns about staff behavior), the Borrower(s) may reach out to the representatives below at any time between 10.00 AM and 6.00 PM Monday to Friday except public holidays. The Lender is committed to providing grievance redressal in a timely manner. You are requested to address all their grievances at the first instance to the Grievance Redressal Official cum Nodal Officer (“GRO/NO”). The contact details of the GRO/NO are as provided below. Other details related to the grievance redressal mechanism are available at https://www.iifl.com/finance/grievance-redressal-procedure.

Designation: Grievance Redressal Official cum Nodal Officer
Address: IIFL Finance Ltd, IIFL House, Sun Infotech Park, Road No.16V, Plot No B23, Thane Industrial Estate Area, Wagle Estate, Thane 400604
Contact Number: +91 22 4520 5810 / +91 22 6817 8410
Email ID: nodalofficer@iifl.com
Grievance redressal: https://www.iifl.com/finance/grievance-redressal-procedure

The GRO/NO shall endeavor to resolve the grievance within a period of one month from the date of receipt of a grievance. Any changes to the information specified herein shall be updated on the https://www.iifl.com/finance/grievance-redressal-procedure under ‘Ombudsman Scheme’ section.

In case no response is received from the GRO/NO within one month from the date of making a representation to the Lender, or if the Borrower(s) is not satisfied with the response so received, a complaint may be made in accordance with the ‘The Ombudsman Scheme for Non-Banking Financial Companies, 2021’/ The Banking Ombudsman Scheme 2006, as amended from time to time, (“Ombudsman Scheme”) to the Ombudsman in whose jurisdiction the Lender’s office is located.

For the contact details of the Ombudsman and for salient features of the Ombudsman Scheme, please refer to Annexure - A of the Fair Practices Code adopted by the Lender and available on our website www.iifl.com. A copy of the Ombudsman Scheme is available on the website of the Reserve Bank of India at www.rbi.org.in and is also available with our GRO/NO.
Waiver:
The rights and remedies of IIFL under this Agreement- (a) may be exercised as often as necessary; (b) are cumulative and not exclusive of its rights or remedies under the general law; and (c) may be waived only in writing and specifically. Any delay in exercising or any single, partial or non-exercise of any right or remedy of the IIFL under this Agreement is not a waiver of that right or remedy
Reserve Bank of India shall be entitled to inspect all the books, accounts, documents, records and other necessary information related to this transaction.
Change/Update of Address of the Borrower(s)
The Borrower(s) understands and agrees that in case the Borrower(s) identity information relating to the Aadhaar number or PAN does not have the current address, an officially valid document (“OVD”) will be submitted by the Borrower(s) containing its current address. In case the OVD furnished by the Borrower(s) does not contain the updated address, the following documents shall be submitted by the Borrower(s) and the same shall be deemed to be OVDs for the limited purpose of proof of address:
1. utility bill which is not more than two months old of any service provider (electricity, telephone, postpaid mobile phone, piped gas, water bill);
2. property or municipal tax receipt;
3. pension or family pension payment order(PPOs) issued to retired employees by government departments or public sector undertakings, if they contain the address;
4. letter of allotment of accommodation from employer issued by state government or central government departments, statutory or regulatory bodies, public sector undertakings, schedule commercial banks, financial institutions & listed companies and leave & licence agreements with such employers allotting official accommodation. Additionally, the Borrower(s) confirms that it should submit Aadhaar or OVD updated with current address within a period of 3 (three) months of submitting the above documents.

BORROWER(S) ACKNOWLEDGMENT AND CONFIRMATION:

The Borrower(s) agree to be bound by such Loan terms and conditions contained herein and in the Transaction Documents in relation to the Loan.
The Borrower(s) is competent to contract and enter into and perform obligations contemplated under the Transaction Documents in respect of the Loan.
There is no impediment or restriction, whether under law, judgement, order, award, contract or otherwise, from entering into and/or performing any of the obligations contemplated under the Transaction Documents with respect of the Loan and all approvals and consents, wherever necessary have been duly obtained and are and will continue to be in full force;
The Borrower(s) further understand that during the cooling-off period an exit from the sanctioned digital loan can be availed, by paying the principal and the proportionate Annual Percentage Rate, without any penalty.
The Borrower(s) further agree that the Borrower(s) has been sufficiently informed by IIFL about other alternative documents that can be submitted for establishing proof of identification and address.
The Borrower(s) hereby declare that all the information voluntarily furnished by the Borrower(s) is true, correct and complete. The Borrower(s) will not hold IIFL or any of its officials responsible in case of any incorrect information is provided by the Borrower(s).
The Borrower(s) agrees to receive all present and future documents/ correspondence in English language.
The Borrower(s) declares that acceptance of these Transaction Documents is not in and will not result into any contravention of any applicable laws including any notifications/directions issued by any governmental or statutory authority from time to time.
That there are no insolvency proceedings or suits for recovery of outstanding dues have been initiated and / or are pending against the Borrower(s).
The Borrower(s) gives explicit consent to IIFL and authorize IIFL to exchange or share information, documents and details relating to my Loan to the Lending Service Provider and other agencies engaged by IIFL, which may be required to carry out their operations as may be required or deemed fit, during and after disbursal of the Loan and/or related offerings or other products / services that Borrower(s) may apply to Lender from time to time.
The Borrower(s) represent that the information and details provided by me and the documents submitted by the Borrower(s) are true, correct and that the Borrower(s) have not concealed any information and undertakes to inform the Lender of any changes therein, immediately and have not suppressed any information that might affect the Lender's decision. In case any of any information submitted by the Borrower(s) is found to be false or untrue or misleading or misrepresenting, the Borrower(s) is aware that they may be held liable for it in accordance with the Transaction Documents.
IIFL may offer an increase in credit limit, and an option will be provided to the Borrower(s) to accept the increased credit limit. Further, the increase/decrease in the credit limit will be on the basis of IIFL's internal credit policy. Such revised loan amount being duly intimated before disbursing the Loan amount. However, the IIFL is not obligated to provide any such increase in sanction amount.
That IIFL has the absolute discretion, to refuse the disbursal of the Loan despite issuing the Sanction Letter cum Key Fact Statement.
That IIFL shall have the right to make disclosure of Borrower(s) personal information as required under applicable law.
The Borrower(s) agree and accept that IIFL may in its sole discretion, by its self 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.
The Borrower(s) acknowledge and understand that acting under due authorisation, IIFL has performed Borrower(s) credit checks on their behalf and obtained credit report while issuing the Sanction cum Key Fact Statement for the purpose of assessing Borrower(s) credit worthiness through a credit information company or otherwise.
The Borrower(s) have not taken any loan from any other bank/ finance company unless specifically declared to IIFL.
The Borrower(s) represent and agrees that the funds shall be used for the Purpose specified in the Transaction Documents and will not be used for any illegal, speculative or antisocial purpose.
The Borrower(s) hereby confirm that no representative of IIFL has induced me directly / indirectly to apply for the Loan.
The Borrower(s) consents that the reference contacts provided may be contacted for verification of Borrower(s) identity, repayment capability and/or to make collection efforts in case of breach of the Transaction Documents by the Borrower(s) including failure to make the repayments on the due date.
The Borrower(s) hereby gives explicit consent that the relevant Lending Service Provider is authorized to obtain my Credit Information Report (CIR) from the Credit Information Companies and the fees of buying the CIR will be deducted from the loan disbursed/sanctioned amount, if the option of buying the CIR is availed during the application of the Loan.
The Borrower(s) hereby gives explicit consent to IIFL to deduct the insurance & wellness related fees, if applicable, from the sanctioned Loan amount and pay the amount to the Insurance & Wellness Service Provider as disclosed to the Borrower(s) during the process of application.
The Borrower(s) hereby declare that they have read all applicable features, benefits, exclusions and claim process of the insurance & wellness product and have voluntarily opted for the same (as applicable). The Borrower(s) is aware that in case of non-disclosure of material facts or fraud, there would be no refund of premium paid.
The Borrower(s) agree to abide by the terms & conditions of the product and provide my explicit consent to share my personal details/KYC information, as required and as legally permissible for opting aforementioned insurance & wellness policies/products/facilities.
Provisions for Declaration of Intent to Use Electronic Signature / Digital Signature
1. The Borrower(s), have signed the Transaction Documents by means of electronic signature, which is defined under Section 2(1) (ta) of the Information Technology Act, 2000 as “authentication of any electronic record by a subscriber by means of the electronic technique as specified under the Second Schedule and also includes a digital signature.” and executed or adopted with the intent to sign the Transaction Documents;
2. The Borrower(s) understand that they are not only agreeing to the foregoing document(s) but certifying that I/we have put my e-signature/digital signature on the document/instrument for availing of Loan out of their free will and, and have executed the Transaction Documents with free and voluntary act for the purposes therein expressed, and that each of the individuals, in the presence of the witnesses or was at the time eighteen or more years of age, of sound mind and under no constraint or undue influence. Any wilful falsification of any information contained herein is grounds for initiation of legal action against the Borrower(s) in accordance of law;
3. The Borrower(s), understand and affirm that the Transaction Documents are admissible under Section 65-B of Evidence Act or any other corresponding provision or law for the time being in force;
4. The Borrower(s), affirm that their e-signature/digital signature has been affixed/scanned on the Transaction Documents as mentioned under the schedule, by them and during that relevant period the computer/device/system used for affixation of my e-signature/digital signature was in the lawful control of the Borrower(s);
5. The Borrower(s) hereby undertakes to indemnify and keep indemnified IIFL and each of their respective directors, officers and employees (the “Indemnified Parties”), and to hold Indemnified Parties harmless from and against any and all claims, damages, losses, liabilities, penalties and expenses (including all fees and charges of internal or external counsel with whom Indemnified Parties may consult and all expenses of litigation and preparation therefor) which Indemnified Parties may incur (i) on account of breach of any of the terms of this Undertaking furnished hereto, or, (ii) which may be asserted against Indemnified Party by any person, entity or governmental authority;
6. The Borrower(s), solemnly declare that the use of the electronic signature/digital signature was not done for any illegal or fraudulent purposes. Further, affirmed that the contents of the foregoing document are true to best of Borrower(s) knowledge, information, and belief.
The Borrower(s) has submitted true and correct Identity document/s clearly stating the Full Name, Date of Birth and Signature for availing a loan facility from the Company;
The Borrower(s) shall promptly inform and intimate the Company in case of any change in the information and/or the Identity document/s provided to the Company and shall furnish the updated documents, if any, in any case no later than 30 days from the date of such change.
Borrower(s) shall promptly inform and intimate the Company in case of any inaccuracy in the information and/or the Identity document/s provided to the Company and shall forthwith furnish the correct documents.
If the Borrower(s) submits Identity document/s specifying two different Names, Date of Birth, the Borrower shall solely assume full liability and responsibility for the same. Further the Borrower(s) is solely liable for any disputes or litigation arising in this regard and irrevocably undertakes to indemnify the Lender in such event.
This declaration undertaking shall be applicable and binding on the Borrower(s), their heirs, successors, legal representatives, assigns, agents and who so ever derives the title through.
The Borrower(s) shall use the Loan only for the purpose stated in the Application form and not for any other purpose including making investment in the capital market or any speculative or illegal or anti-social purpose and restricted by RBI from time to time.
The Borrower(s) has gone through the exclusion list available on https://www.iifl.com/finance/exclusion-list and shall not utilize the loan or any portion of the loan for any of the activities mentioned in the exclusion list.
The Borrower(s) hereby provides an explicit consent and authorize IIFL and/or its affiliated partners to download my 'Know Your Customer' records/information from the Central KYC Registry. The Borrower(s) is aware that the KYC records/information would be downloaded from the Central KYC Registry, solely for performing customer due diligence on the Borrower(s) in order to process the loan application. The Borrower(s) further declares that the data/information on the Central KYC Registry is updated and has not been subjected to any change, as on the date of making the loan application.
The Borrower(s) hereby also confirm that all the documents submitted and also the information furnished to IIFL to process the loan application are true and no material information are suppressed or withheld.