1. LOAN DISBURSEMENT & INTEREST
- The loan amount will be disbursed to the borrower's bank account after deducting applicable processing fees and taxes.
- Interest is calculated on a monthly reducing balance basis unless specified otherwise in the sanction letter.
2. REPAYMENT & PENALTIES
- EMIs must be paid on or before the due date mentioned in the schedule.
- Any delay will attract a penal interest of 2% per month.
- In case of a cheque or NACH bounce, a flat charge of INR 500 per instance will be levied.
- Borrower's credit history will be reported to CIBIL and other credit bureaus regularly.
3. FORECLOSURE & PRE-PAYMENT
- Foreclosure is allowed only after a lock-in period of 6 months.
- A foreclosure fee of 4% on the outstanding principal will apply.
- Partial pre-payments are accepted in multiples of 3 EMIs after the initial 6 months.
4. BORROWER'S COVENANTS
- The borrower must inform VittaFlow Finance within 7 days of any change in residence, job, or contact details.
- The loan must be used only for the purpose stated in the application form and not for any speculative or illegal activities.
5. LEGAL JURISDICTION
All legal disputes arising from this agreement shall be subject to the exclusive jurisdiction of the courts in [Delhi].
Loan Agreement
VittaFlow Services Standard Loan Terms and Conditions
Clear repayment, foreclosure, borrower covenant, and jurisdiction terms for VitaFlow Finance loan agreements.
Review before signing
Read the agreement terms and keep your repayment schedule, fees, and document records clear.