BIGWIN INFOTECH PRIVATE LIMITED BORROWER AGREEMENT
BORROWER REGISTRATION AGREEMENT
This Borrower Registration Agreement (Herein after referred to as the “Agreement”) has been made, prepared and executed on this ....... day of _____, 201__, in Mumbai, Maharashtra
(That for the sake of brevity and convenience, this Borrower Registration Agreement shall herein after be referred to as the “Agreement”)
BY AND BETWEEN
BIGWIN INFOTECH PRIVATE LIMITED, an Indian Private Limited Licensee incorporated and registered under the provisions of Companies Act, 2013, having registered address at 113, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai- 400063, (Hereinafter referred to as “Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin”), which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include all its associates, directly or indirectly involved in the business, its successors in office, administrators and permitted assigns of the FIRST PART;
Mr./Ms./Mrs. .................................................., S/O/D/O/W/O ..........................................., aged …… Years, an Individual, having PAN No. ................................................. and Aadhar No ............................................................. and residing at ....................................................................................................(Hereinafter referred to as the “Borrower”) which expression shall unless it is repugnant to the context or meaning thereof being deemed to mean and include its successors-in-interest and permitted assigns of the SECOND PART;
(That for the sake of brevity and convenience, Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin and the Borrowers shall herein after collectively be referred to as the “Parties” to this Agreement)
- Paisadukan is an online peer to peer digital marketplace/lending and/or borrowing platform that brings together Borrowers and Investors, and the Company provides services (as specified in this agreement) in relation to borrowing / investing transactions made through Paisadukan website;
- A registered borrower who creates an account with Paisadukan at www.paisadukan.com can find a suitable investor, and similarly an investor who creates an account with Paisadukan at www.paisadukan.com can find a suitable borrower, through the services of Paisadukan on such terms and conditions as may be provided in this Agreement;
- That the Borrower is any person who has an intention to borrow, and is registered on the online peer to peer digital marketplace, borrowing platform /Paisadukan/BigWin as a Borrower, from the investors that are duly registered with the online peer to peer digital marketplace/lending and/or /Paisadukan/BigWin;
- That for the purpose of Borrowing, the Borrower understands and accepts that he/she shall register him/her in order to facilitate borrowing from the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin;
- Borrower who intends to Borrow loan through Paisadukan :-
- Have created an account with Paisadukan by giving basic information including name, screen name, contact numbers, date of birth, nationality, email, place of residence, chosen password, gender, PAN, employment and such other information sought for;
- Have registered online by providing personal details as mentioned above in Clause 5.1 of the recitals and that the Borrower (except a Borrower applying for Grameen Loans) shall pay the registration fees of Rs. 500/- (Rupees Five Hundred Only), exclusive of Goods and Services Tax, and on such payment the Borrower shall fill in the additional details as sought for by the Online peer to peer digital marketplace and/or borrowing platform/Paisadukan/BigWin;
- Have registered online by providing personal details as mentioned above in Clause 5.1 of the recitals and that the Borrower applying for Grameen Loans upto amount of Rs 50,000 shall pay the registration fees of Rs. 250/- (Rupees Two Hundred and Fifty Only) and the Borrower applying for Grameen Loans of Rs 50,001 and above shall pay the registration fees of Rs. 350/- (Rupees Three Hundred and Fifty Only), exclusive of Goods and Services Tax, and on such payment the Borrower shall fill in the additional details as sought for by the Online peer to peer digital marketplace and/or borrowing platform/Paisadukan/BigWin;
- Have agreed/confirmed that in addition to the registration fee mentioned under Recitals 5.2, the borrower (except a Borrower applying for Grameen Loans) also agrees to pay 01% - 05% of the disbursed loan amount as Transaction fee to Paisadukan, exclusive of Goods and Services Tax. The fee charged will be based on the amount funded to the borrower;
NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES, COVENANTS AND CONDITIONS HEREINAFTER SET FORTH, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, THE PARTIES HERETO AGREE AS FOLLOWS:
- DEFINITIONS AND INTERPRETATION
- In this agreement (including any recitals, annexure, schedules or exhibits attached thereto) except where the context otherwise requires, the following words and expressions shall have the following meaning:-
- “Online Peer to Peer Digital Marketplace/Lending and/or borrowing platform/Paisadukan/Bigwin” means the internet/online peer to peer digital marketplace/lending and/or borrowing platform/ Paisadukan/ Bigwin operated by us at www.paisadukan.com for the purpose of matching Borrowers with Lenders/Investors;
- “Peer to Peer Lending and/or borrowing platform” means an intermediary providing the services of loan facilitation via online medium or otherwise, to the participants;
- “RBI” means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);
- “Participant” means a person who has entered into an arrangement with an NBFC-P2P either to lend or to avail loan facilitation services provided by it;
- “NBFC-P2P”means “Non-banking financial company - Peer to Peer Lending and/or borrowing platform”(NBFC-P2P) means a non-banking institution which carries on the business of Peer to Peer Lending and/or borrowing;
- “Act” means the Companies Act, 2013 and RBI P2P Regulations under the Reserve Bank of India Act, 1934 (as amended thereon).
- “Eligible Listed Borrower” means a borrower whose verification is completed by Paisadukan and is a registered Borrower;
- “Eligible Listed Investor” means an Investor/Lender whose verification is completed by Paisadukan and is a registered Investor/Lender;
- “Borrower” is an individual who satisfies the following criteria:
- Indian resident as per FEMA regulations
- Above age of 18 years.
- Should be an Earning Member
- Have an identity proof issued by any government authority
- Have income proof
- Have residence proof
- Have a valid bank account
- Have credit score as per the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin
- “Paisadukan Borrower” means a borrower who is a registered borrower with peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/Bigwin and has complied with requirements of Clause 1.1.9
- “Investor” is an individual who satisfies the following criteria:
- Indian resident as per FEMA regulations
- Above age of 18 years
- Have an identity proof issued by any government authority
- Have a valid bank account
- “Investor” is a firm or company or financial institution or other who satisfies the following criteria:
- Registered as per criteria of RBI rules and regulation
- Not blacklisted company or firm
- Have a registration certificate provided by concerned authority
- Have a valid bank account
- Borrower shall produce the following documents mentioned under Recitals 5.1 as “List of Documents”:
- Documents Required for Salaried Individual
- Address Proof: Leave and License/ Registered Rent Agreement/Utility Bill (up to 3 months old), Passport/Aadhar card
- Identity Proof: Passport/ Driving License/ Voter ID/ PAN
- Income Proof: 3 month payslips, 3 years Form 16, Copy of Income Tax PAN
- Bank Statement: 6 months bank statement that shows salary from the employer and any EMI paid for outstanding debit
- Passport size photographs
- Copy of Cancelled Blank Cheque
- Documents Required for Self Employed– Professionals
- Identity Proof: Passport/ Driving License/ Voter ID/ PAN
- Address Proof: License/ Registered Rent Agreement/ Utility Bill
- Office Address Proof: Property Documents, Utility Bill
- Office Ownership Proof: Property Documents, Utility Bill, Maintenance Bill
- Business Existence Proof: 3 years old Saral Copy, the Company Registration license, Documents required under The Shops & Establishments Act, 1953 and any other relevant Acts passed by the state legislation.
- Income Proof: Latest 3 years Income Tax Returns including Computation of Income, Profit & Loss Account, Audit Report, Balance Sheet, etc.,
- Bank Statement: Past 1 year bank statement
- Passport size photograph
- Copy of Cancelled Blank Cheque
- Documents Required for Senior Citizens/Pensioners:
- Passport size photograph
- Photo Identity Proof: Passport/ Driving License/ Voter ID/ PAN
- Residence Address Proof: License/ Registered Rent Agreement/ Utility Bill
- Age Proof: Pan Card or Passport
- Income Proof: Pension Returns Or Bank Statement
- Copy of Cancelled Blank Cheque
- “Scanned Document” means, Borrower shall scan and store documents in a digital format in form of electronic documents from best possible device as permitted by law; the scanned documents must remain accessible and legible, the person scanning the said documents, shall provide “Certificate” under section 65 B of the Indian Evidence Act 1872 , as and when required;
- “Photographs” mean photograph with negatives and photographic including Digital photographs which are stored inside the digital camera itself is an electronic record under Section 2(t) of the IT Act, It is images stored in an electronic form, so this is a “document” under Section 3 of the Indian Evidence Act, 1872 Digital photographs here shall be treated as electronic records in electronic form under section 65 B of Indian Evidence Act, 1872;
- “ACH” means Automated Clearing House (ACH) which is an electronic network that is used for financial transactions. An ACH is a transfer that occurs through the Automated Clearing House. It processes large volumes of transactions in batches; therefore time of delivery is not instant. ACH system processes both credit and debit transfer payments. All the procedures and guidelines that administer the network are decided by National Automated Clearing House Association (NACHA) which is a national association of depository financial institution members. ACH in India is operated by the Reserve Bank of India (RBI) at some centres and by commercial banks at the some centres;
- “GST” means Goods and service tax under GST Act or Goods & Service Tax Act India 2017;
- “SMS” means one unit of the Short Message Service defined by the GSM/CDMA protocol to be sent to a mobile device. The units consumed for any request submitted will be calculated by rounding up the division of submitted number of characters per request per mobile device by 153 for a multipart and 160 characters for a single part;
- “Transactional alert/message” means any alert/message, which is not promotional;
- “Reference” means the act of introducing with reference to borrower by third party/individual/person under a procedure set forth by BigWin Infotech Private Limited;
- “Rating” means rating given by Paisadukan based on its proprietary algorithm which is calculated on the basis of Credit rating of an individual based on the computed credit score;
- “Listing” is a Borrower/Investor public profile page that shows an interest by either Investor/Borrower to offer/take loans through Paisadukan and this can be viewed by all registered users on Paisadukan;
- “Borrower Listing” is a loan request made by Borrower on Paisadukan portal;
- ”Listing Period” is a period of 10 (Ten) days for a listed borrower;
- "Additional Listing Period" is a period of 7 (seven) continuous days (including holidays) after the said listing period of 10 days which can be granted to a borrower if he/she has requested for additional listing period provided that he has received not less than 50 percent of the amount of loan as requested on the platform by listing his/her loan request. This clause is applicable to listed borrowers only;
- “Person” means an individual or a company/firm or financial institution registered as per rule;
- “Bank” means the bank account details provided by borrower in this agreement with details of bank branch; full address and IFSC code (IFSC stands for Indian Financial System Code. It is an 11-digit alpha-numeric code), where borrower maintains its account , the said bank account details provided by borrower in this agreement;
- “Bank statement” means bank statement or account statement is a summary of financial transactions which have occurred over a given period on a bank account held by borrower with a Bank , where the borrower maintains its account;
- “Aadhaar” means a 12-digit unique identification number issued by the government of India to every individual resident of India based on their biometric and demographic data. The data is collected by the Unique Identification Authority of India (UIDAI), a statutory authority established in January 2009 by the government of India, under the jurisdiction of the Ministry of Electronics and Information Technology, following the provisions of the Aadhaar (Targeted Delivery of Financial and other Subsidies, benefits and services) Act, 2016;
- “PAN” means a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act, 1961. Permanent Account Number, a code that acts as an identification for individuals, families and corporates (Indian and Foreign as well), especially those who pay Income Tax. It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT), Government of India and it also serves as an important proof of identification.
- “EMI" means equated monthly installments of amounts payable by the Borrower to the Lender/Investor in respect of the loan and comprising of principal amount of the Loan and interest thereon. Such EMI shall be subject to be rounded off to the next Rupee;
- "Interest Rate" means the rate at which the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin shall compute and apply interest on the Loan, as per terms and conditions of the agreement;
- "Month" means a month of a year as per the calendar year and each month shall begin on the first day of such month;
- "Law" includes any constitution, statute, law, rule, regulation, ordinance, judgement, order, decree, authorisation, or any published directive, guideline, requirement or governmental restriction having the force of law, or any determination by, or interpretation of any of the foregoing by, any judicial authority, whether in effect as of the date of the Application Form(s) or thereafter and each as amended from time to time;
- “Loan Amount” means the amount of the financial assistance provided under the Loan Agreement to be executed;
- “Disbursement” means any payment of the Loan Amount, or any part thereof, made by Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin in terms of Loan Agreement. All disbursements to be made by Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin under or in terms of this Agreement shall be in the name of the Borrower, and shall be made by way of cheque crossed as "A/c payee only" or any other mode i.e. RTGS, NEFT, direct transfer etc., at sole discretion of Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin;
22.214.171.124 “Disbursement of Funded amount” means the amount which Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/Bigwin has approved after scrutinizing the credit score/worthiness of the Registered borrower. The same amount disbursed after deducting the processing fees and any other charges towards such disbursement of approved amount.
- “RTGS” means (Real Time Gross Settlement) an electronic form of amount/funds transfer where the transmission takes place on a real time basis. The beneficiary account receives the funds/amount transfer on Real time basis.
- “NEFT” means (National Electronic Funds Transfer) is an Indian system of Electronic Transfer of money from one bank or bank branch to another. Customers with Internet banking accounts can use the NEFT facility to transfer funds nationwide on their own. Funds can also be transferred via NEFT by customers by walking into any bank branch (which is NEFT-enabled) and leaving relevant instructions for such transfer - either from their bank accounts or by payment of cash.
- “Wallet” means permissible virtual balance allocated to Investor for funding borrower through Paisadukan.com;
- “Borrower Dashboard” means the section of the Website which can be accessed by the borrower using only his/her own username and password through which they can update their details, request loan parts, and view details of their Portfolio;
- “Processing/Transaction charges/fees” means charges/fees based on the principal amount disbursed through Paisadukan.com. All fees and charges, mentioned in the FEES & CHARGES will attract Goods and Services Tax and the said fees & charges are subject to change from time to time. The Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin reserves the right to make changes in the fees & services. The Processing Fee charged shall vary as per tenure. The break-up for Non- Grameen Loans is as under:
Sr. No. Particulars (In Months) Percentage Processing Fees 1. Upto 3 Months 1% 2. 3 Months 1 day to 6 Months 2% 3. 6 Months 1 day to 12 Months 3% 4. 12 Months 1 day to 24 Months 4%
- “Processing/Transaction charges/fees” means charges/fees based on the principal amount disbursed through Paisadukan.com. All fees and charges, mentioned in the FEES & CHARGES will attract Goods and Services Tax and the said fees & charges are subject to change from time to time. The Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin reserves the right to make changes in the fees & services. The Processing Fee charged shall vary as per loan amount. The break-up for Grameen Loans is as under:
Sr. No. Particulars ( In Rupees) Percentage Processing Fees 1. 1,000 - 25,000 3% 2. 25,001 – 50,000 4% 3. 50,001 and above 5%
- “Insurance“ means for the purposes of Security from Investor’s perspective Paisadukan will be insuring the disbursed amount, the premium for the same will be recovered from the Borrower. For the purpose of same insurance premium and processing fees shall be deducted prior to disbursement of the loan amount.
- Provided that the Security for the purpose of clause 1.1.43 shall mean the Security with respect to Borrower’s health and accidental insurance subject to the terms and conditions mentioned in the Insurance Offer Document.
- “CRIF High Mark Credit Information Services Private Limited” means a credit bureau based in Mumbai. It keeps a record of loan repayment history on credit facilities extended to an individual across the board.
- “E-mail” means Electronic Mail, or Electronic Messages is a system that allows text-based messages to be exchanged electronically, such as between computers or cell phones. It is an electronic store and forward method of composing, sending, storing, and receiving messages over electronic communication systems. It includes emails, SMS, MMS etc. of messages sent via social networking sites, like WhatsApp, Twitter etc. Under the provisions of Section 88A, there are presumptions as to such messages. Section 88, 88A, 114(f) of the Indian Evidence Act, 1872 read with Section 2(t) of Information Technology Act, 2000 are relevant sections for sending and receipt of email and its proof.
- “Services” by Paisadukan:
- Verification of the Investor and Borrower documents and other details;
- Collecting duly signed agreements from the Investor(s) and the borrower(s);
- Collecting the post-dated cheques from the borrower(s) in the name “BIGWIN INFOTECH PRIVATE LIMITED-BORROWER REPAYMENT ESCROW ACCOUNT”
- If the post-dated cheques are dishonoured, no credit through ECS is given by the bank, then Paisadukan on behalf of Investor and or with the permission of Investor may take such necessary steps as permitted by law against the borrower to realize the amounts due along with the interest at the decided rate and other fees as agreed in this agreement including appointment of collection agents, if required;
- A statutory provision shall include such provision as is from time to time modified or re-enacted or consolidated so far as such modification or re-enactment or consolidation applies or is capable of applying to any transactions entered into hereunder;
- Headings in this Agreement are for convenience of reference only and shall not be used to construe or interpret this agreement;
- Words denoting the singular shall include the plural and vice versa and the word representing any gender shall be deemed to include all other genders;
- The word 'include' or 'including' shall be construed without limitation;
- An 'amendment' includes a supplement, modification, notation, replacement or re-enactment and 'amended' is to be construed accordingly;
This agreement shall come into effect from the date of execution of this agreement.
- PURPOSE/SCOPE OF THIS AGREEMENT:
- The Parties duly agree and understand that they have collaborated with each other for the purposes as expressed under Para(s) 1-5 to the Recitals;
- The Borrower duly agrees and understands that for the purposes of effectuating the objective as specified under Clause 1.1 to this Agreement, the Borrower shall register itself/himself/herself with the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin in accordance with the guidelines of the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin and as duly specified within the provision of law;
- The Borrower is associated with the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin in order to borrow money from the investors, investing in the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin;
- The borrower duly agrees and understands that it shall be upon the sole discretion of the Company to register a prospective Borrower as an actual Borrower on the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin and the Borrower shall cease and desist from raising any contention/dispute in respect thereof;
- Borrower agrees to register with Paisadukan as Paisadukan Borrower. Verification process is mentioned in Clause 11 of this agreement. Those Borrowers whose online registration is completed should submit the documents sought for verification by Paisadukan during the visit of Paisadukan personnel to the Borrower or upload online as the case may be. This will be completed within 05 (Five) working days from the date of borrower’s registration on the site;
- The Borrower, to register itself/himself/herself with the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin shall undergo the registration process of the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin. For such registration as a Borrower with the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin, the Non – Grameen Loan Borrowers are required to pay the registration fees amounting to Rs.500/- (Rupees Five Hundred Only) exclusive of Goods and Services Tax and the Borrowers applying for Grameen Loans upto amount of Rs 50,000/- shall pay the registration fees of Rs. 250/- (Rupees Two Hundred and Fifty Only) and the Borrowers applying for Grameen Loans of Rs 50,001/- and above shall pay the registration fees of Rs. 350/- (Rupees Three Hundred and Fifty Only), exclusive of Goods and Services Tax and the Borrower will need to fill up the forms and provide bonafide details on the e-forms generated on the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin;
- Paisadukan Borrower hereby agrees to receive SMS transaction alert posted by Paisadukan on any new registrations, loan closures, repayments, offers on loans, etc. registered members are availing these services on their own will and there will be no financial obligation of Paisadukan in case of legal disputes. The registered members are obliged to notify Paisadukan, any change on his/her mobile phone number. The registered members are allowed to opt out from receiving SMS transaction alert by notifying Paisadukan in writing;
- Registered members hereby allow Paisadukan to access, collect and display any public information available in the domain of Facebook/LinkedIn or any such social networking sites, in their portal. The registered members can however restrict access, collection or display of information by notifying to Paisadukan.
- VERIFICATION AND AUTHORIZATION TO OBTAIN CREDIT REPORT
- On successful completion of execution of this agreement, the Borrowers are subject to verification. Verification process includes physical verification to check correctness of data provided for online registration by the Borrower with the proofs. Borrower should provide the list of documents mentioned above under clause 1.1.12 at the time of physical verification by Paisadukan team.
- The borrower shall furnish the above mentioned documents in scanned format on the Personal page which shall be reached only after successfully paying the registration fees as mentioned in Clause 5 of the recitals and documents relating to work experience, Employment Category, Gross Income, Monthly EMI in outstanding loans , Educational Level, Residence type, Residence Ownership Type, Permanent Address, and any other document that the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin deems fit to check;
- The Borrower shall provide information of the Nominee/Legal heir which shall include the name of the Nominee/Legal heir, address of the nominee, as well as relationship of the nominee with the Borrower. Nominee of the borrower can be borrower’s mother/father/wife/husband/son/daughter (not less than 18 years of age as per section 3 of the Indian Majority Act of 1875, In case of a minor of whose person or property or both a guardian has been appointed under the Guardian and Wards Act, 1890 or Whose property is under the superintendence of any court of wards before he attains 18 years);
- In addition to nominee, the borrower has to provide 02 (two) references who can be anyone other than family and relatives. For the said references, the borrower should declare their names, addresses and phone numbers;
- Details of the place of employment should be declared by the Borrower, if any and in case of Business, the Borrower shall furnish documents related to the business of the Borrower;
- The Borrower shall furnish all the details pertaining to the Bank account through which the Borrower requests the loan amount to be transferred;
- Additional documents that the Borrower needs to furnish shall be: Aadhaar Card, Copy of Bank Statement, Copy of Cancelled Blank Cheque, PAN Card, Passport, Bank Statement, and Photograph of the Borrower as per clause 1.1.12;
- For any other information/documents as required by Paisadukan, the exhaustive list can be seen on the website and also will be communicated through e-mail;
- Borrower hereby authorises Paisadukan to obtain credit report from CRIF High Mark Credit Information Services Pvt. Ltd. or such other organisation which provides such facilities not only for the first time on registration but at any time during his association with Paisadukan. The credit report shall be used for any purpose that is authorized by applicable law;
- Paisadukan has the right to reject any Borrower’s application, if any information provided by Borrower is inaccurate or incorrect;
- If any changes occur in the personal information provided after registration, Borrower must promptly notify Paisadukan of the change. In the event of not notifying, Paisadukan at its sole discretion may take necessary action including removing the listing;
- Borrower hereby agrees that documents sought by Paisadukan at the time of registration or anytime thereafter become part of the official record of Paisadukan and will not be returned. However on closure of the user account Paisadukan will ensure that the same is destroyed.
- MONTHLY RE-PAYMENTS:
- EMI schedule will handover as follows:
- If loan is disbursed before 20th day of the month of application for loan by borrower, total disbursed amount will be equivalent to loan amount approved and received and first EMI will start from 5th of next month immediately after receipt of the said amount;
- If loan is disbursed on or after 20th of the month of application for loan by borrower, total disbursed amount will be equivalent to loan amount approved and EMI will start from the month following the next month (5th of the said following month (the meaning of following month here in this clause refer to excluding of first month of in computation and start from next month).
- Late fees:
- Borrower agrees to pay the principal and the interest amount at the settled dates in the admitted manner. In the event of delayed payments, a late fee is charged based on the criteria as discussed further;
- Borrowers will pay all the EMIs on repayment date as mentioned in agreement. In case the due EMI is not paid on the scheduled time, a penal interest of Rs. 30/- (Rupees Thirty Only) will be charged for each days of delay beginning with the due date up to the date of actual repayment. These charges are exclusive of Goods and Services Tax and are applicable for each instance of delayed repayment. So, Paisadukan encourages all borrowers to make timely repayments to avoid penalty charges;
- Please note that Paisadukan at its sole discretion can increase this amount. To know the latest charges, please visit www.paisadukan.com;
- If, Paisadukan ties up with any bank in the near future, Borrower agrees to open a bank account with Paisadukan designated bank through which the loan requests will be processed. In such case, Borrower agrees to make all loan commitments through ACH by maintaining an account for the said purpose. Till that period, Borrower agrees to provide cheques to repay the loan amount as mentioned in Clause 15 of this Agreement.
- Pre-payment of loan:
- Paisadukan borrowers can repay their loan during their loan tenure subject to the below mentioned conditions and there is no penalty for the same. This is further subject to change at the sole discretion of Paisadukan and can be seen on the website. These changes will be effective for ongoing loans as well as new loans. The said condition shall be as discussed further;
- Prepayment of loans allows borrower to reduce the loan tenure but not the EMI amount. In such case, the Investor must accept the repayment amount and no interest will be received on the pre-payment amount of the borrower loan;
- Notwithstanding anything to the contrary contained in this agreement, Paisadukan borrowers at any time after repayment of EMIs not less than three months can prepay their loan (whole or in part) together with reimbursement of any costs or expenses incurred by Investor/Company
- It is to be noted by the Registered Borrower that in case of prepayment, the Registered Borrower will have to pay his 03 (Three) Basic EMI’s and from the 04th Month the Registered Borrower shall be eligible for repayment in full/part.
- With reference to clause 12.3.4, the Registered Borrower shall have the option to prepay the loan amount in full wherein the Registered Borrower will have to pay the interest accrued till the date of making full payment.
- With reference to clause 12.2.4 the Registered Borrower shall also have the option to make prepayment of the loan amount in part. Any prepayment of the loan amount in part will not result in the change of the EMI, only the tenure of the EMI shall be adjusted.
The rate of interest applicable to the loan is compounded with the monthly interests on the outstanding balance, namely the balance of loan and unpaid interest and costs, charges and expenses outstanding at the end of the month.
- Penal Charges
- The Borrower shall be liable to pay penal charges if any levied by the Banks on account of cheque/ ECS bouncing, cheque swapping or on return of any cheque issued by the borrower if the borrower defaults for paying the EMI for 02 (two) consecutive times;
- In case EMI is not paid on due date, the bank charges related to default instance shall be paid by the Borrower in addition to Penal Interest Charges at the rate Rs. 30/- (Rupees Thirty Only) accrued daily from
the date of default exclusive of Goods and Service Tax per cheque dishonoured as defined under Negotiable Instruments Act, 1881 will be charged. If required with the consent/instructions of Investor under procedure established by law and due process of law, we have to facilitate the collections through empanelled agencies. This also includes legal process for recovery of funds if required. The cost of such legal process including litigation shall be borne by the Borrower only, provided all the parties shall strictly abide by the procedure prescribed under the law.
- Fees Waiver
Paisadukan has rights to waive any fees payable by the Borrower except Cheque Dishonoured Charges, Loan Repayment Charges, and Interest on Loans.
- PAISADUKAN OBLIGATIONS:
- After closing the loan disbursement either in the request period or additional request period, Paisadukan agrees to liaison between the Investor and borrowers to execute the required legal documents which will bind both the parties till the clearance of all the payments.
- . PaisaDukan shall also enable swift and easy transfer of the loan amount in the account of the Borrower.
- Paisadukan agrees to engage the services of a collection agency as per the prevailing law and guidelines issued by the RBI on behalf of the Investor in collecting timely payments from the Borrower under due process of law with consent/instructions from Investor. Paisadukan assumes no advisory or fiduciary responsibility with respect to Investor in connection with investing in the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin, provided all the parties shall strictly abide by the procedure prescribed under the law.
- PaisaDukan, the Online peer to peer digital marketplace/lending and/or borrowing platform, shall in no measures be construed as an agent of either party. PaisaDukan is a facilitating Online peer to peer digital marketplace/lending and/or borrowing platform which shall not be held liable for the acts of either Party;
- Any actions by either Party shall not be interpreted as act of PaisaDukan.
- BORROWER OBLIGATIONS:
- To provide accurate and true information that shall be sought by the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin for validating the documents;
- Not to share information that may reveal Borrower’s identity in the request made for the loan;
- Borrower, shall furnish 05 (five) cheques out of which 02 (two) cheques shall be for payment of Equated Monthly Installments (EMI) and other 03 (three) shall be for other procedure laid down by the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin in case of default by the Borrower;
- To repay the loan to the Investor without any failure, the borrower will be paying the first two installments by cheque and thereafter such payment shall be deducted directly from the bank account of the Borrower, which shall be activated by the Borrower from his/her bank. The said facility shall be commonly known as of Automated Clearing House (ACH);
- To co-operate with Paisadukan for the information/documents sought from time to time and shall inform the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin if there is any change in the address or change in the contact number
- Agree that, in connection with any loan offers, loans or other transactions involving or potentially involving Paisadukan, not to
- Make any false, misleading or deceptive statements or omissions of material fact;
- Misrepresent his identity, or describe, present or portray himself as a person other than him;
- Give to or receive from, or offer or agree to give to or receive from, any Paisadukan Investor or other person any fee, bonus, additional interest, kickback or thing of value of any kind, including in exchange for such person's commitment, recommendation, or offer or agreement to recommend or make a commitment with respect to your listing;
- Represent himself to any respect to Lender/Investor’s listing;
- Represent himself to any person as a director, officer or employee of Paisadukan, unless being so;
- Post anything abusive, harmful content or pictures; which is defamatory to Paisadukan.
- REPRESENTATIONS AND WARRANTIES:
- Each party to the agreement makes the following representations and warranties with respect to itself, and confirms that they are, true, correct and valid:
- It has full power and authority to enter into, deliver and perform the terms and provisions of this agreement and, in particular, to exercise its rights, perform the obligations expressed to be assumed by and make the representations and warranties made by it hereunder;
- Its obligations under this agreement are legal and valid obligations binding on it and enforceable against it in accordance with the terms hereof.
- The parties to the agreement warrant and represent to have the legal competence and capacity to execute and perform this agreement.
- NO GUARANTEE:
- Paisadukan does not guarantee:
- That Borrowers loan request will be selected by an Investor or;
- That Borrower will receive an Investor’s acceptance for the loan request as a result of posting, or;
- That Borrower will receive the loan at any rate of return, or any minimum amount of principal or interest on any principal or interest at all;
- The Parties duly agree and understand that the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin makes no guarantee as to whether the Borrower shall receive a loan/credit upon listing of the request.
- RESTRICTIONS ON USE:
- Borrower represents itself/himself/herself and no third party. Borrower is not authorised or permitted to use Paisadukan to make requests for someone other than itself/himself/herself. All the transactions carried will be solely by Borrower from his/her deposit account.
- A registered borrower can also register as a Lender/Investor on the Paisadukan portal provided that,
- The borrower has cleared all the dues as borrower in the online peer to peer borrowing Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin;
- The borrower will have to apply under respective category as desired and all the formalities including registration will be redone for that category.
- The Parties duly agree and understand that upon fulfilling all relevant criteria and/or documentation, the Borrower shall be entitled to make request for loans on the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin;
- The Parties duly agree and understand that the aforesaid listings shall be published on the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin and be bought into public domain;
- The Parties duly agree and understand that the Borrower’s listing shall be active up to and till the Borrower has received loan/credit sought for borrowing and/or withdraws the listing, whichever is earlier;
- The Borrower duly agrees and understands that a listing once posted cannot be modified. However registered Borrower is allowed to withdraw his/her loan application anytime irrespective of the amount funded to him/her but only prior to disbursement. This applies for additional listing period as well;
- The Borrower duly agrees and understands that in the event the eligible listed Borrower wants to re-list, he/she can post a new borrowing request or listing after 3 months containing the updated information. The re-verification charge which is Rs. 250/- (Two hundred and fifty only) exclusive of Goods and Service Tax shall be borne by the borrower as a part of re-verification process. The Borrower agrees, that the Company reserves the right, in its sole discretion, to limit the number of re-listing requests a Borrower can post or attempt to post on its Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin;
- The Borrower duly agrees and understands that shall the Borrower fail to abide by his/her commitment towards repayment of loan, his/her name shall be delisted and he/she shall not be allowed to carry out any transaction by listing the requests through the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin in future;
- The Borrower duly agrees and understands that he/she can duly post a request up to a minimum of Rs. 5,000/- (Rupees Five Thousand Only) However maximum amount from an individual Investor is limited to Rs. 50,000/- (Rupees Fifty Thousand Only) and the aggregate amount of loan a borrower is limited to borrow is Rs.10, 00, 000/- (Rupees Ten Lakh Only) across all P2Ps at any point of time. Further the Borrower agrees that the Company retains the sole right to modify the limits from time to time at its discretion.
- The Borrower hereby explicitly consents that the loan amount as mentioned in clause 19.7 is in accordance with the guidelines as laid down in NBFC P2P Master Direction circular number DNBR (PD) 090/03.10.124/2017-18 dated 04th October, 2017.
- Paisadukan may at its sole discretion, with or without cause, terminate this agreement and registration with Paisadukan at any time by giving a notice to the Borrower.
- In case of non- compliance of Borrower’s obligations mentioned under Clause 15 above, involvements of Borrower in any prohibited activity or illegal purpose, Borrower’s failure to abide by the terms of this agreement or the Paisadukan terms of service and any law of land;. Upon such determination in connection with registration/loan offer, Paisadukan may, at its sole discretion, immediately and without notice, take one or more of the following act:
- Terminate or suspend Borrower’s listing for requested loan on the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin; or
- Terminate this agreement and registration with Paisadukan;
- Upon termination of this agreement and registration with Paisadukan, all the loans originated through Paisadukan still hold good as the agreements are legal and signed by the Borrower & Investor;
- The Parties duly agree and understand that the Online peer to peer digital marketplace/lending and/or borrowing platform/Paisadukan/BigWin may at its sole discretion, with or without cause, terminate this Agreement and the Registration of the Borrower with the Company at any time by giving a notice of such intent to the Borrower;
- The parties duly agree that the Company has sole authority to determine the non- compliance of the Borrowers obligations as expressed under Clause 15 herein, involvement of the Borrowerin any prohibited activity or illegal purpose, Borrower’s failure to abide by the terms of this Agreement or the Company’s terms of service and any law of land. Upon such determination, the Company may, at its sole discretion, immediately and without notice, cancel the provision of loan/credit facility and/or terminate the Borrower’s right to post his/her listings or otherwise participate on the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin and/or terminate this Agreement;
- The Parties duly agree and understand that upon termination of this Agreement and registration with the Company, all loan/credit originated through the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin still hold good as the Agreement executed herein is legal and signed by the Borrower and Investor without any coercion and it shall be legally enforceable.
- THIRD PARTY DISCLOSURES:
21.1 The borrower hereby agrees and explicitly consents that Paisadukan may disclose confidential information of the Borrower to any third party who under the terms of this agreement is CRIF or any other Governmental Regulatory Body who needs to access such information in pursuance of any functions, duties and laws with regards to this Agreement.
- PAISADUKAN'S RIGHT TO MODIFY TERMS:
- Paisadukan reserves the right to modify the clauses of the agreement or its terms of service from time to time without consent of borrower due to any of the following reasons:
- To make these Borrower Terms and Conditions clearer or easier to understand;
- To make changes which benefit Borrower or do not disadvantage Borrower;
- To make changes to the products or services we offer or provide to the Borrower, to introduce new products or services or to withdraw products or services Paisadukan/BigWin/Company no longer offers;
- To change our existing services because of changes to technology, systems, processes or our business policies or procedures;
- To reflect changes in law, regulation, industry guidance or a decision of a competent court or any regulation framed by the RBI from time to time;
- Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin will always try to give at least one month's notice of modification/amendment to this Borrower Agreement by notifying Borrower of the proposed change through the Website or sending an email to Borrower’s registered email address. However, this may not always be possible and Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin may make changes on shorter notice periods. Changes will not apply retrospectively. Changes to the terms of service will become effective no sooner than two days after they are modified. Paisadukan will give Borrower notice of material changes to this agreement, within 30 working days.
- CEASING TO BE A BORROWER WITH ONLINE PEER TO PEER DIGITAL MARKETPLACE/LENDING AND/OR BORROWING PLATFORM /PAISADUKAN/BIGWIN AND TERMINATION
- In case, a Borrower no longer wishes to be a Paisadukan Borrower then, provided that, the Borrower has:
- No Tripartite Loan Agreements in force;
- No outstanding dues in his/ her account;
- No active loans up for bidding by Lenders/ Investors.
- Borrower can notify us at any time and Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin will close your Borrower Account.
- If a Registered Borrower wishes to close his/her Borrower Account but the following circumstances apply:
- Borrower is a party to a Tripartite Loan Agreement which is in force or;
- Borrower has active loans in his account; or
- Borrower has an active loan listing;
- Borrower must either (depending on the circumstances below mentioned):
- Repay all due EMIs; or
- Withdraw his/her listing from the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin;
- Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin may give Borrower notice that Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin intend to close your Borrower Account at any time if:
- Borrower breaches any term of a Tripartite Loan Agreement and fail to remedy the breach within any reasonable period of time notified to Borrower;
- Borrower ceases to be an eligible Borrower because Borrower does not satisfy the criteria as per Terms and Conditions of this Borrower Agreement.
Borrower agrees to indemnify and hold Paisadukan harmless from and against any and all claims, action, liability, cost, loss, damage, endured by Paisadukan by your access in violation to the listed terms of service and also to the applicable laws, rules and regulations or agreements prevailing from time to time.
If any provision of this agreement is found to be invalid or unenforceable, then the invalid or unenforceable provision will be deemed superseded by a valid enforceable provision that most closely matches the intent of the original provision and the remainder of the agreement shall continue in effect.
- INTELLECTUAL PROPERTY RIGHTS
Paisadukan and all related logos (collectively the "Paisadukan trademarks") are trademarks or service marks of Paisadukan. Nothing on this site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any of Paisadukan trademarks displayed on this site, without our prior written permission in each instance. Borrower should not use, copy, display, distribute, modify or reproduce any of the trademarks found on the site unless in accordance with written authorization by us. Paisadukan prohibits use of any of Paisadukan trademarks as part of a link to or from any site unless establishment of such a link is approved in writing by Paisadukan in advance.
Borrower authorizes Paisadukan to correct obvious clerical errors appearing in information he/she provides to Paisadukan, without notice to him/her; although, Paisadukan expressly undertakes no obligation to identify or correct such errors.
- GOVERNING LAW, DISPUTE RESOLUTION AND JURISDICTION:
- Any and all disputes or differences between Borrower and Paisadukan the Company, arising out of or in connection with this agreement or its performance shall, so far as it is possible, be settled by negotiations between the parties amicably through consultation;
- Any dispute, which could not be settled by the parties through amicable settlement, shall be finally settled by the court of law having jurisdiction to grant the same. The Jurisdiction shall be that of Mumbai, Maharashtra;
- This agreement and the arrangements contemplated hereby shall in all respects be governed by and construed in accordance with the laws of India without giving effect to the principles of conflict of laws there under;
- This agreement is governed under applicable law of Union of India and other applicable law under the jurisdiction of the concerned state government. The law includes the provisions of Indian Contract Act, 1882, Section 10-A and other provisions of Information Technology Act, 2000 (as amended till date), Specific Relief Act, 1963, provisions of NBFC-P2P Master Direction DNBS.PPD. No. 04/66.15.001/2016-17 dated June 8, 2017 on Information Technology Framework for NBFC Sector, and any other guideline issued by RBI from time to time, and any other law applicable.
- FORCE MAJEURE:
- No Party shall be liable to the other if, and to the extent, that the performance or delay in performance of any of its obligations under this agreement is prevented, restricted, delayed or interfered with, due to circumstances beyond the reasonable control of such party, including but not limited to, Government legislations, fires, floods, explosions, epidemics, accidents, acts of God, wars, riots, strikes, lockouts, or other concerted acts of workmen, acts of Government and/or shortages of materials;
- The party claiming an event of force majeure shall promptly notify the other parties in writing, and provide full particulars of the cause or event and the date of first occurrence thereof, as soon as possible after the event and also keep the other parties informed of any further developments. The party so affected shall use its best efforts to remove the cause of non-performance, and the parties shall resume performance hereunder with the utmost dispatch when such cause is removed.
- BINDING EFFECT:
All warranties, undertakings and agreements given herein by the parties shall be binding upon the parties and upon its legal representatives and estates. This agreement (together with any amendments or modifications thereof) supersedes all prior discussions and agreements (whether oral or written) with respect to the transaction or electronic, between Borrower and Paisadukan with respect to borrower involvement as a Borrower on the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin.
- ENTIRE AGREEMENT:
This agreement, along with the Paisadukan terms and conditions, represents the entire agreement between you and Paisadukan regarding your participation as a Borrower on the Online peer to peer digital marketplace/lending and/or borrowing platform /Paisadukan/BigWin, and supersedes all prior or contemporaneous communications, promises and proposals, whether oral or written.
IN WITNESS WHEREOF, THE PARTIES HAVE CAUSED THIS AGREEMENT THROUGH THEIR AUTHORISED REPRESENTATIVES ON THE DAY AND YEAR FIRST HEREIN ABOVE WRITTEN
SIGNED AND DELIVERED }
By the within-named }
MR ………… }
For and Behalf of }
BIGWIN INFOTECH PVT LTD }
SIGNED AND DELIVERED }
By the within-named }
MR ………… }
IN THE PRESENCE OF }