TERMS AND CONDITIONS FOR EMI WITHOUT CREDIT CARD (AEON)

INTRODUCTION

1.1     AEON Credit Service India Private Limited (“ACSI”) is a Non-Banking Finance Company (“NBFC”) registered with the Reserve Bank of India (the “RBI”) and as such NBFC, inter alia, provides various lending facilities to customers.

 

1.2     The Borrower has represented to ACSI that the Borrower is in need of financial assistance for purchasing a product from a dealer and has requested ACSI to grant to the Borrower a loan for financing the purchase of such product. Towards this end, the Borrower has filed a Loan Application (defined below) to avail of a financing facility from ACSI.

 

1.3     Relying upon the representations of the Borrower and at the request of the Borrower, ACSI agrees to make available/grant the Loan (as defined below) to the Borrower as stipulated in the Loan Application and on terms and conditions more particularly stated herein.

 

   ARTICLE 2

DEFINITIONS

 

In these Terms and Conditions, the capitalized terms listed below shall have the following meanings:

ACSI” has the meaning attributed to it in paragraph 1.1.

Authorised Bank” means the bank authorised by ACSI to collect payments from the Borrower on its behalf.  

Borrower(s)” means the person or persons named in Item 1 of the Sanction Letter and shall include, (a) where the Borrower is an individual or a proprietorship firm, his/her heirs, executors and administrators, (b) where the Borrower is the Karta of a Hindu Undivided Family and the borrowing is for the purposes of the Hindu Undivided Family, the member or members for the time being of the said Hindu Undivided Family, and their respective heirs, executors, administrators and permitted assigns, and (c) where there are more borrowers than one, means and includes each borrower and all of them, jointly and severally.

Dealer” means the entity which sells the Products to the Borrower and which is authorised by ACSI.  

EMI” means equated monthly installments being installments of fixed amounts compromising of the principal amount of the Loan and interest charged thereon payable monthly towards repayment of the Loan Amount throughout the Loan Term and other fees and charges as specified in the Loan Sanction Letter. 

Loan”/ “Loan Amount” means the credit/finance which ACSI advances/lends to the Borrower as stipulated in the Loan Application.

Loan Application” means the application form for availing finance /credit for purchase of the Product made by the Borrower to ACSI.

Loan Sanction Letter” means the sanction letter provided by ACSI to the Borrower and accepted by the Borrower setting out the terms of the Loan, as may be amended, supplemented or replaced from time to time.

Loan Tenure” means the duration of the Loan as stipulated in the Loan Application.

NBFC” has the meaning attributed to it in paragraph 1.1.

Outstanding Dues” means all amounts payable by the Borrower to ACSI pursuant to these terms, including without limitation the principal Loan Amount and interest on the Loan Amount and on all Outstanding Dues due and payable to ACSI.

Product” means the consumer durables proposed to be purchased by the Borrower by availing finance from ACSI as specified in the Loan Application.

RBI” has the meaning attributed to it in paragraph 1.1.

 

                                                                                 ARTICLE 3

                                                                                        TERMS OF LOAN 

3.1     In the event ACSI sanctions the Loan on the basis of the Loan Application submitted by the Borrower, these Terms read together with the Loan Sanction Letter will govern the Loan and the relationship between ACSI and the Borrower.

3.2     The Borrower shall pay all fees and charges as set out in the Loan Sanction Letter which may be deducted by ACSI at the time of disbursal of the Loan Amount to the Dealer or otherwise recovered by ACSI in any other manner as may be mutually agreed between the Borrower and ACSI. It is clarified that where ACSI intends to deduct such fees and charges from the Loan Amount as specified in this clause, ACSI shall gross up the Loan Amount by a sum not exceeding the fees and charges so deducted, so as to ensure that the Loan Amount disbursed to the Dealer is not less than the Loan Amount approved by ACSI in the Application Form. 

3.3     The Loan shall be disbursed by ACSI to the Dealer in one lump sum or in such installments as may be decided by ACSI.

3.4     ACSI is authorized to make payment for the Product directly to the Dealer on the Borrower’s behalf, which together with the fees and charges referred to in the Loan Sanction Letter and interest as mentioned in the Loan Sanction Letter shall be a debt due by the Borrower to ACSI to be repaid as per the Terms and Conditions contained herein and the Loan Sanction Letter.

3.5     The Borrower shall utilize the Loan only for the purchase of the Product and for no other purposes.

3.6     The Borrower shall be exclusively responsible for delivery of the Product from the Dealer and ACSI shall not be liable for any delay in delivery or non-delivery of the Product and or with respect to the quality, condition, fitness, suitability or otherwise whatsoever of the said Product.

3.7     The Borrower may withdraw the Loan Application and/ or otherwise choose not to borrow the Loan from ACSI without payment of any cancellation charges, if such withdrawal or cancellation, as the case may be, is communicated to ACSI in writing within 7 (seven) days from the date of acceptance by the Borrower of the Loan Sanction Letter. In such cases, ACSI shall refund to the Borrower the first EMI and other fees and/ or charges, if any , paid by the Borrower to ACSI prior to such cancellation or withdrawal.

3.8     If the Borrower chooses to withdraw the Loan Application and/ or otherwise chooses not to borrow the Loan from ACSI after the expiry of 7 (seven) days from the date of acceptance by the Borrower of the Loan Sanction Letter and not less than 7 (seven) days prior to the date of payment of the second installment of the E.M.I (or the first installment of the EMI, where the first installment has not been paid at the time of execution of the Loan Sanction Letter), the Borrower shall be bound to pay the cancellation charges as specified in the Loan Sanction Letter. It is clarified that in such cases, ACSI may adjust such cancellation charges against the first EMI and/ or any other fees and charges paid by the Borrower prior to such cancellation or withdrawal, as the case may be. The surplus, if any, remaining after making such adjustment shall be refunded by ACSI to the Borrower and upon such refund being made, the agreement between ACSI and the Borrower shall stand terminated, without prejudice to any antecedent claim that either party may have in connection therewith.  

3.9     It is clarified that the Borrower shall not be entitled to cancel the Loan or otherwise withdraw the Loan Application within 7 (seven) days immediately preceding the date for payment of the second installment of the E.M.I (or the first installment of the EMI, where the first installment has not been paid at the time of execution of the Loan Sanction Letter).

 

                                                                                                         ARTICLE 4

REPAYMENT OF LOAN

4.1     The Borrower shall repay the Loan Amount together with interest charged thereon by way of EMIs to be paidin monthly installments as specified in the Loan Sanction Letter.

4.2     The due date for payment of EMI is indicated in the Loan Sanction Letter and it is understood that time is of the essence for payment of the EMI.

4.3     ACSI shall be entitled to revise the rate of interest at any time and from time to time as per its policy and/or applicable laws and regulations, if any, during the Loan Tenure, at its discretion and such revised interest shall deemed to form part of the Loan and the Borrower shall also be liable to pay such revised amount of interest in such manner and within such period as may be determined by ACSI in its sole discretion. The Borrower shall be notified in advance of any change in the rates of interest and any such change shall be applicable only prospectively.

4.4     The EMI shall automatically stand revised by reason of revision in any rates, taxes, charges and levies whatsoever that are or may be levied on the transaction contemplated hereunder or are or may become payable by ACSI by virtue of these terms and conditions. Such increase in rates, taxes, charges and levies as stated above shall automatically form part of the Loan. The increase in such EMI shall be notified to the Borrower by ACSI from time to time.

4.5     All sums payable by the Borrower to ACSI shall be paid without any deductions whatsoever; discharge for payment will be given only on realization of the amount due.  

4.6     If there is any delay in payment of an EMI by the Borrower, ACSI shall be entitled to charge an overdue penalty fee at a rate mentioned in Loan Sanction Letter and to recover the balance amount together with such fee.

4.7     Notwithstanding anything contained herein, the Outstanding Dues and all other sums whatsoever payable by the Borrower to ACSI hereunder and/ or in connection with the Loan shall be payable by the Borrower to ACSI on demand. ACSI may, at any time, in its sole discretion and without assigning any reason, call upon the Borrower to pay the Outstanding Dues and thereupon the Borrower shall within [15] days of being so called upon pay the whole of the Outstanding Dues to ACSI without any delay or demur.

4.8     The Borrower shall not, without the approval of ACSI, be entitled to prepay the EMI or any part thereof before the expiry of Loan Tenure. ACSI may, at its discretion, give approval to the Borrower for the prepayment of any amounts due under the Loan, subject to the Borrower fulfilling any terms and conditions stipulated by ACSI including payment of prepayment charges at the rates set out in the Loan Sanction Letter.

 

ARTICLE 5

    MODE OF PAYMENT  

5.1     Payment by Post Dated Cheques

In case the repayment is to be made by way of post dated cheques and the Borrower has given post dated cheques in favor of ACSI covering all or any of the amounts due to ACSI towards the Loan, the Borrower hereby irrevocably and unconditionally agrees and covenants:

(a)        that each such post dated cheque shall carry the date on which the relevant EMI is due;

(b)        that the post dated cheques given by the Borrower shall be valid as from the respective dates of such cheques and that at any point of time the Borrower shall not claim that they are invalid due to any reason whatsoever;

(c)        that he/she/it shall ensure availability of sufficient funds in the account on which such post dated cheques have been drawn;

(d)        that the Borrower shall not at any time close his/her account and/or issue any notice instructing ACSI not to present any of such cheques for encashment;

(e)        that the Borrower shall not instruct his/her/its Bank to stop payment on any of such cheques; and

(f)        that in case the Borrower changes/desires to change his/her Bank on which the post dated cheques deposited with ACSI are drawn, the Borrower shall be entitled to replace the cheques/issue fresh cheques only on payment of swapping charges to ACSI as specified in the Loan Sanction Letter.  The Borrower hereby acknowledges that one of the essential terms of sanctioning the Loan is on the basis of post dated cheques issued by the Borrower in favour of ACSI towards repayment of EMIs payable by the Borrower to ACSI and details of the post dated cheques are more fully described in the Loan Application.  

 

5.2     Payment by Electronic Clearing System  

In case the payment of EMI is to be made by way of Electronic Clearing System (E.C.S) mandate in favor of ACSI covering all or any of the amounts due to ACSI towards the Loan, the Borrower hereby irrevocably and unconditionally agrees and covenants that:

(a)        that the E.C.S. mandate given, at or before the execution of these Terms, will be valid as on the date of the E.C.S. mandate and at any point of time the Borrower shall not claim that they are invalid due to any reason whatsoever;

(b)        the Borrower further confirms that he/she/it shall ensure availability of sufficient funds in the account on which such E.C.S. mandate has been drawn and the Borrower shall not at any time close his/her/its account or instruct his/her/its Bank to stop payment on any of such E.C.S. mandates and/or withdraw or change such mandate without prior intimation to ACSI;

(c)        where the funds in the relevant bank account are not sufficient to honour the ECS mandate as per its terms, the Borrower shall not object to ACSI presenting such ECS mandate all over again for recovery of any amount due and payable hereunder;

(d)        that the Loan has been made available by ACSI on the basis of E.C.S. mandate issued by the Borrower in favour of ACSI towards repayment of EMI payable by the Borrower to ACSI and details of the E.C.S. mandate are more fully described in Loan Application;

(e)        that in case the Borrower changes/desires to change his/her Bank, the Borrower shall be entitled to replace the E.C.S. mandate and issue fresh E.C.S. mandates for the new Bank only on payment of swapping charges to ACSI at the rates specified in the Loan Sanction Letter.

 

5.3     Payment by Cash Deposit

In case the repayment is to be made by way of cash, the Borrower shall deposit the amount at the counter of the Authorised Bank and / or at the ACSI Office Payment Counterin manner stipulated by ACSI.

 

5.4     Any dispute or difference of any nature whatsoever shall not entitle the Borrower to withhold or delay payment of any EMIs or other sums due and payable to ACSI; and ACSI shall be entitled to present the post dated cheques/E.C.S. Mandates/any other electronic or other clearing mandate to the Bank on the respective due date.

 

5.5     Upon the Borrower paying to ACSI all the EMIs on the dues dates as specified in the Loan Application and also upon paying to ACSI all other sums, payable by the Borrower to ACSI under the terms agreed between the Borrower and ACSI, the Loan shall come to an end.

 

                                                                                                    ARTICLE 6

BORROWER’S REPRESENTATIONS AND COVENANTS

6.1     The Borrower represents and warrants to ACSI as under:

(a)          The Borrower is/are individuals competent to contract under the Indian Contract Act, 1872 and where the Borrower is a HUF, the Borrower is competent to incur debts on behalf of the HUF;

(b)          all declarations provided by the Borrower in relation to the Loan availed by the Borrower, are true and accurate in all respects;

(c)           the Borrower is fully empowered to avail of the Loan and to agree to adhere to the Loan Sanction Letter, these Terms and Conditions and to perform the obligations contained herein, and the Loan Application Form, these Terms and Conditions have been duly executed and delivered by the Borrower as may be required, and once the Loan is disbursed by ACSI, the Loan Application Form, Loan Sanction Letter together with these Terms and Conditions constitute a legal, valid and binding obligations of the Borrower enforceable against him/her/them in accordance therewith;

(d)          all information provided by the Borrower to ACSI in the Loan Application or otherwise howsoever in relation to the Loan, is true, correct, accurate and complete in all respects and is not misleading in letter or spirit, whether by reason of omission to state a material fact or otherwise;

(e)           no proceedings have been initiated or events occurred in connection with insolvency, bankruptcy, protection against creditors or as a relief undertaking or other similar matters in relation to the Borrower, and there is no order for the appointment of a receiver, administrator or other similar person or authority in relation to the business, undertaking or assets of the Borrower.

         

6.2     The Borrower hereby acknowledges, agrees, undertakes and covenants as under :-

*             the Borrower shall ensure timely payment of the EMI to ACSI and ensure that the post dated cheques/E.C.S Mandate/any other electronic or other clearing mandate issued towards payment of the EMI are honouredon presentation; 

*             on the date of payment of the EMI or any other sums payable hereunder, the Borrower shall ensure that bank account has been debited towards the EMI or relevant sum, as the case may be, and in case of his/her/its account has not been so debited, the Borrower shall be obliged to inform ACSI in this regard within 3 (three) days from the due date of such EMI;

*             the Borrower shall pay and bear all taxes, rates, duties, charges and other imposts and obligations, existing as well as in future, in respect of the Loan; 

*             the Borrower shall permit ACSI and its representative at all reasonable times to inspect, view and examine the state and condition of the Product and the documents relating thereto and/or shall produce the same for inspection to ACSI or its representative at a place designated by ACSI;

*             the Borrower shall do all such things and execute all such writings as ACSI may require from time to time for duly or more perfectly securing the repayment of the Loan;

*             the Borrower shall not do or suffer any act or thing whereby the Product may be detained or taken in execution under legal process, or by any public authority or government department and shall not use the Product for unlawful or antisocial purposes;

*             the Borrower shall not use or permit the use of the Product for any purpose not permitted by the terms of the insurance policy, not do or permit to be done any act or thing which might render the insurance invalid;

*             the Borrower shall not default or delay in the payment of the EMI or his/her/its dues beyond the due dates;

*             the Borrower shall not change the bank account used for the purposes of issuing the post dated cheques or E.C.S. mandate without prior intimation to ACSI and such change may be effected subject to the terms and conditions of these Terms and the Loan Sanction Letter;

*             the Borrower shall have no right to terminate the Loan Sanction Letter or these terms and conditions save and except by payment, in full, of all moneys payable under these terms and conditions to ACSI;

*             the Borrower acknowledges that the rate of interest, penal charges, service charges, prepayment charges and other charges payable and/or agreed to be paid by the Borrower under these terms and conditions are reasonable and acceptable to him;

*             the Borrower understands that this financing transaction gives rise to a relationship of debtor and creditor as between the Borrower and ACSI, and not in respect of any service rendered / to be rendered by ASCI. Accordingly the provisions of the Consumer Protection Act, 1986 shall not apply to the transaction between ACSI and the Borrower;

*             the Borrower shall, as and when required to do so by ACSI, provide ACSI with the updated Know Your Client documents.

ARTICLE 7

        SECURITY

7.1     The Loan including the Outstanding Dues payable by the Borrower to ACSI hereunder shall be secured by the Product on which ACSI shall have first and exclusive charge.

 

7.2     The Borrower shall also execute a Demand Promissory Note and/or a letter of continuity, in the format prescribed which shall be treated as part & parcel of the terms entered into between the Borrower and ACSI. Although the Borrower(s) has / have given Demand Promissory Note, in case of default, the Borrower shall be liable to repay to ACSI the Loan amount together with interest at the rates mentioned in Loan Sanction Letter from the date of default till the date of recovery of the same by ACSI. It is clarified that where there are more Borrowers than one, each one of them shall be jointly and severally liable on the Demand Promissory Note.

 

7.3     In case of death of the Borrower, the Promissory Note given by a Borrower will be invoked against his/her/its legal heir/s, successor/s to the estate coming in their hands.

 

ARTICLE 8

        INSURANCE

8.1     The Borrower shall be solely responsible for insurance of the Product including renewal of insurance and shall insure and keep it insured comprehensively against all risks and such eventualities during the currency of Loan, and ACSI shall not at any time be responsible for insuring the Product or otherwise responsible for any third party claim that may arise from the use of the Product.

 

8.2     If the Product suffers any damage, or is lost stolen or destroyed, whether due to any risk covered by insurance or otherwise and whether due to any negligence or wrongful act of the Borrower or otherwise, the Borrower shall notify ACSI and the insurance Company of such damage, loss, theft or destruction within 48 hours of its occurrence. The Borrower shall also immediately lodge a report/FIR in respect of such damage, loss, theft or destruction, as the case may be, with the police and other competent authorities as per law.

 

8.3     If the Product is lost, stolen, damaged or destroyed, ACSI shall have the right to appropriate any insurance recovery towards payments of the Outstanding Dues. If, after such appropriation, there is any surplus leftover, it shall be paid to the Borrower and if there is any deficit, then the Borrower shall be liable to pay the entire deficit forthwith. ACSI may, however, in its sole discretion, permit the Borrower to pay the deficit amount in re-adjusted EMIs as determined by ACSI. ACSI shall remain entitled to encash the post dated cheques referred to hereinabove until the deficit amounts is fully paid.

 

8.4     If the Product is damaged, and if ACSI considers that the damage is fully repairable, it may release the insurance amounts recovered for the purpose of repair of the Product and continue the Loan on the original terms.

                                                                               

ARTICLE 9

                                                                                                       EVENTS OF DEFAULT:

Each of the following events is and shall be deemed to constitute, an “Event of Default”:

(a)     if the Borrower commits a breach of the terms contained herein or the Loan Sanction Letter including but not limited to default or delay in the payment of any EMI or other amounts outstanding in respect of any facility as and when they become payable, material breach of the representations and warranties of the Borrower referred to in Article 6 above ; 

(b)     if there is a reasonable apprehension that the Borrower is unable to pay his/ her/its debts or the Borrower has admitted its inability to pay his/ her/ its debts, as they become payable; if the Borrower suffers any adverse material change in his/her/its financial position; or if the Borrower has voluntarily or compulsorily become the subject of proceedings under any bankruptcy or insolvency law or under any other law providing protection as a relief undertaking;

(c)      on the death/lunacy or other disability of the Borrower;

(d)     if there is any commencement of a legal process against the Borrower under any law in force or, in the opinion of ACSI, the Borrower has committed, assisted, abetted a crime/fraud and/ or is likely to evade/violate or assist or abet violation/evasion of any laws, rules, regulations, directions of a lawful authority whether Indian or foreign or if ACSI so apprehends;

(e)      if there exists any other circumstance, which in the sole opinion of ACSI is prejudicial to the interest of ACSI or the security of ACSI;

(f)      the Product is confiscated, attached, taken into custody by any official, authority or other person made subject to any proceedings, or is disclaimed, endangered, stolen or damaged or bodily injury is caused to any third party by accident[1].

It is clarified that were there are more Borrowers than one, the occurrence of any of the aforesaid events in respect of one of the Borrowers shall be an Event of Default in respect of all of them and the provisions of Article 10 shall be applicable.

 

ARTICLE 10

                                                            CONSEQUENCE OF DEFAULT AND REMEDIES

10.1   Upon the occurrence of an Event of Default, the Outstanding Dues shall forthwith become payable to ACSI. In case the Borrower fails to pay the Outstanding Dues or any part thereof, the Borrower undertakes to forthwith surrender to ACSI or its representatives the Product financed by ACSI and ACSI, on behalf of Borrower, shall, without prejudice to any other right or remedy which it may have in law, be entitled to dispose off the same and adjust the proceeds against the Borrower’s outstanding. If, after sale of the Product, there is any deficit, the same shall be made good to ACSI by the Borrower. 

 

10.2     Without prejudice the foregoing and in addition thereto, ACSI shall be entitled to encash the post dated cheques referred to herein above, and to enforce the Demand Promissory Note until all Outstanding Dues are fully paid up.

 

10.3     ACSI shall be entitled to appoint and authorized third party agents to assist ACSI in the enforcement of security and collection of the Outstanding Dues from the Borrower.

 

10.4     The following are without prejudice to other rights and remedies of ACSI under law or in equity:

(a)        in case of delay in payment of EMI or dishonor of the cheques/ECS Mandate/any other electronic or other clearing mandate , ACSI shall be entitled to recover overdue penalty feesat the rates set out in the Loan Sanction Letter; and

(b)        in case of default by reason of the cheques/ECS Mandate/any other electronic or other clearing mandate being dishonoured, ACSI shall be entitled to initiate legal proceedings under Negotiable Instruments Act, 1888 and Payment and Settlement System Act, 2007.

 

10.5     ACSI shall also be entitled to take recourse to other legal remedies under any other law which may be enacted or in force to protect the interest of lenders. 

 

ARTICLE 11

                                                                                          MISCELLENOUS  

11.1      Accounts

Any statement of account furnished by ACSI regarding the balance amount due and payable by the Borrower shall be accepted by and be binding on the Borrower and shall be conclusive proof of the correctness of the amount mentioned therein. Without prejudice to what is stated above, if the Borrower desires to question any statement or any part thereof, the Borrower shall furnish ACSI full details of the same within 15 (fifteen) days of the receipt of the statement by the Borrower, and ACSI may consider the same in accordance with its internal grievance redressal policy. It is, however, clarified that the Borrower shall not be entitled to default or delay the payment of the EMI on the ground of the statement of account furnished by ACSI being inaccurate or any other ground.

 

11.2      Change in Terms

ACSI shall give notice to the Borrower of any change in the terms and conditions including amount of EMI, interest rates, service charges, prepayment charges etc. and such changes in interest rates and other charges shall be effected prospectively. The Borrower shall be bound by the aforesaid change once notified and shall not dispute the same.The Borrower acknowledges that ACSI may, from time to time, modify the rate of interest payable by the Borrower by notice to the Borrower in manner provided in this Agreement or by posting the change on its website. The Borrower hereby agrees that it will keep himself abreast and updated by verifying the website of ACSI or email notifications about all the changes and amendments to the interest rate made by ACSI from time to time.

 

11.3      Assignment of rights;

The Borrower shall not be entitled to assign its rights and obligations under these terms and conditions save and except with the consent of ACSI. The Borrower shall not transfer, alienate or otherwise deal with the Product in any manner whatsoever except for his use or otherwise as contemplated in these Terms and Conditions and/ or the Loan Sanction Letter.

 

11.4      Credit Verification

ACSI shall be entitled to conduct background checks and credit verifications in respect of the Borrower from time to time to ensure the credit worthiness of the Borrower.

 

11.5      Disclosure

(a)        Subject to provisions of clause (b) below, ACSI hereby undertakes to maintain details of the Borrower as mentioned in Loan Application cum KYC Form or any other information pertaining to the Borrower in confidence and, save and except with the prior consent of the Borrower,it shall not, disclose the same to any person.

(b)        The Borrower agrees that ACSI shall be entitled to disclose the information and other details relating to the Borrower available with ACSI without the prior consent of the Borrower, in the following circumstances:

(i)         Disclosure to any court, tribunal or regulatory or governmental authority under law,

(ii)        Without prejudice to the generality of (i) above, disclosure to the Reserve Bank of India under the Prevention of Money Laundering Act (PMLA), 2002 or the rules, regulations circulars and notifications issued thereunder;

(iii)       Disclosure to enable ACSI to conduct a credit verification process of the Borrower as specified in clause 11.4 above;

(iv)       Disclosures to group companies or affiliates of ACSI or to third-party contractors or vendors appointed by ACSI from time to time for record-keeping purposes and/ or for keeping the Borrower informed about various schemes and products of such companies or affiliates and/ or third-party contractors or vendors; and  

(v)        Disclosures to the Credit Information Bureau (India) Limited (“CIBIL”) and/or any other credit information bureau and/or agency authorised in this behalf by the RBI.

 

(c)        The Borrower shall not hold ACSI responsible for sharing and/or disclosing the information now or in the future and also for any consequences suffered by the Borrower and/or others by reason thereof. The provisions of this Clause shall survive even after the term/termination of this agreement and the repayment of the Borrower's dues by the Borrower

 

11.6      Notice

(a)     Any notice or other communication to be given by ACSI to the Borrowerunder or in connection with the Loan shall be deemed duly served if (A) delivered personally or (B) sent by confirmed facsimile transmission or (C) by prepaid registered post or (D) email or (E) by telephone (including SMS) to the Borrower at the address / number, of the Borrower set out in the Loan Sanction Letter. The Borrower further agrees that ACSI shall have the right to record telephonic communications with the Borrower to maintain a record and evidence of such communications and notices. Documents which are sent by electronic delivery may be in the form of an email attachment.

(b)     Any notice or other communication to be given by the Borrower to ACSI under or in connection with the Loan shall be deemed duly served if (A) delivered personally or (B) sent by confirmed facsimile transmission or (C) by prepaid registered post or (D) email, to ACSI at the address / number, of the Borrower set out in the Loan Sanction Letter. Documents which are sent by electronic delivery may be in the form of an email attachment.

(c)      Notice shall be deemed to have been received by the addressee (A) in the case of personal delivery, if it is actually delivered; (in the case of delivery by courier, the delivery note of the courier company shall be proof of delivery); (B) in the case of delivery by facsimile, on completion of transmission and receipt by the sender of a transmission report;  (C) in the case of delivery by the post office, if the receipt is issued by the post office; (D) in the case of delivery through email/electronic communication/SMS, when such electronic communication enters the sent items folders of the sender; and it is clarified that in the case of notice by a telephonic communication, a notice recorded on the answering machine of the recipient at the telephone number provided under the Loan Sanction Letter shall be deemed to be valid notice. The Borrower agrees to assume the entire risk of non-delivery by reason of any electronic error or otherwise. The records of ACSI in relation to any notice or communication will be final and binding on the Borrower.

(d)     ACSI shall be deemed to have fulfilled any legal obligation to deliver to the Borrower any such document if sent via electronic delivery. The Borrower understands that it is its responsibility to review, upon first receipt, whether delivered to the Borrower, as the case may be, by mail, email (including any auto replies from the system of the lender) or other electronic means, all confirmation, statements, notices or any other communication or information. All information contained therein shall be binding upon the Borrower, if the Borrower does not object either in writing or via email, within 24 hours after any such document is sent to the Borrower, the same shall be deemed to have been correct and the same would be binding on the Borrower. However, ACSI reserves the right, in its absolute discretion, to determine the validity of the Borrowers’ objection to the transactions even though such objection is received within 24 hours. The Borrower agrees that ACSI will not be responsible for non-receipt of documents sent via electronic delivery due to change in email address of the Borrower.

(e)      The Borrower also agrees that ACSI shall not take cognizance of out-of –office / out-of-station auto replies and the Borrower is deemed to have received such email if it satisfies the provisions of sub-clause (c) of this Article 11. Unless the Borrower informs ACSI of the change of the address for communication in writing, e-mail or telephone, all notice, circulars, communication or mail sent or left to the existing address shall be deemed to have been received by the Borrower irrespective of whether they are actually received or not..

 

11.7      Severability

The Borrower undertakes that each of his/her/its obligations under these terms and conditions is independent and severable from the rest. If any obligation is found not enforceable by a court of law, for any reason, the Borrower shall continue to remain bound by the other obligations stipulated therein.

 

11.8      Jurisdiction

The Borrower expressly understands that any legal proceedings against him arising out of these terms and conditions shall be instituted in the courts at Mumbai, which courts alone shall have exclusive jurisdiction.

 

11.9      Dispute Resolution

All claims, disputes, differences or questions of any nature arising between the parties relating to these terms and conditions shall be referred to the arbitrator appointed by ACSI. The parties hereto mutually agree and  confirm that the arbitration proceedings shall be conducted in accordance with the Arbitration and Conciliation Act, 1996 as amended from time to time and the proceedings shall be held at Mumbai. –Pending the declaration of the award (including any interim award/ order), the Borrower shall be liable to perform its obligations under these terms & conditions including payment of all installments and other outstandings, if any, to ACSI.

 

The Borrower acknowledges that the contents of these terms and conditions have been fully explained to and understood by him at the time of availing the loan.

*      In National Language – Same as Previous one

*      In Regional Language – Same as previous one