Date:

To,

,    

Subject: Sanction letter/approval for Loan


Dear Mr. Ms. ,

We are pleased to inform you that you are eligible for a loan facility from us as per the following terms:


upfront_from_customer; $principal_amount = 0; $subvention = 0; $total_interest = 0;?> addLoop($__currentLoopData); foreach($__currentLoopData as $key=>$loan_schedule): $__env->incrementLoopIndices(); $loop = $__env->getLastLoop(); ?> 0){ $principal = ($principal_amount + $user['consumer_emi']->upfront_from_customer) - $subvention; }else{ $principal = $principal_amount + $user['consumer_emi']->upfront_from_customer; } ?> popLoop(); $loop = $__env->getLastLoop(); ?> advance_type != 'fixed_amount'): ?> processing_fee_type == 'percentage'): ?> insurance_premium_applicable == 1): ?> 0): ?>

.

Loan application date

.

Details of Borrower

Name:

Address:

Co-Applicant Name:

Address:

.

Validity period of this offer

30 days from the date of this letter

.

Purpose of the loan

Education Loan

.

Transaction Amount

₹ approved_amount); ?> /- (Rupees approved_amount); ?>)

.

Total Repayable Amount

₹ /- (Rupees ) interest_rate > 0): ?>
Additional cost of interest_rate; ?>% interest_type_id == 1): ?> (Flat Balance Amount) interest_type_id == 2): ?> (Reducing) interest_type_id == 3): ?> (Flat Fixed Amount) Flat rate on total Installments
No Cost EMI

.

Total Installments

tenure; ?>

.

advance_type == 'emi'): ?> Advance Installments advance_type == 'percentage'): ?> Advance (%)

advance_emi; ?> advance_type == 'emi'): ?> advance_type == 'percentage'): ?> %

.

Advance Payable

₹ upfront_from_customer); ?>/- (Rupees upfront_from_customer); ?>)

.

Pending Installments

remaining_emi; ?>

.

Rate of interest interest_type_id == 1): ?> (Flat Balance Amount) interest_type_id == 2): ?> (Reducing) interest_type_id == 3): ?> (Flat Fixed Amount) Flat rate

interest_rate; ?> % interest_type_id != 4): ?>p.a. interest_type_id == 4 && $user['consumer_emi']->interest_rate > 0): ?>(Annualised Rate - interest_rate/$user['consumer_emi']->remaining_emi)*12,2); ?> %)

.

Processing fee (%)

offer_processing_fee; ?>%

Processing fee (including GST)processing_fee_first_emi) && $user['merchant_offer']->processing_fee_first_emi): ?>

(To be paid along with the first EMI)

₹ processing_fee); ?>/- (Rupees processing_fee); ?>)

Insurance Premium

₹ insurance_premium_amount); ?>/- (Rupees insurance_premium_amount); ?>)

.

Monthly installment amount

₹ emi); ?>/- (Rupees emi); ?>)

.

Principal Amount

₹ upfront_from_customer)-$subvention),0)); ?>/- (Rupees upfront_from_customer))-$subvention),0)); ?>)

₹ upfront_from_customer)); ?>/- (Rupees upfront_from_customer)); ?>)

.

Prepayment charges

Zero

.

Delayed payment charges

0.15% per day on outstanding amount

.

Late Payments /Cheque /ECS /NACH dishonoured charges

₹ 300/- per late payment OR dishonor of cheque/ECS/NACH per presentation.Two successive cheque bounces/ auto debit failure will lead to loan recall notice being issued.

.

Post dated / Undated Cheques & Cash Collection

 We are collecting 2 undated cheques. One of Loan Amount & one Security Cheque of EMI Amount.Unused cheques will be shredded at our end after successful repayment of the loan. Any cash collection would include additional Rs 400 per pick up.

.

Details of the Merchant

Name:

.

Documentation

Submit Duly Signed to the Lender the following:

  1. Most Important Document
  2. General Terms and Conditions
  3. Demand Promissory Note
  4. Vernacular Declaration
  5. Three (3) Undated Cheques
  6. Completed auto debit NACH Form

.

Loan disbursement  

Post completion of the documentation, the loan will be eligible for disbursement.

.

Merchant Refunds & Loan Cancellations  

In case of a return of a purchase to a merchant, a cancellation fee of Rs 1000 and an interest charge of 1.2% per month on outstanding principal would be payable.


The terms of this loan sanction shall also be governed by General Terms and Conditions, which you may kindly read before confirming your acceptance. The said documents are incorporated here by way this reference, Borrower's acceptance to the terms of this letter and the General Terms and Conditions should be informed to the Lender by submission of a signed copy of the Most Important Document with the terms understood by the Borrowers. Further, each of the Borrowers shall be jointly and severely responsible for compliance to the terms of this loan sanction and for repayment of the loan amount disbursed.

This sanction letter will only be a letter of offer and shall stand revoked and cancelled, if there are any material changes in the proposal for which the Loan is sanctioned or; If any event occurs which, in our sole opinion is prejudicial to our interest or is likely to affect the financial condition of the Borrowers or his / her/ their ability to perform any obligations under the loan or; any statement made in the loan application or representation made is found to be incorrect or untrue or material fact has concealed or; upon completion of the validity period of 3 days of this offer unless extended by us in writing.

insurance_premium_applicable == 1): ?>


Insurance Clause:
The Lender has indicated to the Borrower / Guarantor about the availability of insurance cover. The Borrower and / or Guarantor may opt for a Life Insurance cover and have explicitly indicated the option for insurance cover in the application form. The Borrower / Guarantor hereby acknowledges that the insurance cover is optional and is at the request of the Borrower. It is clearly understood by the Borrower and the Guarantor that the Lender is not liable for admission of any claim by the insurance company and the settlement thereto. The Borrower/Co-Borrower hereby authorizes the Lender to receive any claim amount that may be paid by the Insurance Company as against any Insurance Policy that may have been taken by the Borrower (at the option of the Borrower), and appropriate the same to the loan account of the Borrower. In the event the claim amount is not sufficient to cover the liability in the account, the Borrower hereby undertakes to remit the balance due under this Agreement. The discharge given by the Lender to the Insurance Company on behalf of the Borrower.

Best Regards,

0): ?>

*remaining_emi))*100,2); ?>% Flat rate OR % reducing balance rate

interest_type_id != 2): ?>

* interest_rate; ?>% interest_type_id != 4): ?>p.a. interest_type_id == 4 && $user['consumer_emi']->interest_rate > 0): ?>(Annualised Rate - interest_rate/$user['consumer_emi']->remaining_emi)*12,2); ?> %) interest_type_id == 1): ?> (Flat Balance Amount) interest_type_id == 2): ?> (Reducing) interest_type_id == 3): ?> (Flat Fixed Amount) Flat rate OR % reducing balance rate

Non Banking Finance Company . CIN No.
|
Non Banking Finance Company . CIN No.
|
CREDIT FAI₹
SURYA MAHAL, 4TH FLOOR, 5 BURJORJI
BHARUCHA MARG | FORT | MUMBAI 400001
www.creditfair.in | info@creditfair.in | 9967235047