STANDARD TERMS AND CONDITIONS GOVERNING FACILITY/LOANS

I. INTRODUCTION
These terms and conditions (“Terms”) between you and SKFL/Company (“we”, “us”) forms the basis of your relationship with us and the terms on which you will participate in Facility (defined below).
Where we have published/executed a document which is referred to within these Terms (such as a loan agreement), the content of said document shall also form part of these Terms and shall be deemed as being accepted by you. In the event of any inconsistencies or contradictions between these Terms and a document referenced within them, the decisions of SKFL shall be final and binding. Please read these Terms and the loan agreement carefully and ensure that key terms such as interest rate, repayment, security, prepayment etc. are clearly stated before you execute the agreement.
All individual applicants, co-applicants and guarantor(s) [collectively, “the Applicant(s)”, which expression shall, as the subject or context may admit or require, mean any or each of the Applicant/s and/or Borrower/s and/or Guarantors], who wish to avail financial assistance across various loan types including Commercial Vehicle Loan, Car Loan, Tractor Loan, Construction Equipment Loan, Two Wheeler Loan, MSME Loan, Home Renovation-Mortgage Loan, Insurance Loan, Personal Loan (the “Facility”) from SK Finance Limited [“SKFL” or “Company”] for the purpose stipulated in the loan application form, sanction letter and/or loan Agreement ( “Purpose”) are required to fill in complete details as required by SKFL and shall submit to SKFL for applying for the Facility.
SKFL shall be entitled at its sole and absolute discretion to reject/approve any application submitted by the Applicant(s) (“Application Form”) for availing the Facility. In the event of any such rejection, SKFL shall not be liable to inform the Applicant(s), the reason for such rejection. SKFL shall peruse the application form along with the additional documents so submitted by the Applicant(s), and if the same is to the satisfaction of SKFL, SKFL shall provide sanction letter to the Applicant outlining the key terms and conditions with respect to the Facility (“Sanction Letter”) and thereafter shall execute a formal loan agreement between SKFL and the Applicant for availing the said Facility (“Loan Agreement”). The Application Form, Sanction Letter, the Loan Agreement and such other document executed with respect to the Facility shall collectively be referred to as Transaction Documents.

II. At the time of loan application:

The Applicant wish to apply for a loan as mentioned in the form. The Applicant confirms that information given in this application form is true, correct, genuine and complete in all aspects, in accordance with their valid government identity proof and can be used wherever required by the SKFL under the law in force. The Applicant declare that the information provided by them are not withheld and/or suppressed in any form by said Applicant. The Applicant also acknowledges and agrees that the grant of facility loan shall be subject to compliance by the Applicant of the terms and conditions set out in the loan application form, sanction letter and information displayed on the website of the Company. The Applicant also understands that these terms and conditions mentioned/ updated from time to time on the website of the Company shall prevail. The Applicant further agree that their loan shall be governed by the terms and conditions of the Company that are in force and may be amended by the Company from time to time. The Applicant certify that the Applicant are citizen(s) of India. The Applicant understand that the Company reserves the right to retain the documents submitted (if any) with the link and will not return the same to the Applicant. The Applicant understand that sanction of loan is at sole discretion of the Company and the Company may reject the loan application without providing any reasons. The Applicant reserve no right to appeal against this decision of the Company. The Applicant further authorises the Company and/or its associates/subsidiaries/affiliates to verify any information of office/residence of the Applicant and/or family members and/or employer/banker of the Applicant and/or to do any such acts as they deem necessary permissible under the regulatory guideline or law in force. The Applicant further agrees that the Company may disclose any information relating to the Applicant (including personal details, account status and default committed by the Applicant) to CKYC/CERSAI NeSL, CIC, RBI and/or any regulatory/statutory authority under the law being in force. The Applicant understand and agree that the processing fee/ login fees and documentation charges are non-refundable in case the application is being rejected by the Company for any reason whatsoever or if the same is withdrawn by the Applicant. The Applicant also understands that any payment during the tenure of the loan has to be made directly to the Company in its account, and that receipt for cash payment shall be obtained and it shall be the sole responsibility of the Applicant to obtain such receipt.
The Applicant is aware that following documents shall be required in order to process the loan application
• Proof of identity and address proof in accordance with the details displayed on https://strapi.skfin.in/uploads/List_of_KYC_Documents_4ef659570e.pdf.
• PAN/ Form 60 to be mandatorily submitted;
• Latest photographs of all the applicants and guarantor;
• Date of Birth Proof: Driving License/PAN Card/ Passport copy/ Birth certificate/ 10th mark sheet bearing date of birth;
• Bank statements: Latest statements/ Bank passbook (updated within 90 days);
• Documents related to income and expenditure, document related to any other loan, if taken;
• Any other documents related to your credit assessment as required by the Company.
The Applicant declare that the Applicant do not hold the Company or its agent(s) responsible for delivery/colour/ make performance of the assets applied for under the application. The Applicant may receive information/series etc., for marketing purposes through Telephone/SMS/mobile/ WhatsApp/emails by the Company and its agent. The Applicant understand that the interest rate will be charged depending upon the prevailing interest rate and the risk profile of the Applicant as assessed by the Company, loan product etc. and may vary from customer to customer. For further details the Applicant shall refer ‘Policy on determining of Interest rate, processing fees & other charges’ displayed on the website of the Company (www.skfin.in). On delay in repayment of interest and/ or any other repayment by the Borrower beyond the repayment due date, the Company shall be entitled to charge Late Payment Charges or such other charge as may be intimated by the Company to the Borrower(s) from time to time along with the reason thereof. The Applicant also understands that the charges shall be levied in accordance with the repayment schedule that shall be provided with the sanction letter/ loan agreement, and that the Company may modify the charges at any time during the tenure of the loan after providing intimation to the Applicant through SMS/ Email/ Letter/ Website. The Applicant hereby confirm and declare that the Applicants are neither related to any of the directors of the Company nor are his/her relatives as defined under the Companies Act, 2013. The Applicant declare and confirm that no insolvency proceedings and/or suit for recovery of outstanding dues or monies whatsoever nature and/or for attachment of the assets and/or properties and/or proceedings have been initiated and/or are pending against the Applicant and that the Applicant has never been adjudicated insolvent by any court or any other authorities. The Applicant further declare that no winding up, dissolution, administration or re organisation or for the appointment of a receiver, trustee or similar officer has been appointed or any proceedings have been filed against the Applicant.
The Applicant hereby confirm and duly undertake that the loan availed will be utilized by the Applicant for the purposes as specified to the Company. The Applicant also confirm that the loan is not being used for any antisocial activities, investment in stocks and shares, speculative activities or any purpose linked to capital market activities. The Applicant further confirm that there are no litigation/ insolvency proceedings filed/pending against the Applicant by any company, individual or others. The Applicant has no objection if Company sends promotional call/SMS/WhatsApp/ on our mobile number/email. The Applicant hereby declare that the details furnished above are true and correct to the best of my knowledge and belief and The Applicant undertake to inform the Company of any changes therein, immediately. In case any of the above information/ details is/are found to be false or untrue or misleading or misrepresenting, the Applicant is aware that the Applicant shall be held liable for it and the Company may take necessary action as they deem fit. The Applicant hereby consent to receive information from central KYC registry through SMS/email on the above registered email address/ mobile number. The Applicant hereby confirm that the acknowledgement receipt for the submission of loan application has been received by the applicant. The Applicant understand that the loan application shall be disposed of within 15 days after submission of prescribed documents. The Applicant shall ensure updation of his contact information like address, email ID and Mobile number with the Company to ensure that all information/ updates relating to their loan account/ transactions/ new product etc. are received by them. In the event of non updation of records, the Company shall not be responsible in any manner whatsoever for non-receipt of information/ updates by the Customer.
The Applicant expressly confirms and permits that the Company may use the personal information provided by the Applicant for legitimate purpose as required and permitted under the regulatory and statutory guidelines such as disclosure to authorities and law enforcement agencies, reporting to agencies as required. The customer at any time, review or withdraw the consent provided to the Company for processing of personal data in writing or by raising the request on CHATBOT (website) or connecting with our customer service desk; however, withdrawing consent may affect continuance of the facility availed by the Customer. Further, the withdrawal of consent shall not affect the lawfulness of processing of the personal data based on consent before its withdrawal.

III. KEY TERMS AND CONDITIONS PERTAINING TO THE FACILITY.

(a) The Applicant shall enter into a formal agreement pertaining to the Facility wherein the Applicant shall confirm and bind itself with various terms and conditions with respect to the Facility such as, disbursement of facility, interest & amortization, prepayment, fees and operating expenses, taxes, security and insurance, increased cost, cross liability, covenants and representative and warranties of Applicants, event of default, set-off, indemnity, disclosure of information, confidentiality etc. Sanction Letter forms a part of this agreement and all term and condition relating to the Facility stipulated in the Sanction Letter shall be construed as a term and condition contained in this agreement, however in the event of any conflict between the terms of the Sanction Letter and this agreement, this agreement shall prevail. In the event of any disagreement or dispute between the Company and the Borrower regarding the materiality or reasonableness of any matter, the opinion of Company as to the materiality shall be final and binding on the Borrower
(b) The processing fee and such other fees and charges as specified in the Transaction Documents in relation to the Facility are non-refundable in nature. All such charges shall become payable on / before the due date as stipulated in the Sanction Letter and/or Loan Agreement.
(c) The interest at the rate as prescribed in respective transaction documents executed with the parties to the facility shall be charged on the overdue amount for payment delayed beyond due date of instalment.
(d) The change in interest rate and charges shall become effective prospectively from each date of such change or at later date as agreed by SKFL.
(e) The Borrower(s) on the request of the Company shall obtain loan suraksha policy to secure the loan during the terms of this Agreement.
(f) Disbursement: The disbursement of the Facility shall be subject to the performance by the Borrower(s) of all the Conditions Precedent as stipulated in the respective facility documents. All payments to be made by SKFL to the Borrower(s) shall be made by NEFT/ RTGS or by cheques/demand drafts or any other mode as agreed at the time of execution of transaction documents. The collection charges, if any, in respect of all such payments shall be solely borne by the Borrower(s). Disbursement shall be deemed to have been made to the Borrower(s) on the date of disbursement by NEFT/ RTGS or date of cheque as the case may be. In the event of cancellation of loans at the behest of the Borrower or due to insufficiencies identified in the details submitted by the Borrower, the Company shall have the right to levy cancellation charges on the Borrower due to the cost incurred by the Company. Notwithstanding anything in this Agreement, the Company shall, without prejudice to its right to receive the Instalment/s or EMI payable by the Borrower to the Company as provided hereunder this Agreement, be entitled to withhold disbursal of certain percentage of the Loan, pending the completion of post disbursement documents (PDD) upto the satisfaction of the Company. The Company shall be entitled to deduct charges that are paid / to be paid by the Company on behalf of the Borrower(s) including but not limited to the insurance premium, stamp duty etc. from the Loan amount to be disbursed. The Company may at its discretion waiver or set-off any processing fees received from the Borrower against the applicable cancellation charges
(g) The Borrower(s) do hereby agrees and consents, as a pre-condition relating to the grant of Facility, that, in case the Borrower(s) commits any default in the repayment of any of the Outstanding Amounts, the Company and/or RBI shall have unqualified right to disclose and furnish information to Credit Information Companies (CIC), CKYC, CERSAI, NeSL, CRILC and other agency so authorized by regulatory/statutory body, Borrower(s) name as defaulter in such manner and through such medium as the Company or RBI in their absolute discretion may think fit. Notwithstanding the above the Borrower/Co-Borrower understands that as a precondition relating to grant of the Facility to the Borrower, the Company requires the Borrower’s/Co-Borrower’s consent for the disclosure by the Company of information and data relating to the Borrower(s), of the Facility availed of /to be availed by the Borrower(s), obligations assured/ to be assured by the Borrower(s) in relation thereto and default, if any, committed by the Borrower(s) in discharge thereof. Without prejudice to the aforesaid, the Borrower(s) hereby agrees and gives consent:
(i) To disclose such information for the purposes of credit reference checks, verification, assignment, etc. disclose any information/documents relating to the Borrowers (pertaining to the Facility availed by the Borrower) to any third party appointed by it. The Borrowers further authorize the Company to disclose said information /documents to RBI, income tax authorities, credit bureau, third parties, credit rating agencies, databanks, corporates, banks, and financial institutions or any other government or regulatory authorities, statutory authorities, quasi-judicial authorities.
(ii) To publish the name of the Borrower(s) and/or the names of its Directors as defaulters with or without the photograph in any local/regional/ national newspaper/magazine etc. and/or through electronic medium which includes publication on the website etc. and/or in such other manner and through such other medium as the Company / RBI may in their absolute discretion think fit.
(iii) The Company shall also have the authority to seek and/or receive any information as it may deem fit in connection with the Facility and/or the Borrower(s) from any source or person or entity to whom the Borrower(s) hereby authorizes to furnish such information.
(iv) The Company shall register the details of a Borrower, in case of Borrower being a non-profit organisation, on the DARPAN Portal of NITI Aayog, if not already registered, and maintain such registration records for a period of five years after the business relationship between the Borrower and the Company has ended or the account has been closed, whichever is later.
The Borrower(s) confirms that the Company may for the purposes of credit reference checks, verification, etc. disclose any information/documents relating to the Borrower(s) (pertaining to the Facility availed by the Borrower(s)) to any third party appointed by it
(h) Return/Destruction of SPDCs/PDCs: SKFL shall return/destroy immediately old SPDCs/PDCs as received from the Applicant(s) or any parties to the Loan Agreement and which are in the custody of SKFL in the following conditions:
(i) When the relationship status of the Applicant with the SKFL is closed (for instance; in case of loan foreclosure, repayment of loan, loan maturity, etc.) or; (ii) When the NACH of the Applicant is activated.
There shall not be any liability on SKFL to return the SPDCs/ PDCs obtained from the customer as a part of the facility obtained by the Customer from SKFL.
(i) The Applicant shall ensure that all payments made through digital payment platforms shall be made by Applicant from his own account in line with the AML norms as prescribed. In the event the repayment is made by a third party, it shall the sole ownership of the Applicant or parties to the loan agreement to duly inform SKFL and undertakes to complete all documentation formalities as requisitioned by the SKFL.
(j) Repayment: The loan is to be repaid in instalments as agreed to in the transaction documents over the tenure of the loan. The repayment of instalment commences from a date specified in the Sanction Letter. Instalment amount would comprise of principal and interest which are payable in Equated Monthly Instalment (EMI) as set out in the Transaction Documents. Accordingly, the Applicant must ensure:
• To keep sufficient funds in the designated account 2-3 days prior to due date of EMI.
• The Applicant should not (a) issue stop payment instructions for any cheque issued towards EMI payment or close/change the bank account in which the repayment instruments are drawn; (b) cancel or vary any payment arrangement (unless required by SKFL).
• The Borrower agrees, acknowledges and confirms that the PEMII (if any) along with interest and other amount shall be paid in time and at its sole responsibility. The Borrower further confirms that the Borrower has provided cheques to the Company and provides its consent that the Company may use the same as security payment cheques, for repayment and/or PEMII (if any), as the Company deems fit. To this effect, the Borrower shall not make the Company liable in any manner whatsoever. Time is the essence for performance of Parties obligations. Prepayment/foreclosure shall mean repayment of the entire Outstanding Amount to the satisfaction of the Lender prior to the tenure of the loan, as agreed under the Transaction Documents and the Lender shall levy prepayment/foreclosure charges for such cases. The prepayment shall take effect only when cash has been received or SI/ECS/cheques/NEFT/ RTGS/ NACH have been cleared/ credited and the Borrower has repaid the amount prior to maturity of the tenure of the loan, the Company shall levy the prepayment charges from the prepayment date till the next instalment date irrespective of the date of actual repayment made by the Borrower. In such regard, the Borrower shall not make the Company liable for such charges levied by the Company.
• The Parties hereby agree and confirm that if the Borrower defaults in repayment of the Facility, the same shall be construed as non-compliance of the material terms and conditions of loan repayment and shall be deemed to be an Event of Default under the loan agreement. In such case, the Company is fully authorized to levy penal charges for such default by the Borrower. The Company shall charge interest on Amount Due (overdue EMI) at the contracted rate of interest till such default is cured by the Borrower. In addition, thereto, the Company shall also levy Late Payment Charges for such default in accordance with the terms mentioned in the loan agreement in relation thereto from the date of default till the date of payment to the satisfaction of the Company. The Parties hereby agree that in case the Borrower fails to submit any documents as informed/mandated by the Company from time to time, including but not limited to loan application, sanction letter, security documents, then the Company may, at its sole discretion and as it may deem fit, hold the disbursement of a certain part of the total amount sanctioned to the Borrower. Additionally, the Company shall levy interest on the total sanctioned amount (and not on such partially disbursed amount) as a penal charge for non-submission of documents till the documents are submitted to the satisfaction of the Company. Thereafter, the Company shall disburse the aforementioned remaining amount within 7 days from the receipt of all such documents by the Company.
(k) Security (wherever applicable): The Applicant(s) shall maintain in favor of SKFL, a valid and enforceable first and exclusive security interest on the property and all proceeds receivable by the Borrower(s) at any point of time, or any other right or interest arising from or in connection with the property. All the security documents of the Borrower(s) shall be deposited with SKFL and it shall have paramount rights/lien over such documents. The Parties agree and confirms that the Company may, at its sole discretion, till the entire repayment of amount due, withhold the no objection certificate, security related document or the like in case either loan(s)/facility (ies) is closed by the Borrower.
Any Security(ies) furnished by the Borrower(s) for the Loan Agreement executed shall also be collateral for any other obligations owing by the Borrower(s) to SKFL.
(l) The Company shall release NOC and all original documents to the Borrower within 30 days after closure of loan, i.e. the date on which the loan(s)/facility(ies) account is closed in the records of the Company and to the satisfaction of the Company/Lender and the responsibility of release of charges (if any) registered with any authority and ensuring security is free from any encumbrances shall be of the Borrower. The Borrower shall have an option to either collect the said original documents with respect to the security from the branch where the loan account was serviced or any other office where the documents are available. In the event the borrower does not provide any option or is non-contactable, the Company may at its discretion send across the NOC to the branch of the customer and provide an intimation to collect the NOC. The Borrower understands that the Company may retain the security documents in the event when the property of the Borrower(s) has been collateralised against another loan availed by the Borrower or any other reason which shall be duly communicated by the Company to the Borrower through digital means of communication on the address/ number available with the Company in its records. The Borrower agrees that the Company may not dispatch the security (Property) documents at the address prescribed by the Borrower as there are security issues and the Company shall handover the document to the customer in person through its representative. In case, if any support in this regard is required by the Borrower, they can connect with the customer support/service desk of the Company at the details displayed on the website www.skfin.in. The Borrower understands that it shall be the Borrower’s responsibility to ensure that correct/ updated contact details such as address, mobile number. Email ID etc. are available with the Company. The Borrower further understands that the Company shall not be responsible in any manner whatsoever if the Borrower does not receive the communication due to inaccurate contact details updated in Company’s records.
(m) In accordance with the applicable law(s) as amended or modified from time to time, where the borrower is a company or LLP, the Borrower shall ensure registration of charges with the ROC within requisite timelines.
(n) Disclosure: (i) SKFL is authorized to disclose from time to time any information relating to the loan to any credit bureau (Existing or Future) approved by Government of India and/or RBI without any notice to the Borrower(s). SKFL is also authorized to make inquiries with any Credit Bureau and get the applicants Credit Information Report. Terms & Conditions mentioned herein are subject to change without prior notice. The Applicant further acknowledges that SKFL is authorized to share/disclose information (a) relating to the Applicant, including information relating to any default committed by the Applicant in discharge of their obligation or otherwise; (b) to such credit bureaus/ credit reference agencies. Such entities may further make available processed information or data or products thereof to banks/financial institutions and other credit grantors. SKFL also provides information relating to credit history/repayment record of the applicant to a credit information company (specifically authorised by the RBI), in terms of the Credit Information Companies (Regulation) Act, 2005. (ii) The Borrower hereby gives specific consent to SKFL for disclosing/submitting the 'financial information' as defined in Section 3(13) of the Insolvency and Bankruptcy Code, 2016 ('Code') read with the relevant Regulations/ Rules framed under the Code, as amended and in force from time to time and as specified there under from time to time, in respect of the Credit/ Financial facilities availed from SKFL, from time to time, to any 'Information Utility' ( 'IU') as defined in Section 3(21) of the Code, in accordance with the relevant Regulations framed under the Code, and directions issued by RBI to the NBFCs from time to time and hereby specifically agree to promptly authenticate the 'financial information submitted by SKFL, as and when requested by the concerned 'IU'.
(o) Any default pursuant to these Terms and/or the terms of the Agreement (whether demand for repayment is actually made or not) then and in such case and at any time thereafter, the SKFL through its officers, agents or nominees shall have the right (without prejudice to the right under this Agreement) to take any one or more than one of the following actions without the specific intervention of a court or any court order:
(I) with a notice period of 15 days/without any notice and assigning any reason and attire risk at expense of the Borrower and if necessary as attorney and in the name of the Borrower to take charge and/or possession of, seizure, recover, appoint receiver of and remove the hypothecated asset. SKFL will be within its rights to use Tow-van to carry away the Asset/and or,
(II) enter into or upon any place or premise where the hypothecated asset may be kept or stored and inspect, value or insure the same at the costs and expenses of the Borrower, and /or,
(III) with prior notice through any specified mode of communication sell by auction or by private contract or tender, dispatch or consign for realization or otherwise dispose of or deal with the hypothecated asset in the manner SKFL may think fit,
(IV) proceed to take possession of the collateral security and exercise powers to make auction of the same for realizing due amount of SKFL.
(V) Notwithstanding the aforesaid SKFL on occurrence of any one of the following events shall be entitled to repossess the vehicle without providing any notice or intimation to the Borrower:
a) In case of any fraudulent activity is done by the Borrower or any other person in relation to the asset and/ or loan under this agreement which in the opinion of SKFL is prejudicial to the interest of SKFL.
b) If the asset is sold to the third party.
c) If the Borrower has expressed his willingness to surrender the possession of the asset voluntarily.
d) If there is reasonable apprehension to SKFL or its officers/ agents that such notice may defeat the taking of possession of the asset due to any foul play or forcible resistance from the part of the Borrower/ Guarantor.
e) If the asset is used in unlawful activities
(VI) SKFL shall have provided one final chance to the Borrower for repayment of all outstanding amounts before sale/ auction of the hypothecated vehicle except in cases where the sale/ auction of the hypothecated vehicle is pursuant to any proceedings before any judicial, quasi-judicial or governmental authority or arbitrator.
(VII) SKFL will return the Assets to the Borrower(s) provided all the outstanding amounts and other SKFL dues are cleared in full to the satisfaction of SKFL or as otherwise agreed by both the parties. If satisfied with the genuineness of Borrower’s inability to pay the EMI as per the repayment Schedule III which resulted in the repossession of asset, SKFL may at its discretion consider handing over the Assets after receiving the EMI in arrears. However, the same would be subject to SKFL being convinced of the arrangements made by the Borrower(s) to ensure timely repayment of EMI in future.
(p) Know Your Customer/Due Diligence Requirements: In line with the requirements of SKFL policy, the Know Your Customer (KYC) documents along with other documentation need to be submitted at the time of applying for loan or as and when requested by SKFL. The Borrower(s) is fully aware of the KYC requirements applicable on SKFL from RBI and confirms that the information/ clarification/ documents/signage provided by it on its identity, address, authorized signatory, board resolution, PAN and all other material facts are true and correct and the transaction, etc. are bonafide and as per law. The Borrower(s) further confirms that it has disclosed all facts/ information as are required to be disclosed for the adherence and compliance of the provisions related to the KYC Policy. The Borrower hereby consents to provide to the Company, any additional information required from the Borrower as deemed fit by the Company which has not been specified in the internal KYC Policy of the Company in order to conduct its credit due diligence. The Applicant hereby confirms that the Company can seek/ download the records of the Applicant from the CKYC registry for KYC compliance and periodic updation. The Applicant consents to Company to use the Applicant’s CKYC number available in the Company’s database for conducting periodic review/ enhanced due diligence or for updating the records of the Applicant. SKFL reserve the right to recall the Facility, enforce the Security and guarantees, if any, and appropriate proceeds thereof towards the outstanding and recover the balance from the Borrower(s), if any or close the account in case the required documents are not provided by the Borrower(s) to SKFL. The Company shall advise the customers that in order to comply with the PML Rules, in case of any update in the documents submitted by the Borrower at the time of establishment of business relationship / account-based relationship and thereafter, as necessary; customers shall submit to the Company the update of such documents. This shall be done at the earliest but not later than 30 days of the update to the documents for the purpose of updating the records at Company’s end. The Company shall register the details of a Borrower, in case of Borrower being a non-profit organisation, on the DARPAN Portal of NITI Aayog, if not already registered, and maintain such registration records for a period of five years after the business relationship between the Borrower and the Company has ended or the account has been closed, whichever is later.
(q) The Borrower shall keep and maintain in accordance with good business practice and Applicable Laws, all statutory books, books of accounts, bank statement/pass books and other records of the Borrower and in particular, maintain records showing the operations and financial conditions of the Borrower and such records shall be open to examination by the Lender and/or its authorized representatives and the Borrowers shall if so required by the Lender, furnish to the Lender at such intervals as the Lender may request a schedule or copy of all entries which shall have been made in the said registers. The register shall clearly indicate which of the assets have been hypothecated/ mortgaged/pledged or otherwise charged to the Lender or to any other person/ entity.
(r) Governing Law and Jurisdiction: All documents executed in relation to the Facility shall be governed by and construed in accordance with the laws of India. The Parties hereto expressly agree that all disputes arising out of and/or relating to the Transaction Documents including any collateral document shall be subject to the exclusive jurisdiction of a competent court as mentioned in respective transaction documents.
(s) Dispute Resolution: The parties are aware that under the circumstances of any dispute which may arise between the parties either directly or indirectly, shall be referred to or settled as per the terms and conditions under the Dispute Settlement Mechanism as may be separately agreed and executed between the parties in writing, wherever applicable. In any other circumstance all matters, questions, disputes, default, difference and or claims arising out of and/or concerning and/or in connection and/or in consequence of breaches, termination or invalidity thereof, whether or not obligations of either or both parties be subsisting at the time of such dispute and whether or not the transaction documents have been terminated or purported to the terminated or completed shall be settled by arbitration in accordance with the provision of Arbitration and Conciliation Act 1996 or any statutory amendment thereof which shall be presided over by an arbitrator. SKFL shall nominate the arbitrator and intimate Borrower(s). If no counter proposal is received from Borrower(s) within 7 (seven) days from the date of intimation, then the arbitrator nominated by SKFL shall be deemed to be accepted by Borrower(s) and becomes final. The language to be used in the arbitral proceedings shall be English and the award of the arbitrator shall be final and binding on parties. The seat of arbitration shall be as specified in the respective transaction document.
(t) Fees, charges, costs and claims: All costs (including advocates Legal cost), charges, expenses, applicable taxes, valuation charges, CIC charges, CERSAI charges, duties (including stamp duties), registration charges or any other charges in connection with the Transaction Documents, any document executed pursuant hereto and the creation enforcement, realization or attempted realization of any security insuring and taking possession of, maintaining storage and selling of the any asset shall be incurred and paid by the Borrower(s) alone. Borrower(s) shall reimburse the same at the actual to SKFL within 24 hours of SKFL’s demand. SKFL shall also be entitled to recover from the Borrower(s) and Guarantor any other charges or costs incurred or claims suffered by SKFL in connection with the Facility, including on account of execution, stamping of the Loan Agreement and any other documentation or security creation pursuant to the Transaction Documents. If at any time hereafter it is found or required that any extra stamp duty is payable on any of the Transaction Documents and/or if it is ascertained that stamp duty at a rate higher than the duty presently paid on said Transaction Documents are payable/required to be paid, then the Borrower(s) shall immediately pay the same with penalty and interest (if any). Upon failure to pay the same, such amount shall form part of the amount due under the Loan Agreement.
(u) Conditions Precedent: SKFL shall make any disbursement under the Facility subject to the fulfilment of the following conditions:
(i) The Borrower(s) meeting SKFL’s requirement of creditworthiness. SKFL shall be entitled to make or cause to be made market inquiries or Credit Bureau checks of such nature as it may deem fit in this regard and, further, it shall be entitled to call for such credentials from the Borrower(s) as may be required.
(ii) The Borrower(s) are in compliance of all the terms and conditions under the Transaction Documents, and there exists no default or breach under the Sanction Letter, Loan Agreement or any circumstance which may make it improbable for the Borrower(s) to fulfil his/her/their obligations under the Transaction Documents.
(iii) In relation to the Borrower(s), absence of any pending, ongoing or threatened proceedings which, if adversely determined, may have an adverse effect on: (i) the ability of the Borrower(s) to comply with the Facility Documents, or (ii) the interests of SKFL.
(iv) Execution, filing, registration and delivery, by the Borrower(s), of all Facility Documents in the form, manner and substance acceptable to SKFL.

(v) If required by SKFL or under any law provision of such evidence as may be acceptable to it, the Borrower(s) to satisfy SKFL: (i) about the utilization of the proceeds of the prior disbursements (if any) under the Facility, and (ii) that the disbursement is required for and shall be utilized only for the purpose for which the Facility is sanctioned.
(vi) In order to avail the Facility from SKFL, the Applicant assures to the SKFL that the Applicant has complied with all the provisions of the MSME Act applicable on the Applicant and till date the Applicant has, neither, either directly or indirectly, breached/ contravene any provisions under the applicable law, statute or regulation or any judgment or decree to which any of the Applicant and/or business and/or its undertaking is subject.

(vii) The Borrower shall notify SKFL of any change, including and not limited to the following, occurred, between the date of loan application and the date of disbursement of Facility, and even otherwise, within 15 (fifteen) days of such change.
a. Make any change in the residential and official status of the Applicant or occupation/ business of the Applicant or in the details of the relatives in the Applicant’s entity or any adverse circumstances connected with the financial position of the Applicant and/or any adverse change with regard to the security or title thereto (however unimportant the Applicant may consider the same);
b. Make any change in the constitution, management or existing ownership, shareholding pattern or control or share capital of the Applicant.
(v) Non-cooperative borrowers:(i) The Borrower(s) agrees to fully cooperate and comply with the terms and conditions provided under the Loan Agreement and other ancillary documents in congruence with the Facility availed by the Borrower(s) from SKFL. In the event, the Borrower(s) fails to cooperate and fulfill the obligations pursuant to the terms and conditions under the Loan Agreement, SKFL shall deem the Borrower(s) as Non Co-operative Borrower.
(ii) SKFL shall on failure to repay the outstanding dues under the Facility by the Borrower(s) after repeated reminders (written/verbal) by SKFL, classify the delinquent Borrower(s) who have not paid their dues for 90+ days as Non Co-operative Borrower in the SKFL’s database. SKFL shall send a notice in writing on 60 DPD (“Days Past Due”) in the Borrower’s account to such delinquent Borrower(s) in physical/digital mode to provide justification for not responding appropriately to the reminder(s) received, before their names are tagged as Non Co-operative Borrower. After receipt of the notice by the Delinquent Borrower(s), if adequate reasoning is not provided by such Borrower(s) or the overdue amount is not paid off in entirety in accordance with the Income Recognition and Asset Classification Norms, the Borrower(s) shall be classified as Non Co-operative Borrower and the same shall be intimated to such Borrower(s) by SKFL.
(iii) SKFL may in its sole discretion change such classification of Borrower as a Non Co-operative Borrower and the Borrower shall not remain as a Non Co-operative Borrower upon upgradation of Borrower’s account, however no intimation for such upgradation shall be sent across to the Borrower(s) by SKFL.
(w) Regulatory Declarations (in case Borrower is a company): The Borrower shall declare that none of its directors or Guarantor (or any of its directors, if applicable) is a director/senior officer of a director/senior officer of a banking company, or in a specified near relation of a director/senior officer of the Lender. Except to the extent disclosed to SKFL, all the Borrower's contracts or agreements with, or any commitments to, any affiliates or group companies (if applicable) are on arm's length basis. Further, no director of SKFL is a director, manager, managing agent, employee or guarantor of the Borrower/its subsidiary/holding company, or holds substantial interest, in the Borrower/its subsidiary/holding company and no directors of any other Company, including directors of scheduled cooperative bank and directors of subsidiaries/ trustees of mutual fund/venture capital funds holds substantial interest or is interested as director or as a guarantor of the Borrower. The Borrower or any directors/ promoters/ associate concerns/ of any of the Borrower (including the Guarantor) are not and, to the best of their knowledge:
i. on the Export Credit Guarantee Corporation's (ECGC's) specified approval list; or
ii. convicted under the provisions of Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974; or
iii. on RBI's wilful defaulters/ caution list; or
iv. on the Lender's defaulter list; or
v. or not qualified to act as director in accordance with applicable Law.
In case where the above negative confirmations/ declarations are not true, then the Borrower shall provide a written declaration with details of such relationship to SKFL. If the details of such declaration change during the term of the Facility, then the Borrower shall promptly provide a written declaration to SKFL of any such changes.
(x) The Borrowers and the Guarantor(s) shall provide information to SKFL in case any subsequent credit facility is availed by them from any other lending institutions. The Borrowers and the Guarantor(s) shall provide information to SKFL in case any additional credit facility is availed/has been availed by them individually or as a “group” from the Company. “Group” shall mean loan availed by various relatives (as defined under the Companies Act, 2013) or in the name of various entities within the Group such as company, partnership, trust, society, special purpose vehicle, mutual funds etc. and includes Borrowers and Guarantors.
(y) The Borrower(s) shall not be entitled to cancel the Facility or refuse to accept the disbursement of the Facility, except with the approval of SKFL and on payment to SKFL, of such cancellation charges as mentioned in Schedule of Charges. However, SKFL shall have the right to terminate, at any point of time, all and/or any undrawn part of the Facility by giving notice to the Borrower(s).
(z) It shall be the responsibility of the Borrower to ensure that the insurance policy with requisite endorsement in favor of SKFL is submitted to the SKFL. Additionally, in the event of prepayment/foreclosure of loan prior to term of the loan, the Borrower shall be liable to liaise with the respective insurance company to surrender the insurance policy submitted to the SKFL.
(aa) In the light of RBI Circular dated November 12, 2021 bearing reference no. RBI/2021-2022/125 DOR.STR.REC. 68/21.04.048/2021-22, SKFL has displayed on the website the regulatory requirements, example along with terms, for the customers, the process of categorization of the loan account as NPA i.e., Non-Performing Asset and SMA i.e., Special Mention Account.
(bb) For any service related issue, Applicant can get in touch with SKFL as per the details mentioned in the Customer Grievance Redressal mechanism displayed on the website.
(cc) SKFL reserves the right to modify the terms and conditions at any time without prior notice. Company may update these terms and conditions from time to time. The updated terms and conditions will be effective upon posting on our Company’s Website. The Applicant is responsible for understanding these terms and conditions before applying for loan request; if Applicant continue to use the Website or submit a loan request, the Applicant will have agreed to the amended terms.
(dd) The copy of the loan agreements is uploaded on the website of the Company in vernacular language so that the Borrower(s) can read, understand and interpret the contents in the language known to the Borrower(s). In the event of conflict/inconsistency between the English language and any other vernacular language, the contents of English language shall prevail for all intent and purpose.
(ee) Additional Terms for Digital Lending: Borrowers availing loans through digital lending mode from the Company shall be provided with all the information relating to the product features, loan limit, cost so as to make the borrowers aware of these aspects. The Company shall provide Key Fact Statement (KFS) by Borrower with all necessary information including but not limited to details of the loan, fees, charges, APR details, recovery mechanism, details of grievance redressal officer, cooling-off period etc. In the event, the Borrower intends to exit the Loan, the Borrower may do so within the Cooling off period of 3 day(s) for Loan having tenure of 7 or more days and 1 day for Loan having tenure of less than 7 days, from the date of execution of the Agreement, during which the Borrower may exit the Loan by giving written notice to the Company provided that the Borrower shall be liable to pay the principal amount and the proportionate APR during this period. APR shall mean effective annualized rate charged by the Company to the Borrower. For borrowers continuing with the loan even after cooling off period, pre-payment shall continue to be allowed as per extant RBI guidelines. The disbursements in such cases shall always be made into the bank account of the borrower except for disbursals covered exclusively under statutory or regulatory mandate (of RBI or of any other regulator), flow of money between the Lender for co-lending transactions and disbursals for specific end use, provided the loan is disbursed directly into the bank account of the end-beneficiary. The borrower shall be provided with an option to give or deny consent for use of specific data, restrict disclosure to third parties, data retention, revoke consent already granted to collect personal data and if required, make the app delete/ forget the data. The parties agree that the purpose of obtaining borrowers’ consent needs to be disclosed at each stage of interface with the borrowers. Explicit consent of the Borrower shall be taken before sharing personal information with any third party, except for cases where such sharing is required as per statutory or regulatory requirement.
(ff) The Borrower confirms that these Terms, along with the terms and conditions mentioned in the loan agreement shall be considered as the material terms and conditions which the Borrower shall be required to adhere to before, during and after the term of the loan, as applicable. The Company may levy charges on the Borrower for non-adherence to Terms hereunder, and/ or the applicable terms and conditions as defined in the loan agreement. There shall be no capitalization of the penal charges being charged for non-adherence herein, i.e. no further interest shall be computed on such penal charges by the Company. The Borrower may refer the updated most important terms & conditions applicable to the Borrower displayed herein on an ongoing basis. In addition, the vernacular language agreements are uploaded on the website for quick perusal by the borrower.

Senior Officer – Compliance

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