INTRODUCTION


  1. THIS AGREEMENT is made on the day, date and year as mentioned in the Loan Sanction Letter between:
  2. AEON CREDIT SERVICE INDIA PRIVATE LTD. (hereinafter referred to as “ACSI”) of the ONE PART; and The person specified in the loan sanction letter as Borrower/ Co-Borrower/Guarantor (hereinafter referred to as “Borrower”) of the OTHER PART;
  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, Loan Sanction Letter and upon acceptance of the terms and conditions more particularly stated herein.


DEFINITIONS


In these Terms and Conditions, the capitalized terms listed below shall have the following meanings:
  1. “Authorised Bank” means the bank authorized by ACSI to collect payments from the Borrower on its behalf.
  2. “Borrower” means the person or persons named in the Loan Sanction Letter, which term shall include Co-Borrower. Any references to one gender include all genders.
  3. “City of registration” means the location wherein the Vehicle is registered or to be registered with the local registering authority.
  4. “Credit information” means all information, documents, representations, particulars of operations and business, financial information, representations on future business prospects and clarifications which has been or may hereafter be furnished by the Borrower to ACSI from time to time.
  5. “Dealer” means the entity which sells the Vehicle to the Borrower.
  6. “Down payment” means an upfront amount paid by the Borrower to the Dealer towards the Borrower’s contribution towards the purchase price of the Vehicle.
  7. “EMI” means equated monthly installments being installments of fixed amounts comprising 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.
  8. “Loan”/“Loan Amount” means the credit/finance which ACSI advances/lends to the Borrower as stipulated in the Loan Sanction Letter.
  9. “Loan Application” means the application form for availing finance /credit for purchase of the vehicle made by the Borrower to ACSI.
  10. “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.
  11. “Loan Tenure” means the duration of the Loan as stipulated in the Loan Application and Loan Sanction Letter.
  12. “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 alongwith all charges & payables due to ACSI.
  13. “Rate of interest” means the fixed rate of interest referred to in the Loan Sanction Letter, duly revised by ACSI depending upon the Interest rate model policy of the Company.
  14. “Registering authority” shall mean an authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988 (as amended from time to time).
  15. “Registration Certificate” means the certificate of registration of the Vehicle or such similar document with different nomenclature issued by the Registering authority with which the Vehicle is registered under the applicable motor vehicles law.
  16. “Vehicle” means the new or used two wheeler/four wheeler motor vehicle acquired/to be acquired by the Borrower in respect of which the Loan is granted /to be granted by ACSI, hypothecated/ to be hypothecated to ACSI and shall include any equipment in respect of the vehicle, and all accretions, additions and replacements to the vehicle and/or the equipment, whenever made, including by way of body building and engine up-gradation and any other accessories that may be purchased by the Borrower using the Loan or any part thereof etc. inclusive of all the benefits and warranties provided by the manufacturer and the dealer. Any term/expression not defined herein, if defined within the General Clauses Act, 1897, shall carry the same meaning as assigned to it under the said Act.


TERMS OF LOAN


  1. In the event ACSI sanctions the Loan on the basis of the Loan Application submitted by theBorrower, these Terms and Condition (“Agreement”) read together with the Loan Sanction Letter and all applicable terms on the ACSI website will govern the Loan and the relationship between ACSI and the Borrower and supersede any prior arrangement or understanding between the Borrower and ACSI
  2. This Agreement is a pure financing arrangement and the Borrower accept the entire risk for non- performance, non-delivery, breach and supply of inferior or damaged Vehicle by the Dealer and ACSI is not liable to the Borrower for any liability, claim, loss or expense of any kind caused directly or indirectly pursuant to the purchase of the Vehicle.
  3. ACSI has granted/agrees to grant the Loan and disburse the amount directly to the Dealer upon the request of the Borrower. 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.
  4. The Borrower shall continue to pay the instalments/EMIs on the respective due dates regardless of whether the Vehicle is under repair or not working or not delivered. The Borrower acknowledges, that all warranties in relation to the Vehicle are provided by the manufacture/Dealer and ACSI has no liability in this regard.
  5. The Borrower shall pay all non-refundable fees and charges as set out in the Loan Sanction Letter or on the ACSI website 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.
  6. In the event of delay in the payment of EMI or of any other dues by the Borrower beyond the due date for such payment, then without prejudice to the other rights and remedies available to ACSI hereunder and under law, ACSI shall be entitled to charge additional late payment charges/ additional interest as stated in the Loan Sanction letter or on ACSI website.
  7. The Borrower shall utilize the Loan only for the purchase of the Vehicle sold by the Dealer and for no other purposes.
  8. Subject to Clause 11.2, ACSI shall furnish a Statement of Account (upon request), the amount claimed therein shall be final, conclusive and binding on the Borrower.
  9. 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 issuance of the Loan Sanction Letter by ACSI. In such cases, ACSI shall refund to the Borrower any amount paid by the Borrower to ACSI prior to such cancellation or withdrawal.
  10. If the Borrower intimates ACSI about his desire to withdraw the Loan Application and/or otherwise chooses not borrow the Loan from ACSI after the expiry of stipulated time period in Clause 3.9 but before 7 days prior to the date of payment of the first installment of the EMI, 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 any amount available with ACSI 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.
  11. 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 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).


REPAYMENT OF LOAN


  1. The Borrower shall repay the Loan Amount together with interest charged thereon by way of EMIs to be paid in monthly installments as specified in the Loan Sanction Letter.
  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.
  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 be 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. The EMI shall automatically stand revised by reason of revision in any rates, taxes, charges and levies that may be levied on the transaction contemplated herein 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.
  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.
  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.
  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.
  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.


MODE OF PAYMENT


  1. Payment by Post Dated Cheques
    In case the repayment is to be made by way of post dated cheques (which mode of payment may be refused by ACSI in its discretion) 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:

    1. that each such post-dated cheque shall carry the date on which the relevant EMI is due;
    2. 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;
    3. that he/she/it shall ensure availability of sufficient funds in the account on which such post dated cheques have been drawn;
    4. 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;
    5. that the Borrower shall not instruct his/her/its Bank to stop payment on any of such cheques; and
    6. 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.
  2. Payment by Automatic Clearing House Mandate
    (ACH) : In case the payment of EMI is to be made by way of ACH mandate covering all or any of the amounts due to ACSI towards the Loan, the Borrower hereby irrevocably and unconditionally agrees and covenants:
    1. that the ACH mandate given, at or before the execution of these terms, will be valid as on the date of the ACH mandate and at any point of time the Borrower shall not claim that they are invalid due to any reason whatsoever;
    2. the Borrower further confirms that he/she/it shall ensure availability of sufficient funds in the account on which such ACH 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 ACH mandates and/or withdraw or change such mandate without prior intimation to ACSI;
    3. where the funds in the relevant bank account are not sufficient to honor the ACH mandate as per its terms, the Borrower shall not object to ACSI presenting such ACH mandate all over again for recovery of any amount due and payable hereunder;
    4. that the Loan has been made available by ACSI on the basis of ACH mandate issued by the Borrower in favour of ACSI towards repayment of EMI payable by the Borrower to ACSI and details of the ACH mandate are more fully described in the Loan Application;
    5. that in case the Borrower changes/desires to change his/her Bank, the Borrower shall be entitled to replace the ACH mandate and issue a fresh ACH mandate for the new Bank only on payment of swapping charges to ACSI at the rates specified in the Loan Sanction Letter.


BORROWER’S REPRESENTATIONS AND COVENANTS


  1. The Borrower represents and warrants to ACSI as under:
    1. The Borrower is/are individuals competent to contract under the Indian Contract Act, 1872;
    2. all declarations provided by the Borrower in relation to the Loan availed by the Borrower, are true and accurate in all respects;
    3. the Borrower is fully empowered to avail the Loan and agrees to adhere to the Loan Sanction Letter, these Terms and Conditions and to perform the obligations contained herein;
    4. the Loan Application Form and this Agreement 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 this Agreement constitute a legal, valid and binding obligations of the Borrower enforceable against him/her/them in accordance therewith;
    5. 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;
    6. in case of used vehicle, the Borrower consents to the valuation of the vehicle by ACSI authorized valuator and confirms that the price of the Vehicle is determined on the basis of such valuation.
    7. the Borrower shall not assign the Vehicle obtained under this Agreement for commercial purposes
  2. The Borrower hereby acknowledges, agrees, undertakes and covenants as under :-
    1. the Borrower shall ensure timely payment of the EMI to ACSI and ensure that the post-dated cheques/ACH Mandate/any other electronic or other clearing mandate issued towards payment of the EMI are honoured on presentation irrespective of the condition of the Vehicle so financed;
    2. on the date of payment of the EMI or any other sums payable hereunder, the Borrower shall ensure that bank account has sufficient balance and 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;
    3. 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;
    4. the Borrower shall permit ACSI and its representative at all reasonable times to inspect, view and examine the state and condition of the vehicle and the documents relating thereto and/or shall produce the same for inspection to ACSI or its representative at a place designated by ACSI;
    5. the Borrower shall obtain all that is necessary to maintain in full force and effect all authorisations, approvals, consents, no- objections, insurances, licenses, permissions and renewals required in or by the laws in relation to this Agreement, each collateral documents and the performance of obligations hereunder in relation to the Vehicle;
    6. the Borrower shall get the vehicle (in case of acquiring a new vehicle) registered with the appropriate Registering Authority (wherever applicable) under the Motor Vehicles Act, 1988;
    7. the Borrower shall inform ACSI of any loss, destruction or misplacement of the Registration Certificate of the Vehicle or the insurance policy relating to the Vehicle within three working days of such loss, destruction or misplacement;
    8. the Borrower shall not apply for any duplicate Registration certificate for the Vehicle otherwise than by delivering the application thereof to ACSI for endorsing the charge on the Vehicle;
    9. the Borrower shall not transfer the registration of the Vehicle to any city or town other than the city of registration without the prior written permission of ACSI;
    10. the Borrower shall indemnify and keep indemnified ACSI against any loss or damage to the Vehicle or any part thereof from whatever cause whether or not such damage is as a consequence of the negligence of the Borrower(s).
    11. 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;
    12. the Borrower shall not do or suffer any act or thing whereby the Vehicle may be detained or taken in execution under legal process, or by any public authority or government department and shall not use the Vehicle for unlawful or antisocial purposes;
    13. the Borrower shall not use or permit the use of the Vehicle 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;
    14. the Borrower shall not default or delay in the payment of the EMI or his/her/its dues beyond the due dates;
    15. subject to this Agreement, 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;
    16. 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 this Agreement are reasonable, necessary and acceptable to him/them/her;
    17. 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;
    18. the Borrower shall, as and when required to do so by ACSI, provide ACSI with the updated identification documents.
    19. the Borrower shall cooperate and ensure that there are no obstacles and allow inspection of the vehicle and all documents relating thereto for verification thereof by any person authorized for this purpose by ACSI.
    20. On demand being made by the ACSI -:
      • give immediate actual possession to the ACSI, its nominees or agents (as the case may be) of the Vehicle;
      • transfer, deliver and endorse all registrations, policies, certificates and documents relating to the Vehicle to ACSI, its nominees or agents (as the case may be);
    21. the Borrower shall keep himself acquainted with the rules of ACSI, as amended from time to time.
    22. the Borrower confirms that the price of the Vehicle has been arrived at after taking into account all relevant taxes, duties and levies applicable as on the date of this Agreement. The Borrower agrees that the EMIs may be increased by any fresh imposition or increase in the price of the Vehicle, taxes, duties, levies and charges during the subsistence of this Agreement or that are or may be levied on the instalments or the transaction hereunder or are or may become payable by virtue of entering into this Agreement. In the event of such taxes, duties, levies and charges being imposed and/ or increasing during the period of placing of the order of the vehicle and its acceptance and eventual delivery to the Borrower, all and any such taxes, duties, levies and charges, increments shall be borne and paid by the Borrower.


SECURITY


  1. The Loan including the Outstanding Dues payable by the Borrower to ACSI hereunder shall be secured by the Vehicle on which ACSI shall have first and exclusive charge.
  2. Upon execution of this Agreement the Borrower shall execute a promissory note of the value of the total instalments less the Down Payment, along with the rate of interest applicable. It is expressly clarified that such Promissory note shall be by way of collateral security for repayment of loan and shall not be deemed to be conditional payment of instalments.
  3. 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 Promissory Note.
  4. In case of death of the Borrower, the Promissory Note given by a Borrower shall be invoked against his/her/ legal heir/s, successor/s to the estate coming in their hands.


INSURANCE


  1. The Borrower shall be solely responsible for insurance of the Vehicle including renewal of insurance and shall insure and keep the Vehicle 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 Vehicle or otherwise responsible for any third party claim that may arise from the use of the Vehicle.
  2. The Borrower shall use the Vehicle himself and through his servants and agents strictly in accordance with the terms and conditions of the insurance policy and shall not permit to be done any act or thing which may render such insurance invalid and use the Vehicle legitimately and not engage in any unlawful or illegal activity by which the ownership or custody of the Vehicle is in any way jeopardized.
  3. If the Vehicle 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 the stipulated time period after occurrence as per the terms and conditions of insurance. 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.
  4. If the Vehicle 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, if any referred to hereinabove until the deficit amounts is fully paid.


EVENTS OF DEFAULT


Each of the following events is and shall be deemed to constitute, an “Event of Default”:
  1. 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 the Vehicle as and when they become payable, or commits material breach of the representations and warranties of the Borrower referred to in Article 6 above;
  2. if there is a reasonable apprehension that the Borrower is unable to pay his/ her/ debts or the Borrower has admitted his/her inability to pay his/ her/ debts, as they become payable;
  3. on the death/lunacy or other disability of the Borrower;
  4. 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;
  5. 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;
  6. if the Vehicle is confiscated, attached, taken into custody by any official, authority or other person or is made subject to any proceedings, or is disclaimed, endangered, stolen or damaged or bodily injury is caused to any third party by accident. It is clarified that where 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.


CONSEQUENCE OF DEFAULT AND REMEDIES


  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 Vehicle 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 Vehicle, there is any deficit, the same shall be unconditionally and promptly made good to ACSI by the Borrower.
  2. Without prejudice to the foregoing, ACSI shall be entitled to encash the post-dated cheques referred to hereinabove, and to enforce the Promissory Note until all Outstanding Dues are fully paid up.
  3. ACSI shall be entitled to appoint and authorize third party agents to assist ACSI in the enforcement of security and collection of the Outstanding Dues from the Borrower.
  4. The following are without prejudice to other rights and remedies of ACSI under law or in equity:
    1. in case of delay in payment of EMI or dishonor of the cheques/ACH Mandate/any other electronic or other clearing mandate , ACSI shall be entitled to recover overdue penalty fees at the rates set out in the Loan Sanction Letter; and
    2. in case of default by reason of the cheques/ACH 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.
  5. ACSI may demand the Borrower to return the Vehicle in the same conditions as delivered, reasonable wear and tear expected and in the event of failure of the Borrower to comply with the same within prescribed time from the date of demand, enter upon the premises where the Vehicle is located and take immediate possession of and remove the Vehicle without any liability to ACSI or its agents for such entry or for damage to property or otherwise. ACSI has the right to detach and dismantle the Vehicle from any part of the freehold or process machinery to which the Vehicle may be affixed without the prior permission of the Borrower. For the purpose of the repossession of the Vehicle the Borrower expressly grants hereby irrevocable license to ACSI or its agent or any other authorized representative for the purpose of exercising its rights under this Clause. The Borrower agrees that the right enjoyed by ACSI as stated herein is reasonable and necessary to safeguard ACSI interests.
  6. Sell the Vehicle by public auction or private sale with or without notice to the Borrower or otherwise dispose off, hold, use, hire to others, or keep idle the Vehicle, without any duty to account to the Borrower for such action or inaction or for any proceeds with respect thereto and to receive consideration of the sale, transfer, disposition of the Vehicle and issue proper receipt(s) and give a valid and effectual discharge for such consideration and to appropriate the same towards the amount outstanding under the Loan payable by the Borrower to ACSI.
  7. It being agreed and understood by the Borrower that the right of ACS to recover the amount payable and/or repayable or reimbursable to the satisfaction of ACS shall survive any such cancellation of Loan and/or termination of the Agreement and ACS’s rights of initiating action to recover the amount shall also survive, on termination of the Agreement. ACS shall be entitled to take all or any of the steps therefore and the Borrower shall not take defense of such termination or cancellation of Loan/ the Agreement.
  8. Consent to share information with third party Borrower hereby authorizes, ACSI to collect information contained in the present application and other information relevant to this application, and disclose it to third parties for the purposes of collection of money and such other purposes required by ACSI for recovery. The Lender may use the information in this Agreement as data to provide the services and products such as the credit card issuer, insurance, life insurance, settlement of the debt, or for other purposes in the future. Therefore, the Borrower shall not revoke his/her consent in any event, claim any compensation or any damages from the Lender or any individual or from any legal person that received the information; and the Borrower shall immediately notify the Lender if there is any change in the information.
  9. Borrower hereby permits ACSI to review his/her Credit information after 3 months of grant of loan through Credit Bureaus for its assessment in order to provide additional credit facilities of ACSI opted by the Borrower, without requiring another consent from the Borrower.
  10. Upon realization of the loan amount:
    • the net proceeds of sale, realization, recovery and/ or insurance claims proceeds relating to the Vehicle herein, shall be applied at the sole and absolute discretion of the ACSI in the manner deemed fit by ACSI. The Borrower shall continue to be liable for any deficiency in the amount due to ACSI after adjustment of the net proceeds of sale, realization, recovery and/or insurance claim as above.
    • No interest or compensation shall be payable by ACSI to the Borrower on the proceeds to be held by ACSI or during the period the same shall be held by ACSI for being applied in accordance with this Agreement.
    • Upon the termination or earlier determination of this Agreement or the cancellation of the loan as the case may be or in case of any Outstanding Dues, ACSI shall be absolutely entitled or be at liberty to sell or otherwise dispose off the Vehicle in such manner as they may deem fit including by private sale which shall be acceptable to the Borrower.
    • If the price recovered on such sale or disposal falls short of the outstanding dues, ACSI may by a notice in writing call upon the Borrower to pay the difference within such days of the receipt of the notice by Borrower, together with all overdue sums, owing and payable to ACSI under or by virtue of these presents and the Borrower agrees to make such payment without demur.
  11. 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.


MISCELLENOUS


  1. Assignment
    • This Agreement is personal to the Borrower and the Borrower shall not be entitled to transfer or assign any of his/her rights or obligations under this Agreement to any person directly or indirectly without the prior written consent of ACSI in this behalf. The Borrower further agrees that during the period of this Agreement the Borrower shall not part with the Vehicle to any third party.
    • ACSI shall be entitled to assign its rights, obligations, duties and liabilities under this Agreement. In event of such assignment by ACSI and if directed by ACSI, the Borrower agrees to perform his obligations under this Agreement qua such assignee.
  2. 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.
  3. 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 he shall 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.
  4. 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 Vehicle in any manner whatsoever except for his use or otherwise as contemplated in these Terms and Conditions and/ or the Loan Sanction Letter
  5. 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.
  6. Disclosure
    1. 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.
    2. The Borrower hereby grants unconditional consent to ACSI to disclose the information and other details relating to the Borrower available with ACSI, in the following circumstances:
      1. Disclosure to any court, tribunal or regulatory or governmental authority under law,
      2. 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;
      3. Disclosure to enable ACSI to conduct a credit verification process of the Borrower as specified in clause 11.4 above;
      4. 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
      5. 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.
    3. The Borrower agrees that ACSI’s aforementioned right to disclose information is reasonable and necessary in the context of the Loan and the enforcement of its rights as contemplated herein. The provisions of this Clause shall survive even after the term/termination of this Agreement and the repayment of the Borrower's dues by ACSI.
  7. Notice
    1. Any notice or other communication to be given by ACSI to the Borrower 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 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.
    2. 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
    3. 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.
    4. 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.
    5. The Borrower also agrees that ACSI shall not take cognizance of out-of –office / out- of-station auto replies and the Borrower shall 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.
  8. Severability
    The Borrower undertakes that each of his/her 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.
  9. 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.
  10. 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 a sole 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. The decision of the sole arbitrator shall be final and binding. –Pending the declaration of the award (including any interim award/ order), the Borrower shall be liable to perform its obligations under this Agreement including payment of all installments and any Outstanding Dues to ACSI.