Terms and Conditions

[1].

Aglow Fintrade employs a world-class risk management system and operates a fully-automated underwriting system with a highly effective anti-fraud tool that is backed by our strong IT systems. Effective risk management combined with our unique ability to optimize risk on a large scale enable Aglow Fintrade to stand out from industry peers.

[2].

The Borrower can pay service charges/ additional service charges/ processing fees as applicable under the scheme, which shall be deducted by AFPL at the time of disbursal of loan amount to the Dealer. The onetime non refundable upfront interest/ additional upfront interest are paid by the manufacturer and not borrower. The Annualized rate of interest is based on risk gradation, cost of funds, margin & risk premium. This interest is paid by manufacturer and customer is charged only principle and a nominal processing fee wherever applicable.

[3].

The Borrower(s) undertakes & confirms/shall have undertaken and confirmed that :

(i) The sanctioned loan would be disbursed by AFPL to the dealer in one lump sum or in such installments as may be decided by AFPL.

(ii) The sanctioned loan shall be repaid by the borrower during the period of months from the date of first due date mentioned in Application/ Loan Term Sheet/Loan Details Slip/Loan Details Sheet. (Hereinafter referred to as the “Loan Term”).

(iii) AFPL is hereby authorized to make payment of the Sanctioned Loan directly to the dealer on Borrower’s behalf, which along with finance charges/interest on annualized rate basis as mentioned in Application/Loan Term Sheet/ Loan Details Slip/ Loan Details Sheet hereunder shall be a debt due by the Borrower to AFPL, to be repaid as per the terms of these terms & conditions.

[4].

The Borrower(s) shall utilize the Sanctioned Loan only for the purchase of the product and for the payment of the expenses incidental thereto and for no other purpose. The Borrower may apply for the No Objection Certificate (NOC) from the official AFPL website.

[5].

The Borrower(s) shall repay/pay the Sanctioned Loan and finance charges/ interest on (annualized rate basis) in EMI in the manner and within the Loan Term as specified in Application/Loan Detail Slip/Loan Details Sheet. The Borrower(s) confirms/shall have confirmed of having perused, understood AFPL’S method of calculating annualized interest on the EMI as specified in Application/Loan Details Slip/Loan Details Sheet.

[6].

That the EMI shall automatically stand increased be reason of increase in any rates, taxes, charges, imposts, levies and monies whatsoever that are or may be levied on the EMIs or the transaction contemplated here under or are or may become payable by AFPL by virtue of these terms and conditions. Such increase in rates, taxes, charges, imposts, levies and monies as stated above shall automatically form part of the Sanctioned Loan. AFPL shall be entitled to revise the rate of interest at any time and from time to time as per :

(a) Its policy and/or applicable laws and regulations, if any, during the Loan Term, at its discretion and such revised interest shall deemed to form part of the Sanctioned Loan and the Borrowers shall also be liable to pay such increased amount of interest in such manner and within such period as may be determined by AFPL in its sole discretion.

(b) The due date for the payment of EMI shall be as indicated in Application/Loan Term Sheet/Loan Details Slip/Loan Details Sheet and it is understood that time shall be the essence of the Terms and Conditions.

[7].

PAYMENT OF EMI DUES:

I. Borrowers has given post dates cheques in favor of AFPL covering all the amounts due to AFPL these terms and conditions including the EMI towards the Sanctioned Loan as stipulated herein and each such postdated cheques carries the date on which the EMIs is due. The Borrower(s) shall have /hereby unconditionally and irrevocably, covenant that irrespective of the fact that the post dated cheques are given at or before the execution of these terms and conditions, the post dated cheques given by the Borrower(s) will be valid as from the respective date of such cheques and that at any point of time the Borrower(s) shall not claim that they are invalid due to any reason whatsoever. The Borrower(s) further confirms/shall have confirmed that he/she shall ensure availability of funds in the account on which such post dated cheques have been drawn and the Borrower(s) will not at any time close his account and/ or issue any notice instructing AFPL not to present any of such cheques for encashment or instruct these bank to stop payment on any of such cheques. The Borrower(s) further confirms / shall have confirmed that the loan facility under these terms and conditions has been/shall be made available by AFPL on the basis of post dated cheques issued by the borrower in favor of AFPL towards repayment of EMI payable by the borrower to AFPL under these terms & conditions, details of the post dated cheques are more fully described in Application/ Loan Term Sheet/ Loan Details Slip/ Loan Details Sheet.

ii. Borrower has/shall have given Electronic Clearing Mandate ACH / any other electronic or other clearing mandate in favor of AFPL covering all the amounts due to AFPL under these Terms and Conditions including the EMI towards the Sanctioned Loan as stipulated herein. The borrower(s) shall have unconditionally and irrevocably, covenanted/ hereby unconditionally and irrevocably covenants that irrespective of the fact that the ACH mandate/any other electronic or other clearing mandate and that at any point of time the Borrower(s) shall not claim that they are invalid due to any reason whatsoever. The Borrower(s) further confirm that he shall ensure availability of funds in the account on which such ACH. mandate/ any other electronic or other clearing mandate have been drawn and that the Borrower(s) will not at any time close his account and/or issue any notice instructing AFPL not to present any of such ACH. Mandate/ Any other electronic or other clearing mandate issued by the Borrower in favor of AFPL toward repayment of EMI payable by the Borrower to AFPL under these terms and conditions, details of the ACH. Mandate/ any other electronic or other clearing mandates are more fully described in Application/Loan Term Sheet/Loan Details Slip/Loan Details Sheet.

[8].

Any dispute or difference of any nature whatsoever shall not entitle the borrower(s) to withhold or delay payment of any EMIs or other sum and AFPL shall be entitled to present the post dated cheques/ ACH. mandates/ Any other electronic or other clearing mandate to the bank on the respective due dates.

[9].

All sums payable by the Borrower(s) to AFPL shall be paid without any deductions whatsoever. Credit discharge for payment will be given only on realization of amounts due.

[10].

AFPL Shall be entitled to adjust the advance EMI and/or security deposit/ initial payment made by the Borrower and as more specifically described in Application/ Loan Term Sheet/ Loan Details Slip/ Loan Details Sheet hereunder towards any outstanding amount in such manner and at such time as AFPL may determine in its sole discretion.

[11].

In respect of any delayed payments, without prejudice to all other rights of AFPL under these terms and conditions.

a) AFPL shall be entitled to recover penal charges from the Borrower described in clause 21(a) here below.

b) In the case of an arrangement for financing under any scheme of direct deduction of the EMIs from the salary of the Borrower(s), these delayed payment interest shall apply in case of delay/ default in remittance to AFPL, even if the EMI has been deducted from the salary of the Borrower(s) by the employer.

c) Any sums received by AFPL from the Borrower(s) shall be appropriated first against the delayed penal charges or any other claim of AFPL on the borrower(s) under these terms and conditions and thereafter against the overdue EMI payment.

[12].

The borrower shall have no right to terminate the terms and conditions save and expect by payment, in full, of all monies payable under the terms and conditions to AFPL.

[13].

Notwithstanding anything stated elsewhere in these terms and conditions, the EMI, the outstanding amount of the Sanctioned Loan, interest, additional interest, fees, expenses and all other sums whatsoever payable by the Borrower(s) to AFPL hereunder and or in connection with the said Sanctioned Loan (hereinafter referred to as the ‘’Borrower(s) Outstanding’’) shall be payable by the Borrower to AFPL on demand. AFPL may at any time in its sole discretion and without assigning any reason call upon the Borrower to pay the Borrower(s) Outstanding and there upon the Borrower shall within 15 days of being so called upon pay the whole of the Borrower(s) outstanding to AFPL without any delay or demur.

[14].

The Borrower(s) shall be exclusively responsible for delivery of the product from Dealer/manufacturer/seller, as the case may be and AFPL shall not be liable for any delay in delivery or non delivery of the product and or with respect to the quality, condition, fitness, suitability or otherwise whatsoever of the said product.

[15].

The Borrower(s) expressly understands/shall have understood these terms & conditions is entered into in respect of a financing transaction giving rise to a relationship of debtor and creditor as between him and AFPL , and not in respect of any service rendered/ to be rendered by AFPL. Accordingly the provisions of the Consumer Protection Act, 1986 shall not apply to the transaction forming subject of these terms and conditions.

[16].

The Borrower shall not be entitled to any increase in the principle amount of the Sanctioned Loan either by reason of any increase in the purchase price of the product. However in the event of any decrease in the purchase price, AFPL may in its discretion reduce the principle amount of the Sanctioned Loan.

[17].

The Borrower(s) shall, during the period of these Terms & Conditions.

a) Observe and perform all his obligations under the terms & conditions.

b) Ensure timely payment of the EMI to AFPL and ensure that Cheques/Electronic Clearing Mandate/Any other electronic or other clearing mandate is issued toward payment of the EMI is honoured on presentation. It is the duty of the Borrower(s) to ensure that his bank account has been debited toward the EMI and in case of his account not been so debited the Borrower(s) shall be obliged to inform AFPL in these regard within 3 days from the due date of such EMI.

c) Not use the product for unlawful or antisocial purposes.

d) Not remove the product from the state without the written consent of AFPL.

e) Not do or suffer any act or thing whereby the product may be detained or taken to the execution under legal process, or by any public authority or government department.

f) Not use or permit the use of the product for any purpose not permitted by the terms of the insurance policy, not do or permit to be done any act or thing which might render the insurance invalid.

g) Pay and bear all taxes, rates, duties, charged and other imposts and obligation, existing as well as in future, in respect of the product and the transaction hereunder.

h) Permit AFPL and its representative at all reasonable times to inspect, view and examine the state and condition of the product and documents relating thereto and/ or to produce the same for inspection to AFPL or its representative at the place designated by AFPL.

i) To do all such things and execute all such writings as AFPL may require from time to time for duly or more perfectly securing the repayment of the Sanctioned Loan.

j) Not pledge, attempt to pledge or sale, encumber, transfer or part with the possession of the product, nor in any manner deal with the product, or do or omit to do anything the act or omission of which would impair AFPL’s security over the product.

k) Not to default or delay in the payment of the installment or his dues beyond the due dates.

[18].

Insurance

a) The Borrower shall be solely responsible for insurance of the product including renewal of insurance and shall insure and keep it insured comprehensively against all risks and such eventualities during currency of the loan. Under no circumstances AFPL shall be responsible for insurance of product or for any third party claims that may arise due to accident of the product.

b) If the product suffers any damages or 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 otherwise, the Borrower(s) shall notify AFPL and the insurance company of such damages, lost, theft or destruction within 48 hours of its occurrence. The Borrower(s) shall also immediately lodge a report/ FIR in respect of such damage, loss, theft or destruction with the police or other competent authority as per law.

c) If the product is lost stolen, damaged or destroyed AFPL shall have the right to appropriate any insurance recovery towards payment of the entire balance of the Sanctioned Loan and other dues including the portion that would otherwise have been repayable in future. 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. AFPL may however in its sole discretion, permit the Borrower to pay the deficit amount to re-adjusted EMIs as determined by the AFPL. AFPL shall remain entitled to encash the post dated cheque referred to hereinabove until the deficit amount is fully paid.

d) If the product is damaged, and if AFPL considers that the damage is fully repairable, it may release the insurance amount recovered for the purpose of repair of the product and continue the Sanctioned Loan on the original terms.

e) It is further agreed that in case, Borrower has chosen for an insurance cover and is a member of “Group Insurance Policy” taken by AFPL. AFPL shall have the right to appropriate insurance claim paid there under towards payment of loan balance & any other dues outstanding (including the portion that would otherwise have been repayable in future) by the borrower. If after such appropriation, there be any surplus leftover, it shall be paid to the borrower. If there is any deficit, then the borrower shall be liable to pay entire deficit forthwith.

[19].

Security

The Sanctioned Loan, interest, additional penal charges, fees, expenses and all other sums whatsoever including but not limited to Borrowers Outstanding payable by the Borrower(s) to AFPL hereunder shall be secured by the product on which AFPL shall have first and exclusive charges.

[20].

Event of Default

A default shall be deemed to have been committed if the Borrower(s) does not comply with its terms & conditions and also if:

a) It is found that Borrower(s) has/have made any misrepresentations to AFPL.

b) The product is confiscated, attached, taken into custody by any official or other person made subject to any proceeding or is disclaimed, endangered, stolen or damaged or bodily injury is caused to any third party by accident or .

c) The borrower dies, becomes insolvent/ compounds with his creditors or permits any attachment or sequestrations or other process against any of his assets or properties.

d) If the Borrower(s) is a partnership firm, another partner become insolvent or compounds with his creditors, or permits any attachment or sequestrations or other process against any of his assets or properties including his share in the firm.

e) The Borrower(s) being a limited company shall pass resolution for voluntary winding up or shall have a petition for winding up presented against it or propound any scheme for compounding with its creditors or if a receiver shall be appointed of its undertaking or any of its assets or properties or any asset or property be attached or sequestered or any other process leave against the same or the Borrower(s) shall become liable to report negative net worth under The Sick Industrial Companies (special provisions) Act, 1985 or any penal and reenactment thereof.

f) There exist any circumstances which in the opinion of AFPL jeopardizes AFPL’s interest or security; or.

g) The Borrower(s) commits any default under any other terms and conditions with AFPL.

Upon the occurrence of an event of default the Borrower(s) outstanding shall forthwith become payable to AFPL without any notice to the Borrower(s) fail to pay borrower(s) outstanding or any part thereof, the Borrower(s) undertakes forthwith surrender to the AFPL or its representatives the product financed by the AFPL (or any other product of such value as approved by AFPL which would satisfy the dues of AFPL ) and AFPL, on behalf of borrower, shall be entitled to dispose the same and adjust the proceeds against the borrower(s) outstanding. If there is any deficit the same shall be made good to AFPL by the borrower, without prejudice to the forgoing and in addition thereto AFPL shall also remain entitled to encash the post dated cheques/ Electronic Clearing Mandate/ any other electronic or other clearing mandate referred to herein above until all money due under the terms & conditions are fully paid up.

[21].

Remedies in case of default

The following are without prejudice to the other as also to other rights and remedies under law or in equity

a) Default charges

i. In case of default by reason of the cheques/ECS Mandates/ Any other electronic or other clearing mandate being dishonored, AFPL shall charge @ Rs 350/-per month per default towards its dishonour.

ii. In case of delay in payment of the installment dues AFPL towards delayed payment charges, shall charge @ 2% pm on amount outstanding as on that date.

b) In case of delay in payment of installment dues or default by reason of the cheques/ ECS Mandate /Any other Electronic or other clearing mandate being dishonoured, AFPL shall charge penal as AFPL may decide from time to time for per month/per default.

c) In case of default by reason of the cheques / ECS Mandates/ Any other electronic or other clearing mandate being dishonoured. AFPL shall initiate legal proceedings under Section 138 of Negotiable Instruments Act.

d) AFPL shall also be entitled to take recourse to other legal remedies under appropriate provision of the Civil Procedure Code, Criminal Procedure Code, Indian Penal Code, and or under any other law which may be enacted or in force to protect the interest of lenders.

[22].

The payment of EMI shall be made by Borrower(s) to AFPL at the address from time to time nominated by AFPL and failing such information, at the registered office of AFPL.

[23].

Any notice to be given to the Borrower(s) in respect of these terms and conditions shall be deemed to have been validly given if served on the Borrower(s) or sent by registered post to or left at the address of the Borrower(s) existing or last known business, or private address. Any such notice sent by registered post shall be deemed to have been received by the Borrower(s) within 48 hours from the time of its posting.

[24].

Upon the Borrower(s) paying to AFPL all the EMIs on the due date as specified in the Application/Loan Term Sheet/Loan Details Slip/Loan Details Sheet and also upon paying to AFPL all other sums payable by the Borrower(s) to AFPL under these Terms & conditions, the Sanctioned Loan shall come to an end.

[25].

Any statement of account furnished by AFPL regarding the balance amount due and payable by the Borrower(s) under these terms & conditions shall be accepted by and be binding on the Borrower(s) and shall be conclusive proof of the correctness of the amount mentioned therein. Without prejudice to what is stated above, if the Borrower(s) desire to question any statement or any part thereof the Borrower(s) shall furnish AFPL full details of the same within 15 days of receipt of the statement by the Borrower(s) and AFPL may consider the same and the Borrower(s) shall not be entitled to object to the same thereafter on any ground whatsoever. It is however clarified that the Borrower shall not be entitled to default or delay the payment of the installments on the ground of the statement of Account furnished by AFPL being inaccurate or any other ground.

[26].

AFPL states and declares that as per the requirement of Reserve Bank of India the company has framed a fair practices code. The same is displayed at the companies’ office and can be inspected by the Borrower/ customer at any time. It has also been put on the company’s Websites viz.,www.aglowfin.com at the request of the Borrower(s). AFPL may foreclose the loan. The Borrower, if seeks foreclosure six month after disbursement of the loan. AFPL may not charge foreclosure charges. However, AFPL may charge foreclosure charge @ 6% of principal outstanding as on that date, if a loan is sought to be foreclosed by the Borrowers before six months from the date of disbursement. AFPL, however, will use reducing balancing rate/method for the arrival of principal outstanding on foreclosure date.

[27].

In case the Borrower(s) is from the place where AFPL is not having its Branch office/place of business and the Borrower gives post dated cheques the Borrower(s), in addition to EMI undertakes to pay rupee 65 /- per cheques towards outstation collection/administrative charges for the cheques given by him.

[28].

AFPL shall give notice to the Borrower(s) of any change in the terms & conditions including disbursement schedule, interest rates, service charges, prepayments charges etc. AFPL shall ensure that changes in interest rates and charges are effected only prospectively. The Borrower(s) shall be bound by the aforesaid change and shall not dispute the same.

[29].

Assignment of rights

a) The Borrower shall not be entitled to assign its rights and obligations under these terms and conditions save and accept with the consent of AFPL. The Borrower shall not transfer or alienate or otherwise deal with the product in any manner whatsoever except for his use.

b) All costs (including Advocate cost) charges, expenses, taxes, duties (including stamp duties) in connection with these terms & conditions any document executed pursuant hereto, the creation, enforcement, realization of the security and insuring, taking possession or maintain, storage and selling of the products shall be borne and paid by the Borrower(s) alone.

c) In the event of demand made by any banks or Financial Institution(s) from whom AFPL has obtained financial assistance, the Borrower shall pay the EMI directly to such Bankers/Financial Institutions. The Borrower(s) undertakes that he shall not do or cause to be done anything which will impede the rights of such Bankers/Financial Institutions in their recovery of any dues, including the rights over the product, if any

d) AFPL shall be entitled to grant/transfer/assign any or all of its rights, benefits, obligations, duties and liabilities under these terms and conditions including the right to receive the installments and loan balance by way of sale, transfer, securitization, charge or as a security or otherwise to any person or entity and in event of such assignment by AFPL, the Borrower shall perform his obligations under these terms & condition to such assignee.

[30].

The Borrower(s) expressly understands that any legal proceedings against him arising out of these terms & conditions shall be instituted in the courts at New Delhi or State Capital City of the place/town from where the Borrower belongs, which courts alone shall have exclusive jurisdiction.

[31].

All claims, disputes, differences or questions of any nature arising between the parties to these terms & conditions, whether during or after the termination of these terms & conditions, in relation to the construction, meaning or interpretation of any term used or clauses of these terms & conditions or as to the rights, duties, liabilities of the parties arising out of these terms & conditions, shall be referred to the arbitrator appointed by AFPL. 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 New Delhi or State Capital City of the place/town from where the borrower belongs, pending the giving of award including interim award, the Borrower shall be liable to perform its obligation under these terms & conditions including payment of the installments and other outstanding to AFPL in keeping with the provisions of these terms & conditions.

[32].

AFPL shall, as it may deem appropriate and necessary, be entitled to disclose all or any:

I) Information and data relating to the Borrower.

II) Information or data relating to the loan facility, Loan Terms and/or the Asset(s), if any furnished by the Borrower in favor of AFPL.

III) Obligations assumed/ to be assumed by the Borrower in relation to loan facility under the Loan Terms or Asset(s), if any, furnished by the Borrower for any other credit facility granted/ to be granted by AFPL.

IV) Default, if any, committed by the Borrower in discharge of the aforesaid obligations, to the Credit Information in Bureau (India) Limited (CIBIL) and any other agency authorized in these behalf by the RBI. CIBIL and/ or any other agency so authorized may use and/ or process the aforesaid information and data disclosed by AFPL in any manner as deemed fit by them. CIBIL and/ or any other agency so authorized may furnish for consideration, the processed information and data or products thereof prepared by them, to AFPL/ Financial Institutions and other credit grantors or registered users, as may be specified by RBI in these behalf. All information and data furnished by the Borrower to AFPL from time to time shall be true and correct.

[33].

The Borrower(s) undertakes/shall have undertaken that each of his 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 herein.

[34].

The Borrower acknowledges/ shall have acknowledged that the rate of interest, penal charges, service charges and other charges payable and or agreed to be paid by the Borrower under these terms & conditions are reasonable and acceptable to him.

[35].

Although, Borrower(s) has/have given promissory note for loan amount, in case of default, Borrower(s) will be liable to repay to AFPL the loan amount along with interest rate mentioned in Loan Terms Sheet/Loan Details Slip/Loan Details Sheet from the date of default till actual payment.

[36].

In case of Death of Borrower, the promissory note given by the Borrower will be invoked against his/ her/ its legal heirs/ successors.

[37].

The Borrower(s) acknowledges/ shall have acknowledged that the contents of the terms and conditions have been fully explained to and understood by him at the time of availing the loan.

[38].

A copy of these Terms & Conditions is being delivered to the Borrower(s) and the Borrower(s) affirm the receipt of the same.