Nivedita Loan App
This Loan Agreement (“Agreement”) outlines the terms and conditions governing the loan services provided through the Nivedita Loan mobile application (“App”). By applying for or accepting a loan, the borrower acknowledges and agrees to abide by the terms set forth below.
Loan services are provided by:
NIVEDITA LEASING AND FINANCIAL SERVICES PRIVATE LIMITED
1 Mullick Street, 4th Floor, Kolkata, West Bengal, India – 700007
CIN: U70101WB1996PTC081074
NBFC Certificate of Registration Number: B-05·0646
Email: support@niveditaleasing.com
Phone: +91 9109516796
Loan offerings are designed with defined eligibility and transparent terms:
Loan Amount: ₹1,000 to ₹200,000
Loan Tenure: 91 to 360 days
Maximum Annual Percentage Rate (APR): 22%
Processing Fee: 1% of the loan principal
GST: 18% applied to the processing fee
Processing fee and GST are deducted before disbursement. Interest is charged based on the full principal amount.
For a ₹10,000 loan over 91 days:
Processing Fee: ₹10,000 × 1% = ₹100
GST on Fee: ₹100 × 18% = ₹18
Amount Disbursed: ₹10,000 – ₹100 – ₹18 = ₹9,882
Interest: ₹10,000 × 22% ÷ 365 × 91 ≈ ₹548
Total Repayment Amount: ₹10,548
(Actual results may vary depending on individual risk assessment.)
The principal amount to be disbursed will be the amount selected and confirmed by both the borrower and the lender through the official loan application process within the App.
The borrower confirms and agrees that:
a. Compliance: All terms in this Agreement will be strictly followed.
b. Information Accuracy: All submitted information is true, complete, and accurate.
c. Repayment Commitment: Principal and interest will be repaid on time according to the repayment plan provided in the App.
d. Credit Review Permission: The lender is authorized to assess financial history and creditworthiness through required channels.
Repayment starts on the scheduled due dates as provided in the App and continues until full settlement of principal and interest.
Overdue payments may incur additional interest at the rate defined by the lender for delayed repayment until fully cleared.
Prepayment: Borrowers may repay partially or fully before the scheduled maturity without restricting rights defined by applicable regulations.
a. Overdue Liability: Any delayed repayment will incur overdue interest and/or charges as defined in this Agreement and applicable laws.
b. Default Actions: The lender may take lawful recovery actions, including reporting to credit bureaus, engaging recovery partners, or initiating legal proceedings.
a. The lender will disburse the full approved principal amount (less fees deducted upfront) in a single installment directly into the verified bank account.
b. A clear repayment schedule and reminders will be provided through the App.
c. Borrower data will be securely processed and protected under applicable laws.
a. Borrower confirms being an Indian citizen or legal resident aged 20–60 with full civil conduct capacity to enter into this Agreement.
b. Loan funds must only be used for legal and legitimate purposes; misuse will be the borrower’s sole responsibility.
c. In circumstances such as force majeure affecting timely repayment, the borrower must immediately notify the lender and provide supporting documentation.
Any change to this Agreement must be made in writing and agreed upon by both parties. Updates may be communicated through the App, and continued use signifies acceptance.
By proceeding with the loan application, the borrower confirms full understanding and voluntary acceptance of this Agreement and all associated responsibilities.