INTRODUCTION

  1. AEON Credit Service India Private Limited (“ACSI”) is a Non-Banking Finance Company (“NBFC”) registered with the Reserve Bank of India (the “RBI”) and as such ACSI, inter alia, provides various lending facilities to customers.
  2. These T&C are applicable universally to all the persons doing business/dealing with ACSI with regards to its Personal Loan Business (“PLB”) and shall be construed as read and understood by such persons.
  3. The Borrower has represented to ACSI that the Borrower is in need of financial assistance for the purpose mentioned in the Loan Application (defined later) and has requested ACSI to grant to the Borrower a Personal Loan which shall be used by the Borrower only for the said purpose. Towards this end, the Borrower has filed a Loan Application to avail the Personal Loan facility from ACSI.
  4. Relying upon the representations of the Borrower and subject to the Borrower meeting ACSI’s eligibility criteria and all other legal requirements for qualifying as an approved borrower, ACSI agrees to make available/grant the Personal Loan (as defined below) to the Borrower as stipulated in the Loan Application, on T&C more particularly stated herein. However, nothing contained herein may be construed as creating any rights/obligations with ACSI and any contractual commitments shall be subject to fulfillment of/adherence/subject to any/all further terms/conditions as applicable on a case to case basis.


DEFINITIONS

In these T&C, and any documents executed, the capitalized terms listed below shall have the following meanings:
  1. “ACSI” has the meaning attributed to it in paragraph 1.1.
  2. “ACSI Location” means the ACSI branches, offices and any other place where the ACSI lending business is/was transacted.
  3. “Authorised Bank” means the bank authorised by ACSI to collect payments from the Borrower on its behalf including payment wallets, payment gateway systems, any other legally authorized internet/mobile application/banking based payment portals, with whom ACSI may or may not have formal tie-ups.
  4. “Borrower(s)” means the person/individual named in Item 1 of the Sanction Letter and his/her/its respective heirs, executors and administrators.
  5. “Electronic Record" means electronic record as defined under the Information Technology Act, 2000 and includes all documentation/communication created/generated electronically in any manner howsoever/whatsoever including but not limited to these T&Cs, Loan Application, Loan Sanction Letter, agreements, e-mails, electronic signatures, SMS, electronic form of messaging, etc. whether generated/communicated/stored through any device capable of the same including computers, mobile phones, the internet etc.
  6. “EMI” means equated monthly installments being installments of fixed amounts compromising of the principal amount of the Personal Loan and interest charged thereon payable monthly towards repayment of the Personal Loan Amount throughout the Loan Tenure and other fees and charges as specified in the Loan Sanction Letter.
  7. “Loan Application” means the application form for availing the Personal Loan facility that may be granted by ACSI for the purposes mentioned in the Loan Application (subject to fulfillment of all the other conditions and at the sole discretion of ACSI), made by the Borrower to ACSI.
  8. “Loan Documentation” means the Loan Application together with these T&C, the Loan Sanction Letter and other documents or writings as may be required by ACSI to be executed by or provided by the Borrower for the purposes of the relevant Personal Loan.
  9. “Loan Sanction Letter” means the sanction letter issued by ACSI to the Borrower, setting out the terms of the Personal Loan, as may be amended, supplemented or replaced from time to time.
  10. “Loan Tenure” means the duration of the Personal Loan as stipulated in the Loan Application.
  11. “NBFC” has the meaning attributed to it in paragraph 1.1.
  12. “Outstanding Dues” means all amounts payable by the Borrower to ACSI pursuant to these T&C, including without limitation the principal Personal Loan Amount and interest on the Personal Loan Amount and on any/all Outstanding Dues due and payable to ACSI.
  13. “Personal Loan”/ “Personal Loan Amount” means the credit/finance which ACSI may advance/lend to the Borrower subject to the borrower qualifying for the same and as stipulated in the Loan Application and meeting all further terms and conditions prescribed by ACSI.
  14. “RBI” has the meaning attributed to it in paragraph 1.1.
  15. “Recovery Agent” means the agent of ACSI, whether an ACSI employee or a third party duly authorized for the purposes of collection/recovery of dues payable to ACSI by the Borrower.


TERMS OF LOAN

  1. In the event ACSI sanctions the Personal Loan on the basis of the Loan Application submitted by the Borrower, these T&C read together with all relevant Loan Documentation will govern the Personal Loan and the relationship between ACSI and the Borrower.
  2. The Borrower shall pay all fees and charges as set out in the Loan Sanction Letter which may be deducted by ACSI at the time of disbursal of the Personal Loan Amount to the Borrower 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 Personal Loan Amount as specified in this clause, ACSI shall gross up the Personal Loan Amount by a sum not exceeding the fees and charges so deducted, so as to ensure that the Personal Loan Amount disbursed to the Borrower is not less than the Personal Loan Amount approved by ACSI in the Loan Application.
  3. The Personal Loan shall be disbursed by ACSI to the Borrower in one lump sum or in such installments as may be decided by ACSI at its discretion.
  4. The Borrower shall utilize the Personal Loan only for the purpose mentioned in the Loan Application and approved by ACSI and for no other purposes.
  5. The Borrower shall be exclusively responsible and liable for utilization of the Personal Loan sanctioned by ACSI and shall ensure that the Loan Amount is not used for any illegal or unauthorized or speculative purposes.
  6. The Borrower may withdraw the Loan Application and/ or otherwise choose not to borrow the Personal 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 issue of the Loan Sanction Letter by ACSI. In such cases, the Borrower shall be bound to refund the entire Personal Loan Amount to ACSI within 7 (seven) or any such lesser number of days remaining from the date of issue of the Loan Sanction Letter by ACSI (“Refund Period”). However, if the Personal Loan Amount is not repaid/refunded to ACSI within the Refund Period, the Borrower shall be liable to pay the cancellation charges/foreclosure charges/interest as may be intimated by ACSI.
  7. If the Borrower chooses to withdraw the Loan Application and/or otherwise chooses not to borrow the Personal Loan from ACSI after acceptance by the Borrower of the Loan Sanction Letter, the Borrower shall be bound to pay the cancellation charges and foreclosure charges as specified in the Loan Sanction Letter. It is clarified that the Borrower shall not be entitled to withdraw the Loan Application and/ or otherwise choose not to borrow the Personal Loan from ACSI, if such withdrawal or cancellation, as the case may be, is communicated to ACSI beyond 7 (seven) days from the date of issue of the Loan Sanction Letter by ACSI.
  8. The borrower understands that time is and shall be of essence for the purposes of the Personal Loan and matters incidental thereto, including cancellation and refund of the Personal Loan Amount to ACSI and undertakes to adhere to all prescribed timelines without demur or delay. In case the Borrower does not adhere to any prescribed timelines whether in these T&C or any other documents, the same shall be construed as material breach unless the same has been permitted by ACSI. In case of such material breach, ACSI may at its discretion adopt appropriate measures to recover any amounts due from the Borrower. In the event ACSI sanctions the Loan on the basis of the Loan Application submitted by the Borrower, these Terms read together with the Loan Sanction Letter will govern the Loan and the relationship between ACSI and the Borrower.


REPAYMENT OF LOAN

  1. The Borrower shall repay the Personal Loan Amount together with charges/interest charged thereon by way of EMIs to be paid in monthly installments as specified in the Loan Sanction Letter or otherwise communicated to the Borrower in writing by ACSI.
  2. The due date for payment of EMI/charges as stipulated by ACSI shall be strictly adhered to and it is understood that time shall be of essence for any payments to ACSI.
  3. ACSI shall be entitled to revise the rate of interest and/or any other charges 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/charges shall be deemed to be applicable to the Personal Loan and the Borrower shall also be liable to pay such revised amounts as originally required unless otherwise intimated by ACSI at its sole discretion. The Borrower shall be notified in advance of any change in the rates of interest/charges and any such change shall be applicable only prospectively.
  4. The EMI and any other charges shall automatically stand revised by reason of revision in any rates, taxes, charges and levies whatsoever that are or may be levied on the transaction contemplated hereunder or on ACSI or may become payable by ACSI by virtue of these T&C. Such increase in rates, taxes, charges and levies as stated above shall automatically form part of the Personal Loan. The increase in such EMI/charges 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 entire amount due.
  6. If there is any delay in payment of an EMI/charge 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 Personal 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 fifteen [15] days (subject to the provisions of Clause 3.6) 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 Personal Loan, subject to the Borrower fulfilling any terms and conditions stipulated by ACSI including payment of any charges at the time of prepayment of the Personal Loan as stated in the Loan Sanction Letter or otherwise notified by ACSI to the Borrower.


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.
    7. that any cheques issued may have to be replaced by any new form of equal number of legally valid cheques in case the same is mandated due to any RBI direction or generally due to any change in law.
  2. Payment by Electronic Clearing System
    In case the payment of EMI is to be made by way of Electronic Clearing System (E.C.S) mandate 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 that:
    1. that the E.C.S. mandate given, at or before the execution of these Terms, will be valid as on the date of the E.C.S. 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 E.C.S. 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 E.C.S. 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 honour the ECS mandate as per its terms, the Borrower shall not object to ACSI presenting such ECS 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 E.C.S. mandate issued by the Borrower in favour of ACSI towards repayment of EMI payable by the Borrower to ACSI and details of the E.C.S. mandate are more fully described in Loan Application;
    5. that in case the Borrower changes/desires to change his/her Bank, the Borrower shall be entitled to replace the E.C.S. mandate and issue fresh E.C.S. mandates for the new Bank only on payment of swapping charges to ACSI at the rates specified in the Loan Sanction Letter or otherwise communicated to the Borrower by ACSI.
  3. Payment by Cash Deposit
    In case the repayment is to be made by way of cash, the Borrower shall deposit the amount at the counter of the Authorised Bank and / or at the ACSI Office Payment Counter in manner stipulated by ACSI.
  4. Any dispute or difference of any nature whatsoever shall not entitle the Borrower to withhold or delay payment of any EMIs or other sums due and payable to ACSI; and ACSI shall be entitled to present the post dated cheques/E.C.S. Mandates/any other electronic or other clearing mandate to the Bank on the respective due date.
  5. Upon the Borrower paying to ACSI all the EMIs on the dues dates as specified in the Loan Application and also upon paying to ACSI all other sums, payable by the Borrower to ACSI under the terms agreed between the Borrower and ACSI, the Loan shall come to an end.


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 and where the Borrower is a HUF, the Borrower is competent to incur debts on behalf of the HUF;
    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 of the Loan and to agree to adhere to the Loan Sanction Letter, these Terms and Conditions and to perform the obligations contained herein, and the Loan Application Form, these Terms and Conditions 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 these Terms and Conditions constitute a legal, valid and binding obligations of the Borrower enforceable against him/her/them in accordance therewith;
    4. 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;
    5. no proceedings have been initiated or events occurred in connection with insolvency, bankruptcy, protection against creditors or as a relief undertaking or other similar matters in relation to the Borrower, and there is no order for the appointment of a receiver, administrator or other similar person or authority in relation to the business, undertaking or assets of the Borrower.
  2. The Borrower hereby acknowledges, agrees, undertakes and covenants as under :-
    1. the Borrower shall ensure timely payment of the EMI/charges to ACSI and ensure that the post dated cheques/E.C.S/ACH Mandate/any other electronic or other clearing mandate issued towards payment of the EMI/charges are honoured on presentation;
    2. on the date of payment of the EMI or any other sums payable hereunder, the Borrower shall ensure that bank account 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/charges;
    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 Personal Loan;
    4. 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 Personal Loan;
    5. the Borrower shall not default or delay in the payment of the EMI/charges or his/her/its dues beyond the due dates;
    6. the Borrower shall not change the bank account used for the purposes of issuing the post-dated cheques or E.C.S./ACH mandate without prior intimation to ACSI and such change may be effected subject to the terms and conditions of these T&Cs, Loan Sanction Letter, and any other oral or written terms communicated to the Borrower by ACSI;
    7. the Borrower shall have no right to terminate the Loan Sanction Letter or these T&Cs save and except by payment, in full, of all moneys payable under these T&Cs and any other applicable conditions to ACSI;
    8. 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 these T&Cs are reasonable and acceptable to him;
      (i) the Borrower shall, as and when required to do so by ACSI, provide ACSI with the updated Know Your Client (“KYC”) documents. The Borrower shall provide accurate details and access to ACSI over digital platforms such as mobile applications, website etc. of ACSI to enable ACSI to conduct necessary KYC and other eligibility verifications. The Borrower shall provide valid email ID and telephone/mobile number to ACSI and keep ACSI updated about any change in such particulars. In the event of failure on part of the Borrower to update the records with ACSI, any communication sent to or received from the last updated email ID or telephone/mobile number shall be construed as valid and sufficient communication


SECURITY

  1. ACSI shall retain discretion for demanding absolute, unconditional, irrevocable, joint and several guarantee from third parties nominated by the Borrower towards all obligations of the Borrower to ACSI.
  2. 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 Personal Loan Amount together with interest at the rates mentioned in Loan Sanction Letter (or in any other form as notified by ACSI) 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 Demand Promissory Note.
  3. In case of death of the Borrower, the Promissory Note given by a Borrower will be invoked against his/her/its legal heir/s, successor/s to the estate coming in their hands.


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, the Loan Documentation or any other terms specified in this regard whether in physical or electronic form, including but not limited to default or delay in the payment of any EMI or other amounts outstanding in respect of any facility as and when they become payable, 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/its debts or the Borrower has admitted its inability to pay his/ her/ its debts, as they become payable; if the Borrower suffers any adverse material change in his/her/its financial position; or if the Borrower has voluntarily or compulsorily become the subject of proceedings under any bankruptcy or insolvency law or under any other law providing protection as a relief undertaking;
  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; It is clarified that where there is a guarantor, the occurrence of any of the aforesaid events in respect of either the Borrowers or the guarantor shall be an Event of Default in respect of all of them and the provisions of Article 9 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 Product 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 Product, there is any deficit, the same shall be made good to ACSI by the Borrower.
  2. Without prejudice the foregoing and in addition thereto, ACSI shall be entitled to encash the post dated cheques referred to herein above, and to enforce the Demand Promissory Note until all Outstanding Dues are fully paid up.
  3. ACSI shall be entitled to appoint and authorized 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/ECS 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/ECS 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 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. Electronic Record
    The entire process from the Loan Application until closure of the Personal Loan account and repayment of the Personal Loan and all other related charges shall be online via the internet or through the use of mobile applications with all documentation and communication being generated/ communicated/retained as Electronic Records. Unless ACSI specifically requires documentation to be issued/executed in physical form, ACSI shall not require the Borrower to execute any physical documentation nor any request to that effect from the Borrower be entertained. In the event a Borrower requires physical form of any document he/she/it may produce a print out of the concerned electronic document that is required.
  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/charges on the ground of the statement of account furnished by ACSI being inaccurate or on any other ground.
  3. Change in Terms
    ACSI shall give notice to the Borrower of any change in the T&Cs including amount of EMI/charges, interest rates, service charges, prepayment charges etc. and such changes in interest rates and other charges shall be effective 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 as may have been agreed or by posting the change on its website or by intimating the same as an Electronic Record. The Borrower hereby agrees that it will keep himself/herself/itself abreast and updated by verifying the website of ACSI or promptly reviewing notifications sent as Electronic Records or physical documents about all the changes and amendments to the interest rate/charges 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 T&Cs save and except with the prior written consent of ACSI. The Borrower shall not transfer, alienate or otherwise deal with the Personal Loan Amount in any manner whatsoever except for his use or otherwise as contemplated in these T&Cs 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. Upon acceptance of these T&C whether in physical or electronic form, the Borrower shall be construed to have given his/her/its consent to ACSI to access/utilize the data provided by the Borrower in the course of the use of the internet/mobile application including information stated in any Electronic Record at any time.
  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 agrees that ACSI shall be entitled to disclose the information and other details relating to the Borrower available with ACSI without the prior consent of the Borrower, 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 10.4 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;
      5. Disclosures as may be legally permitted, to any third parties with whom ACSI has/may have commercial tie-ups; and
      6. 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. (c) (c) The Borrower shall not hold ACSI responsible for sharing and/or disclosing the information/Electronic Records now or in the future and also for any consequences suffered by the Borrower and/or others by reason thereof. The provisions of this Clause shall survive even after the term/termination of agreement between ACSI and the Borrower and the repayment of the Borrower's dues by the Borrower.
  7. Insurance/Loan Protection Plan
    The Borrower hereby understands and authorizes ACSI to share his/her data including Electronic Records with ACSI’s group companies, affiliates and/or any third party insurance/loan protection plan provider, as may be legally permitted. Such insurance/loan protection plan provider may separately approach the Borrower for offering their products which the Borrower shall be entitled to avail of at his/her/its own discretion.
  8. Notice
    1. Any notice or other communication to be given by ACSI to the Borrower under or in connection with the Personal 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 Personal 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 email address set out in the Loan Sanction Letter sent from the registered email id of the Borrower. 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, after 3 (three) days of dispatch; (D) in the case of delivery as an Electronic Record, upon such Electronic Record having been duly dispatched in electronic form; 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, shall be deemed to be valid notice. The Borrower understands and 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 his/her/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 l, within 24 hours after any such electronic document is sent to the Borrower, the same shall be deemed to be correct and 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 electronic documents sent via electronic delivery due to change in email address of the Borrower which remains unintimated to ACSI in terms of Article 6.2(i).
    5. The Borrower also agrees that ACSI shall not take cognizance of out-of –office / out-of-station auto replies and the Borrower is deemed to have received such email if it satisfies the provisions of sub-clause (c) of this Article 10. 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.
  9. Severability
    The Borrower undertakes that each of his/her/its 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.
  10. 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.
  11. 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 the 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. –Pending the declaration of the award (including any interim award/ order), the Borrower shall be liable to perform its obligations under these terms & conditions including payment of all installments and other Outstanding, if any, to ACSI
  12. The Borrower acknowledges that the contents of these T&Cs have been fully read by him/her/it, understood by him/her/it and he/she/it has raised all questions/queries which have been explained to and understood clearly by him/her/it only after which the Borrower has agreed to the same and decided to proceed with his/her/its Loan Application. Conflict of Terms In the event of conflict of any of the provisions of any documents with these T&Cs, unless it was ACSI’s intention that the term in any document shall prevail, the terms of these T&Cs shall prevail over the conflicting provision.


AEON Credit Service India AEON Credit Service India

CIN Number: U66000MH2011FTC214516
AEON CREDIT SERVICE INDIA PVT. LTD.

AEON Credit Service India