BORROWER’S REPRESENTATIONS AND COVENANTS
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The Borrower represents and warrants to ACSI as
under:
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The Borrower is/are individuals competent to
contract under the Indian Contract Act, 1872;
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all declarations provided by the Borrower in
relation to the Loan availed by the Borrower, are
true and accurate in all respects;
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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;
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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;
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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;
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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.
- the Borrower shall not assign the Vehicle
obtained under this Agreement for commercial
purposes
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The Borrower hereby acknowledges, agrees, undertakes and covenants as under :-
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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;
- 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;
- 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;
- 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;
- 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;
- 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;
- 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;
- 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;
- 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;
- 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).
- 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;
- 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;
- 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;
- the Borrower shall not default or delay in the payment of the EMI or his/her/its dues beyond the due dates;
- the Borrower shall not tamper with, alter, disconnect and removes or attempt to tamper, alter, disconnect and remove the Electronic tracking device. ACSI shall have the right to demand the payment of the entire loan amount upfront within a period of 15 days failing which ACSI shall, at its sole discretion, repossess the Vehicle or take any other steps as it deems necessary under this Agreement.
- 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;
- 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;
- 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 ACSI. Accordingly the provisions of the Consumer Protection Act, 1986 shall not apply to the transaction between ACSI and the Borrower;
- the Borrower shall, as and when required to do so by ACSI, provide ACSI with the updated identification documents.
- 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.
- On demand being made by ACSI -:
- give immediate actual possession to ACSI, its nominees or agents (as the case may be) of the Vehicle;
- 2. 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);
- the Borrower shall keep himself acquainted with
the rules of ACSI, as amended from time to time.
- 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.