Acceptance of these Terms and Condition by any of the aforesaid mode, shall be considered as Customers request to convert/consolidate his/her selected existing active loans availed for purchase of products or for availing services, from BFL’s empaneled retail/dealer outlets and/or e-commerce platforms (“Existing Loan(S)”), into a personal loan (hereinafter referred as “Personal Loan or EMI Lite”).

In addition to the terms and conditions mentioned herein, the EMI Lite availed shall be governed by the Detailed Terms.

BFL at its sole discretion, may agree or reject the request of customer to convert/consolidate the Existing Loan(s) into a EMI Lite. Once the request is approved by BFL, such existing loan account numbers (“Existing LAN(s)”) of the Customers will be closed by transferring the outstanding loan liability to a new loan account number to be opened for the EMI Lite.

Annualized rate of interest applicable for these EMI Lite(s) in BFL varies from 6 % to 25%, on the basis algorithmic multivariate score card which includes following variable (inclusive and not exhaustive): (a) Interest rate risk (fixed or floating loan); (b) Credit and default risk in the related business segment; (c) Historical performance of similar homogeneous clients; (d) Profile of the Customer; (e) Industry segment; (f) Repayment track record of the Customer; (g) Secured or unsecured loan; (h) Ticket size of loan; (i) Bureau Score; (j) Tenure of Loan; (k) Location delinquency and collection performance; (l) Customer Indebtedness (other existing loans). These variables have been recognized as material risk explaining variables in company segmentation analysis. Same are dynamic and may get revised periodically as per experience and performance of past portfolio and hence are subject to change. It is hereby clarified that the rate of interest is fixed in nature and is calculated on reducing balance bases.

Customer’s forthcoming EMI of the Existing Loan(s) may be deducted from the Customers bank account owing to the preset deduction system/presentation schedule. However, if such deduction takes place after the conversion, such EMI of Existing Loan(s) will be refunded to the Customer within 15(fifteen) days from the date of receipt of such amount by BFL.

The Customer shall be liable to repay:

• a )

  The principal amount of the EMI Lite, interest (on an annualized rate basis), penal interest/charge, charges including bounce charges, recovery charges and all other sums whatsoever payable by the Customer to BFL and

• b )

  Other fees and charges as mentioned in the Schedule and such other terms/ fees and charges as may be stipulated by BFL from time to time, in the form, substance and manner acceptable to BFL, which are also updated on https://www.bajajfinserv.in/all-fees-and-charges from time to time and which shall be binding on the Customer

  The components of the loan amount payable by the Customer described about at (a) & (b) are collectively referred as “Loan amount” payable by Customer.

The statement of account ("SOA") furnished by BFL regarding the balance amount due and payable by the Customer shall be conclusive proof of the correctness of the amount mentioned therein and shall be binding on the Customer. In case of any inaccuracy in SOA, the Customer shall raise the same to BFL within 10(ten) business days from the receipt of the SOA by the Borrower. The Customer shall not default or delay the payment of EMIs on the ground of the SOA furnished by BFL being inaccurate or on any other ground.

Foreclosure of EMI Lite is not permitted, unless upon completion of at least one (1) EMI cycle and the Customer should have promptly paid such EMI. Accordingly, after satisfying about the satisfactory payment by the Customer as mentioned above and subject to receipt of applicable foreclosure charges as may be stipulated by BFL from time to time, BFL may permit foreclosure. No part prepayment is allowed in EMI Lite.

Any fee/charges/amounts under any nomenclature a payable by the Customer to BFL for any Existing Loan(S), shall form part of the Loan Amount and shall be included as part of the first EMI of the EMI Lite.

Any sums received by BFL from the Customer shall be appropriated starting with (a) interest payment; (b) principal amount; (c) overdue EMI payment; (d) bounce charges and (e) lastly, any other penal charges or claims of BFL from the Customer under these Terms and Conditions.

The Acceptable Means of Communication shall mean the modes of communication which can be used by BFL to provide any information in relation to EMI Lite to the Customer shall mean:

• a )

  a) a telephonic call, video call and/or text massage on the registered mobile number of the Customer in BFL’s records; or

• b )

  an email on the registered email address of the Customer in BFL's records; or

• c )

  notification by BFL on its website "www.bajajfinserv.in"; or

• d )

  notification by BFL on Bajaj Finserv Mobikwik Co-branded Wallet.

• e )

  text message through chatbot, Bitly, social media, such as WhatsApp communication and/or any other electronic mode;

The EMI amount may change due to changes/revision in the interest rates, change in fee/charges, change in repayment schedule or change in any statutory taxes, levies etc. Such changes shall be communicated to the Customer by 30 days’ prior notice, through Acceptable Means of Communications and shall only be implemented prospectively. If required by BFL, in such event, the Customer shall forthwith issue/furnish fresh cheques, other repayment instruments like NACH Mandate/ Electronic Mandate, to BFL.

The Customer shall keep himself/herself abreast with all notifications and any changes in the Terms and Conditions on BFL’s website at www.bajajfinserv.in and shall be bound by the same and shall not dispute the same in any manner whatsoever. ()The Customer shall keep himself/herself abreast with all notifications and any changes in the Terms and Conditions on BFL’s website at www.bajajfinserv.in and shall be bound by the same and shall not dispute the same in any manner whatsoever.

In the event of default(s) in repayment of the loan amount, the Customer shall be liable to pay all charges including the penal interest/charges as specified in the Schedule hereto, from the date of default until the date of realization by BFL of the amount due, without prejudice to any other rights of BFL under these Terms and Conditions.

In the event of default(s) in repayment of the loan amount, the Customer shall be liable to pay all charges including the penal interest/charges as specified in the Schedule hereto, from the date of default until the date of realization by BFL of the amount due, without prejudice to any other rights of BFL under these Terms and Conditions.

BFL may at any time in its sole discretion and without assigning any reason, call upon the Customer to pay the loan Amount and thereupon the Customer shall within 7 (seven) days of being so called upon pay the whole of the Outstanding Dues under EMI Lite to BFL without any delay or demur.

Upon the Existing Loan(s) being converted/consolidated into EMI Lite at the request of Customer, the said EMI Lite will not be converted back into the variant of the Existing Loan(s). The Customer may however, foreclose the EMI Lite in full, in the manner as aforesaid.

The Customer shall, during the tenure of the EMI Lite duly perform the obligations under these Terms and Conditions and do all such things and execute all such writings, as BFL may require from time to time.

The Customer shall be deemed to have committed an act of default if the Customer is in breach of any of the Terms and Conditions mentioned herein. Upon occurrence of an event of default, the Loan Amount shall forthwith become due and payable by the Customer to BFL without the requirement of any further notice to the Customer.

The Customer shall not in any manner be entitled to assign his/her rights and obligations under these Terms and Conditions.

The Customer hereby expressly authorizes BFL/ its representatives/agents/ its business partners/its group companies/affiliates to send me communications regarding loans, insurance and other products from BFL, its group companies and/or third parties (collectively “Other Products”) through telephone calls/ video calls/ SMSs/ emails/ post/ bitly/ chatbots/ in person communication etc. including but not limited to promotional communications, irrespective of rejection of my loan application/conversion request.

BFL shall, without prejudice to its rights to perform such activities itself or through its officers/ employees, be entitled to appoint one or more third parties to perform such activities under these Terms and Conditions including but not limited to collection and receiving all Loan Amounts payable by the Customer under these Term and Conditions and to perform and execute all lawful acts, deeds, matters and things connected therewith and incidental thereto.

BFL is authorized to disclose from time to time any information relating to the loan to any Credit Information Company, Central KYC Registry, Information Utility (Existing or Future) approved by Government of India and Reserve Bank of India without any notice to the Customer.