By clicking the 'Accept/Agree/Proceed' button and by submitting the one-time password ("OTP") sent by Bajaj Finance Limited ("BFL"), the Borrower hereby agree and acknowledge that Borrower is: (i) is at least 18 years of age, (ii) can understand, read and write in the English language, (iii) has read and understood the "General Application Terms" and "Standard Terms" mentioned below and agree to be bound by such terms contained herein below.
Borrower acknowledges and agrees that the action of entering the OTP sent by the BFL and clicking the 'Accept/Agree' button for the "General Application Terms" and "Standard Terms", constitutes a valid acceptance of the same.
GENERAL APPLICATION TERMS
I hereby, acknowledge, consent and confirm that:
1. All particulars, information and details provided by me for availing this loan against gold jewellery ("Loan"), including but not limited to my existing KYC details, physical address, mobile number and email address as displayed on the digital platform through which I am applying for Loan from Bajaj Finance Limited ("BFL") are true, correct and up to date and I further undertake to submit all documents, in such form and manner, as may be prescribed by BFL from time to time or intimate BFL promptly and without delay, in the event the aforesaid information/details requires to be updated; I further confirm that there are no changes to the KYC details submitted while availing the existing gold loan on which the Top Up Loan is being availed and/or which is being renewed by way of this Loan.
2. The Loan availed by the Borrower from BFL by pledging gold jewellery shall be subject to and governed by the Standard Terms and Conditions mentioned below ("Standard Terms"), the terms and conditions contained herein and as specified under the Gold Deposit Receipt and such other terms and conditions as communicated to me by Acceptable Mode of Communication etc ("Loan Terms"); Capitalized terms used, but not defined herein, shall have the meaning given to them in Standard Terms.
3. The RTGS/NEFT/DD/fund transfer of my Loan amount by BFL is subject to RBI regulations governing the same and that BFL shall not be liable for any consequence due to erroneous details provided by me or delay in transfer of funds due to technical issues;
4. BFL has sole discretion, to accept or reject my Loan request;
5. the Nominee details registered with existing loan to be continued for this Loan.
6. the existing loan account number will be closed, and new loan account number will be opened for this Loan.
7. the gold jewellery provided as collateral for previous gold loan against this Top Loan is being granted and/or this Loan is granted as renewal, shall continue to be pledged with BFL as security for the purpose of this Loan and until all outstanding dues under this Loan or under any finance facility arrangement are fully paid by me to BFL
8. that the gold jewellery deposited or to be deposited by me, for availing the Loan, is my bonafide property free of any claims and has not been obtained fraudulently and is not fake, defective, stolen, spurious or of an inferior quality;
9. the end use of the Loan is for legal and non-speculative purposes;
10. if I am failing to pay any equated monthly instalment or outstanding dues on or before the due date or in the event of the Borrower failing to maintain the Required Margin (the percentage of gold security at current gold prices to be maintained against the existing loan amount outstanding under the Loan) or upon occurrence of any event of default as mentioned in the Standard Terms, BFL shall entitled to enforce the security created on gold jewellery and sell the same by public auction by giving me a reasonable notice in the manner as stipulated in the Standard Terms and as may be intimated to me as per regulatory requirement;
11. I hereby authorize BFL to conduct verification/tests of purity of the gold jewellery through an assayer appointed by BFL for valuation;
12. I hereby authorize BFL to exchange, share all information and details as provided by me for availing Loan to BFL's business partners/group companies/permitted assigns, affiliate/subsidiaries/agents/service provider/representatives/empanelled merchants (collectively referred to as "Assigns") and any third party including but not limited to, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies, empanelled merchants, Central KYC Registry, Reserve Bank of India, GST Portal, CIBIL/CRISIL/any credit rating agency/credit information company, Information Utility, NSDL e-Governance Infrastructure Limited (NSDL)/ UTI Infrastructure Technology and Services Limited (UTIITSL) for verification, personalization of products or services, credit rating, data enrichment, marketing or promotion of BFL's services or related products or that of its Assigns or for enforcement of the Borrower's obligations and the Borrower shall not hold the Lender/its Assigns liable for the use/sharing of the information as stated above. Further, in furtherance disbursement of Loan, Borrower acknowledges that BFL/its Assigns may seek/obtain any other information, relating to me, from any third party;
13. I hereby expressly consent and authorize BFL/ its Assigns to send me any communication regarding products/services offered by them using various communication channels, such as, telephone, calls/SMS/WhatsApp/bitly/bots/emails/post etc;
14. interest rate applicable for "Loan against Gold Jewellery" provided by BFL varies basis BFL's internal credit and risk policy and as per an algorithmic multivariate score card which includes following variables;
Period of interest payment;
o Ticket size of loan;
o Interest rate risk (fixed vs floating loan);
o Profile of the borrower;
o Repayment track record of the borrower;
o Ticket size of loan;
o Tenure of Loan;
o Credit and default risk in the related business segment.
15. The aforesaid variables are not exhaustive in nature may be revised from time to time as per the Lender's past performance in a given loan portfolio.
16. the fee and charges as communicated to me via the Loan acceptance journey and/or as specified below/intimated to me from time to time via telephone, calls/SMS/WhatsApp/bitly/bots/emails/post etc shall be payable and may be deducted by BFL from the Loan amount disbursed or may be subsequently recovered as outstanding dues payable under the Loan, in BFL sole discretion:
Type of fees |
Charge description |
Documentation fee |
Rs. 25/- to Rs. 150/- (Inclusive of applicable taxes) |
Stamp Duty |
As applicable for execution of the Loan documents in the respective state's |
Penal interest |
3% per annum on outstanding. |
|
Rs. 40/- (Inclusive of applicable taxes) for less than 30 days. |
Rs. 20/- (Inclusive of applicable taxes) for 31 days to 60 days. |
|
Nil/No charges for more than 60 days. |
|
Part Payment charges |
NIL |
Statement of Account/Repayment Schedule/Foreclosure Letter/No Dues Certificate/Interest Certificate/List of documents |
Download your e-statements/letters/certificates at no extra cost by logging into Customer Portal– Experia. You can get a physical copy of your statements/letters/certificates/List of Documents from any of our branches at a charge of Rs. 50/- (inclusive of applicable taxes) per statement/letter/certificate. |
Auction Charges |
Demand Notice 1 - Rs.40/- |
Demand Notice 2 - Rs.40/- |
|
Auction Notice - Rs.40/- |
|
Final Auction Notice - Rs.40/- |
|
Recovery Charges - Rs.500/- |
|
Advertisement Charges, Armed Guard charges - At Actual |
STANDARD TERMS AND CONDITIONS - GOLD LOAN
These standard terms and conditions (the Standard Terms) apply to every loan against gold jewellery availed by the Borrower. The Borrower understands that the Standard Terms may be updated from time to time by Bajaj Finance Limited (the "BFL or Lender") and the updated terms can be accessible by visiting the form center accessible on at www.bajajfinserv.in/finance ("Website")
Capitalized terms used, but not defined herein, shall have the meaning given to them in the Schedule appended to these Standard Terms.
LOAN
1. The Lender has agreed to make available to the Borrower, the the loan against gold jewellery ("Loan"), to the extent of the amount mentioned in the Application Form (the "Loan Amount"), on the terms and conditions contained in the Application Form, these Standard Terms, the Gold Deposit Receipt and all other documents/communications pertaining to the Loan executed or deemed to have been accepted by the Borrower from time to time either physically, electronically or through Acceptable Means of Communication (the "Loan Documents").
2. The Loan shall be utilized by the Borrower solely for the Borrower's personal use and not for any speculative, improper or illegal or unlawful purpose/activities or further purchase of gold in any form.
3. The Loan Amount has been arrived at on the basis of the valuation of the gold jewellery deposited with the Lender as security for the Loan (the "Gold").
4. The Borrower shall not be entitled to cancel the Loan or refuse to accept the disbursement of the Loan Amount post the Loan being sanctioned by the Lender.
GOLD SECURITY
1. The Borrower undertakes and confirms that he/she shall create a first and exclusive charge on the Gold prior to disbursal of the Loan (the "Gold Security"). The Gold Security shall be created and perfected upon deposit of the Gold with the Lender, as evidenced by the acknowledgement receipt issued by the Lender via Acceptable Means of Communication (the "Gold Deposit Receipt").
2. The valuation of the Gold is undertaken by an assayer authorized and appointed by the Lender as per the Loan Documents and is acceptable and binding on the Borrower. The details of the Gold as mentioned in the Gold Deposit Receipt, is only an assessment done by the Lender to determine its collateral value and the Lender shall not be held accountable with respect to the purity and/or authenticity of the Gold.
3. The Gold shall be kept in a safe deposit vault with the Lender. Upon repayment of the entire Outstanding Dues, the Borrower shall produce the Gold Deposit Receipt for return of the Gold by the Lender.
4. In case the value of Gold Security falls below the Required Margin, the Borrower shall, within 3 (three) days of notice from the Lender in this regard, deposit with the Lender, such additional security, as may be required from time to time.
5. The Borrower shall not create any lien or charge or any interest over the Gold in favour of any person other than the Lender.
6. In the event of loss or damage of the Gold deposited with the Lender due to a force majeure event on account of theft, fire or any other act of God, the liability of the Lender shall be limited to providing the amount, (in cash) or through other recognized modes of payment such as cheque/NEFT/IMPS, etc, equivalent to the value of the Gold as on date of such loss (excluding the value of any stone / diamond embedded in the Gold) as per the specifications mentioned in the Gold Deposit Receipt.
INTEREST AND REPAYMENT
1. The Borrower shall pay interest on the Loan at the applicable interest rate as per the interest rate slabs intimated to the Borrower. The interest rate may be revised upward or downward by the Lender at its sole discretion and/or due to change in the regulatory requirements and money market conditions.
2. All interest under the Loan shall accrue from day to day and shall be calculated on a reducing balance by taking a base of 365 (three hundred and sixty-five) days per year.
3. The Borrower agrees and confirms that the Lender shall not be obliged to grant and/or continue the credit facility, if it is apprehended that the terms mentioned in the sanction letter (if any) and this Standard Terms are not or may not be met to the satisfaction of the Lender. The Borrower further agrees that, the Lender may, absolutely and unconditionally, reduce, revoke, cancel and/or modify any undrawn amount (in whole or part), if any, from the sanctioned loan amount, at its discretion, at any time, without giving any prior notice to the Borrower or without assigning any reasons thereof.
4. The Borrower shall pay the EMIs and the Outstanding Dues to the Lender on or before the respective Due Date as specified in the Loan Documents. The Lender may, at any time revise the repayment schedule in its sole and absolute discretion.
5. If the Borrower opts and makes the repayment of EMI and/or the Outstanding Dues by way of direct cash payment (within the approved limits as specified under applicable law from time to time) at the authorized collection centre(s) of the Lender, then the cash voucher / receipt shall be the prime evidence of such repayment and the Borrower shall be required to produce the payment receipt before the Lender on demand.
6. On repayment of the Loan or at the end of its tenure, the Borrower may apply for a renewal or enhancement of the Loan which may be allowed at the sole discretion of the Lender on such terms and conditions as are specified in these Standard Terms subject to the continuation of the Gold Security and provision of such other security as the Lender may require and on such rate of interest as the Lender may prescribe at the time of such renewal or enhancement.
7. At the written request of the Borrower, the Lender may agree for pre-payment of the Loan by the Borrower. The Lender may accept full pre-payment of the Outstanding Dues and foreclose the Loan if the Borrower has paid at least one EMI. The Lender may accept part pre-payment of the Loan up to a maximum number of six times in an English calendar year provided that the Borrower pays a minimum sum of three EMIs under the Loan. The Borrower should have paid at least one EMI prior to making part pre-payment of the Loan. Based on the part pre-payment made by the Borrower, as stated herein, either the tenure of the Loan may be reduced to the extent of the part pre-payment made or the EMI amount may be reduced by maintaining the tenure of the Loan as may be mutually agreed between the Parties. Any prepayment of the Loan shall be subject to the payment of prepayment charges as may be specified by the Lender and shall take effect on receipt of the charges by the Lender.
REPRESENTATIONS
1. The Borrower hereby represents, warrants and undertakes to the Lender on a continuing basis as follows:
a. the Borrower has the capacity and the authority to enter into the Loan Documents and performance of its obligations are not restricted by any law or any agreement binding on the Borrower;
b. the Gold is the bonafide property of the Borrower that has been acquired from genuine sources and no other person has any claim, lien or charge on the Gold, either in full or in part. The Borrower has an undisputed right to create the Gold Security. The Gold is not fake, defective, stolen, spurious or of an inferior quality;
c. all the information provided by the Borrower to the Lender is true, complete and accurate in all and every respect;
d. the name of the Borrower does not appear on the RBI list of defaulters and Export & Credit Guarantee Corporation's caution list or on any other negative lists, notifications or directions issued by the Reserve Bank of India and/or any other statutory or regulatory authorities.
LENDER'S RIGHTS
1. The Lender shall, in relation to the Loan:
a. have the sole right to amend any of the terms and conditions of the Loan Documents including but not limited to the revision of interest rate, penal interest, periodicity of compounding interest, repayment terms including method of effecting credit of the repayments, amount of EMI, prepayment charges without assigning any reason and the Borrower agrees that such revision shall become applicable from date of such revision in the records of the Lender or as communicated to the Borrower;
b. have the option of entering in to option contracts on the underlying Gold Security and the Borrower agrees to pay the respective proportionate premium in respect of the options contracts;
c. be entitled, without furnishing any notice, to open the sealed packet containing the Gold and conduct investigation/s in connection with the quality and valuation of the Gold at the Borrower's cost;
d. at any time and without notice to the Borrower have the rights to combine or consolidate all or any of the Borrower's accounts with any liabilities of the Lender and set off or transfer any sums standing to the credit of any one or more of such accounts in or towards satisfaction of any of the Borrower liabilities to the Lender;
e. reserves the right to cancel the Loan without prior notice to the Borrower and in such event, the Outstanding Dues shall be payable by the Borrower within fifteen (15) days or such other notice period of being so called upon to pay the whole of the Outstanding Dues to the Lender.
f. The Borrower agrees and confirms that the Lender shall not be obliged to grant and/or continue the credit facility, if it is apprehended that the terms mentioned in the sanction letter (if any) and this Agreement are not or may not be met to the satisfaction of the Lender. The Borrower further agrees that, the Lender may, absolutely and unconditionally, reduce, revoke, cancel and/or modify any undrawn amount (in whole or part), if any, from the sanctioned loan amount, at its discretion, at any time, without giving any prior notice to the Borrower or without assigning any reasons thereof.
EVENT OF DEFAULT
1. The occurrence of any (or a combination thereof) of the following events or circumstances shall constitute an event of default (the "Event of Default"):
a. the Borrower fails to pay any EMI or the Outstanding Dues on or before the Due Date or commits breach of any of the terms, covenants or conditions contained in the Loan Documents;
b. if the Required Margin is not maintained;
c. if the Gold deposited is found to be fake, defective, stolen, spurious or of an inferior quality;
d. if the Borrower commits an act of insolvency or if the Borrower is adjudged or declared insolvent or bankrupt or if a liquidator, receiver or official assignee is appointed in respect of any property or estate of the Borrower;
e. the Lender, for any regulatory or other reasons, is unable or unwilling to continue the Loan;
f. the Borrower defaults in payment of any other loan with the Lender or any other creditors;
g. if any representations or statements or particulars provided in the Application Form and/or under the Loan Documents are found to be false, misleading or incorrect;
h. there exists any circumstances which in the opinion of the Lender jeopardizes the Lender's interest.
2. Upon occurrence of any Event of Default, the Lender may at its discretion:
a. accelerate the repayment of the Outstanding Dues including the Loan and place the Loan on demand;
b. levy and recover penal interest and any other penal/default charges from the Borrower on the defaulted amounts from the date of default till the date such default is remedied by the Borrower to the satisfaction of the Lender;
c. enforce the Gold Security by selling the Gold in the open market by auction after giving the Borrower a reasonable notice and subject to such conditions as the Lender shall think fit and apply the net proceeds for such sale towards Outstanding Dues. The Borrower shall upon demand by the Lender, forthwith repay the shortfall, if any, after adjustment of the net sale proceeds.
d. Recover the Outstanding Dues by conducting public auction for sale of the Gold ("Public Auction"). In furtherance of the same:
i. the Lender shall provide the Borrower with 21 (twenty-one) days notice upon the first default by the Borrower in repayment of the Outstanding Dues as per the repayment schedule ("First Default Notice").
ii. Upon continued failure to repay the Outstanding Dues, the Borrower shall receive a second default notice 30 (thirty) days from the date of on which the First Default Notice was issued ("Second Default Notice").
iii. Despite receipt of the aforesaid two notices and in the event of continued default by the Borrower in repayment of the Outstanding Dues, the Borrower shall be given an "Auction Intimation Notice" one month from the date of issuance of the Second Default Notice. The Borrower understands that the Lender may initiate Public Auction of the Gold, post expiry of 15 (fifteen) days from the date of issuance of the 'Auction Intimation Notice', to realize all Outstanding Dues. Pursuant to the same, public notice will be issued as per RBI guidelines, vide newspaper advertisement in English and vernacular languages inviting bids for participating in the Public Auction.
iv. For the purpose of Public Auction, the Borrower will be contacted through various means of acceptable communications (such SMS, phone call, email, etc.) as well as by issuance of mandatory default and auction notices, requesting the Borrower to pay the Outstanding Dues to avoid sale of the pledged Gold.
v. After completion of Public Auction, Lender shall, through its branch where the Gold was pledged or through Acceptable Means of Communication, inform/intimate the Borrower within seven working days from the date of Public Auction, about the sale by way of a letter with the following details :
§ Amount received from bidder(s) by way of auction sale
§ Surplus or deficit in the Loan Account after crediting the auction sale proceeds;
§ Further recovery action to be initiated for deficit/shortfall in the Loan Account which the Borrower(s) is supposed to make good
vi. Post Public Auction, if any surplus amount is recovered in excess to the Outstanding Dues by sale of the Gold, the same shall be returned to the Borrower through NEFT/RTGS or via Cheque. In the event the Outstanding Dues is greater than the amount received upon auction of the pledged Gold, the Lender shall be entitled to initiate recovery proceedings against the Borrower for full and final settlement of the Outstanding Dues.
e. publish the name, address, photograph and such other information of the Borrower as the Lender deems fit, in electronic, print and social media; and / or exercise such other rights and remedies as may be available to the Lender under the Loan Documents and/or under law and/or stipulate such other condition(s) or take such other action(s) as the Lender deems fit.
3. In the event of the Borrower committing a default in the repayment of the Outstanding Dues on the Due Dates, the Lender shall have an unqualified right to disclose the name of the Borrower to the RBI, the stock exchange, auditors, Credit Information Bureau of India Limited ("CIBIL"), any other agency authorized in this regard by the RBI or under law. The Borrower accords its consent to the Lender and/or RBI and/ or credit bureau(s)to publish its name as defaulter in such manner and through such medium as the Lender /RBI / credit bureau(s) and/or any other governmental agency in their absolute discretion may think fit.
4. The Lender may also disclose any information / documents relating to the Borrower to any third party including the Lender's group companies for promotional and cross selling purposes or such other purpose as the Lender may deem fit.
5. The aforesaid rights shall be available to the Lender in addition to and not in derogation of any other rights available under the Loan Documents.
6. The Borrower agrees, declares and confirms that, notwithstanding any of the provisions of the Indian Contract Act, 1872 or Applicable Law, or any terms and conditions to the contrary contained in the Loan Documents, the Lender may, at its absolute discretion, appropriate any payments made by the Borrower under the Loan Documents or any amounts realized by the Lender by enforcement of security or otherwise, towards the dues payable by the Borrower to the Lender under these Loan Documents and/or other agreements entered into between the Borrower and the Lender.
LIEN AND SET OFF
1. The Lender may, but is not obliged to, exercise lien against any other account of the Borrower held with the Lender and/or adjust and set off any and all outstanding dues receivable from the Borrower or any amount payable to the Borrower under any other loan/finance arrangement to the Lender. The Lender shall also reserves the right to retain and continue to hold Gold security till all the outstanding dues are paid by the Borrower and/or are set off/realized under the Loan Documents or any other agreement to which the Lender and Borrower are privy. Upon occurrence of Event of Default and after following the Public Auction process, the Lender may adjust the proceeds thereof towards repayment of this Loan and/or any other loan (s) including any interest, fees, and any other charges due and payable by the Borrower to the Lender under any other finance facility arrangement. The Lender may after the exercise of the right of set off, notify the Borrower of the same as soon as reasonably practicable. In the event of exercise of lien, Borrower shall provide a reasonable notice prior to exercising the said right against any account of the Borrower.
MISCELLANEOUS
1. The Borrower shall indemnify the Lender (including its directors, employees, representatives and agents and their affiliates), on demand, against any cost, loss, damages or claims due to or liability (including legal fees, stamp duty payments and out of pocket expenses) incurred by the Lender (or its directors, employees, representatives and agents and their affiliates) as a result of the Lender entering into the Loan Documents and granting the Loan; breach of any terms and conditions of the Loan Documents by the Borrower; any third party claim against the Lender and enforcement of the Lenders's rights under the Loan Documents.
2. In the event of failure of the Borrower to produce the Gold Deposit Receipt for the purpose of return of Gold by the Lender, the Borrower undertakes to submit such proofs and execute such documents as may be required by the Lender.
3. In the event of death of the Borrower, the nominee or legal heirs may redeem the Gold Security by repaying the entire Outstanding Dues and by submitting required documents as may be stipulated by the Lender.
4. The Borrower shall promptly notify the Lender of any change in the Borrower's address and /or contact details as mentioned in the Application Form;
5. The Borrower shall bear all costs including the stamp duty on the documents executed by the Borrower in relation to the Loan and/or Gold Security created by the Borrower in favour of the Lender;
6. The Borrower shall do all such things and execute all such writings as the Lender may require from time to time for duly or more perfectly securing the repayment of the Loan;
7. Any payment made by the Borrower to the Lender under the Loan Documents shall be appropriated by the Lender in the following order (i) costs, charges and expenses that the Lender may expend to service, enforce and maintain the Gold Security and therefore, recover the Loan, and all cost, charges, expenses, incidental charges and other monies payable by the Borrower to the Lender under the Loan Documents; (ii) penal interest; (iii) interest on Outstanding Dues ; (iv) Outstanding Dues; and (v) Any other sum / charges payable by the Borrower to the Lender, except as otherwise decided by the Lender.
8. The Lender shall at any time, without any consent of or notice to the Borrower be entitled to securitize, sell, assign, discount or transfer all or any part of the Lender's right and obligations under the Loan Documents, to any person(s) and in such manner as the Lender may decide. The Borrower shall not be entitled to assign or in any manner transfer any rights or obligations under the Loan Documents.
9. Any notice to be given to the Borrower shall be deemed to have been validly given if served on the Borrower via electronic mail at the registered e-mail address provided by the Borrower or published on the Lender's Website or sent by courier or left at the address of the Borrower, as provided to the Lender or at the Borrower's existing or last known business or private address. Any such notice sent shall be deemed to have been received by the Borrower within 48 (forty-eight) hours from the date of its posting.
10. The validity, interpretation, implementation and resolution of disputes arising out of or in connection with the Loan Documents shall be governed by Applicable Laws. The Parties agree that all matters arising out of/in relation to Loan Documents shall be subject to the exclusive jurisdiction of the courts at Pune.
11. Without prejudice to other lawful remedies available to the Lender, any claims and disputes arising out of or in connection with this Agreement or its performance thereof shall be referred to a sole arbitrator for adjudication, who shall be appointed in the following manner: The Lender shall address a notice to the Borrower suggesting the names of not more than three arbitrators, from whom, the borrower shall, either:However, if the Lender does not receive any response from the Borrower within the said Notice Period, the Lender shall construe the same to be deemed consent/acceptance by the Borrower for the appointment of the sole arbitrator as may be decided by the Lender.
The venue of arbitration shall be either at Pune or the State capital, at the sole discretion of the Lender. The arbitration shall be conducted under the provisions of the Arbitration and Conciliation Act, 1996 together with its amendments, any statutory modification or re-enactment thereof for the time being in force. The arbitration proceeding shall be conducted in English language. The award of such arbitrator shall be final and binding upon the Parties hereto.
i. Confirm acceptance one among the proposed names as the sole arbitrator and confirm in writing to the Lender within a period of ten (10) days from the date of notice ("Notice Period"); or
ii. Convey objection, if any, in writing to the Lender, against the proposed names of the sole arbitrator within the said Notice Period.
12. Any provision of any of the Loan Document, which is or becomes prohibited or unenforceable shall, be fully severable and be ineffective to the extent of such prohibition or unenforceability. Provided however that any prohibition on or unenforceability of any such provisions shall not invalidate the remaining provisions of the Loan Documents.
13. Any delay in exercising or omission to exercise any right, power or remedy accruing to the Lender under the Loan Documents shall not impair any such right, power or remedy and shall not be construed to be waiver thereof or any acquiescence in any default, nor shall the action or inaction of the Lender in respect of any default or any acquiescence by it in any default affect or impair any right, power or remedy of the Lender in respect of any other default.
14. The Borrower shall be obligated to comply with revised terms and conditions of the Loan Documents. Any change to the Standard Terms shall be communicated to the Borrower by any mode of communication which includes notification through the Website of the Lender and the same shall be sufficient notice to the Borrower and will be effective as stated in the said communication.
SCHEDULE
DEFINITIONS
"Applicable Law" means the 'Indian law' as per the General Clauses Act, 1897
"Acceptable Means of Communication" means with reference to:
A. Borrower, shall mean:
i. a telephonic call or text message sent on the registered mobile/landline number of the Borrower as provided in Schedule I; or
ii. photo / video; or
iii. an email on the registered email address of the Borrower as provided in Schedule I; or
iv. a written notice sent by courier / post on the registered postal address of the Borrower; or
v. text message through chatbot, bitly, social media, such as WhatsApp communication and/or any other electronic mode; and/or
vi. notification by Lender on its Website;
B. Lender, shall mean:
i. a telephonic call received on the designated mobile/landline number of Lender as provided on the Website; or
ii. an email received on the designated email address of Lender; or
"Application Form" means the Loan application form, signed and submitted by the Borrower to the Lender or the details and information confirmed by the Borrower on the "Experia" customer service portal or such other digital portal as a request for availing the Loan together with such documents and information as may be required by the Lender;
"Borrower" shall mean the person who avails the Loan from the Lender and shall include its heirs, legal representatives, executors, administrators;
"Due Date" means, in respect of the (a) EMI, the respective Repayment Dates; (b) the Outstanding Dues, on the Repayment Date or on demand or on such dates as may be specified by the Lender in writing; and (c) the interest on the Outstanding Dues, the Interest Payment Date;
"EMI" or "Equated Monthly Installments" means the amount payable by the Borrower to the Lender comprising of the interest, or as the case may be, the Loan Amount and/or interest, at intervals as mentioned in the Loan Documents;
"Interest Payment Date" shall mean the dates on which interest will be paid on the Loan as may be specified in the Application Form or as may be intimated by the Lender;
"Lender" means Bajaj Finance Limited including its successors and permitted assigns;
"Loan" means the loan against gold ornaments or jewellery, as the case may be, applied for by the Borrower by submitting the Application Form and granted by the Lender to the Borrower in terms of the Loan Documents;
"Outstanding Dues" means, at any time, all the amounts outstanding and payable, under the Loan Documents, including but not limited to:
a. the Loan Amount
b. the interest on the Loan Amount;
c. the penal interest; and
d. any amounts payable by the Borrower including but not limited to indemnities, damages, costs, charges, expenses, default interest, if any and other fees arising out of or in connection with the Loan Documents or any other finance facility arrangement or incurred by the Lender for the enforcement of the security under the Loan Documents.
"Repayment Date" means the date on or before which each EMI is to be repaid by the Borrower;
"Required Margin" shall mean the percentage of gold security at current gold prices to be maintained against the existing loan amount outstanding under the Loan Documents;
