General Terms and Conditions
The barrower confirms to have fully read and understood the
various schemes offered by the company and based thereon
the barrower has requested / selected to avail the loan under
the scheme (with interest rates as applicable) as mentioned
a) The Borrower has/had applied for the Loan as detailed in
the Application Form. The application of the Borrower is
accepted and the Loan is/will be disbursed as the Borrower
agrees and accepts all the terms and conditions described
in the Agreement. The agreement includes the Schedule, Application
Form and any other documents executed under this agreement
and further changes made therein shall constitute single
agreement (“the Agreement”).
b) SRCPL has granted/agrees to grant the Loan and disburse
the amount directly to the dealer upon the request of the Borrower.
This Agreement is a pure financing arrangement and the Borrower
accept the entire risk for nonperformance, non-delivery, breach
and supply to inferior or damaged Goods by the dealer and SRCPL
is not liable to the Borrower for any liability, claim, loss
or expense of any kind caused directly or indirectly to the
Goods. The Borrower shall continue to pay the installments/EMIs
on the respective due dates regardless of whether the Goods
is under repair or not working or not delivered. SRCPL confirms
that the Borrowers shall be entitled to the benefits of the
warranties provided by the manufacturer/supplier of the Goods.
The Borrower shall pay to SRCPL all installments inclusive
of interest every month as mentioned in the schedule. The
Borrower shall also pay and bear all interest, tax and
other taxes as may be applicable.
The Borrower confirms that the goods and service tax
identification Number (GSTIN) provided in the application
is true and correct, if applicable.
The Borrowers agrees and undertake that the applicable
tax rate will be determined using the information provided
the Borrower and the input tax credit(ITC) will be available
to the Borrower(if applicable)based on the goods and
service identification Number(GSTIN) and the information
by the Borrower in the application form/ declaration.
The Borrower further agrees and undertakes that the
Borrower shall not hold SRCPL liable for any loss of
ITC arising due
to incomplete, erroneous or wrong details pertaining
to GST provided by the Borrower in the application form/declaration
The Borrower further agrees and undertakes that if
the Borrower fails to furnish GSTIN then the Borrower
treated as unregistered for GST purpose and no credit
of GST will be provided to the Borrower by SRCPL
The Borrower shall pay to SRCPL the sum specified
in the schedule, nonrefundable service charges and/
The Borrower gives/agrees to give duly executed
postdated cheques or duly registered mandate for
ECS/NACH/Direct debit (hereinafter referred as(“Repayment instruments”),as
the case may be for the repayment of the Loan, it is understood
and acknowledge by the Borrower that non presentation of
the aforesaid Repayment instruments on the part of SRCPL
any reason whatsoever will not affect the liability of the
Borrower to repay the Loan
The Borrower undertakes to honor all payments
without fail and not to instruct bankers to stop
of the cheques/countermand
the cheques/revoke the ECS/SI/DID instructions.
The Borrower shall not instruct SRCPL withhold
instruments, in case of dishonor of cheques or
any other instruments issued by the Borrower
revoke the Repayments
instruments issued them to the drawee bank or
where despite the Borrower having issued the instructions
to the drawee
bank under the Repayment instruments SRCPL has
not received the
monies equivalent to EMI, the Borrower agrees
undertakes that he/they is/are liable to pay
the EMI along with
Repayment instruments Bounce charges and /or
late payment charges
as stated in the schedule and also be liable
to reimburse SRCPL
costs and expenses, including legal fees, if
any, SRCPL will not issue any notice/reminder to the
Borrower regarding the
presentation of the aforesaid Repayment instruments,
Repayments instruments as the case me be. Nothing
clause shall prejudice the other rights of SRCPL
in law or otherwise.
It is understood and agrees by the Borrower that
on the strength of the representations of the
the Repayment instruments
will not be dishonored for any reason whatsoever
on the belief and TRUST of this representation.
and disburse the Loan
If the Borrower wishes to swap/interchange
the Repayment instruments issued from one bank
the mode of payment Repayment instruments the
Borrower my do
prior written permission of SRCPL and on paying
SRCPL swapping charges as per the schedule.
The fees, rates and charges as mentioned
in the schedule are subject to change from
at the branches of SRCPL and /or the website
of SRCPL or communicated by SRCPL to the
Borrower by the mail,
or in newspaper,
as SRCPL may deem fit.
It has been agreed between the parties
hereto that all amount payable by the Borrower
paid at the
branch location or such other place where
SRCPL operates and / or as informed by
The Borrower hereby agrees and undertakes
that in the event the Borrower is liable
to deduct at
Deducted at source (“TDS”), he shall pay the TDS as per
applicable rate for the interest and fees being paid to SRCPL.
The Borrower confirms that the he shall deposit the TDS amount
so due into the government account within the due date prescribed.
Once the returns are filed, the Borrower agrees to submit
a request letter along with the TDS certificates in FORM
generated from the income tax website to SRCPL along with
original TDS certificate for claiming the refund.
The Borrower hereby hypothecate/undertake
to hypothecate the Goods as and by
way of first and
to SRCPL and towards security of repayment
of the Loan. The
agrees to obtain endorsement of the
fact of hypothecation on the certificate in
The Borrower is stopped under law
from talking the plea on the date
has been signed,
to the Goods were not available and/not
known to the Borrower.
The Borrower undertakes to supply
the details of the Goods within
of the registration
of the Goods from the Road Transport
Authority or direct the manufacturer
or Dealer to
supply the same
SRCPL is not responsible for
delivery of duly endorsed Registration
shall not withhold payment of
stipulated EMI’s on the pretext that Registration Certificate/Book
has not been delivered.
The hypothecation shall be
deemed to take place immediately
of the Goods,
whichever is earlier.
The Borrower hereby executes
a Demand Promissory Note (DPN)
for the Loan amount
It is expressly of Loan and
shall not be deemed to be conditional
payment of EMIs.
The Borrower irrevocably agrees
to the following conditions:-
Not to take delivery
of the Goods without
under the motor
Goods act and rules
There under and as soon
as the temporary/permanent
are obtained, in for
SRCPL of the same and
handover copy of the
same to SRCPL.
bear all cost of non-registration,
in writing from SRCPL.
To insure the Goods
mentioning the Goods
to SRCPL, under
against all risks like
the fire, theft, and
of the Loan with endorsement
in favor of SRCPL and
copies to SRCPL regularly
by SRCPL and also keep
the insurance policies
valid and subsisting
during the Loan tenure.
To maintain the
Goods in good order
and improvements thereto
the pendency of the
To permit SRCPL
and its agents/authorized
the premises at
reasonable hours for inspecting
To pay all
and fees and
and when the
same becomes due and
To keep the
Goods in good
to the satisfaction
of SRCPL, SRCPL
so and expenses
SRCPL in this respect
would be borne
by the Borrower
pledge, dispose of
part to any
all parts of
of the Loan
applicable on the
In the event (a) the Borrower does not utilize the Loan, or
(b) the Borrower requests SRCPL to cancel the Loan within 7
days of the issuance of cheque/demand draft of the Loan to
the Borrower or the dealer and / or manufacturer on behalf
of the Borrower, as the case may be, the Borrower shall liable
to pay cancellation charges and other charges, if any, as set
out in the Schedule. Notwithstanding anything contained herein,
SRCPL may its sole and absolute discretion; suspend of cancel
the Loan if the same is not utilized within 7 days of disbursement.
The Borrower shall foreclose the Loan account on SRCPL’s
Event of Default
The following shall constitute event of default in the Borrower:
a) Fails to pay any of the EMIs or a part thereof or bounce
EMI and/or other payment required hereunder when due whether
on demand or not: or
b) Fails to effect insurance cover of the Goods or fails to
pay insurance premium as and when due or fails to reimburse
the same to SRCPL if paid by SRCPL, or under any other document
furnished to SRCPL in connection herewith; or,
c) Fails to perform or observe or carry out any covenant,
condition to be performed, observed or carried out by the Borrower
hereunder or under any other document furnished to SRCPL in
connection herewith; or,
d) without SRCPL’s consent sells, transfers, parts with
possession or sublets/ pledge or charges or encumbers or creates
any lien on or endangers the Goods in the opinion of SRCPL;
e) Dies or commits an act of bankruptcy or become insolvent
or bankrupt or is wound up or makes an assignment for the benefit
of creditors, or consents for the appointment of a trustee
or receiver, or either a trustee or a receiver shall be appointed
for the Borrower or for a substantial part of Borrower’s
property without SRCPL’s consent or any bankrupt or re-origination,
or insolvency proceedings or winding up proceedings shall be
instituted by / against the Borrower, voluntary or otherwise;
f) Suffers adverse material change in the financial condition
from the date hereof, and as a result thereof, SRCPL deems
the Loan or the Goods to be unsecured; or.
g) Is in default under this Agreement or any other agreement
at any time executed with SRCPL or with any bank or financial
institution or any other creditor; or.
h) Use the Goods for illegal activities; or the Goods is confiscated,
attached or taken into custody by any authority or from becoming
subject of any execution proceedings under the law; or sequestration
levied against his estates (property) or allows the Goods to
be seized under any distress, execution or any other process
or to be detained by reason of any alleged lien; or
i) Is under to safeguard the Goods leading to the Goods being
stolen away or is in a total loss in the opinion of SRCPL;
j) Is unable to convince SRCPL about the ability of the Borrower
to meet his obligation/s this Agreement; or
k) Does any act, deed or thing which in the sole opinion of
SRCPL prejudices the rights of SRCPL in relation to the Goods;
l) Transfers the Goods outside the state where the original
delivery was effected without the previous written approval
m) Is unable to protect and take appropriate care of the Goods
leading to the Goods being destroyed for any reason whatsoever.
Upon occurrence of any of the events of default at any time
thereafter, SRCPL shall declare all sums for the full term
of the Loan immediately due and payable along with other dues
and/ or changes; upon the Borrower failing to make the said
payment within prescribed time and SRCPL may, at its sole discretion:-
a) Demand the Borrower to return the Goods in the same condition
as delivered, reasonable wear and tear executed and in the
event of failure of the Borrower to comply with the same within
prescribed time from the date of the demand, enter upon the
premises where the Goods is located and take immediate possessing
of and remove the Goods without any liability to SRCPL or its
agents for such entry or for damage to property or otherwise,
SRCPL has the right to detach and dismantle the Goods from
any part of the freehold or process machinery to which may
be affixed without the prior permission of the Borrower. For
the purpose of the repossession of the Goods the Borrower expressly
grants hereby irrevocable license to SRCPL or its agents or
any other authorized representative for the purpose of exercising
its rights under
b) Engage such person(s)/ agency as may be required to collect
the dues under the Loan and to enforce the security provided
by the Borrower(s) including repossession of the Goods.
c) Sell the Goods by public auction or private sale with or
without notice to the Borrower or otherwise dispose off, hold,
use, hire to others, or keep idle the Goods, without any duty
to account to the Borrower foe such action or inaction or for
any proceeds with respect thereto and to receive consideration
of the sale, transfer, disposition of the Goods and issue proper
receipt(s) and give a valid and effectual discharge for such
consideration and to appropriate the same towards the amount
outstanding under the Loan payable by the Borrower to SRCPL.
d) Require the Borrower to pay any liquidated damages or loss
equal to all unpaid installments which is in the absence of
a default would have been payable by the Borrower for full
term hereof together with interest as charged by SRCPL for
the period until receipt of the said amount.
e) Exercise any other right or remedy which may be available
to it under the applicable laws.
f) it being agreed and understood by the Borrower that the
right of SRCPL to recover the amount payable and /or termination
or reimbursable to the satisfaction of SRCPL shall survive
any such cancellation of Loan and/ or termination of the Agreement
and SRCPL’s rights of initiating action to recover the
amount shall also survive, on termination of the Agreement.
SRCPL shall be entitled to take all any of the steps therefore
and the Borrower shall not take defense of such termination
or cancellation of Loan/ the Agreement.
The Borrower shall be liable for all legal and other costs
and expenses resulting from the defaults or the exercise of
SRCPL’s remedies, including repossession of the Goods.
In case of shortfall in respect of the amount due to SRCPL
after sale of the Goods, then SRCPL shall be entitled to proceed
against the Borrower for recovery of such deficit amount.
SRCPL may, without prejudice to its rights under this Agreement,
appoint third party/ service provider/agent(s) inter alia for
the administration of the Loan, with such duties and rights
as may be decided by SRCPL in its sole discretion including
issuing notices, collection of EMIs, repayment amounts, to
visit the premises and /or place of work of the Borrower/ Guarantor
and dealing with the authorities, repossession of the Goods.
The Borrower expressly agrees that, in the event of SRCPL
appointing a/an third party/ service provider/agent as aforesaid:-
a) SRCPL shall be entitled to provide information held by
SRCPL in relation to the Borrower, the Guarantor and the Loan
to such third party/ service provider / agent; and
b) The Borrower(s) shall co-operate with such third party/
service provider/agent in the same manner as it would with
SRCPL in terms of this Agreement.
Borrower expressly agrees, recognize and consents that SRCPL/
the Lender shall have a right to sell or transfer (by way of
assignment, securitization or otherwise) the whole or part
of the Loan and outstanding amounts under the Loan, including
the hypothecation created in its favor and / or any other rights
under this agreement or any other document pursuant hereto
to any bank/finance company in such manner or upon such terms
and conditions as SRCPL may decide in its sole discretion and
without giving notice thereof to the Borrower. If such assignee
is a bank or a financial institution, then provisions under
securitization and Reconstruction of Financial assets and Enforcement
of Security interest Act, 2002 and all Reserve Bank Of India
guidelines will be applicable to this Agreement
The Borrower expressly agrees, in the event of sale, assignment
or transfer as aforesaid, to accept the Lender/ Assignee to
whom the Loan is sold, assigned or transferred as the Lender
and make the repayment of the Loan to the Lender/ Assignee/
its service provider or agent. The Borrower acknowledges and
agrees that SRCPL/ the Lender/ Assignee have the right to change
the interest rate from time to time under its policies at its
sole discretion and the Borrower shall be bound by such modification
Notwithstanding the above, in the event SRCPL sells/transfer/assigns,
the Loan to the Lender/Assignee, then the interest Rate of
the Loan will be benchmarked to the base rate/reference rate
of the Lender/Assignee, as the case may be and the Borrower
expressly agrees and accepts the interest Rate/base Rate/ reference
Rate of the Lender/ Assignee for all interest rate movements.
The Borrower(s) shall not transfer or assign any of his/their
rights or obligations under this Agreement.
Compliance with Regulation
The Borrower agrees to comply with applicable laws and regulations
in force and shall indemnity SRCPL in respect of any loss,
claim or expense to SRCPL as a result of non-compliance with
any such laws and regulations.
The Borrower agrees that the installment amount shall be increased
by incremental taxes. Whether sales or excise, interest tax
and any other related and consequential charges and taxes levied
on this transaction now or hereafter to be levied as also any
increase in the price of the Goods to be hired between the
date of placement of the order and the delivery date.
All costs( including legal), charges, expenses, taxes, duties(
including stamp duties), registration charges in connection
with this Agreement, any document executed pursuant hereto
and the creation, enforcement, reailization or attempted realization
of any security, insuring and taking possession of, maintaining,
storage, and selling of the Goods shall be incurred and paid
by the Borrower alone. In the event the stamp charges are paid
by SRCPL on the Borrower’s behalf, the borrower shall
reimburse the same at actuals to SRCPL immediately on demand.
Communication/ Notices/ Correspondence
SRCPL/ The Lender/Assignee shall give notice of change in
the interest Rate and other charges or any other bench mark
rate either by sms, email, correspondence (to last known address/contact
number), display the same on website/branch office or any other
manner as SRCPL may deem fit and such change of interest will
thereupon apply to and be binding on the Borrower. The Borrower
agrees and accepts that it is his/their prime responsibility
to keep himself / themselves update regarding change in interest
Rate and other charges or any other bench mark rate regardless
of receipt of such notice or communication or otherwise.
Any notice given to SRCPL by the Borrower shall be in writing,
prepaid post at registered office or such other address as
may be intimated by SRCPL to the Borrower and when the same
is actually received by SRCPL.
The Borrower shall immediately intimate SRCPL of any change
in his/their address.
Set-o_ And Lien
Until the ultimate balance owing by the Borrower to SRCPL
has been paid or satisfied in full, SRCPL shall have a lien
on the Goods and get any or all of them registered in the name
of SRCPL or its nominees whether the same be held for safe
custody or otherwise.
SRCPL shall be entitled to set of all monies, securities,
deposits and other assets and properties belonging to the Borrower
in the possession of SRCPL, whether in, or on any account of
SRCPL or otherwise, whether held singly or jointly by the Borrower
with other and may appropriate the same for the settlement
of Loan and other dues.
In addition to the various rights as specified hereinabove,
SRCPL shall have the right to:
Take inspection directly or to engage any service provider
for taking inspection of income tax return/s and assessment
proceedings. Appeal proceedings etc, relating to the current
and previous Assessment years to enable SRCPL to verify the
veracity of various representations made by me/us the under
signed, for seeking loan from SRCPL.
Appear before the office of Registration Authority, Regional
Transport officer, Sales Tax Officer and other authorities
through advocates or any such authorized person deemed necessary
by SRCPL to effect endorsement of Hypothecation in the registration
certificate and transfer the Goods when necessary.
Obtain, receive, demand, collect, sign and delivery any form,
certificates, registration books, booking order, insurance
policies or other documents from any Registration Authority,
manufacturers of the Goods and /or its dealers, or other authorities
under Motor Goods Acts or any other law to record the charge
of hypothecation on the Goods created or to be created in favor
Sign, execute necessary forms, documents or to give notice
to the appropriate Registration Authority for effecting transfer
of the Goods in favor of the purchaser.
Sign and deliver or otherwise create hypothecation on the
Goods and to do all such acts as may required in this regard.
To pay any fees, charges, additional charges, imposts, premiums,
taxes or other impositions to any Registration Authority, insurance
companies or other authorities for the Goods.
To give notice, if required to the appropriate Registration
Authority and /or such other authority in law, for the registration
of the Goods upon the sale, transfer, disposal, delivery thereof.
The Borrower shall at his own cost insure the Goods and keep
insured the same with an insurance company, till the Borrower
has paid all amounts due this agreement to the satisfaction
of SRCPL by covering comprehensive risks including but not
limited to civil commotion, riot, flood, tempest, earthquake
and unlimited third party risk. If the Borrower fails to so
insure the Goods or to keep it so insured. SRCPL shall without
prejudice to any of its rights under this Agreement in consequence
of the said failure though not bound, may insure the Goods
and keep it insured for which the Borrower shall reimburse
to SRCPL on demand all charges and expenses as may be incurred
for such insurance by SRCPL. The Borrower shall produce evidence
of such insurance as SRCPL may require. The Borrower hereby
irrevocably appoints SRCPL as his agent for the purpose of
receiving all moneys payable under the said policy of insurance
and to do all acts for that purpose and give discharge thereof
and SRCPL may notify the insurers of this condition.
The Borrower shall not do or permit to be done any act or
thing which may render such insurance invalid.
Consent To Disclosure
The Borrower authorize SRCPL to disclose, from time to time
any information relating to the Loan to any parent / subsidiary
/ affiliate / associate entity of SRCPL, and to third parties
/ agencies by SRCPL, for purpose such as marketing of services
and other products.
The Borrower hereby agree and give consent for the discloser
by SRCPL of all or any such:
a) Information and data relating to him / them
b) The information and data relating to any loan or credit
facility availed of / to be availed, by them and
c) Default, if any, committed by him/them, in discharge of
such obligation, as SRCPL may deem appropriate and necessary
to disclose and furnish to credit Information Bureau (India)
Limited (CIBIL) and any other agency authorized in this behalf
The Borrower declares that the information and data furnished
by him/them to SRCPL are true and correct.
The Borrower undertakes that CIBIL and any other agency so
authorized may use, process the said information and data disclosed
by SRCPL in the manner as deemed fit by them; and CIBIL and
any other agency so authorized may furnish for consideration,
the processed information and data or products thereof prepared
by them, to SRCPL / financial institutions and other credit
grantors or registered users, as may be specified by the RBI
in this behalf.
It is agreed by the Borrower that all disputes, differences,
claims arising out of this Agreement or in any way touching
or concerning the same shall be settled by arbitration to be
held in accordance with the provisions of the Arbitration and
Conciliation Act, 1996 or any statutory amendments thereof
and shall be referred to a sole arbitrator, appointed by SRCPL,
The award of the arbitrator shall be final and binding on all
the parties concerned. The arbitration proceedings shall be
held at Hyderabad or the Branch city as mentioned in the Schedule,
at the discretion of SRCPL and the arbitration shall be conducted
in English language.
This Agreement shall be governed and construed in accordance
with the laws of India and for any interim reliefs, the Courts
in Hyderabad or the Branch city as mentioned in this Schedule
shall have jurisdiction to entertain and try all matters arising
from and out of this Agreement.
without prejudice to any other term of this Agreement, the
parties expressly agree that any payment made by the Borrower
to SRCPL under this Agreement shall be appropriated by SRCPL
as(a) costs, charges and expenses that SRCPL may expand to
service, maintain, enforce the Goods / security and in connection
with recovery of all or such amount(s) payable under the Loan,
if any;(b) interest on amounts in default, if any;(c) Prepayment
charges, if any;(d) interest;(e) Principal amount of the Loan.
The Borrower shall continue to be liable for any deficiency
in the amount due to SRCPL by the Borrower after adjustment
of the net proceeds of sales, realization, recovery and/ or
insurance claim as above.
The party agree that any delay of commission by SRCPL in exercising
any of its rights, powers or remedies as the lender of the
Loan under this Agreement and other documents pursuant hereto
shall not impair the right, power or remedy or be construed
as its waiver or acquiescence by SRCPL.
This Agreement supersedes all prior discussions and representations
between the parties.
The Guarantor agrees:
To renounce the rights to claim the Borrower’s property/the
Goods and any other benefits to which SRCPL is by law otherwise
That any forbearance of SRCPL in enforcing payment of any
moneys due under this agreement shall not release the Borrower,
Vo-Borrower, Guarantor from the several obligations under this
Agreement or in any way alter or affect the rights of SRCPL
under or in respect of the Agreement or the Goods.
The Guarantor in consideration of SRCPL agreeing to grant
the Loan to the Borrower further agrees, declares and guarantees
that the Guarantor shall observe and perform the terms and
conditions of this Agreement by way of EMI’s, interest,
damages, cost, charges, or expenses and if the Borrower shall
make any default in observance and performance of any of the
terms and conditions or payment of any monies due and payable
hereunder, the Guarantor shall forthwith on demand, without
demur and irrespective of any dispute of difference pending
between SRCPL AND THE Borrower, pay to SRCPL such monies till
the payment with all claims, damages, loss, cost, charges or
expenses which SRCPL may suffer, incurs or be put to as a result
of default by the Borrower.
The Guarantor agrees that SRCPL shall be at liberty to make
variations in this Agreement or in any terms and conditions
thereof including manner of the payment of EMI’s or to
enter in to any arrangement with the Borrower or show to any
indulgence or to give time or not to sue, without any way affecting
the liability of the Guarantor. The Guarantor shall not be
discharged from the liability hereunder by SRCPL releasing
the Borrower or any of the security it may hold by any act
of omission or commission, the legal consequences whereof may
otherwise have been to discharge the Guarantor
The Guarantor waives in favor of SRCPL all or any of the rights
that the Guarantor may have against SRCPL as surety or otherwise
in law or otherwise to give effect to the provision hereof.
The Guarantor shall not be entitled to challenge the notice
on the ground that no default has been committed or the amount
mentioned therein as due and payable is not payable or on any
The Guarantor agrees and declares that the Guarantor shall
be bound and liable to pay all monies payable under any form
by virtue of this guarantee notwithstanding that SRCPL shall
not have taken any steps or processing against the Borrower
or the Goods.
The Guarantor guarantee that the Borrower shall hand over
to SRCPL possession of the Goods as and when, under this presents,
the Borrower become liable to do so.
The Guarantor in relating to SRCPL is and shall be the principal
obligor in respect of all obligations, liability and responsibilities
undertaken in favor of SRCPL under this guarantee and SRCPL
is and shall be the principal obligor in respect of all obligations,
liability and responsibilities undertaken in favor of SRCPL
under this guarantee and SRCPL shall be entitled to proceed
against the Guarantor.
This guarantee shall not be affected by the death, insolvency
or winding up of the Borrower / Co-Borrower or by the absence
of power or irregularity or informality on the part of the
Borrower / Co-Borrower.
SRCPL shall be at liberty to sue the Borrower, Co-Borrower,
Guarantor jointly or severally or shall be entitled to proceed
against the Co-Borrower / Guarantor only in the first instance.
The indemnities / guarantees contained herein shall remain
in full force and effect till the Loan amount with all dues
are paid to SRCPL.
The Guarantor undertakes that these indemnities / guarantees
contained herein shall not be assigned, transferred, revoked,
cancelled, altered, modified or withdrawn.
The Borrower is /are aware that SRCPL shall agrees to become
a party to this Agreement only after satisfying itself with
regard to all conditions and details filled by the Borrower
in the agreement / documents / schedules in consonance with
the policy of SRCPL.
The Borrower AND Guarantor has /have read the entire Agreement
and applicable charges as given in the schedule which has been
filled in his /their presence.
The Borrower agrees that this Agreement shall be concluded
and become legally binding by all the conditions on signing
this Agreement. The Borrower and Guarantor confirm(S) that
he / they has/ have received the copy of the Agreement.
The content/s of this Agreement have been read out, explained
and interpreted to the Borrower, Co-Borrower, Guarantor in
the language known to the Borrower, Co-Borrower, Guarantor
and the same has been understood by the Borrower, Co-Borrower,
and the Guarantor.
SRCPL shall also be entitled to communicate in any manner
it may deem fit, with the person/s or persons whose name is
given for reference by the Borrower, with a view to get assistance
of such person/s I recovering the Loan amount.