• 1. DEFINITIONS

• The following terms shall have the following meanings in this Terms & Condition unless the context otherwise

• • Applicable Laws means the Indian constitution or any statute and law including but not limited to all Indian laws, rules, regulations, ordinances, judgments, orders, decrees, authorisations, or any published directives, guidelines, requirements or governmental restrictions having the force of law, or any determination by, or interpretation of any of the foregoing by, any judicial authority, whether in effect as of the date of this Terms & Condition or thereafter and each as amended from time to time.
  • Bounce Charges where a penalty paid by the Customer when the cheque issue by the Customer or ECS /NACH/other instrument accepted for payment of outstanding dues is presented by CFL to the Bank and not honored by the bank.
  • Annexure shall mean as rate mentioned in the Annexure A of the Terms & Condition may change from time to time.
  • Bounce Charges where a penalty paid by the Customer when the cheque issue by the Customer not honored by the bank or ECS /NACH/other instrument accepted for outstanding dues is required.
  • "CFL or IDFC FIRST Bank" shall mean IDFC FIRST Bank Limited.
  • CFL Customer Care shall mean helpline number for the Customer queries and complaints.
  • Commercial Terms shall mean the Loan amount availed by the Borrower for the purpose of buying consumer durable products from CFL includes EMI, Loan tenure, Fees or any other charges applicable.
  • "ECS" or "NACH" refers to electronic clearing services or electronic payment services, participation in which has been consented to in writing or electronically by the Customer, for facilitating the payment of EMI, fees and other applicable charges to CFL in connection with the Loan availed by the Customer.
  • "Loan" shall mean the Loan availed by the Borrower from CFL in connection with Consumer durable Product bought by the Borrower.
  • "Product" shall mean specified consumer durables, digital, life style products and other products as may be approved by CFL in its sole discretion from time to time.
  • "RBI" shall mean Reserve Bank of India.
  • "Website" shall mean www.capitalfirst.com

• 2. LOAN

• • The loan ("Loan") provided by CFL shall be an amount as stated in the Sanction Letter.
  • The Borrower understands and confirms the disbursement of Loan by CFL on the Borrower’s behalf to the Dealer’s account, as per the details provided by the Borrower. The Loan may be disbursed in one lump sum or in installments as may be decided by CFL and the Loan shall be repaid by the Borrower as per the T & C and Sanction Letter.

• 3. RATE OF INTEREST

• • The Borrower specifically agrees that the Loan shall carry interest at the rate specified in Sanction Letter.
  • CFL shall be entitled to revise the rate of interest from time to time as per its policy and/or applicable laws and regulations, during the tenor of the Loan at its discretion. CFL will inform the Borrower about the variation in the Rate of Interest, if any.
  • The Borrower understands and agrees to IDFC FIRST Bank's method of calculating Equated Monthly Instalments ("EMI") and agrees not to dispute the same, at any time in future.
  • The Borrower shall pay a non-refundable Processing Fee with upfront EMI as specified in the Sanction Letter OR non-refundable Processing Fee with upfront EMI shall be deducted by IDFC FIRST Bank.
  • The Borrower has executed, by way of collateral security, Demand Promissory Note (DPN) for the repayment of the Loan along with interest thereon.
  • The interest subsidy is received directly from manufacturer; hence the effective IRR for CFL on the Loan transaction would range as per Sanction Letter. In the event the interest is mentioned in the Sanction Letter, then the IRR shall be as per the given interest rate plus interest subsidy as received from the manufacturer.

• 4. TAXES

• • The Borrower agrees to pay to CFL, any and all taxes, charges, duties as may be levied including stamp duty related to the Product, T & C and the Loan. The Borrower also agrees that the EMI shall automatically increase on account of any incremental tax or levy.

• 5. PAYMENTS

• • The Borrower agrees to repay the Loan to CFL by EMI, on a monthly basis, on the scheduled due date, as per the mode of payment, specified in the Sanction Letter. The Borrower agrees that timely payment of EMI is the essence of the Loan.
  • The repayment of the Loan is by Post Dated Cheques ("PDCs") or other mode of payment, the Borrower undertakes to honour all payments on the scheduled due dates and shall not instruct their bankers for stop payment. The Borrower shall be liable to pay cheque bounce charges for each cheque bounce/dishonour.
  • Any non-presentation/delayed presentation of the cheque due to any reason will not affect the liability of the Borrower to pay the EMIs on time. The Borrower shall replace the cheques/issue fresh cheques if so required by IDFC FIRST Bank.
  • The Borrower may swap the PDCs with the consent from CFL and on paying CFL cheque swap charge.
  • The Borrower may prepay the Loan, full or in part, subject to the payments of prepayment charges on the outstanding balance, with prior written request.
  • CFL shall be at liberty to appropriate amount so prepaid towards prepayment of charges, interest, additional interest, and other charges payable under the T & C and then towards the Loan amount or in any other manner that CFL may deem fit and proper in its sole and absolute discretion.

• 6. PRE-PAYMENT

• • The Borrower may prepay the Loan, full or in part, subject to the payments of prepayment charges on the outstanding balance, with prior written request.
  • CFL shall be at liberty to appropriate amount so prepaid towards prepayment of charges, interest, additional interest, and other charges payable under the T & C and then towards the Loan amount or in any other manner that CFL may deem fit and proper in its sole and absolute discretion.

• 7. CONDITIONS

• • The Borrower shall, prior to the disbursal of the Loan, have utilized his/her own Contribution to the cost of the Product less Loan availed from IDFC FIRST Bank. The Borrower shall not transfer the Product to any third party and maintain the Product in good order and condition during the currency of the Loan. The Borrower shall upon change of residence immediately intimate to CFL. The Borrower shall ensure that no part of the Loan is utilized for any illegal, immoral activities, gambling, lottery, speculative activities in nature.

• 8. BORROWER'S REPRESENTATIONS & WARRANTIES

• • All the documents provided by the Borrower are valid and binding.
  • The Borrower does not violate any terms and conditions under any existing agreement entered into by the Borrower with any third party, by availing the Loan from IDFC FIRST Bank.
  • There is no action, suit, proceeding or investigation pending to the knowledge of the Borrower before any court of law or any competent authority which might have a material effect on the Borrower financials and/or might put into question the validity, enforceability or performance of the T & C.
  • The Borrower agrees and accepts the entire risk related to the transaction the Borrower had with the Dealer like non-performance, non-delivery, breach of warranty or supply of inferior or damaged Product and CFL is not responsible for the same. In any such eventuality, the Borrower's liability to repay the Loan disbursed by CFL will be in total and continuous.
  • The Loan is repayable on demand made by CFL with all the accrued interest and other charges.

• 9. SECURITY

• • The Loan, interest, additional charges, fees and all other charges including but not limited to the Borrower's outstanding payable to CFL shall be secured by the Product on which CFL shall have first and exclusive charge.

• 10. UNDERTAKING

• • The Borrower shall comply with applicable laws.
  • The Borrower shall use the Product for personal use only.

• 11. EVENTS OF DEFAULT

• • The Borrower commits any default, breach, misrepresentation under this T & C and/ or any other loan with CFL.
  • The Product is damaged, stolen, confiscated, attached/taken into custody by any official authority, subject to any proceedings, or is disclaimed, endangered.
  • The Borrower dies, becomes insolvent/ compounds with his/her creditors or permits any attachment or confiscation or other process against any of his assets or properties.
  • Any circumstance in the opinion of CFL that jeopardizes CFL interest or security.

• 12. REMEDIES

• • Upon the occurrence of an Event of Default, the Borrower's outstanding Loan shall forthwith become payable to IDFC FIRST Bank. CFL may recall the Loan with additional charges. The Borrower, undertake to forthwith surrender to CFL its representatives/agencies, the Product or any other product of such value as approved by CFL. CFL /its representatives/ agencies shall be entitled to take possession and/or dispose the same and adjust the proceeds against the total dues. If there is any deficit, the same shall be made good to CFL by the Borrower. CFL shall be entitled to encash PDCs/ ECS/ DPN any other electronic or other clearing mandate referred by the Borrower, until Loan is fully paid up.
  • CFL shall be entitled to take recourse to other legal remedies (civil and criminal) under appropriate provisions of the laws.
  • The Borrower shall be liable for payment of additional interest (if any) for delayed payment, all legal and other costs and expenses incurred in the exercise of IDFC FIRST Bank's remedies, including repossession of the Product/ any asset and recovery of Loan amount.

• 13. CLOSURE OF LOAN

• • Upon the Borrower's paying to CFL all EMIs on the due dates or Loan amount and all other charges payable by the Borrower to CFL under this T & C.

• 14. NOTICE

• • Any notice or letter required to be given by CFL shall be through personal delivery/ e-mail/ post/courier/sms/posted on its Website and shall be deemed to have been served upon and received by the Borrower. All notices shall be deemed to have been validly given if served on the Borrower's last known address. The Borrower must send written notice to Corporate Office of CFL and the notice shall be actually received by IDFC FIRST Bank.

• 15. CONSENT OF DISCLOSURE

• • The Borrower have no objection for the disclosure by CFL of all or any such: (a) information, obligations and data relating to the Borrower, Loan, T & C, Products/assets furnished by the Borrower including other credit facility granted/to be granted by IDFC FIRST Bank; (b) information, data relating to default, if any, committed by the Borrower in discharge of its obligations to the Credit Information Bureau (India) Limited ("CIBIL") or agency authorized by the Reserve Bank of India. CIBIL and/or other agency so authorised may use and/or process the aforesaid information and data in any manner as deemed fit by them. CIBIL and/or other agency may furnish for consideration, the processed information and data or products thereof prepared by them, to CFL and other credit grantors or registered users, as may be specified by RBI.

• 16. GENERAL

• • T & C is binding on the Borrower and CFL on and from the date mentioned in the Sanction Letter.
  • The Borrower, his/her legal heirs, executors, administrators and successors shall be bound by this T & C. In case of death of the Borrower, the DPN given by the Borrower will be invoked against his/her legal heir/s and successors.
  • The Borrower shall not be entitled to assign his/her rights and obligations or terminate this T & C. CFL shall be entitled to sell/transfer/assign, any or all its rights, benefits, duties and obligations including rights to receive installments and loan balance to other entity and for such assignment, the Borrower shall perform its obligations under this T & C to such assignee.
  • The Borrowers undertake/s to indemnify and keep CFL indemnified in respect of breach of any of the T & C, Sanction Letter, Application Form and any other documents submitted by him/her (collectively referred as the Loan documents).
  • The Borrower agrees to execute, deliver and perform, any and all further acts or documents which CFL may reasonably require to effectuate the purposes of this T & C.
  • Non-Waiver:- Any omission or delay on the part of CFL shall not be deemed to constitute a waiver by CFL of any of its rights under this T & C.

• 17. ARBITRATION

• • The Borrower agrees that all claims, disputes or differences arising out of or in connection with this T & C, whether during or after the termination of the T & C, shall be referred to the sole arbitrator, appointed by CFL, in accordance with the Arbitration and Conciliation Act, 1996 as amended from time to time. The place of arbitration shall be at Mumbai only. Pending the interim award, the Borrower shall be liable to perform its obligations under this T & C, including the payment of installments and other outstanding.

• 18. GOVERNING LAW

• • The Agreement shall be construed and governed as per the laws of India.

• 19. AUTHORIZATION

• • The Borrower hereby authorise CFL, its associates, Third parties and agents to contact me/us, for providing information about new products, offers, promotions etc and also for receiving feedback or surveys etc by way of email, sms, phone calls or by any other means of communication and expressly agree to exempt such actions by you or them for the purpose of Do Not Disturb guidelines issued by Telecom Regulatory & Development Authority (TRAI) or any other authority.
  • Customer is responsible for submission of complete documents, as per the checklist in the form, for processing his durable loan at CFL before delivery of product. He/She has to ensure that his documents reach CFL Ops office.
  • Commitments that are unconditionally cancellable at any time by the NBFC without prior notice or that effectively provide for automatic cancellation due to deterioration in a borrower's credit worthiness - the capital requirement for such credit limit is NIL.
  • As instructed by the Customer, CFL shall disburse the loan amount to the Dealer. It is the responsibility of the Customer to get delivery of the Product from the Dealer. In case the Customer returns the product to the Dealer for any reason (including defect/s in the product), customer is entitled to recover the cost of the product from the Dealer as per the terms and conditions agreed between the Dealer and the Customer. It shall not absolve the Customer from repaying the Loan already disbursed by CFL to the Dealer.
  • In case the Customer returns the Product to the Dealer and informs CFL before disbursal of the Loan Amount to the Dealer, CFL shall not disburse the Loan to the Dealer and shall close the loan account in the Books of IDFC FIRST Bank.
  • In both the cases, customer should get proper acknowledgment from the Dealer as to return of Products by the Customer to the Dealer and share the said acknowledgment with IDFC FIRST Bank.
  • CFL 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 in recovering the Loan amount.
  • I hereby declare that I have not opened any other account with any Bank/FI/NBFC/any other organization using OTP based e-KYC and hereby undertake not to open any other account in future with any Bank/FI/NBFC/ any other organization using OTP based e-KYC.
  • In case the customer opts for an SBI credit card & he is not issued a card eventually by SBI, then CFL shall charge `399/- to the customer for the EBC Card.

• 20. NOTE

• • CFL is collecting the premium on behalf of the insurer and liability to pay any claim is solely of the insurer.
  • The policy cover will commence from date of acceptance of your insurance proposal by the insurer.
  • If your insurance proposal is not accepted by the insurer, CFL shall refund the premium or adjust it against your outstanding EMI/ loan amount.

ANNEXURE A
Details of Charges are given in the table below