Important: Please read these Most Important Terms & Conditions carefully before signing the loan agreement. These are provided to ensure you have full understanding of the key obligations and rights.
1. Loan Amount and Disbursement
- The sanctioned loan amount will be disbursed to the borrower's verified bank account after completion of documentation and fulfilment of pre-disbursement conditions.
- Part-disbursement may be made in certain cases as specified in the sanction letter.
2. Interest Rate
- Interest is charged on reducing balance basis unless otherwise stated.
- The applicable rate is stated in the sanction letter and Key Fact Statement (KFS).
- The Company reserves the right to revise interest rates on floating-rate products with 30 days' advance notice.
3. Repayment
- EMIs are payable on the date specified in the repayment schedule.
- EMIs shall be paid via NACH/ECS mandate or post-dated cheques.
- Non-payment of any instalment on the due date constitutes default.
4. Penal Charges
- Penal charges (not penal interest) may be levied on overdue amounts.
- Penal charges are not compounded and will not be added to principal.
- Refer to the Penal Charges Policy for current rates.
5. Prepayment
- Partial or full prepayment is permitted after the lock-in period specified in the sanction letter.
- Prepayment charges, if any, are disclosed in the sanction letter.
6. Security
- Security (if required) must be maintained throughout the loan tenor.
- The Company has the right to invoke security on default.
7. Right of Set-Off
The Company reserves the right to set off any amounts owed by the borrower against any credit balance in any account maintained with the Company.
8. Foreclosure
The Company may demand immediate repayment of the entire outstanding loan balance in case of default, misrepresentation, or breach of any material term.
9. Credit Bureau Reporting
The Company reports loan details and repayment behaviour to all credit bureaus (CIBIL, Equifax, Experian, CRIF High Mark) as mandated by RBI. Defaults will be reflected in your credit report.
10. Grievance Redressal
In case of any grievance, contact our Grievance Redressal Officer at gro@ashianafincap.com or visit our Grievance Redressal page.