Loan Sanction Letter
Dear {{ $mailData->name }},
As per the sanction of your loan with Creditpey, please find attached the Key Fact Statement (KFS) containing important details of your loan, including the sanctioned amount, charges, repayment terms, interest rate, and grievance redressal mechanism.
In line with the Reserve Bank of India (RBI) guidelines, we are sharing this Key Fact Statement to ensure complete transparency regarding the cost of your loan and the terms of repayment.
This statement is being provided in accordance with RBI’s Fair Lending Practices to ensure you are fully informed before and during the course of your loan.
KEY-FACT STATEMENT
| S. no. |
Description |
Details |
| 1 |
Name of the Borrower |
{{ $mailData->name }} |
| 2 |
Address |
{{ $mailData->address }} |
| 3 |
PAN No. |
{{ $mailData->pancard }} |
| 4 |
E-mail ID |
{{ $mailData->email }} |
| 5 |
Phone Number |
{{ $mailData->mobile }} |
| 6 |
Loan Application No. |
{{ $mailData->leadID }} |
| 7 |
Loan Agreement Date |
{{ \Carbon\Carbon::parse($mailData->createdDate)->format('d-m-Y') }} |
| 8 |
Loan Amount (INR) |
{{ number_format($mailData->loanAmtApproved, 2) }} |
| 9 |
Processing Fees (INR) |
{{ number_format($mailData->adminFee, 2) }} |
| 10 |
GST (₹) |
18% |
| 11 |
Any Other Charges |
{{$mailData->adminGstAmount}} |
| 12 |
Disbursal Amount (INR) |
{{ number_format($mailData->disbursedAmt, 2) }} |
| 13 |
Repayment Amount (INR) |
{{ number_format($mailData->repayAmount, 2) }} |
| 14 |
Repayment Date |
{{ \Carbon\Carbon::parse($mailData->repayDate)->format('d-m-Y') }} |
| 15 |
Rate of Interest (%) |
{{ $mailData->roi }} |
| 16 |
Cooling off Period |
3 Days |
| 17 |
Annual Percentage Rate (APR) (%) |
{{ $mailData->apr }} |
| 18 |
Tenure of the Loan (Days) |
{{ $mailData->tenure }} |
| 19 |
Charges for Late payment (%) |
1.25% |
| 20 |
e-NACH Bounce charges |
₹1000 |
| 21 |
Clause of Loan Agreement relating to engagement of recovery process |
6 |
| 22 |
Clause of Loan Agreement which details grievance redressal mechanism |
10 |
| 23 |
Grievance Redressal Officer |
Ajay Kumar Verma |
| 24 |
Contact Information |
grievance@creditpey.com | +91-9773601641 |
Interest Calculation and Payment: Interest will be charged from the date of disbursal until the repayment date. It will be calculated based on the daily outstanding principal amount. Interest rate will be charged between 0.7% to 1% per day.
You are required to repay the loan amount along with the accrued interest on or before the due date.
Disbursement Process and Documentation
The approved loan amount will be disbursed directly to your designated bank account upon completion of the necessary documentation and verification procedures.
Privacy and Data Security
The security of your personal and financial information is of the utmost importance to us. We adhere to strict data protection laws to ensure the confidentiality and privacy of your information.
Defaults and Consequences
In the event of failure to repay the loan by the due date, interest will be charged for the defaulted period as well. Additionally, defaulting on the loan may affect your credit rating.
Legal Jurisdiction
This loan agreement falls under the jurisdiction of New Delhi and is governed by the laws of the State of Delhi.
Sanction Letter Basis:
Please note that this sanction letter is issued in response to your loan application and based on the information you have provided in your application.
Mandatory E-Mandate:
You will be required to approve an e-mandate for automatic payment of your dues.
Activation & Mandate Responsibility:
The e-mandate and/or e-nach will be activated on your due date and you are expected to honour the mandate without fail. If you don’t pay your due amount on time,
the Lender has an absolute right to hit the e-mandate and/or e-nach multiple times to the bank accounts of the Borrower without any exception till the time the Borrower
pays the complete repayment along with penalties to the Lender.
Cheque Submission (If Applicable):
That the cheque given (if given) by the Borrower to the Lender shall be destroyed by the Lender upon written communication on email to be sent to the Lender by the Borrower. From the receipt of written communication, the cheque will be deemed to be destroyed by the Lender after the elapse of 45 days from the date of written communication, without any exceptions. Further, if any amount is pending for payment from the Borrower to the Lender then the Lender reserves the right to preserve the cheque given for subsequent presentation.
Language of Sanction Mail:
That the Company and the Borrower has mutually agreed to execute the Sanction Mail in the prescribed language, i.e. English. In case the Borrower requires the Sanction Mail in their respective vernacular language for better understanding of the Sanction Mail, the same can be requested by the Borrower to the Company and the same shall be provided by the Company to the Borrower.
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