LENDBOX TERMS & CONDITIONS
3. Lendbox has entered into an agreement with MYWN Tech Private Limited(hereinafter referred to as the “FREO”). The Borrower is a customer registered on the FREO’S platform and BOTH PARTIES agree that the terms of this agreement are subject to the terms and conditions laid down in the agreementsigned between Lendbox & FREO– described in detail in Annexure 1.
- a. The Borrower does not pay any amount due and payable pursuant to this Agreement in accordance with the terms of this Agreement on the date such amount is payable;
- b. The breach of, or omission to observe, or default by the Borrower in observing any of its obligations, covenants, warranties, undertakings under this Agreement;
- c. Any representation or statement made or deemed to be made by the Borrower in this Agreement or any other document delivered by or on behalf of the Borrower under or in connection with the Agreement being or being proven to have been incorrect or misleading when made or deemed to be made; or
- d. The Borrower is declared insolvent or files for insolvency or any attachment, distress execution or any other such process is initiated against the Borrower.
13. Upon the occurrence of an Event of Default, the Lender and Lendbox on behalf of the Lender, shall, without the requirement of serving any notice/default notice to the Borrower:
- a. declare that the Loan Amount, together with accrued interest, additional interest and all other amounts accrued or outstanding under this Agreement be immediately due and payable, whereupon they shall become immediately due and payable;
- b. encash or present for encashment, the undated, postdated, signed cheques provided as Collateral in order to recover any or all of the amounts outstanding to the Lender; or
- c. exercise such other rights as may be available to the Lender under Applicable Law.
- a. Information and data relating to it;
- b. Information or data relating to any credit facility availed by / to be availed by it;
- c. Default if any committed by it in discharge of our such obligation, as the Lender may deem appropriate and necessary to disclose and furnish to credit information agencies and any other agency authorized in this behalf by Reserve Bank of India; which shall not be considered confidential in nature.
|Validity of LOC||3 years from the date of signing of this agreement|
|Limit Amount||Rs100 – Rs 10000|
|Due Date||5th of every month|
|Late Fees||Rs.30 per day post due date|