Loan Agreement
This Loan Agreement ("Agreement") outlines the terms and conditions between the Borrower ("You" or "Borrower") and EMAR FISCAL SERVICES PRIVATE LIMITED ("Lender," "Us," or "We"), an NBFC regulated by the Reserve Bank of India, for personal loan services accessed through the Emar Loan mobile application (“App”).
Company Details:
EMAR FISCAL SERVICES PRIVATE LIMITED
Address: 157, Rabindra Sarani, 3rd Floor, Kolkata, West Bengal, 700007
Email: support@emarfiscal.com
Key Definitions
Borrower: The individual applying for and receiving the loan via the Emar Loan app.
Lender: EMAR FISCAL SERVICES PRIVATE LIMITED, the company providing the loan services.
Loan Application: The Borrower's request for a loan, submitted via the Emar Loan app.
Loan Amount: The principal sum approved and transferred, ranging from ₹10,000 to ₹200,000.
Loan Tenure: Duration of the loan repayment, selectable between 91 and 360 days.
Annual Percentage Rate (APR): Annualized interest rate applicable, not exceeding 22%.
Processing Fee: A non-refundable fee of 1% of the loan amount, plus GST at 18%, deducted at disbursement.
Late Payment Fee: A daily charge of 0.3% on overdue principal, applicable for delays in repayments.
Direct Disbursement: Funds transferred directly to the Borrower’s bank account upon approval.
Eligibility Criteria
By applying, you confirm meeting the following eligibility requirements:
Residency: Must be a permanent resident of India with valid proof of identity (Aadhaar, PAN).
Age: Between 20 to 59 years at the time of application.
Income Stability: Regular monthly income from employment or self-employment with verifiable proof.
Documentation: Valid PAN card, Aadhaar card, and an active Indian bank account.
Credit Evaluation: Approval subject to credit verification, including but not limited to credit history, repayment capabilities, existing debts, and other financial obligations.
Legal Usage: Loan funds must be strictly used for lawful personal or household expenses.
Loan Terms and Conditions
1. Loan Details
Loan Amount: ₹10,000 - ₹200,000 (subject to approval)
Loan Tenure: 91 to 360 days, selected by the Borrower
Annual Interest (APR): Maximum 22% per annum
Processing Fee: 1% of loan amount + GST (18%), deducted upfront during disbursement
2 .Example Calculation
If you apply for a ₹50,000 loan for 180 days (6 months):
Loan Amount:: ₹50,000
Processing Fee (1%): ₹500
GST (18%): ₹90
Total Deduction at Disbursement: ₹590
Net Disbursed Amount: ₹49,410
Interest (22% APR for 180 days): ₹5,424.66
Total Repayment (Principal + Interest): ₹54,834.66
Loan Application and Approval Process
Step 1 - Application: Complete and submit your details via Emar Loan app.
Step 2 - Verification: Initial document validation for accuracy and authenticity.
Step3 - Credit Assessment: Automated analysis assessing financial stability and repayment capability.
Step 4 - Final Decision: Emar Fiscal Services approves, rejects, or modifies loan terms based on assessments.
Step 5 - Disbursement: Funds credited directly to your registered bank account upon acceptance of terms.
Repayment and Charges
Repayment Method: Directly through Emar Loan app or bank transfer to the specified account provided by the Lender.
Payment Schedule:Clearly provided within the Emar Loan app, with due-date notifications sent via SMS or email.
Late Payment: Overdue repayments attract a daily late fee of 0.5% of the outstanding principal until fully repaid.
Early Repayment:You may prepay the entire outstanding amount at any time without penalty or additional charges.
Borrower Responsibilities
You agree to:
Provide accurate and complete information during the application and throughout the loan period.
Ensure sufficient funds for timely repayment of the loan.
Notify Emar Fiscal Services immediately in case of any inability to repay on schedule.
Privacy and Data Protection
Emar Fiscal Services collects your personal information strictly for loan processing, assessment, and regulatory compliance.
Data is securely stored using industry-standard encryption.
Your personal information may be shared with RBI-approved credit bureaus, regulatory authorities, or legal entities as required by law.
You have the right to access, update, or request deletion of your personal data, subject to applicable laws.
Disclaimer and Limitation of Liability
Emar Fiscal Services is not responsible for loan application rejections due to inaccurate or incomplete information provided by you.
We hold no liability for disruptions or delays caused by third-party service providers or unforeseen events such as natural disasters, technology failures, regulatory changes, or economic factors.
Amendments to Agreement
Emar Fiscal Services reserves the right to amend this Agreement as required. Any such amendments shall be communicated via the Emar Loan app or email. Continued usage of our loan services following amendments will constitute your acceptance.
Governing Law and Jurisdiction
This Agreement is governed by Indian law. Disputes arising from this Agreement will be resolved exclusively under the jurisdiction of the courts in Kolkata, West Bengal, India.
Severability and Entire Agreement
If any part of this Agreement is deemed invalid or unenforceable, it does not affect the validity of the remaining provisions. This document represents the complete understanding between You and Emar Fiscal Services.
Contact Information
For queries related to this Loan Agreement, contact us at:
EMAR FISCAL SERVICES PRIVATE LIMITED
Address: 157, Rabindra Sarani, 3rd Floor, Kolkata, West Bengal, 700007
Email: support@emarfiscal.com