This Loan Agreement is entered into between:
Lender: Udvai Traders Private Limited, a registered Non-Banking Financial Company (NBFC) licensed and regulated by the Reserve Bank of India (RBI), with its registered office at KH. NO. 191, 196 CHIMNAZARI, CHANDRAPUR ROAD , TAL NAGPUR (RURAL) CHIMNAZARI NAGPUR MH 441108 , Nagpur, Maharashtra, India - 441108.
Borrower: The user of the Mirror Cash platform/app who applies for and avails a loan in accordance with the terms of this agreement.
Platform: Mirror Cash, the digital platform operated by Udvai Traders Private Limited, facilitating secure and convenient loan applications, processing, and disbursements.
Udvai Traders Private Limited is an RBI-authorized NBFC dedicated to providing compliant and transparent loan services. All loans offered through the Mirror Cash platform are directly managed and disbursed by the Lender, ensuring legal and regulatory adherence.
Authorization: The Borrower understands that the loan is provided solely by Udvai Traders Private Limited, and the Mirror Cash platform serves as a medium for loan facilitation.
Compliance: The Lender operates under strict RBI regulations to ensure that all loan transactions are lawful, secure, and transparent.
Data Use: The Borrower consents to the collection, use, and processing of personal data in compliance with Indian laws to assess eligibility, process the loan, and manage repayments.
Udvai Traders Private Limited is committed to maintaining a clear and transparent relationship with Borrowers. All loan-related decisions and interactions are directly managed by the Lender to ensure fairness and compliance.
For any questions or concerns regarding this Loan Agreement, the Borrower may contact Udvai Traders Private Limited at its registered address.
By proceeding with the loan application, the Borrower confirms their acceptance of this Loan Agreement and the terms outlined herein.
Loan Amount: ₹3000 - ₹80000
Daily Interest Rate: 0.06%
Term: 90days
Maximum Annual Percentage Rate (APR): 21.9%
Service Fee: 0-5%(including GST18%)
Loan Amount: ₹10000 Service Fee: 0%；
Interest= ₹10000*0.06%/day*90=₹540
Service Fee=₹10000*0%=₹0
Received Money= ₹10000-₹0(Service Fee)=₹10000
Repayment Moneyt: ₹10000+₹540(Interest)=₹10540
There are no late interest charges, but a 1% fee per day will be applied if your payment is late. The total interest will be detailed in the loan agreement. There are no fees for early repayment, and no charges if your loan is not approved. The loan is repaid in a single installment, and no collateral or guarantee is required.
Once the loan contract is signed, the Lender will issue the loan based on the Borrower's eligibility. This includes meeting the platform and Lender’s criteria, completing KYC, and submitting required documents. Both parties must sign the contract and other necessary agreements, and the Borrower must accept the Privacy Policy and Terms of Service through the app. The OTP confirms full agreement.
After loan approval, the funds will be transferred to the Borrower’s bank account. The Borrower is responsible for any issues related to OTP use and agrees to cover any related claims. The Lender will notify the Borrower of approval via the platform and SMS. Once submitted, the loan application cannot be canceled.
User Acceptance: The user agrees to the terms by completing the app registration process or initiating the loan application.
Lender Confirmation: The contract is executed when the lender approves the loan application and disburses the funds.
Electronic Agreement: The agreement may be electronically signed or accepted, which holds the same legal validity as a physical signature.
Effective Date: The contract becomes effective from the date the loan amount is disbursed to the borrower.
This section describes the scenarios in which the agreement can be terminated and the consequences thereof:
By the Borrower: The borrower can terminate the agreement by fully repaying the loan, including any accrued interest and fees.
By the Lender: The lender may terminate the agreement in case of:
Non-payment or default by the borrower.
Misrepresentation or fraud during the loan application process.
Violation of the terms of the agreement by the borrower.
Consequences of Termination:
Upon termination, the borrower must settle any outstanding amounts immediately.
Certain rights and obligations, such as confidentiality and dispute resolution clauses, may survive termination.
Amendments: The lender reserves the right to update or amend the terms of the agreement. Any significant changes will be communicated to the borrower.
Governing Law: The agreement is governed by the laws of the applicable jurisdiction where the lender operates.
Dispute Resolution: Any disputes arising under this agreement will be resolved through arbitration or in courts specified within the jurisdiction clause.
Severability: If any provision of the agreement is found to be invalid or unenforceable, the remaining provisions will remain in full force and effect.
Communication: All notices and communications related to this agreement must be sent to the registered email address or contact information provided by both parties.
Force Majeure: The lender will not be held liable for delays or non-performance caused by circumstances beyond its control, such as natural disasters or government actions.