TERMS & CONDITIONS

I as Borrower hereby declare and confirm that I am above 18 years of age and is competent to contract. I have read and understood the terms and conditions contained below (" Terms and Conditions ") for availing e- Loan from the J&K Bank Ltd ( Herein after referred as Bank ) and I accept and agree the same.
At my request and based on the information/ details provided by me , the Bank , a banking company within the meaning of Companies Act, 2013 and having its registered office at M.A.Road Srinagar has granted/ agreed to grant Loan Facility to me subject to the following terms and conditions:
I understand that the principal amount of the Loan Facility and the details of loan are specified to me while applying for the loan facility.
The Bank has granted/ agreed to grant the Loan solely for the purpose specified by me. I hereby declare that I shall not utilize the proceeds of the Loan for any purpose which is in violation of applicable laws.
I understand and acknowledge that the Bank shall have the absolute discretion, without assigning any reason to reject my loan application at any stage and that the Bank shall not be responsible/liable in any manner whatsoever for such rejection.
I understand and confirm that the Bank will sanction the loan/facility at their sole discretion. The Bank reserves the right to decide my eligibility for the Loan as per their internal policies and guidelines.
I hereby expressly consent and authorize the Bank / its representatives/ agents/representatives/partners/Business Correspondents/ its business partners/ its group companies/ affiliates to initiate CIBIL, PAN, AADHAAR. Employment and other requisite checks to evaluate and process my loan application.
I hereby declare that availing of the Loan by me shall be deemed to be my unconditional acceptance of the terms and conditions of the loan facility as contained herein and other documents (if any) and I shall be bound by the same.
I understand and acknowledge that the Loan Facility shall be disbursed by the Bank directly in the saving bank account maintained by me with the Bank upon completion of the required formalities. I further acknowledge that the Loan disbursed by the Bank directly to saving bank account shall be deemed to be disbursement of the Loan to me by the Bank.
I understand that the term Loan is of a non-revolving nature and once used will not once again become available on repayment of the Loan or any part thereof. However, in case of cash credit facility same shall be revolving, subject to the renewal by the Bank.
I further confirm and acknowledge that the Loan once processed and disbursed cannot be cancelled. The amount of loan, Interest Rate, Processing Fees, EMIs, repayment terms and Tenure applicable to the Loan will not be changed.
I hereby expressly agree and undertake to repay the loan amount along with applicable interest in such number of equated monthly instalments ("EMIs") with such amounts and on the due dates within the loan period as specified. All the applicable interest, penal interest, additional interest, costs, expenses and charges shall be repaid by me without any demur or delay and shall be directly debited by the Bank from the saving Bank account maintained by me with the Bank.
I understand and acknowledge that the EMIs shall automatically change by reason of change in any rates, taxes, charges, imposts, levies and monies whatsoever that are or may be levied on the EMIs or the transaction contemplated hereunder. Such a change in the EMIs due to change in the rates, taxes, charges, imposts, levies and monies as stated above shall automatically form part of the Loan and I shall repay the loan amount as per the revised terms.
I understand and acknowledge that any dispute being raised about the computation of the Instalments will not entitle me to withhold payment of any Instalments or any portion thereof and that my obligation to pay the Instalments is absolute and unconditional.
I understand and acknowledge that the principal amount under the loan shall always include the interest debited to the loan account at monthly rests cumulatively.
I undertake to pay Prepayment penalty at applicable rates if the loan is closed before its maturity.
I agree and undertake that in the event of my default in repaying the Loan together with applicable interest, charges, taxes and costs and/or in adhering to the terms of the loan or the terms and conditions contained herein, I shall be liable to pay additional/penal interest at applicable rates and the entire amounts outstanding in the Loan account shall be payable forthwith on demand.
I confirm and declare that I shall not close my saving bank account or divert my salary to any other account during the currency of the loan facility .In such case , the event shall be treated as Event of Default and the Bank shall be within its rights to recall the entire loan facility forth and I shall be liable to pay the entire outstanding in the loan account along with applicable interest, charges, expenses and costs.
All the details pertaining to the loan/facility including the amount of the Loan, interest rate, period of loan, benchmark, interest rests, due dates of payment, Penal/ Additional interest, prepayment penalty, number and amount of each Instalment, etc. Communicated by the Bank through e-mail or on the online application shall be deemed to have agreed, accepted and consented to by me and shall be binding upon me.
I accept and acknowledge that the Statement of Accounts provided by the Bank shall be conclusive proof of correctness of the accounts. The statement of account so generated by the Bank shall be conclusive proof of applying for loan facility, disbursement of loan facility and outstanding due from time to time.
I understand and acknowledge that the Bank shall have the right to vary the Interest Rate of the Loan/facility from time to time, at its sole discretion or as per the Reserve Bank of India directives. In the event that the Interest Rate is varied as aforesaid, I shall be liable to pay the EMIs as re- calculated by the Bank to adjust for the change in the Interest Rate.
I further acknowledge that the Bank may in its sole and absolute discretion and without assigning any reason recall the loan and/or make a demand at any time to forthwith repay all or part of the amounts outstanding under the Loan and I shall be bound to make payment of such amounts demanded forthwith.
I hereby expressly authorize the Bank to debit any and all of the accounts maintained by me with the Bank (including without limitation fixed deposit accounts) and appropriate the same towards any amounts which are or may become due from me to the Bank under the said Loan Facility.
I acknowledge and understand that the Bank is entitled to disclose, without notice to me information furnished by me in relation to the loan facility to CIBIL/RBI/ Credit Bureaus/Statutory, Regulatory or Rating Agencies and/or the Banks's subsidiaries/affiliates/, Business Correspondents, Service Providers, Banks/Financial institutions, governmental authorities or third parties for information verification, credit risk analysis, or for any other purposes that the Bank may deem fit and proper in the interest of the Lender
The Bank reserves the right at any time, without previous notice, to add, alter, modify, change or vary all or any of these terms and conditions.
I hereby expressly declare that the Lender at any time and without notice to me shall have the right to exercise lien and set off on all monies belonging to me and/or standing to my credit in any accounts/custody of the bank in respect of any amount/s payable by me under the loan facility.
I hereby expressly declare and undertake that I shall, if the Bank so advises, at my own expense/costs execute agreements, deeds, Promissory Notes and such other documents as the Bank may require from time to time in connection with the loan facility. I hereby agrees that in case the Bank is required to make any payments such as stamp duty, stamp duty penalty, registration charges and/or any other charges and/or duties on and in relation to any document/s associated with the Loan, then I shall reimburse the same to the Bank and the Bank shall be entitled/authorized to recover the same from me.
I agree that acceptance of these terms and conditions by me and disbursement of loan facility in my saving bank account shall be conclusive proof of disbursement and availment of loan facility by me without execution of any other document whatsoever.
I understand , accept and acknowledge that if I do not repay, on any due date, any amount payable by me under the loan and/or if any representations made by me or any details given by me are found to be untrue, misleading or incorrect, or if I am unable to meet any of my obligations when due to the Bank or any breach of the terms and conditions of the loan including these ‘Terms & Conditions’ occur, all amounts due in respect of the Loan shall forthwith become due and payable to the Bank and the Bank shall be entitled to exercise all of its rights powers and remedies available under law against me to recover the loan.
I understand , accept and acknowledge that if I do not repay, on any due date, any amount payable by me under the loan and/or if any representations made by me or any details given by me are found to be untrue, misleading or incorrect, or if I am unable to meet any of my obligations when due to the Bank or any breach of the terms and conditions of the loan including these ‘Terms & Conditions’ occur, all amounts due in respect of the Loan shall forthwith become due and payable to the Bank and the Bank shall be entitled to exercise all of its rights powers and remedies available under law against me to recover the loan.eptance of this Terms & Conditions on the internet/world wide web/ Website/portal/platform/POS results in a binding contract between me and the Bank regarding the Loan/Facility.
I agree and declare that the Bank shall have an unqualified right to assign the Loan to any other Bank/Financial Institution/NBFC of Bank`s choice, for which purpose no further consent or concurrence shall be required from my part.
Since the facility has been sanctioned digitally under MoU, no pre-sanction and post-sanction documents are required to be executed by the Borrower for availing these loans through this channel.