Idfc Personal Loan Agreement
14. Notwithstanding as set forth herein, the Borrower expressly accepts and acknowledges that, in the event that the Borrower receives the outstanding amount under the Loan or any other loan/facility, whether as a borrower or guarantor or otherwise, in addition to a general or similar privilege to which the Bank or one of its subsidiaries/affiliates is legally entitled, Without prejudice to its specific rights under other agreements with the Borrower, the Bank shall, in its sole discretion and without notice to the Borrower, be free to deposit any other funds or amounts credited to the Borrower into any account (including the Fixed Term Deposit Account) of the Borrower (whether individually or jointly with another) with the Bank or any of its subsidiaries/affiliates in or against the payment of the Borrower funds due. The Bank`s rights under this Agreement are in addition to other rights and remedies (including, but not limited to, other rights or set-offs) that the Bank may have under applicable law or otherwise. 4.1 The Borrower must take out such credit protection insurance with an insurance service provider mandated by the Bank, which is acceptable to the Bank, in order to protect the Borrower against the risk of insolvency in the event of serious illness/disability/death/loss of employment under the insurance policy. The premium for this insurance, if chosen, can be paid separately by the borrower or included in the loan amount. Any termination of this insurance may be permitted during the term of the loan as defined in the scope of the insurance policy. Such insurance shall be transferred to the Bank in a form and manner satisfactory to the Bank. The bank is designated as the first payer of claims in the insurance policy. The Bank has the right to apply and/or set off any balance of the Borrower or funds/assets (including, but not limited to, property, assets, securities, shares, shares, shares and the like) belonging to the Borrower(s) that fall into the bank`s hands for the repayment of the Loan under this Agreement or any other agreement in the event of default. The exercise of such a right binds the borrower(s) 1% of the amount of the loan + interest from the date of disbursement until receipt of the request for cancellation of the cancellation request, which must be received within 30 days of the date of reservation of the loan or the 1st date of presentation EMI, whichever is the earlier.
Courier whose cancellation is treated as an attachment iv) The borrower acknowledges that the type of ECS/SI repayment in favour of the bank will be issued in advance for the payment of the EMIs. The Bank may at any time, at its sole discretion and upon notice to the Borrower, require repayment of the Loan and the associated fees. The Borrower will only revoke the ECS/SI method for the payment of EMIs during the term of this Contract with the prior consent of the Bank. In the event that the Borrower withdraws his consent to participate in the ECS/SI mode without obtaining the prior written consent of the Bank, this will be considered an “event of default” as defined in this Agreement, the Bank will have the right to immediately recall the Loan without informing the Borrower. Notwithstanding the provisions contained herein, the Bank has the right to bring criminal proceedings or take any other available action/remedy against the Borrower under applicable laws. (c) the unused/untaken amount by the previous borrower/lender shall be adjusted to the amount of outstanding principal as a partial advance of the loan amount by translating the EMI into a loan and keeping the loan term constant; 27. The borrower signed after examining and understanding the content of that document at the end of the calendar ….