DEFINITION AND INTERPRETATION:

COMMENCEMENT:

This Agreement shall come into effect from the date of execution of this Agreement.

SCOPE OF SERVICE:

The Parties agree that the Borrower shall register with Creditech in accordance with the policy issued by Creditech as amended from time to time in accordance with the provisions of law and guidelines issued under the Act.
The Parties agree that the Borrower has associated with Creditech to avail its services for the purpose of earning returns by investing in high return loans availed by credit-worthy Borrowerers through peer-to-peer lending.
The Parties agree that it shall be upon the sole discretion of Creditech, whether or not, to register a Borrower on its P2P Platform in accordance with its policy and registration / verification process, and Creditech's decision in this respect shall be final and binding and the Borrower shall not raise any contention / dispute in respect thereof.
All investments made under this Agreement shall be made by the Borrower by transferring the committed funds into the Creditech-Borrowers funding escrow account in accordance with the fund transfer mechanism contained in Clause 9 of the RBI Directions.

REGISTRATION:

Borrower agrees to register with Creditech for providing loans to eligible listed Borrowerers. Post online registration, Borrowers shall be allowed to create listings (“Listings”) on Creditech P2P Platform and can also view the other listed Borrower/ Borrowerer listings. Borrower's listing will be displayed and can make offers or accept requests only on successful verification. The verification process has been more particularly described in Clause 5 of this Agreement. Those Borrowers whose online registration is completed should submit the documents sought for verification by Creditech during the visit of Creditech personnel to the Borrower or upload online as the case may be and the same shall be completed within 3-5 working days from the date of registration on the P2P Platform.
Borrower hereby agrees to receive SMS transaction alerts posted by Creditech on any new registrations, loan closures, repayments, offers on loans, request from Borrowerers etc. Registered Borrower is availing the services on its own will and there will be no financial obligation of Creditech in case of legal disputes. The Borrowers are obliged to notify Creditech, of any change in mobile phone number or any other contact information provided on the P2P Platform pursuant to this Agreement or such other agreements entered for the purpose of lending and Borrowering. The registered members are allowed to opt out from receiving SMS transaction alerts by notifying Creditech in writing.
Borrower hereby allows Creditech to access, collect and display any public information available in the domain of Facebook /LinkedIn or any such social networking sites, on their P2P Platform. The registered Borrowers can however restrict either access, collection or display of information by notifying the same to Creditech in writing.

VERIFICATION AND AUTHORIZATION TO OBTAIN CREDIT REPORT

On successful completion of execution of this Agreement, the Borrowers are subject to verification. Verification process includes physical verification to check the correctness of data provided for online registration by the Borrower with proofs. Borrowers should provide the following list of documents at the time of physical verification by the Creditech team.
Identify Proof: Aadhaar card, PAN card, passport, driving license, ration card or such other document which are issued by government agency.
Address Proofs: Aadhaar card, Passport, driving license, ration card or such other documents which are issued by any government agency.
Additional Proofs:Employment contract, last 3 (three) months’ salary slips, details of existing loans whether secured or unsecured, six months’ bank statements and such other information / documents as required by Creditech. The exhaustive list can be seen on the website and also will be communicated through email.
Borrowerer hereby authorises Creditech to obtain credit report from Credit Information Bureau (India) Limited or such other organisation which provides such facilities not only for the first time on registration but at any time during his/her association with Creditech. The credit report shall be used for any purpose that is authorized by applicable law in connection with extension of credit transaction involving Borrowerer, including but not limited to :
To know the financial strength;
To understand the credit worthiness;
To make an informed lending decisions in an objective manner;
To evaluate the loan amount eligibility;
To enable quick loan approvals;
To regularly monitor the credit history; and
To assign ratings.
Creditech has the right to reject any Borrowerer application if any information provided by Borrowerer is inaccurate or incorrect.
Information on the above credit report will be displayed on Creditech’s P2P Platform along with Listing which will be accessible by the Borrower.
In case of any changes in the personal information of the Borrowerer provided after posting a listing, Borrowerer must either
Promptly notify Creditech of the change, or withdraw the Listing.
In the event of not notifying, Creditech at its sole discretion may take necessary action including removing the Listing.
The Borrowerer hereby agrees that documents sought by Creditech at the time of registration or anytime thereafter become part of the official record of Creditech and will not be returned. However on closure of the user account, Creditech will ensure that the same is removed or destroyed.

LISTINGS

Upon successful verification of the Borrowerer and once the loan application has been approved, subject to the agreement of the Borrowerer of the terms contained herein, the Listing shall be displayed on the P2P Platform and accordingly, he may receive offers or make requests for the funding of his loan.
The Listing shall comprise of the following credentials to be filled by the Borrowerer:
Purpose of Borrowering;
Amount required;
Tenure of loan;
Affordable Monthly EMI; and
Any other information such as but not limited to personal details, education and employment details, financial details, etc.
The above information shall be made public to all visitors on the P2P Platform. Once Creditech completes verification of the details and documents, the Listing shall be active. Then interested Borrowers may commit to fund all or a portion of the loan with specific requirements covering interest, term of repayment etc. Alternatively, the Borrowerer may make a request to the Borrowers to avail/request a loan. The Listing will be frozen once the Listing receives commitments equal to or exceeding the minimum amount required for the loan, unless the same is withdrawn prior to expiration of the Listing Period or additional Listing Period as the case may be. The Borrowerer shall not accept or reject individual offers for partial loan amounts. The Borrowerer may accept or reject offers only for the entire loan amount.
The loan application or the Listing, may be rejected on account of several factors like the Borrowerer’s ability to pay back, financial track records, CIBIL score, employment status, the ratio of your requested loan amount to the Borrowerer’s net income and expenses. Further, the loan application or Listing may be rejected in case of any previous failure to meet financial commitments, inconsistencies between the information provided and that recovered from background checks and credit history issues including prior defaults or insolvencies. Based on the aforesaid parameters, it shall be at the sole discretion of Creditech Creditech, whether or not to approve a loan application or Listing, and the Creditech’s decision in this respect shall be final and binding and the Borrowerer shall not raise any contention / dispute in respect thereof. Listing shall be open for a period of [listing_period] days (“Listing Period”). However, the Borrowerer can opt to close or withdraw the loan transaction before the expiry of the Listing Period. When sufficient commitments are not received for a Listing during the period mentioned above, Listing may be extended for additional [add_listing_period] days only for one time as per the conditions mentioned in this Agreement (“Additional Listing Period”). Listing once posted (like loan amount, purpose, why lend to me, other information etc.) cannot be modified; only certain sections such as photos/ videos may be modified. However, the same may be withdrawn subject to meeting the conditions as set forth in Clause 6.8 and new Listing may be posted subject to Clause 6.10.
Any person who visits the P2P Platform shall be able to view any Listing which shows the loan amount, interest rate willing to pay, loan tenure, purpose of Borrowering, and other details such as city of residence, education qualification, marital status, assets owned etc., and other information provided to Creditech. However, credit reports from third party agencies will only be viewable by the Borrowers.
The Borrowerer may withdraw his Listing after [applicationcancel_period] days prior to the expiration of the Listing Period or Additional Listing Period, as the case may be or prior to the disbursement of loan. After the expiration of Listing Period or Additional Listing Period, as the case may be, the Borrowerer shall not have any right to withdraw his Listing, and if a loan is made to the Borrowerer, he shall not have any right to rescind the loan. In the event that the Borrowerer does not accept the loan, Creditech may block his application for all future loans through the P2P Platform.
No Borrowerer shall make additional Listing during the subsistence of an already existing Listing.
If a Borrowerer withdraws his Listing during the Listing Period or Additional Listing Period as the case may be, he may post a new Listing:
Within 90 (ninety) continuous days containing the updated information: In such case, the Borrowerer need not go through the verification process. However, any change in address, employment, contact details etc. will require the Borrowerer to go through the verification process again.
After 90 (ninety) continuous days containing the updated information: In such case, the Borrowerer shall be subjected to the verification process again. Creditech reserves the right, in its sole discretion, to limit the number of re-listing of loans a Borrowerer can post or attempt to post on its P2P Platform.
In the event of expiry of the Listing Period or Additional Listing Period of the Listing, and if such Listing has not been funded sufficiently, the Borrowerer may post a new Listing.
The Borrowerer may post a Listing for a minimum amount of Rs. [min_listingamount] (Rupees [min_listingamount_word] ) and a maximum amount of Rs. [max_listingamount] (Rupees [max_listingamount_word]). The loan amount shall be in multiples of Rs. 10,000 and the maximum loan amount for any Borrowerer shall be determined by Creditech. In limited instances, the maximum loan amount may differ due to constraints based on other variables. Creditech may modify the aforesaid limits from time to time at its discretion. The Borrowerer acknowledges that he shall not avail more than one loan through Creditech.

MATCHING OF BORROWERS, COMMITMENTS, LOAN FUNDING AND LOAN TENURE

On posting a Listing, the Borrowerer may receive offers from one or many Borrowers.
Creditech will publish the maximum loan amount eligibility for each Borrowerer depending on certain parameters including but not limited to his income and existing debt.
Creditech shall begin the disbursal process on the occurrence of the below mentioned incidents, whereby, Creditech will liaison between the Borrower and the Borrowerer to execute the requisite documents required to enable the transaction. On completion of the requisite legal formalities / documentation between the Borrowerer and the Borrower including but not limited to signed Electronic Clearing System (“ECS”) form, post-dated cheques, National Automated Clearing House Mandate, executed Loan Agreements, etc., loan proceeds are disbursed within a period 3-5 working days from the Borrower’s escrow account to the Borrowerer’s designated bank account:
7.3.1 The Listing receives commitments upto a maximum of 100% before expiry of the Listing period and Additional Listing Period.
7.3.2 The Listing receives commitments equal to or exceeding the minimum amount required for the disbursement ([minthresh_disburse]% of the listed amount) before expiry of the Listing period and Additional Listing Period.
7.3.3 Prior Acceptance of the Borrowerer at the time of loan application to disburse the loan if the listing receives commitments less than the minimum amount required for the disbursement ([minthresh_disburse]% of the listed amount) and more than minimum amount required for the cancellation of listing ([thresh_cancel]% of the listed amount) at the expiry of Listing Period or Additional Listing Period.
Creditech accepts the best offers available against the Listing based on the lowest interest rate quoted by the Borrowers based on Creditech’s built-in system intelligence.
If the Borrowerer fails to abide by his commitment towards acceptance of the loan, his name will be delisted and he shall not be allowed to carry out any transaction on the P2P Platform in future.
A Listing may expire if the listing receives commitments equal to or less than the minimum amount required for the cancellation of listing ([thresh_cancel]% of the listed amount) at the expiry of Listing Period or Additional Listing Period.
Creditech may delay depositing the funds of a loan if it foresees and/or discovers any discrepancy in the accuracy of the information provided by the Borrowerer or Borrowers.
Creditech reserves the right to verify the accuracy of all information provided by Borrowerers, in connection with the Listing and loans through any of the available modes including by making a tele-call before, during or after the posting of a Listing, or before or after the funding of a loan. In case of any suspected fraud or inaccuracies in the information provided to it, Creditech reserves its right to cancel the funding at any point of time before disbursal. In the event a new Listing is found under the Borrowerer’s account on the P2P Platform prior to the funding of an existing Listing, Creditech may cancel the funding.
Borrowerers can Borrower loans for a maximum of 36 months. However, Creditech reserves the right to amend the tenure of loans from time to time. The loan tenure may be amended at any time before expiry of the Listing Period and until the loan amount has not been fully funded.

VIRTUAL WALLET

The Borrowerer may opt for a virtual wallet where he may park his money for the purpose of repayment of the loan amount to any Borrower. Money may be added in the virtual wallet by depositing funds in the Creditech – Borrowerer's escrow account.

FEE AND CHARGES

Creditech shall charge a registration fee, loan processing fee, collection fee, late payment fee and other charges, as the case may be, as specified on the P2P Platform or Loan Agreement. The same may be revised from time to time and the latest fee schedule shall be available on the P2P Platform.

LOAN REPAYMENTS

Loans repayments for each loan type may vary and may be revised from time to time. The latest repayment structures shall be available on the P2P Platform at any point in time.
The loan repayment for a bullet loan shall be a single frequency payment including the principal amount and accrued interest for the number of days the loan has been availed for.
The loan repayment for a personal loan shall be through equated monthly instalments (“EMI”) and the same shall be devised using Principal Reducing Balance Method.
10.3.1 An EMI is a fixed payment amount made by a Borrowerer to a Borrower at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a period of time, the loan is paid off in full.
10.3.2 The EMI schedule shall entail the following terms: The EMI repayment date which shall be the same day in the next month as the day on which the loan has been disbursed.
10.3.3 Every month EMI amount may or may not be auto-deducted from the Borrowerer’s bank account to the repayment escrow account. The Borrowerer may make repayments to the escrow account via direct debit, post-dated cheques, NEFT, RTGS, IMPS, UPI, demand draft or any other mode of payment as mentioned in the loan agreement.

Late fees

In case of delay in payment of equated monthly instalment or bullet repayment, the loan availed by the Borrowerer shall be considered delinquent and failed payment and late fees may be assessed. In the event of delay in payments, a late fee shall be levied based on the following criteria:
(i) The Borrowerer shall pay all EMIs and bullet repayment on the repayment date as mentioned in the loan agreement and as made available on the Borrowerer’s dashboard on the P2P Platform. In case the due EMI or repayment is not paid, a late payment penalty will be charged to the Borrowerer by Creditech at [penal_interest]% p.a. accrued on a daily basis.
Each month, the monthly loan payment may or may not automatically be withdrawn from the Borrowerer’s bank account. If the Borrowerer receives an email from Creditech that his payment has failed, it implies that his account has insufficient funds or that the bank account on file at Creditech is out of date or incorrect.
In either case, the Borrowerer will need to pay a failed payment fee and can fix the problem with no further penalty except by making a manual payment within 15 (fisteen) days past the due date.
In the event the Borrowerer’s bank account information is out of date, the Borrowerer shall add a new bank account first. In case there is any default in the payment, Creditech shall follow the delinquency schedule. The interest shall continue to accrue at all time, on the outstanding amount of the loan.
In the event Creditech ties up with any bank in the near future, the Borrowerer agrees to open a bank account with the Creditech designated bank through which all the loan transactions will be processed. In such a case, the Borrowerer agrees to make loan payments through ECS by maintaining an EMI Account. Till that period, Borrowerer agrees to provide post-dated cheques for the EMI amount for the total repayment amount at the time of loan disbursement.
The above conditions are subject to change at the sole discretion of Creditech and any such changes shall be available on the P2P Platform. These changes shall be effective for on-going loans as well as new loans.
The Borrowerer may prepay the loan subject to the payment of the foreclosure charges:
Only on the EMI due date and full outstanding amount.
The above conditions are subject to change at the sole discretion of Creditech and any such changes shall be made available on the P2P Platform. These changes shall be effective for all on-going loans as well as new loans.
Interest
Personalized interest rates are suggested to the Borrowerer as per his Risk Grade by an automated credit appraisal system that uses the personal and financial information provided by the Borrowerer to risk-assess and understand the strength of his credit profile. The interest rate thus assigned may range from [min_interest]% to [max_interest]%. Accordingly, the interest rate on the loan availed by the Borrowerer shall be communicated through the loan agreement.
The rate of interest applicable to the loan is compounded monthly and rests on the outstanding balance, namely the balance of loan and unpaid interest and costs, charges and expenses outstanding at the end of the month.
Upon repayment of the entire loan amount, interest thereon and any other fee and charges due to the Borrower or Creditech, the Borrowerer and the co-applicant / guarantor, shall stand discharged of all their obligations under this Agreement. Accordingly, once the total loan amount has been repaid in full along with all the dues, a loan closure certificate will be issued to the Borrowerer.
The Borrowerer hereby agrees and acknowledges that in the event there is a co-applicant or a co-guarantor along with the Borrowerer in respect of the loan availed through Creditech, under the Loan Agreement, executed between the Borrowerer and Borrower:
The co-applicant or the co-guarantor, as the case may be, shall be severally liable for repayment of the loan amount, interest and other fees and charges payable to the Borrower or Creditech by the Borrowerer; and
Creditech shall be entitled and at liberty to initiate legal proceedings against such co-applicant / co-guarantor on its behalf or on behalf of the Borrowers, as the case may be.

COLLECTION AND REPORTING OF DELINQUENT LOANS

Creditech shall proactively start communicating with the Borrowerer 5 (five) days prior to a repayment being due to ensure repayments are made on time.
In the event, the cheque is dishonoured or the EMI remains unpaid for 5 (five) days after the repayment is due, Creditech shall make an attempt to contact the delinquent Borrowerer via email (first written notice), SMS or phone.
If the ECS or cheque is dishonoured then Creditech shall attempt to contact the Borrowerer to inform and collect the EMI amount and charges, as applicable, proactively.
If the EMI is not received within 5-30 days after the repayment due date, further attempts will be made by the collections team to contact the Borrowerer and arrange for immediate repayment. Notice of adverse credit may also be reported to credit bureaus at this point.
Creditech shall issue to the Borrowerer a ‘Due Letter’ on completion of 45 (forty-five) days from the date the repayment is due and shall issue a ‘Recall Letter’ on completion of 75 (seventy-five) days from the date repayment is due.
If no attempt at resolution is made in the next 30-90 days, the case is then handed to Creditech’s concerned team. However, at this point the aim is still to retrieve repayment, and the collections team will continue to work with the delinquent Borrowerer to reach an amicable solution.
If no attempt at reparation is made post 90 (ninety) days from when the repayment is due, the loan will move into a ‘Non-Performing Asset (“NPA”)’ state, and the case will handed over to an outsourced recovery team. If applicable, Creditech will also begin legal proceedings on behalf of the Borrowers in accordance with the terms of this Agreement. At this stage, the Borrowerer shall be classified as a defaulter.
To secure the interest of the Borrower, or if Creditech deems it so necessary, it may initiate legal proceedings any time against the Borrowerer for the purpose of repayment without necessarily adhering to the process stated in the extant clause.
The Parties agree that the process of collection and reporting of delinquent loans may be changed / altered / modified any time by Creditech without prior notice to the Borrowerer.

OBLIGATIONS

Company Obligations:
After freezing the Listing either in the Listing period or Additional Listing Period, Creditech shall liaison between the Borrowers and the Borrowerer to execute the required legal documents which will bind both the parties till the clearance of all the payments.
Creditech shall be responsible for the actions of its service providers including recovery agents and the confidentiality of information pertaining to the Borrowerer that is available with the service providers.
Creditech shall become a member of all Credit Information Companies (“CICs”) and submit data (including historical data) to them.
Creditech shall disclose to the Borrowerer, details about the Borrower(s) including proposed amount, interest rate offered but excluding personal identity and contact details of the Borrower(s).
Creditech agrees and acknowledges to:
(i) Keep the credit information (relating to Borrowerer transactions on the platform) maintained by it, updated regularly on a monthly basis or at such shorter intervals as may be mutually agreed upon between Creditech and the CICs; and
(ii) Take all such steps which may be necessary to ensure that the credit information furnished by it is up to date, accurate and complete;
Creditech agrees and acknowledges to:
(i) Undertake due diligence of the participants i.e. the Borrowerers and Borrowers;
(ii) Undertake credit assessment and risk profiling of the Borrowerers and disclose the same to their prospective Borrowers;
(iii) Require and obtain prior and explicit consent of the participant to access its credit information;
(iv) Undertake documentation of loan agreements and other related documents;
(v) Provide assistance in disbursement and repayments of loan amount; and
(vi) Render services for recovery of loans originated on the platform.
Creditech shall ensure that the staff are adequately trained to deal with the Borrowerer in an appropriate manner and shall not resort to harassment viz; persistently bothering the Borrowerers at odd hours, use of coercion for recovery of loans, etc.
Creditech shall ensure that any information relating to the Borrowerer, received by it, is not disclosed to any third party, without the consent of the Borrowerer.
Creditech provides for a Board approved policy to address grievances / complaints of the Borrowerer. Complaints shall be handled / disposed of by Creditech within such time and in such manner as provided for in its Board approved policy, but in any case not beyond a period of one month from the date of receipt of the grievance / complaint.
Creditech shall ensure that the technology driving the P2P Platform is scalable to handle growth in its business. Adequate safeguards shall be built in its IT systems to ensure that it is protected against unauthorized access, alteration, destruction, disclosure or dissemination of records and data.
Creditech provides for a Board approved business continuity plan in place for safekeeping of information and documents and servicing of loans for full tenure in case of closure of the platform.
Creditech shall immediately notify RBI in the event of any breach of security and leakage of confidential customer related information. In these eventualities, Creditech would be liable to the Borrowerer for any damages.

Borrowerer Obligations:
To provide accurate and true information that is sought by Creditech for validating documents for the purpose of registration, verification, listing, disbursal, collection, repayment, recoveries, and all other acts specified under this Agreement.
To provide certified true copies of the documents sought for in respect of the aforesaid purposes.
To comply with the Terms of Use for the P2P Platform, Privacy Policy and any other rules or policies on the P2P Platform or any terms and conditions set forth under this Agreement or any other agreement, any of which may be amended from time to time by Creditech at its sole discretion.
To repay the entire loan amount along with interest due thereon and any other fee and charges payable to the Borrowers or Creditech within the time specified under this Agreement or any other agreement, without any default or delay.
To cooperate with Creditech with the information / documents sought from time-to-time for the purposes mentioned in the Agreement.
To provide a certificate to Creditech certifying that the aggregate loans taken by him at any point of time (including the one sought to be availed through Creditech), across all NBFC-P2Ps does not exceed Rs. 10,00,000 (Rupees [Ten Lakhs only]) or such other amount as may be prescribed from time to time under the RBI Directions or such other law, rules, regulations or guidelines that may be issued in this regard, from time to time.
The Borrowerer agrees that, in connection with any Listing, Borrower commitments, loans or other transactions involving or potentially involving Creditech, he shall not:
(i) Make any false, misleading or deceptive statement(s) or omit any material fact;
(ii) Misrepresent his identity, or describe, present or portray himself as a person other than himself;
(iii) Give to or receive from, or offer or agree to give to or receive from, any Borrower or other person connected to Creditech any fee, bonus, additional interest, kickback or thing of value of any kind, including in exchange for such person’s commitment, recommendation, or offer or agreement to recommend or make a commitment with respect to the Listing;
(iv) Represent himself to any person as a director, officer or employee of Creditech;
(v) Post any content on the website of Creditech, which may be abusive, harmful or defamatory to Creditech and / or to other members on the site, whether textual or pictorial; and
(vi) To either accept or reject the loan offer prior to expiration of Listing period or Additional Listing Period, as the case may be.

REPRESENTATIONS AND WARRANTIES

Creditech and the Borrowerer represent and warrant that they have not withheld or misrepresented any material information which could have an adverse effect on any act, transaction or any other aspect contemplated under this Agreement. Each Party to the Agreement makes the following representations and warranties with respect to itself, and confirms that they are, true, correct and valid: It has full power and authority to enter into, deliver and perform the terms and provisions of this Agreement and, in particular, to exercise its rights, perform the obligations expressed to be assumed by and make the representations and warranties made by it hereunder; Its obligations under this Agreement are legal and valid, binding on it and enforceable against it in accordance with the terms hereof; and The parties to the Agreement warrant and represent to have the legal competence and capacity to execute and perform this Agreement.
Creditech represents and warrants that:
shall act as an intermediary providing an online marketplace or platform to the participants involved in peer to peer lending and shall not raise deposits as defined by or under Section 45I(bb) of the Act or the Companies Act, 2013;
Not lend on its own;
Not provide or arrange any credit enhancement or credit guarantee;
Not facilitate or permit any secured lending linked to its platform; i.e. only clean loans will be permitted;
Not hold, on its own balance sheet, funds received from Borrowers for lending, or funds received from Borrowerers for servicing loans etc.;
Not cross sell any product except for loan specific insurance products;
Not permit international flow of funds;
Ensure adherence to legal requirements applicable to the participants as prescribed under relevant laws; and
Store and process all data relating to its activities and participants on hardware located within India.

RESTRICTIONS ON USE

Borrowerer shall represent him as himself and as no other third party.
Borrowerer is not authorized or permitted to use or avail the services of Creditech to make requests for someone other than himself.
All the transactions carried out by the Borrowerer shall be solely by and for himself and from his bank account.

NO GUARANTEE

Creditech does not guarantee that the Listing will be matched with any Borrower commitments, or that the Borrowerer will receive a loan as a result of posting a Listing.

TERMINATION

This Agreement may be terminated:
By mutual written agreement of the Parties;
If any laws or regulations or any amendments thereto makes the transaction or the Agreement illegal, or is otherwise prohibited by law or by an order, decree or judgement of any court or governmental body having competent jurisdiction;

Termination by Creditech:
Creditech may, at its sole discretion, with or without cause, terminate this Agreement and registration with it, at any time, by giving notice to the Borrowerer.
In case of non-compliance of the Borrowerer’s obligations mentioned under Clause 12.2 of this Agreement, involvement of the Borrowerer in any prohibited or illegal purpose or the Borrowerer’s failure to abide by the terms and conditions of this Agreement or the terms and conditions of Creditech or any law of the land, or upon such determination in connection with registration / loan offer, Creditech may, at its sole discretion, immediately and without notice, take one or more of the following acts:
(i) terminate or suspend the Listing for requested loan on its P2P Platform;
(ii) terminate this Agreement and registration with Creditech; and
(iii) Upon termination of this Agreement and registration with Creditech, all loans disbursed and originated from Creditech will still hold good.
Creditech may, by giving notice to the Borrowerer, terminate this Agreement if there has been a material misrepresentation or breach of a representation and warranty or breach of covenant on the part of the Borrowerer.
Creditech may, by giving notice to the Borrowerer, terminate this Agreement if any event or circumstance occurs which, in the opinion of Creditech, could have a material adverse effect on the fulfilment of the obligations of the Borrowerer under this Agreement.
In the event of any failure to fund the loan after commitment, the Borrowerer shall not be eligible to browse any further Listings and his access to the P2P Platform shall be restricted.

Termination by Borrowerer:
A Borrowerer is entitled to terminate this Agreement, at any time, after giving a notice to Creditech, provided that:
No outstanding amount/ dues in Borrowerer’s Account;
No active Listing on the P2P Platform.
A Borrowerer may terminate this Agreement if the Borrowerer has an active Listing, provided that the Borrowerer, subject to the terms and condition contained in this Agreement, withdraws the Listing from the P2P Platform.
Consequences of Termination
Upon termination of this Agreement and registration with Creditech, any Listing which is not funded shall be cancelled and shall be removed from the P2P Platform forthwith. The Borrowerer’s obligations specified in this Agreement shall subsist for the loans funded prior to the effective date of termination of this Agreement and registration with Creditech.

RIGHT TO MODIFY TERMS

For the reasons specified in Clause 17.2, Creditech reserves the right to modify the terms of this Agreement and / or its Terms of Use and / or its Privacy Policy and / or any other agreement involving the Borrowerer. Such changes shall not apply retrospectively.
Creditech will be at liberty to modify the terms, from time to time, without consent of the Borrowerer, due to any of the following reasons:
To make the terms clearer;
To make changes to its products and services, to introduce new products or services or to withdraw products or services that Creditech no longer offers;
To change its existing services owing to the changes and innovation in technology, systems, processes, business procedures and / or policies;
To adapt to changes in law, regulation, industry guidance or a decision of a competent court or any regulation formed by the RBI from time to time.
Modifications stated in this clause shall be communicated to the Borrowerer and also made available on the P2P Platform.

INDEMNIFICATION

Each Party shall, at all times, at present and thereafter, defend, indemnify and hold harmless the other Party, its employees, officers, directors, agents, representatives from and against any and all liabilities, suits, claims, actions, proceedings, losses, damages, judgments and costs, of any nature whatsoever (including Attorney’s fees) caused due to non-compliance of the terms and conditions of this Agreement, breach of representation and warranties, beach of covenants, or non-compliance of any applicable laws and regulations, breach of the confidentiality obligations and infringement of third-party intellectual property rights, damage to any third party’s property or body. This clause shall survive the expiry or termination of this Agreement.

FORCE MAJEURE

No Party shall be liable to the other if, and to the extent, that the performance or delay in performance of any of its obligations under this Agreement is prevented, restricted, delayed or interfered with, due to circumstances beyond the reasonable control of such Party, including but not limited to, government legislations, fires, floods, explosions, epidemics, accidents, acts of God, wars, riots, strikes, lockouts, or other concerted acts of workmen, acts of Government and / or shortages of materials, hacking, unanticipated technological or natural interference or intrusion, loss or damage to satellites, loss of satellite linkage or any other data communications linkage, loss of connectivity or any other irresistible force or compulsion.
The Party claiming an event of force majeure shall promptly notify the other Party in writing and provide full particulars of the cause or event and the date of first occurrence thereof, as soon as possible after the event and also keep the other Party informed of any further developments. The Party so affected shall use its best efforts to remove the cause of non-performance, and shall resume performance hereunder with the utmost responsibility when such cause is removed.

GOVERNING LAW AND JURISDICTION

This Agreement shall be governed by and construed in accordance with the laws of India and, courts of [Delhi], India shall have exclusive jurisdiction over all matters arising pursuant to this Agreement.

NOTICES

All notices under this Agreement shall be written in English and shall be sent by hand or by courier or by facsimile or by electronic mail to the applicable Party at the address / contact details indicated as in the description of Parties or to such other address as any Party shall designate by written notice to the other Party and shall be deemed to be given only when delivered by personal delivery or by courier or by electronic mail at the above mentioned address.

AMENDMENT AND ASSIGNMENT

Any amendments to this Agreement shall be legally valid and binding on each of the Parties, if made in writing and signed by each of the Parties. No Party shall be entitled to transfer or assign any rights or obligations under this Agreement to third parties without informing the other Party and obtaining the prior written approval of such other Party.

WAIVER

The failure of any Party to insist, in one or more instances, upon strict performance of the obligations of this Agreement, or to exercise any rights contained herein, shall not be construed as waiver, or relinquishment for the future, of such obligation or right, which shall remain and continue in full force and effect. No waiver of any breach of any provision of this Agreement shall be effective or binding unless made in writing and signed by the Party purporting to give the same and, unless otherwise provided in the written waiver, shall be limited to the specific breach waived.

SEVERABILITY

A provision contained in this Agreement is enforceable independently of each of the others and its validity will not in any way be affected by the invalidity or unenforceability of any other provision hereof. If any provision of this Agreement is held to be illegal, invalid or unenforceable under any applicable law from time to time: (a) such provision will be fully severable from this Agreement; (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof; and (c) the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance here from.

ENTIRE AGREEMENT

This Agreement contains the whole agreement and understanding between the Parties with regard to the matters dealt with in this Agreement and unless provided otherwise supersedes any prior agreement, understanding, arrangement or promises, whether written or oral or whether subsisting or expired, relating to the subject matter of this Agreement The Parties expressly acknowledge that, in relation to the subject matter of this Agreement, each of them assumes no obligations of any kind whatsoever other than as expressly set forth in this Agreement.

COUNTERPARTS

This Agreement may be executed simultaneously in more than one counterpart each of which shall be deemed to be an original but all of which shall constitute the same instrument.
IN WITNESS WHEREOF, the Parties hereto executed these presents on the day, month and year first above mentioned.