This Loan Agreement ("Agreement") sets forth the terms and conditions under which you ("Borrower") may borrow money through the TitanLoan mobile application (the "App"), provided by JADS SERVICES PRIVATE LIMITED("Lender," "we," "us," "our," or "Company").
TitanLoan is a loan service app operated by JADS SERVICES PRIVATE LIMITED, a Non-Banking Financial Company (NBFC) registered in India. As an NBFC, JADS SERVICES PRIVATE LIMITED is authorized and certified to act as a loan provider in accordance with Indian law. The Company has granted TitanLoan the rights to offer loan services on its behalf (the "Platform"). The Platform is responsible for facilitating the loan process, including application, approval, disbursement, and repayment, on behalf of the Lender. We are incorporated under the laws of India with the Corporate Identification Number (CIN) U74899DL1979PTC009570. Our registered office is located at 108 Ansal Bhawan, 16 Kasturba Gandhi Marg, New Delhi, Delhi, India - 110001. For more information, please visit our official website at www.jadsservices.com.
By accepting this Agreement, you, the Borrower, agree to the terms and conditions contained herein, including any amendments or updates that we may provide from time to time. Please read this Agreement carefully before proceeding with any loan application through the Platform.
Lender: JADS SERVICES PRIVATE LIMITED, an NBFC authorized to provide loans in India.
Borrower: The individual who applies for and receives a loan through the TitanLoan App.
Platform: TitanLoan, the mobile application operated by the Lender to facilitate the provision of loan services.
By using the Platform, the Borrower acknowledges that TitanLoan has the right to provide loan services on behalf of the Lender and that all loan transactions are governed by the terms of this Agreement.
Loan Amount: The borrower can apply for a loan amount ranging from ₹1,000 to ₹100,000, depending on their eligibility and the lender’s approval.
Daily Interest Rate: The loan carries a daily interest rate of 0.05%, which will be applied to the principal amount of the loan. The total interest payable will be calculated based on this daily rate for the entire duration of the loan term.
Notification of Interest Rate Changes: Any changes to the interest rate will be communicated to the borrower via email. It is the borrower’s responsibility to keep their contact information up to date and monitor any notifications from the lender.
Loan Term: The loan term is set for 90 days from the date of disbursement. This means that the borrower is required to repay the full loan amount, along with any applicable interest and fees, within 90 days.
Repayment Schedule: The loan is to be repaid in a single installment at the end of the 90-day term. The borrower must ensure that the payment is made on or before the due date to avoid any late fees or penalties.
At the Time of Application:
Service Charge: A one-time service fee is applied when the loan is processed. This fee is a percentage of the loan amount and is deducted from the disbursed amount.
GST: An 18% Goods and Services Tax (GST) is applicable on the processing fee, which is also deducted at the time of loan disbursement.
Total Interest: Interest on the loan will accrue daily at the rate of 0.05% and will be compounded based on the total outstanding principal amount.
Service Fee: A service fee of 5% of the loan amount is charged, inclusive of taxes, and is part of the overall cost of the loan.
Interest: The daily interest is calculated based on the agreed rate of 0.05% per day on the principal loan amount. This interest is added to the total loan amount due at the end of the loan term.
Late Interest: No additional interest is charged on late payments beyond the standard interest rate.
Late Fee: If the borrower fails to make the payment on the due date, a late fee of 1% of the outstanding amount will be charged per day for each day the payment remains overdue. This late fee will continue to accrue daily until the payment is made in full.
Default Terms: If the borrower fails to repay the loan within the specified term, the lender may take legal action or report the default to credit bureaus, potentially affecting the borrower’s credit score and future borrowing capability.
Prepayment Fees: There are no prepayment fees or penalties for repaying the loan before the end of the loan term. Borrowers are encouraged to repay the loan early if possible to reduce the amount of interest accrued.
The borrower must comply with specific conditions throughout the loan term. These include maintaining stable employment or a consistent income source, promptly notifying the lender of any significant financial changes, and not taking any actions that could negatively impact their ability to repay the loan. The borrower also agrees to provide updated financial information upon request and to adhere to all terms outlined in the loan agreement. Failure to meet these conditions could lead to penalties, increased interest rates, or loan default.
We collect and use your data to provide, improve, and personalize our services. This includes personal details, financial information, and usage data. We ensure your data is handled in accordance with our privacy policy and applicable data protection laws. We do not share your data with third parties without your consent, except as required by law or for the service’s functionality.
The loan agreement complies with all relevant laws and regulations. We make mandatory disclosures regarding interest rates, fees, and borrower rights as required by law. Any legal requirements or changes in regulation affecting the agreement will be communicated to you.
Changes to the loan agreement must be documented in writing and agreed upon by both parties. We will notify you of any amendments to the terms, and such changes will only take effect once both parties have consented. If you disagree with any modifications, you may choose to terminate the agreement under the conditions specified.