MOST IMPORTANT TERMS & CONDITIONS (MITC) APPLICABLE TO HEAD FINANCIAL SERVICES.
I (“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 Loan from the HEAD FINANCIAL SERVICES
and I accept and agree the same.
At my request and based on the information/ details provided by me , the HEAD
FINANCIAL SEREVICES., a company within the meaning of Companies Act,2013 and
having its registered office at No.615A, Vedhachalapuram, Karur (‘HFS/Lender’) has
granted/ agreed to grant a Consumer Durable Loan, Business Loan, Salaried Personal
Loan, (“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 in the Schedule issued to me by the Company.
The Company has granted/ agreed to grant the Loan solely for the purchase of consumer
durable product(s). I hereby declare that I shall not utilise the proceeds of the Loan for any
purpose which is in violation of applicable laws.
I understand and acknowledge that the Lender shall have the absolute discretion, without
assigning any reason to reject my loan application at any stage and that the Lender shall
not be responsible/liable in any manner whatsoever for such rejection.
I understand and confirm that the Lender will sanction the loan/facility at their sole
discretion. The Lender reserves the right to decide my eligibility for the Loan as per their
internal policies and guidelines.
I hereby expressly consent and authorise the Lender/ its representatives/
agents/representatives/partners/Business Correspondents/ its business partners/ its
group companies/ affiliates to initiate CIBIL, PAN, 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 Consumer Durable Loan 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 Company
directly to the Merchant from whom I will purchase the consumer durables upon
completion of the required formalities. I further acknowledge that the Loan disbursed by
the Company directly to the Merchant shall be deemed to be disbursement of the Loan to
me by the Company.
I understand that the 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.
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 in the e-mail. The payment of EMI
shall not be dependent or conditional upon any dispute between me and the Merchant or
any other event, and I shall make payment of the EMIs on due dates as per the repayment
terms specified in the e-mail regardless and despite any such dispute or event. All the
applicable interest, penal interest, additional interest, costs, expenses and charges shall be
repaid by me without any demur or delay.
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 undertake and confirm that I shall provide e-NACH mandates through Net Companying
or Debit Card authentication in favour of the Lender for facilitating the payment of the
EMIs in respect of the Loan on the relevant due dates of repayment without demur. I shall
maintain sufficient balance in my operative account/s in respect of which e-NACH
mandates have been provided for the payment of the EMIs of the loan/facility on the due
dates.
I understand and acknowledge that the interest will be applied on the daily balance
outstanding in the loan account from the date of disbursal of the loan or part thereof. 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 acknowledge and understand that any Electronic payment Mandate without realization
shall attract charges and I shall pay the Lender return charges at applicable rates in case of
return of any electronic payment mandate including e-NACH Mandates. I shall also pay
charges for further presentation of NACH mandates.
I confirm and declare that I shall not at any time cancel/stop the e-NACH mandate/s or
close the Company accounts in respect of which e-NACH mandates have been
drawn/issued and/or issue any communication to the Lender for stopping or postponing
the presentation of the said Electronic Mandates and any such communication if sent shall
be regarded as a dishonour and constitute default of the terms of this MITC. In any event
the e-NACH mandate is stopped , revoked or cancelled by me without the prior written
consent of the Company, Company shall be entitled to recall the loan/facility forthwith and
I shall be liable to pay the entire outstanding in the loan account along with applicable
interest, charges, expenses and costs.
I accept and acknowledge that the Statement of Accounts provided by the Company shall
be conclusive proof of correctness of the accounts.
I declare that in case any refund is sought by me for the consumer durable Product/s from
the Merchant or its Agent or the manufacturer, I shall forthwith remit the amount
mandatorily and fully towards repayment of the Loan.
I agree and understand that the approved loan will be valid only for a period of one
month from the date of sanction.
The Company reserves the right at any time, without previous notice, to add, alter, modify,
change or vary all or any of these terms and conditions.
