KEY TERMS OF THE AGREEMENT
We have summarized the key terms of the User Loan Agreement for your convenience here. However, please note
that this summary is not part of the User Loan Agreement and you must read the entire agreement below before
clicking the “I Agree” tab:
Sr.
No
Parameter
Loan amount (amount disbursed/to be disbursed to
the borrower) (in Rupees)
Total interest charge during the entire tenor of the
(ii)
loan (in Rupees)
(iii)
Other up-front charges (in Rupees)
(a)
Processing fees (Including GST) (in Rupees)
(b)
Insurance charges (in Rupees)
(c)
Other (in Rupees)
(iv)
Net disbursed amount ((i)-(iii)) (in Rupees)
Total amount to be paid by the borrower (sum of (i),
(v)
(ii) and (iii)) (in Rupees)
Annual Percentage Rate - Effective annualized
interest rate (in percentage) (computed on net
(vi)
disbursed amount using IRR approach and reducing
balance method)
(vii) Annual Rate of Interest
(viii) Tenor of the Loan (in months)
(ix)
Repayment frequency by the borrower
Number of instalments of repayment (EMI) Detailed
(x)
Repayment Schedule is available in Schedule A of
the Loan Agreement
(xi)
Amount of each instalment of repayment (in Rupees)
Details about Contingent Charges
(i)
Details
20000.00
3343.90
0.00
0.00
Nil
Nil
20000.00
23343.90
35.90
35.90
9 Months
Monthly
9
2568.00
EMI Penalty Charge (inclusive of GST) shall be
levied for default in payment of each EMI amount,
per instance, as per the below slabs for each
period of delayed payment:
EMI Penalty Charges:
(xii)
(xiii)
Description on applicability: (applicable on delayed
payments from the EMI due date (calculated on a
monthly basis)) If there is delay in payment of EMI
as per the due dates set out in Schedule A of the
Loan Agreement, EMI penalty charges (inclusive of
GST) as per the applicable slabs shall be levied on
each overdue installment of EMI amount on every
specified period of default as mentioned in the
column titled ‘Details’.
Closure of Loan Account if the Borrower
forecloses before the EMI due date.
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
Delay in EMI
Payment - Days
Past Due Date
1st day after due
date
8th day of due
date
15th day of due
date
22nd day of due
date
Total EMI Penalty
Charges (inclusive
of GST)
10% of EMI amount
15% of EMI amount
20% of EMI
amount
25% of EMI amount
It is hereby clarified that EMI penalty charges shall
be applicable per instance of delayed EMI payment,
per the slabs and corresponding period of default
mentioned above.
If the Borrower exits a loan after 3 (three) days of
execution of this Agreement, the Borrower’s loan
account shall be foreclosed in the manner set out in
Clause 1.5 of the Loan Agreement. However, the loan
closures shall be effective on the next EMI due date
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
immediately after the foreclosure payment has been
received. For foreclosing the loan, the Borrower shall
pay the outstanding principal amount together with
interest payable on the loan closure date, i.e. the
next EMI date and any other charges if applicable.
Costs of Recovery and Enforcement (costs incurred
towards recovery of delayed EMI payments and
(e)
costs incurred in the event of breach of the Loan
Agreement by the Borrower) (if any)
Other disclosures
Cooling off/look-up period during which borrower
(xiv) shall not be charged any penalty on prepayment of
loan
Details of LSP acting as recovery agent and
(xv)
authorized to approach the borrower
(xvi)
Name, designation, address and phone number of
nodal grievance redressal officer designated
specifically to deal with FinTech/ digital lending
related complaints/ issues
As per actuals
3 days
Can be accessed here: https://navi.com/finserv/
governance/other-regulatory-disclosures
Name: Sadiya Naz
Designation – Customer Grievance Redressal
Officer
Address – Navi Finserv Limited, 2nd Floor, Vaishnavi
Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
Email – grievance@navi.com
Name: Abhijeet Paul
Designation – Customer Grievance Redressal
Officer (DLA)
Address – Navi Finserv Limited, 9th Floor, Vaishnavi
Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
Email – grievance.ntl@navi.com
This is a system generated Key Terms
1. Minimum Annual Household Income: The Borrower hereby represents and warrants to the Lender that the
Borrower’s annual household income is more than Rs. 3,00,000 (Rupees Three Lakhs). For this purpose, the term
‘household’ shall mean an individual family unit, i.e. husband, wife and their unmarried children who are above the
age of 18 years.
2. Communication of Changes by You: You must inform the Lender of any changes to your contact details, banking
details, AADHAAR and PAN Information immediately.
3. Communication of Changes by the Lender: The Lender shall inform You of any changes to the conditions under
the Loan Agreement (including changes to the interest rate, charges, method of levy of interest rate/ charges, penal
interest/ charges, default interest/ charges, etc.). These changes shall be notified by the Lender in the manner
provided in the Navi Terms of Use and Navi Privacy Policy. The Borrower may reach out to the Lender via
help@navi.com
4. Auto-Debit: You will issue appropriate auto-debit instructions for your Bank Account to repay the EMIs, prior to
disbursal of Loan Amount. These cannot be changed or cancelled during the term of the loan. If you modify or
cancel these instructions, then all amounts due will be immediately payable.
5. Dispute Resolution: Any disputes arising out of or related to the Agreement shall be resolved in the manner set
out in Clause 8.3 below.
6. Terms of Use and Privacy Policy: The Terms of Use and Navi Privacy Policy on the Navi mobile app which is made
available by Navi Technologies Limited (formerly known as Navi Technologies Private Limited) govern the manner in
which you may avail, use and repay the loan amount (hereinafter referred as the “Navi Terms of Use” and “Navi
Privacy Policy” as the case may be). The Navi Terms of Use and the Navi Privacy Policy are available here and here,
respectively. The Foreclosure Terms of Use which is available on the Navi App and is available here, is also
applicable to you.
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
User Loan Agreement
Please make sure that you read this Agreement as it provides the terms of your loan. This Agreement will be
available for viewing for a period of 7 (seven) days, however, the Lender reserves the right to withdraw the offer at
any time prior to your acceptance. If you do not agree with this Agreement, you may still withdraw your loan
application. However, if you accept the Agreement, by clicking the “Get Cash” at the bottom of this Agreement, you
will immediately be bound the terms of this Agreement.
This User Loan Agreement (“Agreement”), along with the Navi Terms of Use and Navi Privacy Policy Policy on the
Navi mobile app which is made available by Navi Technologies Limited (formerly known as Navi Technologies
Private Limited) (“Navi”) govern the manner in which you (“you”, “your” or “Borrower”) may avail, use and repay the
Loan Amount. The Loan Amount is provided to you by Navi Finserv Limited (formerly known as Navi Finserv Private
Limited) (“Lender”), having its registered office at AMR Tech Park, 2nd Floor, No. 23 & 24, Hosur Road, Bommanahalli,
Bengaluru, Karnataka – 560068.
The Lender, and Borrower are hereinafter collectively referred to as the “Parties” and individually, as a “Party”.
Background
A. The Lender is a non-banking financial company registered with the Reserve Bank of India, issuing loans to
various third-party borrowers across India.
B. The Lender has engaged Navi to facilitate the process of application, disbursal and repayment of loans from/to
the Lender through the Navi mobile app.
C. The Borrower has applied for a loan, for the amounts (“Loan Amount”) as specified in Schedule A, from the
Lender through the Navi mobile app. The Borrower has agreed to the Terms of Use and Privacy Policy of the
said app.
Parties agree to the follows:
1. Provision of Loan and Charges
1.1. Loan Amount: Subject to the Borrower providing accurate information on the Navi app, within 24 (twenty four)
hours of the Borrower agreeing to the terms of this Agreement, by clicking the “Get Cash” tab, the Lender shall,
after deducting Processing Fees (defined below and if applicable) and applicable taxes from the Loan Amount,
transfer the remaining Loan Amount to the Borrower’s bank account, as per the details provided by the Borrower
on the Navi app. The aforesaid time-frame of 24 (twenty four) hours is subject to uninterrupted availability of
banking channels.
1.2. Processing Fees: Not Applicable
1.3. Interest, Tax and Charges:
1.3.1 Interest Rate: The Lender shall charge the Borrower a scheduled interest on the Loan Amount as provided in
Schedule A. For the avoidance of doubt, it is hereby clarified that the interest rate set out in Schedule A is an
annual interest rate that accrues on a daily basis vis-à-vis the principal Loan Amount. For example, if the Interest
Rate payable on the Loan Amount is 30%, this means that it would accrue daily, at the rate of 30% for the year,
which would be 0.082% per day (i.e. 30÷365).
1.3.2 Tax and Charges: The Borrower shall pay all taxes (including stamp duty) payable under or pursuant to this
Agreement and any other costs associated with the transaction contained herein.
1.4. Repayment Process: The Borrower shall repay the Loan Amount, together with Interest due and other
applicable charges, by way of equated monthly installments in the manner as provided in Schedule A (“EMIs”). All
repayments to be made under this Agreement shall be made through the Navi mobile app using electronic
banking channels or other methods available thereupon. Instructions for repayment through auto debit, in
accordance with the Lender’s specification, must be issued by the Borrower with respect to the Borrower’s
designated bank account (“Bank Account”) prior to disbursal of Loan by the Lender.
1.5. Foreclosure of Loan
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
1.5.1 Foreclosure of Loan after the cooling off period: If the Borrower exits a loan after 3 (three) days of execution
of this Agreement, the Borrower can foreclose the loan, in the manner set out in this Clause. However, the
closure of the Borrower’s loan account shall be effective on the next EMI due date immediately after the
Foreclosure Payment has been received. For foreclosing the loan, the Borrower shall pay the outstanding
principal amount together with interest payable on the loan closure date, i.e. the next EMI date and any other
charges if applicable (“Foreclosure Payment”).
1.5.2 Effect of Foreclosure: The updated status of the Borrower’s loan account upon foreclosure shall be reflected
only on the applicable EMI due date provided in Clause 1.5.1. As a result, the Borrower’s account status will be
updated with the credit information companies by the Lender on or after the applicable EMI due date. The
Borrower may download the loan account statement upon making the Foreclosure Payment from the Navi App
or contact help@navi.com for the loan account statement. The Borrower shall be eligible for a No-due certificate
only on the applicable EMI due date.
1.5.3 The Borrower hereby agrees that the Foreclosure Terms of Use which is available on the Navi App and is
available here, is also applicable to the Borrower.
1.6. Revisions to Repayment Schedule: The Borrower may by issuing an email to help@navi.com, request a change
in the period for repayment of the Loan Amount. The Lender may, at its sole discretion, agree to such a request
and in such event, a revised repayment schedule will be generated and incorporated into Clause 5 (Repayment
Schedule) of Schedule A. Once you have made such a request your approval for the amendment to Schedule A to
capture this request is deemed to have been obtained.
1.7. EMI Penalty Charges:
1.7.1. In the event the Borrower fails to pay his or her EMI (along with any other fees or charges that might
have accrued) on the respective due date set out in Schedule A, the Borrower shall be liable to pay
additional EMI Penalty Charges (inclusive of GST), along with additional taxes, if applicable, levied on each
delayed payment of EMI amount as per the slabs mentioned below for every specified period of default:
Delay in EMI Payment - Days Past Due
Date
1st day after due date
8th day of due date
15th day of due date
22nd day of due date
Total EMI Penalty Charges (inclusive of
GST)
10% of EMI amount
15% of EMI amount
20% of EMI amount
25% of EMI amount
It is hereby clarified that EMI penalty charges shall be applicable per instance of delayed EMI payment per
month, per the slabs and corresponding period of default mentioned above.
1.8. Enforcement Costs: The Borrower shall pay to the Lender, immediately on demand, the amounts of all costs
and expenses (including legal fees) actually incurred by the Lender, in connection with enforcement or
preservation of any of its rights under this Agreement.
1.9. Order of Payment: The amounts paid by the Borrower shall be used to settle
1.9.1. First, any processing charges (if applicable) and arrears payable,
1.9.2. Second, any Interest payable, and
1.9.3. Last, towards repayment of the principal Loan Amount.
For example, if the Borrower has outstanding fees from January of INR 50 and the installment payable for
February is INR 200 (which includes INR 80 as interest and INR 120 as loan amount, without including the
outstanding dues) and the Borrower pays INR 200 only, then this INR 200 will be settled in the following way:
i. INR 50 will be used to settle the outstanding fees from January;
ii. From the remaining INR 150, INR 80 will be used to settle the interest; and
iii. The remaining INR 70 will be used to repay the Loan Amount.
which means that the Borrower will still owe the Lender INR 130 for the month of February.
1.10. Use of Loan Amount: The Lender hereby covenants that he or she shall not use the Loan Amount for any
activities set out in Schedule B.
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
1.11. Ranking: The Borrower’s payment obligation under this Agreement are at least pari passu with all claims of his
or her other unsecured creditors.
2. Borrower's Obligations
2.1. Provide Information: The Borrower must always provide accurate, true and complete information to the Lender.
The Borrower shall provide any additional information that the Lender reasonably requests from the Borrower. The
Borrower shall not conceal any information that may alter the Lender’s decision regarding disbursal of the loan to
the Borrower.
2.2. Change in Information: The Borrower shall inform the Lender of any changes in the Borrower’s residence
address, phone number, permanent address, employment status or organization structural changes relating to the
Borrower’s job profile within 3 (three) days of such change taking place. All such information shall be provided to
the Lender through an email to help@navi.com.
2.3. Bank Closure: The Borrower shall not close or cause to be closed the Bank Account prior to repayment of all
sums due under this Agreement. In case such Bank Account is closed, then the Borrower must substitute all
repayment instructions in favor of a new bank account as per the instructions and to the satisfaction of the Lender.
Any breach of this Clause 2.3 (Bank Closure) shall be regarded as a material breach of this Agreement.
2.4. Timely Repayment: The Borrower shall ensure that all amounts payable to the Lender are repaid in
accordance with this Agreement.
2.5. Navi App: The Borrower shall not uninstall the Navi mobile app from their mobile device unless and until the
Borrower has discharged the Borrower’s entire obligations as provided under this Agreement.
2.6. Alteration or Cancelation of Auto-Debit Instructions: The Borrower shall not alter or cancel the auto-debit
instructions provided as per Clause 1.5 (Repayment Process) without the Lender’s prior written approval. Any
breach of this Clause 2.6 (Alteration or Cancelation of Auto-Debit Instructions) shall be regarded as a material
breach of this Agreement.
2.7. Third Party Representation: The Borrower shall be solely responsible and liable for discharging its obligations
under this Agreement, which shall include timely repayment obligation of the Borrower. It is hereby clarified that
the Lender does not engage with any third-party representing the Borrower, in relation to the discharge of
Borrower’s obligation to repay. The Borrower shall not enter into any arrangement or compromise to appoint a
third party representative on its behalf. The Lender has the rights to deny any request made by the Borrowers’
representative and is under no obligation to accept a third party representation under this Agreement.
2.8. Notification of Material Adverse Event: The Borrower shall notify the Lender of any Material Adverse Event
(and the steps, if any, being taken to remedy it) promptly upon its occurrence and in no case later than 24 hours
from occurrence of such Material Adverse Event. In this Agreement, “Material Adverse Event” means with respect
to a Party, an event having a material adverse effect on the ability of the Party to perform or comply with its
obligations under this Agreement (and/or the Navi Terms of Use and/or Navi Privacy Policy and/or repayment
schedule) including but not limited to any event leading to a material adverse change in the Borrower’s financial
capacity, such as defaulting on loans provided by other entities, loss of employment, etc
3. Lender’s Rights
3.1. The Borrower grants consent to the Lender to collect information and data about the Borrower as provided in
the Navi Terms of Use and Privacy Policy. This includes (but is not limited to) the Borrower’s credit history
information, Aadhar details, and banking information. The Lender hereby confirms that the information collected
about the Borrower shall be shared with third parties only in accordance with the Navi Privacy Policy and the
terms of this Agreement. The Company shall collect, store, process and utilise the information and data collected
about the Borrower as per the Navi Terms of Use and Privacy Policy (which is in accordance with the Information
Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules,
2011.)
3.2. The Borrower hereby provides his or her consent to any information collected from the Borrower that is not
KYC related, being shared by the Lender’s with its affiliated concerns (including Navi) whose products and/or
services the Lender feels may benefit the Borrower.
3.3. The Borrower hereby agrees that the Lender shall be entitled to disclose any and all data/information relating
to the Borrower, loans availed or sought to be availed by the Borrower including defaults in the repayment of such
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
loans, to any agency/credit bureau authorized in this regard by the RBI (“Agencies”). The Borrower further
consents to the use/processing of any such data/information by such Agencies in any manner permitted by
applicable law.
3.4. The Borrower hereby agrees that in case the Borrower commits a default in repayment of any amounts due
under this Agreement, the Lender and/or RBI will have an unqualified right to disclose or publish the details of the
default and the name of the Borrower, as defaulters, in such manner and through such medium as the Lender and/
or RBI in their absolute discretion deem fit.
3.5. The Borrower hereby agrees that if the Borrower commits a default in repayment of any amounts due under
this Agreement, the Lender may initiate skip tracing activities either directly or through agencies or its authorised
agents to enable recovery of delayed payments. Skip tracing is a method of determining the whereabouts of the
Borrower and verifying information pertaining to the Borrower by accessing public records, such as CIBIL records,
and contacting social connections, etc.
3.6. The Borrower agrees that in case the Borrower commits a default in repayment of any amounts due under this
Agreement, the Lender, directly or indirectly, has an unqualified right to block the redemption of any digital gold
units held by such Borrower on Navi App till such amounts are repaid.
3.7. The Lender may recall/accelerate payment of the Loan Amount, without notice, upon the borrower’s breach of
the Loan Agreement and/or default of payment and/or the Navi Terms of Use and/or Navi Privacy Policy and/or on
the occurrence of a Material Adverse Event as per this Agreement ("Loan Recall”). Upon Loan Recall, the Lender,
at its discretion, may immediately initiate the e-NACH mandate for any amount (up to the interest outstanding plus
the total loan amount) as deemed appropriate by the Lending Partner
4. Representations and Warranties
The Borrower represents and warrants the following:
4.1. he or she is legally competent to and permitted to enter into and execute this Agreement and perform the
obligations provided hereunder;
4.2. he or she is solvent and has the financial wherewithal to service the applicable obligations provided in this
Agreement;
4.3. he or she has not been declared insolvent and has not been made the subject of an insolvency proceeding
and shall not be named in such proceedings in the foreseeable future;
4.4. he or she has provided true and accurate information to the Lender as part of the Borrower’s loan
application, including the PAN, bank account details, residential and contact information, and any other
information requested by the Lender on the Navi mobile app or otherwise;
4.5. he or she has fully read and understood this Agreement and the Navi Terms of Use, the Navi Privacy Policy
and the Foreclosure Terms of Use; and
4.6. neither the borrowing of the loan, the performance of the terms and conditions provided under this
Agreement nor entering into this Agreement shall amount to a violation of any applicable laws or contractual
obligations of the Borrower.
4.7. he or she is not a Politically Exposed Person. Politically Exposed Persons are individuals who are or have
been entrusted with prominent public functions in a foreign country e.g., Heads of States or of Governments,
senior politicians, senior government/ judicial/ military officers, senior executives of state-owned corporations,
important political party officials, etc. and the term shall be deemed to include relatives or close associates (i.e.,
advisors, secretaries etc.) of such persons; and
4.8. His or her annual household income is more than Rs. 3,00,000 (Rupees Three Lakhs). For this purpose, the
term ‘household’ shall mean an individual family unit, i.e. husband, wife and their unmarried children who are
above the age of 18 years.
5. Limitation of Liability
The Lender shall not be liable for any incidental costs, losses or damages suffered by the Borrower at any time
whatsoever. The Parties agree that the total aggregate liability of the Lender shall not exceed the outstanding
portion of the Loan Amount to be repaid by the Borrower at any given point in time.
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
6. Termination of Agreement
6.1. The Lender may terminate this Agreement with immediate effect by notifying the Borrower through Navi's
mobile app in the manner provided in the Navi Terms of Use upon the occurrence of the following:
6.1.1. The Borrower having materially breached the terms of the Agreement; and/or
6.1.2. The Borrower having defaulted in paying any amounts due under this Agreement; and/or
6.1.3. The Borrower having misrepresented or provided incorrect, inaccurate or misleading information to the
Lender and/or
6.1.4. The performance of this Agreement has become frustrated or impossible because of an act of law or
government; and/or
6.1.5. The Borrower is in violation of its obligations under Clause 2.6 (Alteration or Cancelation of Auto-Debit
Instructions); and/or
6.1.6. Occurrence of a Material Adverse Event in the sole opinion of the Lender; and/or
6.1.7. The Borrower has become insolvent or declared insolvent or has become subject to any insolvency
proceedings.
6.2. The Borrower is not permitted to terminate this Agreement until he/she has paid all amounts due and payable
under this Agreement to the Lender to its sole satisfaction.
6.3. Consequence of Termination: Upon termination of the Agreement by the Lender, all amounts due and payable
by the Borrower to the Lender shall be payable immediately.
7. Remedies
The Borrower acknowledges that this Agreement is a binding and legally enforceable loan agreement.
Consequently, the Borrower further acknowledges that in the event it breaches this Agreement, the Lender has the
right to seek legal recourse against the Borrower to recover any sums payable by the Borrower.
8. Miscellaneous
8.1. Notification: The Lender shall notify the Borrower of any relevant information pertaining to this Agreement
(such as acknowledgment of receipt, interest charges, outstanding amounts etc.) in the manner provided in the
Navi Terms of Use and Navi Privacy Policy. The Borrower may reach out to the Lender via the Navi App or write to
us at help@navi.com.
8.2. Electronic Execution of the Agreement: The Parties agree and acknowledge that the Borrower has executed
this Agreement by affixation of the Borrower’s name and time stamp when the Borrower provides his/ her consent
to the execution of this Agreement by clicking the “Get Cash” tab on the Navi App. The Lender has executed this
Agreement by affixation of its stamp and signature of its authorized signatory. Execution of the Agreement in this
manner creates a legally valid and binding agreement.
8.3. Disputes: Notwithstanding anything to the contrary contained herein, any dispute, controversy and / or claim
arising out of and / or relating to this engagement, including but not limited to its performance, construction,
interpretation, meaning, scope, operation, effect and / or validity thereof (“Dispute”), shall be resolved by
arbitration, administered electronically by Presolv360, an independent institution, in accordance with its Dispute
Resolution Rules (“Rules”). The parties agree that the arbitration shall be before a sole arbitrator appointed under
the Rules. The juridical seat of arbitration shall be Bengaluru, India. The language of arbitration shall be English.
The law governing the arbitration proceedings shall be Indian law. The language of the arbitration proceedings
shall be English. Each party shall bear its own expenses and costs in relation to the arbitral proceedings, unless
otherwise stated in the award. The decision of the arbitrator shall be final and binding on the parties. Subject to the
above, the competent courts at the seat shall have exclusive jurisdiction and this Agreement and any action
relating thereto will be governed by the laws of Bengaluru, Karnataka. It is clarified that any disputes between the
Parties in relation to or arising out of this Agreement shall not affect the Borrower’s obligation to repay any
amounts due under this Agreement.
8.4. Assignment: The Borrower shall not assign or transfer any right or obligation that has accrued to him/her
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
under this Agreement and any attempt by the Borrower to assign or transfer such rights and obligations shall be
null and void. The Lender may assign or transfer any right or obligations that accrued in its favour, at its sole
discretion, without any restriction.
8.5. Waiver: Unless otherwise stated expressly, any delay or failure by any Party in exercising any rights/remedies
arising out of this Agreement shall not constitute a waiver of rights or remedies and no single/partial exercise of
any rights or remedies, hereunder, shall prevent any further exercise of the rights/remedies by such Party.
8.6. Survival: The Borrower acknowledges that the representations, undertakings, and warranties and the clauses
relating to indemnities, enforcement costs, limitation of liability, repayment of loan, remedies, governing law and
arbitration and these general provisions shall survive the efflux of time and the termination of this Agreement.
8.7. Adjustable Interest: Notwithstanding any provisions of this Agreement and subject to applicable laws, the
Lender shall have the right to adjust the interest rate payable on a future date without the Borrower’s prior written
consent. However, the Lender shall provide the Borrower with 7 (seven) days’ notice prior to adjusting the interest
rate. In the event that the Borrower is not agreeable with the adjusted interest rate, then the Borrower can write to
the Lender at grievance@navi.com and repay the entire amounts owed to the Lender immediately.
8.8. Severability: If any provision of this Agreement is held illegal or unenforceable, the legality and enforceability of
the remaining provisions contained herein shall not in any way be affected or impaired thereby.
8.9. Changes or Modification by the Lender: The Lender shall inform You of any changes to the conditions under
the Loan Agreement (including but not limited to changes to the interest rate, charges, method of levy of interest
rate or charges, penal interest or charges, default interest or charges, etc.). These changes shall be notified by the
Lender to You in the manner provided in the Navi Terms of Use and Navi Privacy Policy. The Lender shall provide
adequate prior intimation of such changes. The Borrower may reach out to the Lender via help@navi.com for any
clarifications pursuant to such changes being intimated.
8.10. Account Classification: In the event the Borrower fails to pay EMI on or before the respective due dates, and
charges (if any) as and when it falls due under this Agreement, the Lenders shall have the right to classify the Loan
and/or the Borrower as a special mention account (“SMA”) or non-performing account (“NPA”) or under such other
category as per applicable law. The basis for classification of SMA and NPA categories and the example for the
same are provided in the Schedule C.
This Loan Agreement has been executed by and between:
1.
Mohamed Ansari
Mohamed Ansari
16 Apr 2023 (02:10:52 PM IST)
600100 (12.92, 80.20)
(Borrower)
2. Navi Finserv Limited
(Lender)
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
Schedule A
1. Loan Amount: INR 20000.00
2. Interest Rate Payable on Loan Amount: 35.90% per annum
3. EMI Penalty Charges: EMI Penalty Charges (inclusive of GST) as per the below slabs for each period of
delayed payment shall be levied on each overdue installment of EMI amount during the period when each
EMI installment is overdue.
This EMI Penalty Charges shall accrue and be levied on the first, eight, fifteenth and twenty-second day of
delay as per the slabs mentioned below:
Delay in EMI Payment - Days Past Due
Date
1st day after due date
8th day of due date
15th day of due date
22nd day of due date
Total EMI Penalty Charges (inclusive of
GST)
10% of EMI amount
15% of EMI amount
20% of EMI amount
25% of EMI amount
It is hereby clarified that EMI penalty charges shall be applicable per instance of delayed EMI payment per
month, per the slabs and corresponding period of default mentioned above.
4. The Borrower will repay the Loan Amount and Interest payable in the following manner:
S. No.
Date
Amounts Payable
1
25th MAY 2023
₹ 2568.00
2
25th JUNE 2023
₹ 2568.00
3
25th JULY 2023
₹ 2568.00
4
25th AUGUST 2023
₹ 2568.00
5
25th SEPTEMBER 2023
₹ 2568.00
6
25th OCTOBER 2023
₹ 2568.00
7
25th NOVEMBER 2023
₹ 2568.00
8
25th DECEMBER 2023
₹ 2568.00
9
25th JANUARY 2024
₹ 2799.90
For the avoidance of any doubt, it is hereby clarified that the Amounts Payable column above has been
populated assuming that no additional fees or charges as per the Agreement have been added to the
respective EMI. It is clarified that any fees or charges payable as per the terms of the Agreement, shall accrue
and be a component of the corresponding month’s (or any succeeding month’s) EMI payment.
5. Bank Account Details: The Lender shall disburse the Loan Amount to the bank account with the following
details:
Account Holder Name: MOHAMED ANSARI N
Account Number: 528402010009029
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
Bank Name: UNION BANK OF INDIA
IFSC: UBIN0552844
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
Schedule B
The Borrower shall not use the Loan Amount for any purposes or business activities that include any of the following:
1. Adult goods and services which includes pornography and other sexually suggestive materials (including
literature, imagery and other media); escort or prostitution services; Website access and/or Website memberships
of pornography or illegal sites.
2. Sale of alcohol which includes alcohol or alcoholic beverages such as beer, liquor, wine, or champagne.
3. Bulk marketing tools which includes email lists, software, or other products enabling unsolicited email messages
(spam).
4. Cable descramblers and black boxes which includes devices intended to obtain cable and satellite signals for
free.
5. Child pornography which includes pornographic materials involving minors.
6. Copyright unlocking devices which includes Mod chips or other devices designed to circumvent copyright
protection.
7. Illegal sale of copyrighted media which includes unauthorized copies of books, music, movies, and other licensed
or protected materials.
8. Illegal sale of copyrighted software which includes unauthorized copies of software, video games and other
licensed or protected materials, including OEM or bundled software.
9. Counterfeit and unauthorized goods which includes replicas or imitations of designer goods; items without a
celebrity endorsement that would normally require such an association; fake autographs, counterfeit stamps, and
other potentially unauthorized goods.
10. Drugs and drug paraphernalia which includes illegal drugs and drug accessories, including herbal drugs like
salvia and magic mushrooms.
11. Drug test circumvention aids which includes drug cleansing shakes, urine test additives, and related items.
12. Endangered species which includes plants, animals or other organisms (including product derivatives) in danger
of extinction.
13. Gaming/gambling which includes lottery tickets, sports bets, memberships/ enrolment in online gambling sites,
and related content.
14. Illegal sale or purchase of Government IDs or documents which includes fake IDs, passports, diplomas, and
noble titles.
15. Hacking and cracking materials which includes manuals, how-to guides, information, or equipment enabling
illegal access to software, servers, website, or other protected property.
16. Illegal goods which includes materials, products, or information promoting illegal goods or enabling illegal acts.
17. Miracle cures which includes unsubstantiated cures, remedies or other items marketed as quick health fixes.
18. Offensive goods which includes literature, products or other materials that:
(a) defame or slander any person or groups of people based on race, ethnicity, national origin, religion, sex, or
other factors; and/or
(b) encourage or incite violent acts; and/or
(c) promote intolerance or hatred.
19. Offensive goods, crime which includes crime scene photos or items, such as personal belongings, associated
with criminals.
20. Pyrotechnic devices, combustibles, corrosives and hazardous materials which includes explosives and related
goods; toxic, flammable, and radioactive materials and substances.
21. Regulated goods which includes air bags; batteries containing mercury; Freon or similar substances/
refrigerants; chemical/industrial solvents; government uniforms; car titles; license plates; law enforcement
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
equipment; lock-picking devices; pesticides; postage meters; recalled items; surveillance equipment; goods
regulated by government or other agency specifications.
22. Securities which includes government bonds or related financial products.
23. Tobacco and cigarettes which includes cigarettes, cigars, chewing tobacco, and related products.
24. Purchase or sale of Traffic devices which includes radar detectors/jammers, license plate covers, traffic signal
changers, and related products.
25. Weapons which includes firearms, ammunition, knives, brass knuckles, gun parts, and other armaments.
26. Wholesale currency which includes discounted currencies or currency exchanges.
27. Live animals or hides/skins/teeth, nails and other parts etc. of animals.
28. Multi-Level Marketing collection fees.
29. Body parts which includes organs or other body parts.
30. Matrix sites or sites using a matrix scheme approach.
31. Work-at-home approach and/or Work-at-home information.
32. Drop-shipped merchandise.
33. Any services that has the potential of casting the Lender and/or Navi in a poor light and/or that may be prone
to buy & deny attitude of the consumers when billed (e.g. Adult material/ Mature content/Escort services/ friend
finders) and thus leading to chargeback and fraud losses;
34. Businesses or website that operate within the scope of laws which are not absolutely clear or are ambiguous in
nature (e.g. web-based telephony, website that promise online matchmaking).
35. Mailing lists.
36. Virtual currency, cryptocurrency, prohibited investments for commercial gain or credits that can be monetized,
re-sold or converted to physical or digital goods or services or otherwise exit the virtual world.
37. Money laundering services.
38. Database providers (for tele-callers).
39. Bidding/Auction houses.
40. Any other activities prohibited by applicable law.
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102
Schedule C
The basis for classification of loans as SMA and NPA categories under the RBI guidelines is as follows:
Classification categories
SMA-0
SMA-1
SMA-2
NPA
Basis of classification - Principle or interest payment or any other amount wholly
or partly overdue
Upto 30 days
More than 30 days and upto 60 days
More than 60 days and upto 90 days
More than 90 days
Classification as SMA or NPA is done as part of day-end process for the relevant date and the SMA or NPA
classification date shall be the calendar date for which the day end process is run by the Lenders.
For example, if the Due Date of a Loan account is March 31, 2022, and full dues are not received before the Lenders
run the day-end process for this date, the date of overdue shall be March 31, 2022.
i. If the Loan continues to remain overdue, then the Loan shall get tagged as SMA-1 as on April 30, 2022 i.e. upon
completion of 30 days of being continuously overdue.
ii. Similarly, if the Loan continues to remain overdue, it shall get tagged as SMA- 2 as on May 30, 2022 and if it
continues to remain overdue further it shall get classified as NPA upon running day-end process on June 29, 2022.
Mohamed Ansari
Email: help@navi.com
Mobile: +91 81475 44555
http://www.navi.com/finserv | CIN: U65923KA2012PTC062537
600100
Navi Finserv Limited
Formerly known as Navi Finserv Private Limited
2nd Floor, Vaishnavi Tech Square, Iballur Village, Taluk, Bagalur, Begur,
Bengaluru, Karnataka 560102