Terms & Conditions

General Terms & Conditions

1)  These Product Details are limited to the product offered based on the documents and details submitted by the customer at the time of application, and in case of any discrepancy found later, NBFC shall have a right to revoke this product.

2)  Customer may need to provide certain additional details or documents as required by the NBFC at the time of actual availing of the product.

3)  The actual availing of the product shall be subject to: –

• Execution of the agreement between the parties, which shall be the final, binding and superseding document for all purposes for this relationship, and
• Customer providing his express consent to the Tenure and Interest Rate offered to him at the sole discretion of the NBFC.

4)  The NBFC shall have all the rights to discontinue any product at any time with or without prior notice. The NBFC shall also have the right to modify the product to any extent and revise the Amount Sanctioned, Interest Rate, Processing fees or any other charges at its sole discretion with or without any prior intimation to the customer.

5)  This Product Letter is valid for a period of 120 months and the customer may need to undergo an underwriting process at the expiry of the term.

The Borrower may note that Reliance Spectra India shall be the Lending Services

Provider for the Lender and Reliance Spectra India shall be the Digital Lending platform for all purposes.

• The Borrower can within the cooling-off/ look-up period exits the loan by paying the principal and the proportionate APR without any penalty.

• The Borrower shall note that the account shall be classified as Non-Performing Asset (NPA) as per the extant RBI Circulars/Regulations when the payment of Loan Installment (principal and/or interest) remains overdue for more than 90 days, that is, the account will be marked as NPA on the 91st day of continuous default from the original due date.

• To further clarify this following is an illustrative example of the way any account shall be classified as NPA:

• If the due date of a loan account is March 31st, 2021, and full dues (Principal and Interest) are not received before running the day-end process on 31st March 2021, the date of overdue shall be considered to be March 31st, 2021.

• If the account continues to remain overdue, then the account shall get tagged as SMA-1 upon running the day-end process on April 30th, 2021, i.e., upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that account shall be April 30th, 2021.

• Similarly, if the account continues to remain overdue, it shall get tagged as SMA-2 upon running the day-end process on May 30th, 2021, and if it continues to remain overdue further, it shall get classified as NPA upon running the day-end process on June 29th, 2021, i.e., upon completion of 90 days.

• Upon the account of the borrower being 1 day past due the details of the borrower shall be shared with our official collection partners the detail of whom shall be shared with the individual borrower, and the collection agencies shall reach out to the borrower on behalf of the Lender on his registered contact number and/or address. The lists of Collection Agencies engaged are displayed on our website and the website of the LSP.

• In case of any issues regarding any Recovery Practices implemented, a complaint can be raised according to the Grievance Redressal Policy available on the website of the RE.

• For any Grievance you can contact the Nodal Officer of the Lender in the manner specified in the Grievance Redressal Policy of the RE