TERMS AND CONDITIONS

The person named in the Schedule-cum-Key Fact Statement (hereinafter referred to as the "Schedule") being borrower, hereinafter referred to as "Borrower" which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include his/her heirs, administrators and executors.

In favour of:

HDFC BANK LIMITED, a company within the meaning of the Companies Act, 2013 and a banking company having license as such from the Reserve Bank of India ("RBI") under the provisions of the Banking Regulation Act, 1949, and having its registered office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai 400 013. The expression "Bank", unless it be repugnant to the context or meaning thereof, shall include its successors and assigns.

Pursuant to the Borrower's request, the Bank has sanctioned/may in its absolute and sole discretion, sanction the facility not exceeding the amount mentioned in the Schedule (hereinafter referred to as "Facility"). The Borrower agrees to borrow the same, on the basis of and subject to the terms and conditions set out below. The Schedule shall form an integral part of the terms and conditions:

  • GRANT OF THE FACILITY
    • At the request of the Borrower made online on the website/ webpage/ application of the merchant wherein the Borrower has chosen to purchase the product(s) ("Product(s)") and applied for the Facility for purchase of the said Product(s), the Bank has agreed to provide the Facility to be utilized solely towards purchase of Product(s). The Product(s) shall not include jewellery or any other products the purchase of which is/are not eligible for bank finance. Without prejudice to the generality of the foregoing, the Borrower shall not utilize the proceeds of the Facility for any purpose which is in violation of applicable law.
    • The Facility shall be provided only to existing customers of the Bank who having an existing current account or savings account with the Bank ("Account") and who the Bank, in its absolute and sole discretion, determines are eligible for the grant of the Facility.
    • The Borrower agrees that the Facility sanctioned to the Borrower shall be disbursed directly to the Merchant after deducting the applicable charges, commissions, fees, taxes, levies. It is clarified that, the Facility disbursed by the Bank directly to the Merchant shall be deemed to be a disbursement by the Bank to the Borrower.
    • The Borrower acknowledges and agrees that the aforesaid Facility amount is of a non-revolving nature and once used will not once again become available on repayment of the Facility or any part thereof.
  • REPAYMENT
    • The Borrower shall, if not demanded earlier by the Bank, repay the principal amount of the Facility on the last day of the Tenure as more particularly specified in the Schedule.
  • PAYMENTS
    • The principal amount of the Facility, the interest, compound interest, Additional Interest, any other charges, dues and monies payable, costs and expenses reimbursable, as outstanding from time to time shall be referred to as "Outstanding Balance".
    • The payment of all the monies by the Borrower shall be made on or before the respective due dates, at such place as the Bank may require, without any set-off or counterclaim or withholding or deduction (save as required by law in which case the amount payable by the Borrower to the Bank shall be increased to the amount which after making such deduction or withholding equals the original due amount as if no withholding or deduction were required), by way of one or more modes and instruments including post-dated cheques (PDCs), Standing Instructions (SI)/ Electronic Clearing System (ECS) instructions/ other mode/instrument, as acceptable to the Bank from time to time. If any due date falls on a non-business day of the Bank, the payment shall be made by the Borrower on the immediately preceding business day of the Bank. In case of cheques/other instrument, the payment shall be deemed to have been made by the Borrower only at the point of time the sum is credited and realized fully in Bank's account irrespective of the date of instrument or time of receipt or presentation of instrument. Without prejudice to the generality of the aforesaid, the Borrower irrevocably and unconditionally authorises the Bank and confirms that the Bank shall be authorized (without any further act, deed or writing on the part of the Borrower and without any requirement of the Bank consulting or informing or taking prior consent of the Borrower or any other person) to, from time to time, close/ debit the Account/any other accounts of the Borrower with the Bank including any term/other deposits, and/or appropriate any monies thereunder/in (including by prematurely terminating the term/other deposits), any credits coming therein including salary credits, towards/against payment/repayment to the Bank of all monies/ Outstanding Balance, any part thereof, on the respective due dates or as per the discretion of the Bank.
    • The Borrower shall keep itself informed of the due date(s) and payment obligations pursuant thereto including amount and frequency of installments and variations thereto.
    • Without prejudice to any other rights or remedies of the Bank, the Borrower acknowledges that if for any reason whatsoever any Standing Instruction remains unpaid on presenting the same including insufficient balance or revocation thereof by the Borrower, the Borrower including insufficient balance or revocation thereof by the Borrower, the Borrower shall be liable for offence under Section 25 of the Payment and Settlement Systems Act, 2007 read with Sections 138, 142 and other relevant provisions of the Negotiable Instruments Act, 1881.
    • All taxes, cess, surcharge, duties, imposts, rates, any similar levies in any jurisdictions levied by/collected by/payable to any governmental authority (any or all of which, as may be applicable now or in future, and whether existing now or in future), interest, penalty and any other obligations in relation to any of the aforesaid including for any past liabilities and obligations, and without limitation including all direct and indirect taxes, all types of goods and services taxes, toll taxes, municipal, local, road transport taxes, etc., shall be collectively be referred to as "Taxes".
  • Interest
    • The Borrower shall pay interest on the Facility, the unpaid due interest and all other outstanding charges and monies (except on the Additional Interest), at the applicable interest rate as mentioned in the Schedule ("Interest Rate") on the outstanding daily balance from the respective date of Disbursement, compoundable at monthly or other rests or as may be intimated by the Bank to the Borrower in writing from time to time and the Borrower shall not dispute the same. Interest shall be calculated on a 360 day year basis or such other basis as may be required by the Bank. Interest on all outstanding amounts (including towards interest, commission, costs and expenses) will be computed on the daily outstanding balance under the Facility and will be debited to the Account of the Borrower, on a monthly basis on the last day of the month.
    • Notwithstanding anything to the contrary, the Bank shall in its absolute discretion or as per the guidelines/ directions/rules/ regulations/ law issued/ notified by RBI and/or any other statutory or regulatory authority and any other law in force including but not limited to, any tax law modify the Interest Rate, including increase the same.
    • The Borrower shall also pay and bear all interest tax, if any, as applicable from time to time. The Borrower expressly authorizes bank to debit the amount of interest/charges due payable by him by making monthly debits to my/our salary savings account. Borrower further acknowledges that the necessary fees for processing, set up and documentation shall be debited to his / her salary savings account, on the date this overdraft facility is made operational.
    • The Borrower hereby agrees that except as provided herein, the Interest Rate start date will be the date of sanction of the Facility. Provided that if a loan is booked on the dates 13th to 15th of any month (applicable only where the loan tenure is 15 (fifteen days)), the Interest Rate start date will be the 16th day of that month. Provided further that, if a loan is booked on the dates 28th to 31st of any month (applicable only where the loan tenure is 30 (thirty) days/ 60 (sixty) days/ 90 (ninety) days), the Interest Rate start date will be the 1st day of the subsequent month.
    • For loan bookings where the loan tenure is 15 (fifteen days), the interest cost is reduced by passing the discount to the borrower at the time of EMI conversion/loan Booking.The discount given reduces Price of the product on which then the EMI interest is charged; thus the cost of interest is reduced/nullified by the upfront discount, and the Borrower pays only the product's retail price at the end of the tenor.
  • Additional Interest:
    • Without prejudice to the Bank's rights and remedies under contract and/or law: in case of any breach by the Borrower of any of the undertaking, covenants, representation and warranties, terms and conditions contained herein, including non-payment of any Outstanding Balance or part thereof when due; the Borrower shall be liable to pay additional interest ("Additional Interest"), if any, at the rate specified in the Schedule or such other rate which the Bank may fix from time to time ("Additional Interest Rate"), over and above the applicable Interest Rate, from the date of default till the date of actual payment in full or cure of default to the satisfaction of the Bank, as the case maybe. It is hereby clarified that the charging of or payment of Additional Interest shall not entitle the Borrower to claim a defence that no Event of Default as mentioned hereunder has occurred or that the same if occurred has been cured. In case of breach of financial covenants, the date of default shall be actual date of default or date of relevant financial statements, as may be determined by the Bank.
  • Notwithstanding anything to the contrary in any of the Facility Documents, the Borrower irrevocably and unconditionally authorises the Bank and confirms that the Bank shall be entitled (without any further act, deed or writing on the part of the Borrower and without any requirement of the Bank consulting or informing or taking prior consent of the Borrower or any other person) to, from time to time, debit the Account/any other accounts of the Borrower with the Bank including any term/other deposits, and/or to appropriate any monies thereunder/in (including by prematurely terminating the term/other deposits), towards/against payment/repayment to the Bank of all monies/ Outstanding Balance or any part thereof, on the respective due dates or as per the discretion of the Bank.
  • The Borrower shall pay to Bank, the charges, fees, commissions, etc., specified in the Schedule or as specified by the Bank from time to time, within such time or upon occurrence of such events as specified and if not specified then forthwith upon demanded by the Bank. All other present and future costs and expenses, Taxes (as applicable from time to time), any related levy, stamp duty, in all jurisdictions, in relation to the this/other documents/any transaction pursuant thereto, irrespective of who the beneficiary is, shall be borne and payable solely by the Borrower, including for creation, enforcement, preservation of security, recovery, initiating/defending/pursuing any legal proceedings/ actions by Bank. In case of any such sums if paid or incurred by the Bank, the Borrower shall be liable to reimburse the same, with Taxes if any, to the Bank in full forthwith. Any such cost/amount shall be deemed to be incurred by the Bank as a pure agent of the Borrower. The Borrower shall pay to the Bank an annual maintenance charge and renewal fee, if any, as mentioned in the Schedule or as may be prescribed by the Bank from time to time.
  • Notwithstanding anything contained in this document, any payments made by/on behalf of/ for the Borrower or any realisations in relation to the Facility, security, shall be appropriated towards the Outstanding Balance and/ or Liabilities (as defined hereinafter) in the following order or priority viz.: (a) Firstly, towards interest on costs, charges, expenses and other monies (b) then, towards Taxes, costs, charges, expenses and other monies incurred by the Bank; (b) then, towards additional interest, if any; (c) then, towards interest on the Facility; (d) then, towards prepayment premium, if any; (e) then, towards repayment of the principal amount(s) of the Facility; (f) then, towards the indebtedness of the Borrower towards the Bank.
    Provided that, the Bank may however change the aforesaid sequence in its sole discretion and appropriate any payment in any manner as it deems fit.
  • The Bank reserves an unconditional right to cancel/ terminate the right of the Borrower to avail of the Facility or make drawals/transfers from the Account at any time during the currency of this document, without any prior notice to the
    Borrower. Notwithstanding anything stated in any document, the continuation of the Facility shall be at sole and absolute discretion of the Bank and the Bank may at any time in its sole discretion and without assigning any reason call upon the Borrower to pay the Outstanding Balance and upon such demand by the Bank, the Borrower shall, within 48 (forty eight) hours of being so called upon, pay the whole of the Outstanding Balance to the Bank without any delay or demur.
  • The tenure / interest rate and frequency of payment/ other terms and conditions of the Facility are subject to change as a consequence to any change in the money market conditions or on account of any other statutory or regulatory requirements or at the Bank's discretion. The Bank reserves the right to review and amend the terms of the Facility in such manner and to such extent as it may deem fit.
    • Notwithstanding anything to the contrary in the document or any other document, the Borrower irrevocably and unconditionally agrees that the payment of the Outstanding Balance by the Borrower shall not be dependent or conditional upon any dispute between the Borrower and the Merchant, or any other event including non-receipt of the Product(s) and/or any defect in the Product(s), and the Borrower undertakes to make the payment of the Outstanding Balance regardless and despite any such dispute or event, on the due dates, unless the Bank at its sole discretion cancels the Facility.
    • The Borrower shall not be entitled to make any prepayment of the principal amount due on the Facility unless demanded by the Bank in terms of Clause 11 above. Without prejudice to the preceding sentence and any other rights which the Bank may have on a breach thereof, any prepayment made by the Borrower shall attract the foreclosure charges set out in the Schedule of Charges which the Borrower shall be bound to pay over and above any other amounts payable by the Borrower under the terms hereof.
    • The cancellation of the transaction either by the Merchant or the Borrower for the purchase of the Product for which Facility has been utilized, shall lead to an automatic cancellation of the entire Facility and all amounts due from the Borrower in respect of the Facility shall forthwith become due and payable to the Bank. In the event of cancellation of some but not all of the Products for which the Facility has been sanctioned, shall lead to a cancellation of the Facility to the extent of those Products and all amounts due from the Borrower in respect of the Facility shall forthwith become due and payable to the Bank. It is further clarified that amounts already paid towards interest on the Facility shall not be reversed or repaid by the Bank to the Borrower.
    • The Borrower hereby agrees that even in the event of the Borrower receiving a confirmation from the Merchant of the grant, sanction and/or disbursement of the Facility to the Borrower, the Bank shall not be bound by the same and the sanction and disbursement of the Facility shall be at the sole discretion of the Bank and in the event of the non-sanction of the Facility by the Bank, the transaction of the Borrower with the Merchant for the purchase of the Product(s) shall automatically stand cancelled and the Merchant will not be under an obligation to deliver the Product(s) to the Borrower.
  • OTHER PAYMENTS
    • The Borrower hereby agrees to make payment of all the fees and charges specified in the Schedule of Charges (along with GST as applicable)
    • The Borrower shall bear and pay all costs, expenses, fees, taxes (as applicable from time to time), duties (including stamp duties), charges and other imposts and obligations, existing as well as future, which may become payable by the Bank in respect of the Facility, including without limitation (a) the execution, delivery and performance of any documentation in relation to the Facility, (b) the servicing and administration of the Facility; and (c) the enforcement of the Bank's rights in respect of the Facility.
    • In case the Borrower seeks any refund from the Merchant or its agent or the manufacturer for a Product and the refund is sent to the Borrower, the Borrower shall use the refund mandatorily and fully for pre-payment of the Facility.
  • REPRESENTATIONS AND WARRANTIES
    • The Borrower hereby represents and warrants on the date of these presents and thereon on each day during the continuance of the Facility that: (a) The Borrower is a citizen of India and is a person resident in India for all purposes under applicable law; (b) All information set out in these presents and furnished to the Bank in connection with the Facility, whether through physical or electronic means, is true and correct, and is not false or misleading in any manner; and (c) The Borrower is competent to contract under law and the Borrower entering into and performance by the Borrower of the transactions contemplated by these presents do not and will not conflict with any applicable law, judgement, order, award, contract or regulation applicable to the Borrower.
  • RETURN/PARTIAL RETURN OF PRODUCT(S) BY THE BORROWER:
    • In case of where the Borrower initiates a return of one or more of the Product(s) but not all of the Product(s) for which the Facility has been sanctioned by the Bank ("Partial Return"), such an action shall amount to reduction of the Facility amount repayable by the Borrower and the Schedule shall stand overridden by a revised Schedule communicated to the Borrower by the Bank and the said revised Schedule shall be deemed to form part of these Terms and Conditions without any further act, deed or writing on behalf of the Borrower.
      Provided that in case of Partial Return by the Borrower which results in the Facility amount in relation to the Product(s) to fall below the minimum value of the Facility as may be determined by the Bank in its sole discretion, the Bank may cancel such Facility for all the Product(s), at its sole discretion.
    • Notwithstanding in an event where the Bank cancels the Facility, in case where the Merchant charges the Borrower for returning any Product(s), such amount shall not be borne by the Borrower and the said amount shall form part of the Outstanding Balance due from the Borrower to the Bank.
    • The Bank in its absolute and sole discretion cancel the entire Facility or part thereof upon occurrence of any of the following events:
      1. In case where the Borrower initiates a return of the Product(s) to the Merchant;
      2. The Borrower commits a fraud with respect to the transaction for the Product(s);
      3. The Borrower raises any disputes with respect to the delivery, or quality, or quantity, or warranty/guarantee, etc. of the Product(s) with the Merchant.
    • The Borrower shall promptly inform the Bank in case of occurrence of any of the event specified in clause 13.3 above and the Borrower:
      1. shall forthwith pay to the Bank the entire Outstanding Balance of the cancelled Facility;
      2. Irrevocable authorizes and instructs the Bank to debit the Account or any other account maintained with the Bank by the Borrower, in respect of such Outstanding Balance.
    • The Borrower hereby agrees and acknowledges that the Borrower shall not be entitled to initiate a return request for any Product(s) with the Merchant after expiry of a period of 90 (ninety) days from the date of the purchase of the Product(s) or after a shorter period as may be prescribed by the Bank at its sole discretion. Notwithstanding anything contained in this Clause, in the event the Borrower initiates return after the expiry of such period, the Borrower shall be fully liable to pay the Outstanding Balance to the Bank, irrespective of whether or not the Merchant agrees to accept the return by the Borrower or not.
  • EVENTS OF DEFAULT
    • Occurrence of any of the following in the opinion of the Bank, shall constitute an "Event of Default": (a) The Borrower does not pay, on any due date, any amount payable pursuant to these presents; (b) If any litigation, arbitration or administrative proceedings are filed against the Borrower which proceedings may in the sole opinion of the Bank adversely affect the interests of the Bank; (c) If the Borrower dies or commences a voluntary proceeding under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or admits inability to pay his/her debts as they fall due, or consents to the entry of an order for relief in an involuntary proceeding under any such law, or consents to the appointment of or the taking of possession by a receiver, liquidator, assignee (or similar official) for any or a substantial part of his/her property; (d) If any representations and/or warranties contained in these presents are found to be untrue, misleading or incorrect, when made or deemed to be made; (e) If the Borrower is unable to meet any of its obligations when due to the Bank or any other bank, financial institution or other lender; and (f) Any breach by the Borrower of any of the terms and conditions contained in these presents; (g) if there is any withdrawal, revocation or variance/modification, stop payment instruction (except with the express consent in writing of the Bank) or dishonor of any NACH/ECS and/or SI mandate / any other payment instructions/mandates or any other instrument/mode of payment; and (h) if there is any dispute between the Borrower and the Merchant with respect to the delivery, or quality, or quantity, or warranty/guarantee, merchantability, suitability, service, etc. of the Product(s).
    • On the occurrence of an Event of Default, without prejudice to any other rights that the Bank may have under applicable law or otherwise, all amounts due in respect of the Facility shall forthwith become due and payable to the Bank and the Bank shall be entitled to exercise all of its rights powers and remedies available hereunder and under law against the Borrower to recover the same.
  • NOTICE
    • All notices, approvals, instructions, demand and other communication given or made under these presents shall be in writing and may, subject to Clause 15.2 hereof, be given by facsimile, electronic mail, by personal delivery or by sending the same by pre-paid registered mail, if to the Borrower, at his address, fax number or email as is reflected in the internal records of the Bank and if to the Bank, at its contact details specified on www.hdfcbank.com.
    • Any notice, approval, instruction, demand or other communication so addressed to the relevant party shall be deemed to have been delivered (a) if given or made by registered mail, 3 (Three) days after posting; (b) if given by personal delivery at the time of delivery; and (c) if given or made by facsimile, upon receipt of a transmission report confirming dispatch; (d) if given or made by email, upon receipt of a mail delivery report confirming receipt by the other Party. Provided that facsimile transmission or email shall be immediately on the same day followed by a copy of the notice by a reputable overnight courier.
  • GOVERNING LAW AND ARBITRATION
    • These presents shall be governed by, and construed in accordance with, the laws of India.
    • Any disputes, differences and/or claims arising out of these presents shall be referred to the arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 as may be amended, or its re-enactment, by a sole arbitrator, appointed by the Bank. The place of arbitration shall be Mumbai, provided that the exclusivity aforesaid shall bind the Borrower and the Bank shall be entitled to pursue the same to any other place and the arbitration shall be conducted in English language. The award including interim award/s of the sole arbitrator shall be final and binding on all parties concerned. The costs of such arbitration shall be borne by the losing party or otherwise as determined in the arbitration award. If a party is required to enforce an arbitral award by legal action of any kind, the party against whom such legal action is taken shall pay all reasonable costs and expenses and attorney's fees, including any cost of additional litigation or arbitration taken by the party seeking to enforce the award.
    • Subject to the provisions of clause 16.2 above, these presents shall be subject to the jurisdiction of the courts and tribunals at Mumbai, India.
  • DISCLOSURE OF INFORMATION
    • The Borrower, hereby agrees and gives consent for the disclosure by the Bank of all or any such information and data relating to the Borrower, any credit facility availed of/to be availed, by him/her, and default, if any, committed by him/her, in discharge of his/her obligation, as the Bank may deem appropriate and necessary, to:
      1. The Bank's employees, agents, contractors, insurance providers or third-party service providers or professional advisers whether in India or outside India;
      2. The Bank's head office, branches, representative offices, subsidiaries, related corporations or affiliates or group companies, in India, or overseas
      3. RBI or any credit information company and/ or any other agency authorised in this behalf by RBI or any regulatory, supervisory or other authority, court of law, tribunal or person, in India or any other jurisdiction, where such disclosure is required by law, regulation, judgment or order of court or order of any tribunal;
      4. Any actual or potential assignee(s) or novatee(s) or transferee(s) of any rights and obligations of the Bank or other participants in any of its rights and/or obligations under these presents for any purposes connected with the proposed assignment or transfer;
      5. any other bank/ banking company, non-banking financial company, housing finance company or any other financial institution whether incorporated in India or not.
    • The Borrower further acknowledges and agrees that:
      1. The recipient credit information company and/or any other agency so authorised may use, process the said information and data disclosed by the Bank in the manner as deemed fit by them;
      2. The recipient credit information company and/or any other agency so authorised may furnish for consideration, the processed information and data or products thereof prepared by them, to banks/financial institutions and other credit grantors or registered users, as may be specified by RBI in this behalf;
      3. Any of the recipients of the information specified in Clause 17.1 (a) and (b) above may utilize the Borrower's information (including the contact information) to inform and market to the Borrower any other products and services offered by the Bank and the Borrower hereby expressly requests and solicits such communications; and
      4. The Bank and / or RBI will have an unqualified right to disclose or publish the name of the Borrower as a willful defaulter in such manner and through such medium as the Bank or RBI in its absolute discretion may think fit.
  • MISCELLANEOUS
    • The Bank does not hold any warranty or make any representation with respect to the availability, delivery, quality, merchantability or suitability, service of the Products and the Bank shall not be liable for the same in any manner whatsoever.
    • The Bank reserves the right to revise the terms and conditions set out above, which revisions shall take effect immediately on the Borrower being notified of the same.
    • Set-off and Lien: Notwithstanding anything to the contrary in these presents or any other document/arrangement: (i) in respect of all and any of Borrower's present and future liabilities to the Bank, affiliates, group entities, associate entities, parent, subsidiaries, any of their branches (collectively "Relevant Entities"), whether under this document or under any other obligation/loan/facilities/borrowings/document, whether such liabilities are/be crystallised, actual or contingent, primary or collateral or several or jointly with others, whether as principal debtor and/or as guarantor and/or otherwise howsoever (collectively "Liabilities"), each of the Bank and the Relevant Entities shall in addition to any general lien or similar right to which any of them as bankers may be entitled by law, practice, custom or otherwise, have a specific and special lien on all the Borrower's present and future stocks, shares, securities, property, book debts, all moneys in all accounts whether current, savings, overdraft, fixed or other deposits, held with or in custody, legal or constructive, with the Bank and/or any Relevant Entities, now or in future, whether in same or different capacity of the Borrower, and whether severally or jointly with others, whether for any banking relationship, safe custody, collection, or otherwise, and (ii) separately, each of the Bank and the Relevant Entities shall have an express right to, without notice to and without consent of the Borrower, set-off, transfer, sell, realize, adjust, appropriate all such amounts in all accounts (whether prematurely or upon maturity as per the Bank's discretion), securities, amounts and property as aforesaid (whether ear-marked for any particular Liability or not) for the purpose of realizing or against any of dues in respect of any of the Liabilities and to combine or consolidate all or any of accounts of the Borrower and to set-off any monies, whether of same type or nature or not and whether held in same capacity or not including upon happening of any of the events of default mentioned in any of the documents pertaining to the respective Liabilities or upon any default in payment of any part of any of the Liabilities.
    • The Borrower agrees and acknowledges that all taxes, rates, duties, (including stamp duties) charges and other imposts and obligations, existing as well as future on and/or in connection with these terms and conditions shall be solely and entirely be borne and payable by the Borrower and in case the same or any part thereof may be levied on the Bank shall be payable by the Borrower forthwith on a demand being made by the Bank
    • The Borrower agrees and undertakes that he/ she shall not be entitled to transfer or assign any of its rights or obligations under these presents to any person. The Borrower further agrees that the Bank may at any time, without any consent of or notice to the Borrower(s) be entitled to securitize, sell, assign, discount, transfer, assign or novate its rights, benefits or obligations herein to any person in such manner and on such terms as the Bank may decide. The Borrower hereby expressly consents to any such assignment, transfer and novation.
    • The provisions of these presents shall be severable, and any provision hereof prohibited by any law shall be ineffective to the extent of such prohibition without invalidating the remaining provisions hereof.
  • The Borrower hereby authorizes and gives consent to the Bank to disclose, without notice to the borrower, information furnished by him/her in various documents executed / to be executed in relation to the facilities to be availed from the Bank, to the Bank's other branches/subsidiaries/affiliates/credit bureaus/rating agencies, service providers, banks/financial institutions, governmental/regulatory authorities or third parties for information verification, credit risk analysis, or for any other purposes that the Bank may deem fit. The Borrower hereby waives off the privilege of privacy.
  • ACCEPTANCE AND SIGNING
    • The Borrower hereby expressly acknowledges and confirms that the Borrower has read, verified, understood, irrevocably agreed to and accepted and delivered all the terms and conditions contained in Clauses 1 to 20 (including sub clauses), schedule of charges, Standing Instruction (collectively, "Facility Documents") online by ticking/clicking/checking the "I agree" or "I agree and accept" or any similar icon/tab/option on the online system/Website/portal/platform of the Merchant/ its agent/ service provider as well as by entering the one time password ("OTP") provided to the Borrower's mobile number registered with the Bank, and that there is no requirement of Borrower's any other signature or physical signature for the Facility Documents or of the Borrower signing the Facility Documents in physical form. The Borrower also acknowledges that the execution of the agreement would be complete only once the same is accepted by the Bank. The Bank also does not require to sign the Facility Documents in any physical form. The Bank shall be deemed to have accepted and signed this document online by way of sending an email/ letter from its officer in Mumbai to the Borrower and attaching therewith the copy of this document. For the purpose of stamp duty, any writing on a stamp paper or franked page associating the stamp paper or such franked page with this document will be as good as making the stamp paper/franked page an integral part of this document.
    • The Bank may rely on the paper copies printed by the Merchant or by the Bank of the electronic record or produce in any such form at its discretion this document or any Facility Documents and Borrower's signing as aforesaid, and the same shall be fully binding on the Borrower and the Borrower has no objection to such print-outs or any such other form (in the discretion of Bank) being produced by the Bank in evidence in any court, tribunal or otherwise, to prove the acceptance, execution as well as the contents of the contract.