Terms & Conditions


These terms and conditions (“Terms”) between you and Rapid Investments Ltd./Company (“we”, “us”) forms the basis of your  relationship with us and the terms on which you will participate in Facility (defined below).    

 Where we have published/executed a document which is referred to within these Terms (such as a loan agreement),  the content of said document shall also form part of these Terms and shall be deemed as being accepted by you.  In the event of any inconsistencies or contradictions between these Terms and a document referenced within them,  the decisions of Rapid Investments Ltd. shall be final and binding. Please read these Terms and the loan agreement carefully and  ensure that key terms such as interest rate, repayment, security, prepayment etc. are clearly stated before you  execute the agreement.  

 All individual applicants, co-applicants and guarantor(s) [collectively, “the Applicant(s)”, which expression shall,  as the subject or context may admit or require, mean any or each of the Applicant/s and/or Borrower/s and/or  Guarantors], who wish to avail financial assistance across various loan types including Commercial Vehicle  Loan, Car Loan, Tractor Loan, Construction Equipment Loan, Two Wheeler Loan, MSME Loan, Home  Renovation-Mortgage Loan, Insurance Loan, Personal Loan (the “Facility”) from Rapid Investments Ltd. [“Rapid Investments Ltd.” or “Company”] for the purpose stipulated in the loan application form, sanction letter and/or loan Agreement (  “Purpose”) are required to fill in complete details as required by Rapid Investments Ltd. and shall submit to Rapid Investments Ltd. for applying  for the Facility.  

 Rapid Investments Ltd. shall be entitled at its sole and absolute discretion to reject/approve any application submitted by the  Applicant(s) (“Application Form”) for availing the Facility. In the event of any such rejection, Rapid Investments Ltd. shall not  be liable to inform the Applicant(s), the reason for such rejection. Rapid Investments Ltd. shall peruse the application form along  with the additional documents so submitted by the Applicant(s), and if the same is to the satisfaction of Rapid Investments Ltd.,  Rapid Investments Ltd. shall provide sanction letter to the Applicant outlining the key terms and conditions with respect to the  Facility (“Sanction Letter”) and thereafter shall execute a formal loan agreement between Rapid Investments Ltd. and the  Applicant for availing the said Facility (“Loan Agreement”). The Application Form, Sanction Letter, the Loan  Agreement and such other document executed with respect to the Facility shall collectively be referred to as  Transaction Documents.  

2. At the time of loan application: 

The Applicant wish to apply for a loan as mentioned in the form. The Applicant confirms that information given  in this application form is true, correct, genuine and complete in all aspects, in accordance with their valid  government identity proof and can be used wherever required by the Rapid Investments Ltd. under the law in force. The Applicant declare that the information provided by them are not withheld and/or suppressed in any form by said Applicant.  The Applicant further agree that their loan shall be governed by the terms and conditions of the Company that are  in force and may be amended by the Company from time to time. The Applicant certify that the Applicant are  citizen(s) of India. The Applicant understand that the Company reserves the right to retain the documents  submitted (if any) with the link and will not return the same to the Applicant. The Applicant understand that  sanction of loan is at sole discretion of the Company and the Company may reject the loan application without  providing any reasons. The Applicant reserve no right to appeal against this decision of the Company. The  Applicant further authorise the Company and/or its associates/subsidiaries/affiliates to verify any information of  office/residence of the Applicant and/or family members and/or my employer/banker of the Applicant and/or to  do any such acts as they deem committed by the Applicant to C KYC/CERSAI. NeSL, CIC, RBI and/or any  regulatory/statutory authority under the law being in force. The Applicant understand and agree that the processing  fee and documentation charges are non-refundable in case the application is being rejected by the Company for  any reason whatsoever or if the same is withdrawn by the Applicant. 

The Applicant is aware that following documents shall be required in order to process the loan application ∙ Proof of identity and address proof: Passport/Voter ID/Driving license/Aadhar Card or proof of possession of  Aadhar (on voluntary basis) 

  • Latest photographs of all the applicants and guarantor 
  • Date of birth proof: Driving License/PAN Card/Passport copy/Birth certificate/10th mark sheet bearing date of  birth 
  • Bank statements: Latest statements/bank passbook (updated with 90 days)
  • Documents related to income and expenditure, documents related to any other loan, if taken. 
  • Any other documents related to the credit assessment as required by the Company. 

 The Applicant declare that the Applicant do not hold the Company or its agent(s) responsible for delivery/colour/ make performance of the assets applied for under the application. The Applicant may receive information/series  etc., for marketing purposes through Telephone/SMS/mobile/ WhatsApp/emails by the Company and its agent.  The Applicant understand that the interest rate will be charged depending upon the prevailing interest rate and the  risk profile of the Applicant as assessed by the Company, loan product etc. and may vary from customer to  customer. For further details the Applicant shall refer interest rate model and policy displayed on the website of  the Company. The Applicant hereby confirm and declare that the Applicants are neither related to any of the  directors of the Company nor are his/her relatives as defined under the Companies Act, 2013. The Applicant declare and confirm that no insolvency proceedings and/or suit for recovery of outstanding dues or monies  whatsoever nature and/or for attachment of the assets and/or properties and/or proceedings have been initiated  and/or are pending against the Applicant and that the Applicant has never been adjudicated insolvent by any court  or any other authorities. The Applicant further declare that no winding up, dissolution, administration or re  organisation or for the appointment of a receiver, trustee or similar officer has been appointed or any proceedings  have been filed against the Applicant. 

 The Applicant hereby confirm and duly undertake that the loan availed will be utilized by the Applicant for the  purposes as specified to the Company. The Applicant also confirm that the loan is not being used for any antisocial  activities, investment in stocks and shares, speculative activities or any purpose linked to capital market activities.  The Applicant further confirm that there are no litigation/ insolvency proceedings filed/pending against the  Applicant by any company, individual or others. The Applicant has no objection if Company sends promotional  call/SMS/WhatsApp/ on our mobile number/email. The Applicant hereby declare that the details furnished above  are true and correct to the best of my knowledge and belief and The Applicant undertake to inform the Company  of any changes therein, immediately. In case any of the above information/ details is/are found to be false or  untrue or misleading or misrepresenting, the Applicant is aware that the Applicant shall be held liable for it and  the Company may take necessary action as they deem fit. The Applicant hereby consent to receive information  from central KYC registry through SMS/email on the above registered email address/ mobile number. The  Applicant hereby confirm that the acknowledgement receipt for the submission of loan application has been  received by the applicant. The Applicant understand that the loan application shall be disposed of within 15 days  after submission of prescribed documents. 


(a) The Applicant shall enter into a formal agreement pertaining to the Facility wherein the Applicant shall confirm  and bind itself with various terms and conditions with respect to the Facility such as, disbursement of facility,  interest & amortization, prepayment, fees and operating expenses, taxes, security and insurance, increased cost,  cross liability, covenants and representative and warranties of Applicants, event of default, set-off, indemnity,  disclosure of information, confidentiality etc. Sanction Letter forms a part of this Agreement and all term and  condition relating to the Facility stipulated in the Sanction Letter shall be construed as a term and condition  contained in this Agreement, however in the event of any conflict between the terms of the Sanction Letter and  this Agreement, this Agreement shall prevail. In the event of any disagreement or dispute between the Company  and the Borrower regarding the materiality or reasonableness of any matter, the opinion of Company as to the  materiality shall be final and binding on the Borrower 

(b) The processing fee and such other fees and charges as specified in the Transaction Documents in relation to the  Facility are non-refundable in nature. All such charges shall become payable on / before the due date as stipulated  in the Sanction Letter and/or Loan Agreement.  

(c) The interest at the rate as prescribed in respective transaction documents executed with the parties to the facility  shall be charged on the overdue amount for payment delayed beyond due date of instalment.  (d) The change in interest rate and charges shall become effective prospectively from each date of such change or at later date as agreed by Rapid Investments Ltd.. 

(e) The Borrower(s) on the request of the Company shall obtain loan suraksha policy to secure the loan during the  terms of this Agreement. 

(f) Disbursement: The disbursement of the Facility shall be subject to the performance by the Borrower(s) of all  the Conditions Precedent as stipulated in the respective facility documents. All payments to be made by Rapid Investments Ltd.  to the Borrower(s) shall be made by NEFT/ RTGS or by cheques/demand drafts or any other mode as agreed at  the time of execution of transaction documents. The collection charges, if any, in respect of all such payments  shall be solely borne by the Borrower(s). Disbursement shall be deemed to have been made to the Borrower(s) on the date of disbursement by NEFT/ RTGS or date of cheque as the case may be. In the event of cancellation  of loans at the behest of the Borrower or due to insufficiencies identified in the details submitted by the Borrower,  the Company shall have the right to levy cancellation charges on the Borrower due to the cost incurred by the  Company. Notwithstanding anything in this Agreement, the Company shall, without prejudice to its right to  receive the Instalment/s or EMI payable by the Borrower to the Company as provided hereunder this Agreement,  be entitled to withhold disbursal of certain percentage of the Loan, pending the completion of post disbursement  documents (PDD) upto the satisfaction of the Company. The Company shall be entitled to deduct charges that  are paid / to be paid by the Company on behalf of the Borrower(s) including but not limited to the insurance  premium, stamp duty etc. from the Loan amount to be disbursed. The Company may at its discretion waiver or  set-off any processing fees received from the Borrower against the applicable cancellation charges 

(g) The Borrower(s) do hereby agrees and consents, as a pre-condition relating to the grant of Facility, that, in case  the Borrower(s) commits any default in the repayment of any of the Outstanding Amounts, the Company and/or  RBI shall have unqualified right to disclose and furnish information to Credit Information Companies (CIC),  CKYC, CERSAI, NeSL, CRILC and other agency so authorized by regulatory/statutory body, Borrower(s) name  as defaulter in such manner and through such medium as the Company or RBI in their absolute discretion may  think fit. Notwithstanding the above the Borrower/Co-Borrower understands that as a precondition relating to  grant of the Facility to the Borrower, the Company requires the Borrower’s/Co-Borrower’s consent for the  disclosure by the Company of information and data relating to the Borrower(s), of the Facility availed of /to be  availed by the Borrower(s), obligations assured/ to be assured by the Borrower(s) in relation thereto and default,  if any, committed by the Borrower(s) in discharge thereof. Without prejudice to the aforesaid, the Borrower(s)  hereby agrees and gives consent: 

  1. To disclose such information for the purposes of credit reference checks, verification, assignment, etc.  disclose any information/documents relating to the Borrowers (pertaining to the Facility availed by the  Borrower) to any third party appointed by it. The Borrowers further authorize the Company to disclose said  information /documents to RBI, income tax authorities, credit bureau, third parties, credit rating agencies,  databanks, corporates, banks, and financial institutions or any other government or regulatory authorities,  statutory authorities, quasi-judicial authorities. 
  2. To publish the name of the Borrower(s) and/or the names of its Directors as defaulters with or without the  photograph in any local/regional/ national newspaper/magazine etc. and/or through electronic medium  which includes publication on the website etc. and/or in such other manner and through such other medium  as the Company / RBI may in their absolute discretion think fit. 
  3. The Company shall also have the authority to seek and/or receive any information as it may deem fit in  connection with the Facility and/or the Borrower(s) from any source or person or entity to whom the  Borrower(s) hereby authorizes to furnish such information. 
  4. The Company shall register the details of a Borrower, in case of Borrower being a non-profit organisation,  on the DARPAN Portal of NITI Aayog, if not already registered, and maintain such registration records for  a period of five years after the business relationship between the Borrower and the Company has ended or  the account has been closed, whichever is later. 

The Borrower(s) confirms that the Company may for the purposes of credit reference checks, verification, etc.  disclose any information/documents relating to the Borrower(s) (pertaining to the Facility availed by the  Borrower(s)) to any third party appointed by it 

(h) Return/Destruction of SPDCs/PDCs: Rapid Investments Ltd. shall return/destroy immediately old SPDCs/PDCs as received from  the Applicant(s) or any parties to the Loan Agreement and which are in the custody of Rapid Investments Ltd. in the following  conditions:  

  1. When the relationship status of the Applicant with the Rapid Investments Ltd. is closed (for instance; in case of loan foreclosure,  repayment of loan, loan maturity, etc.) or;
  2. When the NACH of the Applicant is activated.  There shall not be any liability on Rapid Investments Ltd. to return the SPDCs/ PDCs obtained from the customer as a part of the  facility obtained by the Customer from Rapid Investments Ltd..  

(i) The Applicant shall ensure that all payments made through digital payment platforms shall be made by Applicant  from his own account in line with the AML norms as prescribed. In the event the repayment is made by a third  party, it shall the sole ownership of the Applicant or parties to the loan agreement to duly inform Rapid Investments Ltd. and  undertakes to complete all documentation formalities as requisitioned by the Rapid Investments Ltd..  

(j) Repayment: The loan is to be repaid in instalments as agreed to in the transaction documents over the tenure of  the loan. The repayment of instalment commences from a date specified in the Sanction Letter. Instalment amount  would comprise of principal and interest which are payable in Equated Monthly Instalment (EMI) as set out in the  Transaction Documents. Accordingly, the Applicant must ensure: 

  1. To keep sufficient funds in the designated account 2-3 days prior to due date of EMI. 
  2. The Applicant should not (a) issue stop payment instructions for any cheque issued towards EMI payment or  close/change the bank account in which the repayment instruments are drawn; (b) cancel or vary any payment  arrangement (unless required by Rapid Investments Ltd.).  
  3. The Borrower agrees, acknowledges and confirms that the PEMII (if any) along with interest and other amount  shall be paid in time and at its sole responsibility. The Borrower further confirms that the Borrower has provided  cheques to the Company and provides its consent that the Company may use the same as security payment  cheques, for repayment and/or PEMII (if any), as the Company deems fit. To this effect, the Borrower shall not  make the Company liable in any manner whatsoever. Time is the essence for performance of Parties obligations. The prepayment shall take effect only when cash has been received or SI/ECS/cheques/NEFT/ RTGS/ NACH  have been cleared/ credited and the Company shall levy the prepayment charges from the prepayment date till the  next instalment date. In such regard, the Borrower shall not make the Company liable for such charges levied by  the Company 

(k) Security: The Applicant(s) shall maintain in favor of Rapid Investments Ltd., a valid and enforceable first and exclusive security  interest on the property and all proceeds receivable by the Borrower(s) at any point of time, or any other right or  interest arising from or in connection with the property. All the security documents of the Borrower(s) shall be  deposited with Rapid Investments Ltd. and it shall have paramount rights/lien over such documents. The Parties agree and confirms  that the Company may, at its sole discretion, till the entire repayment of amount due, withhold the no objection  certificate, security related document or the like in case either loan(s)/facility (ies) is closed by the Borrower. Any Security(ies) furnished by the Borrower(s) for the Loan Agreement executed shall also be collateral for any  other obligations owing by the Borrower(s) to Rapid Investments Ltd..  

(l) In accordance with the applicable law(s) as amended or modified from time to time, where the borrower is a  company or LLP, the Borrower shall ensure registration of charges with the ROC within requisite timelines.  

(m) Disclosure:

(i) Rapid Investments Ltd. is authorized to disclose from time to time any information relating to the loan to any credit  bureau (Existing or Future) approved by Government of India and/or RBI without any notice to the Borrower(s).  Rapid Investments Ltd. is also authorized to make inquiries with any Credit Bureau and get the applicants Credit Information  Report. Terms & Conditions mentioned herein are subject to change without prior notice. The Applicant further  acknowledges that Rapid Investments Ltd. is authorized to share/disclose information:-

  1. Relating to the Applicant, including information relating to any default committed by the Applicant in discharge of their obligation or otherwise;
  2. To such credit bureaus/ credit reference agencies. Such entities may further make available processed information  or data or products thereof to banks/financial institutions and other credit grantors. Rapid Investments Ltd. also provides  information relating to credit history/repayment record of the applicant to a credit information company  (specifically authorised by the RBI), in terms of the Credit Information Companies (Regulation) Act, 2005.

(ii)  The Borrower hereby gives specific consent to Rapid Investments Ltd. for disclosing/submitting the ‘financial information’ as  defined in Section 3(13) of the Insolvency and Bankruptcy Code, 2016 (‘Code’) read with the relevant Regulations/  Rules framed under the Code, as amended and in force from time to time and as specified there under from time  to time, in respect of the Credit/ Financial facilities availed from Rapid Investments Ltd., from time to time, to any ‘Information  Utility’ ( ‘IU’) as defined in Section 3(21) of the Code, in accordance with the relevant Regulations framed under  the Code, and directions issued by RBI to the NBFCs from time to time and hereby specifically agree to promptly  authenticate the ‘financial information submitted by Rapid Investments Ltd., as and when requested by the concerned ‘IU’.  

(n) Any default pursuant to these Terms and/or the terms of the Agreement (whether demand for repayment is actually  made or not) then and in such case and at anytime thereafter, the Rapid Investments Ltd. through its officers, agents or nominees  shall have the right (without prejudice to the right under this Agreement) to take any one or more than one of the  following actions without the specific intervention of a court or any court order:  

(I) with a notice period of 15 days/without any notice and assigning any reason and attire risk at expense of the  Borrower and if necessary as attorney and in the name of the Borrower to take charge and/or possession of, seizure,  recover, appoint receiver of and remove the hypothecated asset. Rapid Investments Ltd. will be within its rights to use Tow-van to  carry away the Asset/and or,  

(II) enter into or upon any place or premise where the hypothecated asset may be kept or stored and inspect, value or  insure the same at the costs and expenses of the Borrower, and /or,  

(III) with prior notice through any specified mode of communication sell by auction or by private contract or tender,  dispatch or consign for realization or otherwise dispose of or deal with the hypothecated asset in the manner Rapid Investments Ltd.  may think fit,  

(IV) proceed to take possession of the collateral security and exercise powers to make auction of the same for realizing  due amount of Rapid Investments Ltd.. 

(V) Notwithstanding the aforesaid Rapid Investments Ltd. on occurrence of any one of the following events shall be entitled to repossess  the vehicle without providing any notice or intimation to the Borrower:  

  1. In case of any fraudulent activity is done by the Borrower or any other person in relation to the asset and/ or loan  under this agreement which in the opinion of Rapid Investments Ltd. is prejudicial to the interest of Rapid Investments Ltd..  
  2. If the asset is sold to the third party.  
  3. If the Borrower has expressed his willingness to surrender the possession of the asset voluntarily.  
  4. If there is reasonable apprehension to Rapid Investments Ltd. or its officers/ agents that such notice may defeat the taking of  possession of the asset due to any foul play or forcible resistance from the part of the Borrower/ Guarantor.  
  5. If the asset is used in unlawful activities  

(VI) Rapid Investments Ltd. shall have provided one final chance to the Borrower for repayment of all outstanding amounts before sale/  auction of the hypothecated vehicle except in cases where the sale/ auction of the hypothecated vehicle is pursuant  to any proceedings before any judicial, quasi-judicial or governmental authority or arbitrator.  

(VII) Rapid Investments Ltd. will return the Assets to the Borrower(s) provided all the outstanding amounts and other Rapid Investments Ltd. dues are  cleared in full to the satisfaction of Rapid Investments Ltd. or as otherwise agreed by both the parties. If satisfied with the  genuineness of Borrower’s inability to pay the EMI as per the repayment Schedule III which resulted in the  repossession of asset, Rapid Investments Ltd. may at its discretion consider handing over the Assets after receiving the EMI in  arrears. However, the same would be subject to Rapid Investments Ltd. being convinced of the arrangements made by the  Borrower(s) to ensure timely repayment of EMI in future.  

(o) Know Your Customer/Due Diligence Requirements: In line with the requirements of Rapid Investments Ltd. policy, the Know  Your Customer (KYC) documents along with other documentation need to be submitted at the time of applying  for loan or as and when requested by Rapid Investments Ltd.. The Borrower(s) is fully aware of the KYC requirements applicable  on Rapid Investments Ltd. from RBI and confirms that the information/ clarification/ documents/signage provided by it on its  identity, address, authorized signatory, board resolution, PAN and all other material facts are true and correct and  the transaction, etc. are bonafide and as per law. The Borrower(s) further confirms that it has disclosed all facts/  information as are required to be disclosed for the adherence and compliance of the provisions related to the KYC  Policy. The Borrower hereby consents to provide to the Company, any additional information required from the  Borrower which has not been specified in the internal KYC Policy of the Company. Rapid Investments Ltd. reserve the right to  recall the Facility, enforce the Security and guarantees, if any, and appropriate proceeds thereof towards the  outstanding and recover the balance from the Borrower(s), if any or close the account in case the required  documents are not provided by the Borrower(s) to Rapid Investments Ltd.. The Company shall advise the customers that in order  to comply with the PML Rules, in case of any update in the documents submitted by the Borrower at the time of  establishment of business relationship / account-based relationship and thereafter, as necessary; customers shall  submit to the Company the update of such documents. This shall be done at the earliest but not later than 30 days  of the update to the documents for the purpose of updating the records at Company’s end. The Company shall  register the details of a Borrower, in case of Borrower being a non-profit organisation, on the DARPAN Portal of  NITI Aayog, if not already registered, and maintain such registration records for a period of five years after the  business relationship between the Borrower and the Company has ended or the account has been closed, whichever  is later.  

(p) The Borrower shall keep and maintain in accordance with good business practice and Applicable Laws, all  statutory books, books of accounts, bank statement/pass books and other records of the Borrower and in particular,  maintain records showing the operations and financial conditions of the Borrower and such records shall be open  to examination by the Lender and/or its authorized representatives and the Borrowers shall if so required by the  Lender, furnish to the Lender at such intervals as the Lender may request a schedule or copy of all entries which  shall have been made in the said registers. The register shall clearly indicate which of the assets have been  hypothecated/ mortgaged/pledged or otherwise charged to the Lender or to any other person/ entity.  

(q) Governing Law and Jurisdiction: All documents executed in relation to the Facility shall be governed by and  construed in accordance with the laws of India. The Parties hereto expressly agree that all disputes arising out of  and/or relating to the Transaction Documents including any collateral document shall be subject to the exclusive  jurisdiction of a competent court as mentioned in respective transaction documents.  

(r) Dispute Resolution: The parties are aware that under the circumstances of any dispute which may arise between  the parties either directly or indirectly, shall be referred to or settled as per the terms and conditions under the  Dispute Settlement Mechanism as may be separately agreed and executed between the parties in writing, wherever  applicable. In any other circumstance all matters, questions, disputes, default, difference and or claims arising out  of and/or concerning and/or in connection and/or in consequence of breaches, termination or invalidity thereof,  whether or not obligations of either or both parties be subsisting at the time of such dispute and whether or not the  transaction documents have been terminated or purported to the terminated or completed shall be settled byarbitration in accordance with the provision of Arbitration and Conciliation Act 1996 or any statutory amendment  thereof which shall be presided over by an arbitrator. Rapid Investments Ltd. shall nominate the arbitrator and intimate Borrower(s).  If no counter proposal is received from Borrower(s) within 7 (seven) days from the date of intimation, then the  arbitrator nominated by Rapid Investments Ltd. shall be deemed to be accepted by Borrower(s) and becomes final. The language  to be used in the arbitral proceedings shall be English and the award of the arbitrator shall be final and binding on  parties. The seat of arbitration shall be as specified in the respective transaction document. 

(s) Fees, charges, costs and claims: All costs (including advocates Legal cost), charges, expenses, applicable taxes,  valuation charges, CIC charges, CERSAI charges, duties (including stamp duties), registration charges or any  other charges in connection with the Transaction Documents, any document executed pursuant hereto and the  creation enforcement, realization or attempted realization of any security insuring and taking possession of,  maintaining storage and selling of the any asset shall be incurred and paid by the Borrower(s) alone. Borrower(s)  shall reimburse the same at the actual to Rapid Investments Ltd. within 24 hours of Rapid Investments Ltd.’s demand. Rapid Investments Ltd. shall also be entitled  to recover from the Borrower(s) and Guarantor any other charges or costs incurred or claims suffered by Rapid Investments Ltd. in  connection with the Facility, including on account of execution, stamping of the Loan Agreement and any other  documentation or security creation pursuant to the Transaction Documents. If at any time hereafter it is found or  required that any extra stamp duty is payable on any of the Transaction Documents and/or if it is ascertained that  stamp duty at a rate higher than the duty presently paid on said Transaction Documents are payable/required to be  paid, then the Borrower(s) shall immediately pay the same with penalty and interest (if any). Upon failure to pay  the same, such amount shall form part of the amount due under the Loan Agreement.  

(t) Conditions Precedent: Rapid Investments Ltd. shall make any disbursement under the Facility subject to the fulfilment of the  following conditions:  

(i) The Borrower(s) meeting Rapid Investments Ltd.’s requirement of creditworthiness. Rapid Investments Ltd. shall be entitled to make or cause to be  made market inquiries or Credit Bureau checks of such nature as it may deem fit in this regard and, further, it shall  be entitled to call for such credentials from the Borrower(s) as may be required.  

(ii) The Borrower(s) are in compliance of all the terms and conditions under the Transaction Documents, and there  exists no default or breach under the Sanction Letter, Loan Agreement or any circumstance which may make it  improbable for the Borrower(s) to fulfil his/her/their obligations under the Transaction Documents.  

(iii) In relation to the Borrower(s), absence of any pending, ongoing or threatened proceedings which, if adversely  determined, may have an adverse effect on:

  1. the ability of the Borrower(s) to comply with the Facility  Documents, or
  2. the interests of Rapid Investments Ltd..  

(iv) Execution, filing, registration and delivery, by the Borrower(s), of all Facility Documents in the form, manner and  substance acceptable to Rapid Investments Ltd..  

(v) If required by Rapid Investments Ltd. or under any law provision of such evidence as may be acceptable to it, the Borrower(s) to  satisfy Rapid Investments Ltd.:

  1. about the utilization of the proceeds of the prior disbursements (if any) under the Facility, and 
  2. that the disbursement is required for and shall be utilized only for the purpose for which the Facility is  sanctioned.  

(vi) In order to avail the Facility from Rapid Investments Ltd., the Applicant assures to the Rapid Investments Ltd. that the Applicant has complied with  all the provisions of the MSME Act applicable on the Applicant and till date the Applicant has, neither, either  directly or indirectly, breached/ contravene any provisions under the applicable law, statute or regulation or any  judgment or decree to which any of the Applicant and/or business and/or its undertaking is subject.  

(vii) The Borrower shall notify Rapid Investments Ltd. of any change, including and not limited to the following, occurred, between the  date of loan application and the date of disbursement of Facility, and even otherwise, within 15 (fifteen) days of  such change.  

  1. Make any change in the residential and official status of the Applicant or occupation/ business of the Applicant or  in the details of the relatives in the Applicant’s entity or any adverse circumstances connected with the financial  position of the Applicant and/or any adverse change with regard to the security or title thereto (however  unimportant the Applicant may consider the same);  
  2. Make any change in the constitution, management or existing ownership, shareholding pattern or control or share  capital of the Applicant.  

(u) Non-cooperative borrowers:  

(i) The Borrower(s) agrees to fully cooperate and comply with the terms and conditions provided under the Loan  Agreement and other ancillary documents in congruence with the Facility availed by the Borrower(s) from Rapid Investments Ltd..  In the event, the Borrower(s) fails to cooperate and fulfill the obligations pursuant to the terms and conditions  under the Loan Agreement, Rapid Investments Ltd. shall deem the Borrower(s) as Non Co-operative Borrower.  

(ii) Rapid Investments Ltd. shall on failure to repay the outstanding dues under the Facility by the Borrower(s) after repeated reminders  (written/verbal) by Rapid Investments Ltd., classify the delinquent Borrower(s) who have not paid their dues for 90+ days as Non Co-operative Borrower in the Rapid Investments Ltd.’s database. Rapid Investments Ltd. shall send a notice in writing on 60 DPD (“Days Past Due”)  in the Borrower’s account to such delinquent Borrower(s) in physical/digital mode to provide justification for not  responding appropriately to the reminder(s) received, before their names are tagged as Non Co-operative  Borrower. After receipt of the notice by the Delinquent Borrower(s), if adequate reasoning is not provided by such  Borrower(s) or the overdue amount is not paid off in entirety in accordance with the Income Recognition and  Asset Classification Norms, the Borrower(s) shall be classified as Non Co-operative Borrower and the same shall  be intimated to such Borrower(s) by Rapid Investments Ltd..  

(iii) Rapid Investments Ltd. may in its sole discretion change such classification of Borrower as a Non Co-operative Borrower and the  Borrower shall not remain as a Non Co-operative Borrower upon upgradation of Borrower’s account, however no  intimation for such upgradation shall be sent across to the Borrower(s) by Rapid Investments Ltd..  

(v) Regulatory Declarations (in case Borrower is a company): The Borrower shall declare that none of its directors  or Guarantor (or any of its directors, if applicable) is a director/senior officer of a director/senior officer of a  banking company, or in a specified near relation of a director/senior officer of the Lender. Except to the extent  disclosed to Rapid Investments Ltd., all the Borrower’s contracts or agreements with, or any commitments to, any affiliates or group  companies (if applicable) are on arm’s length basis. Further, no director of Rapid Investments Ltd. is a director, manager, managing  agent, employee or guarantor of the Borrower/its subsidiary/holding company, or holds substantial interest, in the  Borrower/its subsidiary/holding company and no directors of any other Company, including directors of scheduled  cooperative bank and directors of subsidiaries/ trustees of mutual fund/venture capital funds holds substantial  interest or is interested as director or as a guarantor of the Borrower. The Borrower or any directors/ promoters/  associate concerns/ of any of the Borrower (including the Guarantor) are not and, to the best of their knowledge:  i. on the Export Credit Guarantee Corporation’s (ECGC’s) specified approval list; or 

1. convicted under the provisions of Conservation of Foreign Exchange and Prevention of Smuggling Activities  Act, 1974; or  

iii. on RBI’s wilful defaulters/ caution list; or  

  1. on the Lender’s defaulter list; or  
  2. or not qualified to act as director in accordance with applicable Law.  

In case where the above negative confirmations/ declarations are not true, then the Borrower shall provide a written  declaration with details of such relationship to Rapid Investments Ltd.. If the details of such declaration change during the term of  the Facility, then the Borrower shall promptly provide a written declaration to Rapid Investments Ltd. of any such changes.  

(w) The Borrowers and the Guarantor(s) shall provide information to Rapid Investments Ltd. in case any subsequent credit facility is  availed by them from any other lending institutions. The Borrowers and the Guarantor(s) shall provide information  to Rapid Investments Ltd. in case any additional credit facility is availed/has been availed by them individually or as a “group”  from the Company. “Group” shall mean loan availed by various relatives (as defined under the Companies Act,  2013) or in the name of various entities within the Group such as company, partnership, trust, society, special  purpose vehicle, mutual funds etc. and includes Borrowers and Guarantors.  

(x) The Borrower(s) shall not be entitled to cancel the Facility or refuse to accept the disbursement of the Facility,  except with the approval of Rapid Investments Ltd. and on payment to Rapid Investments Ltd., of such cancellation charges as mentioned in Schedule  of Charges. However, Rapid Investments Ltd. shall have the right to terminate, at any point of time, all and/or any undrawn part of  the Facility by giving notice to the Borrower(s).  

(y) It shall be the responsibility of the Borrower to ensure that the insurance policy with requisite endorsement in  favor of Rapid Investments Ltd. is submitted to the Rapid Investments Ltd..  

(z) In the light of RBI Circular dated November 12, 2021 bearing reference no. RBI/2021-2022/125 DOR.STR.REC. 68/21.04.048/2021-22, Rapid Investments Ltd. has displayed on the website the regulatory requirements, example along with terms,  for the customers, the process of categorization of the loan account as NPA i.e., Non-Performing Asset and SMA  i.e., Special Mention Account.  

(aa) For any service related issue, Applicant can get in touch with Rapid Investments Ltd. as per the details mentioned in the Customer  Grievance Redressal mechanism displayed on the website.  

(bb) Rapid Investments Ltd. reserves the right to modify the terms and conditions at any time without prior notice. Company may update  these terms and conditions from time to time. The updated terms and conditions will be effective upon posting on  our Company’s Website. The Applicant is responsible for understanding these terms and conditions before  applying for loan request; if Applicant continue to use the Website or submit a loan request, the Applicant will  have agreed to the amended terms. 

(cc) The copy of the loan agreements is uploaded on the website of the Company in vernacular language so that the Borrower(s) can read, understand and interpret the contents in the language known to the Borrower(s). In the event of conflict/inconsistency between the English language and any other vernacular language, the contents of English language shall prevail for all intent and purpose.

(dd) Additional Terms for Digital Lending: Borrowers availing loans through digital lending mode from the Company shall be provided with all the information relating to the product features, loan limit, cost so as to make the borrowers aware of these aspects. The Company shall provide Key Fact Statement (KFS) by Borrower with all necessary information including but not limited to details of the loan, fees, charges, APR details, recovery mechanism, details of grievance redressal officer, cooling-off period etc. In the event, the Borrower intends to exit the Loan, the Borrower may do so within the Cooling off period of 3 day(s) for Loan having tenure of 7 or more days and 1 day for Loan having tenure of less than 7 days, from the date of execution of the Agreement, during which the Borrower may exit the Loan by giving written notice to the Company provided that the Borrower shall be liable to pay the principal amount and the proportionate APR during this period. APR shall mean effective annualized rate charged by the Company to the Borrower. For borrowers continuing with the loan even after cooling off period, pre-payment shall continue to be allowed as per extant RBI guidelines. The disbursements in such cases shall always be made into the bank account of the borrower except for disbursals covered exclusively under statutory or regulatory mandate (of RBI or of any other regulator), flow of money between the Lender for co-lending transactions and disbursals for specific end use, provided the loan is disbursed directly into the bank account of the end-beneficiary. The borrower shall be provided with an option to give or deny consent for use of specific data, restrict disclosure to third parties, data retention, revoke consent already granted to collect personal data and if required, make the app delete/ forget the data. The parties agree that the purpose of obtaining borrowers’ consent needs to be disclosed at each stage of interface with the borrowers. Explicit consent of the Borrower shall be taken before sharing personal information with any third party, except for cases where such sharing is required as per statutory or regulatory requirement. 

(ee) The borrower may refer the terms & conditions displayed herein on an ongoing basis. In addition, the vernacular language agreements are uploaded on the website for quick perusal by the borrower.