1. Agreement to Terms
Welcome to Eazy Loan Credit. By accessing our website and using our services, you agree to be bound by these Terms and Conditions ("Terms"). These Terms constitute a legally binding agreement between you ("Customer," "You," or "Your") and Eazy Loan Credit ("Company," "We," "Us," or "Our").
If you do not agree to these Terms, you must not use our services. Please read these Terms carefully before proceeding with any loan application.
2. Definitions
- "Loan" refers to the smartphone financing provided by Eazy Loan Credit
- "EMI" means Equated Monthly Installment
- "KYC" means Know Your Customer documentation
- "Principal Amount" is the initial loan amount disbursed
- "Interest Rate" is the percentage charged on the principal amount
- "Tenure" refers to the loan repayment period
- "Services" means all loan-related services provided by Eazy Loan Credit
3. Eligibility Criteria
To be eligible for our loan services, you must meet the following requirements:
- Be at least 18 years of age
- Be a resident of India
- Possess valid government-issued identification documents (Aadhaar, PAN)
- Provide valid address proof
- Have a valid bank account in your name
- Provide accurate and truthful information
We reserve the right to refuse service to anyone who does not meet these criteria or for any other reason at our sole discretion.
4. Loan Application Process
4.1 Application Submission
By submitting a loan application, you:
- Authorize us to verify your information and documents
- Consent to background and identity verification checks
- Acknowledge that providing false information may result in application rejection
- Understand that application approval is not guaranteed
4.2 Document Verification
All submitted documents will be verified through appropriate channels. We reserve the right to request additional documents or information if needed.
4.3 Approval and Disbursement
Upon approval, the loan amount will be activated immediately, allowing you to purchase your smartphone. The approval is subject to successful verification of all submitted information.
5. Loan Terms and Conditions
5.1 Loan Amount
The loan amount will be determined based on:
- The cost of the smartphone
- Your repayment capacity
- Our internal assessment criteria
- The chosen loan plan
5.2 Interest Rates
Interest rates are calculated on a reducing balance basis and will be clearly communicated before loan disbursement. The interest rate may vary based on:
- Loan tenure selected
- Loan amount
- Customer profile
- Market conditions
5.3 Repayment Schedule
You agree to repay the loan in monthly installments (EMIs) as per the agreed schedule. EMI includes both principal and interest components.
- Tenure options: 3, 6, or 9 months
- EMIs are due on the same date each month
- First EMI is due 30 days after loan disbursement
- Auto-debit facility may be set up for convenience
5.4 Processing Fees and Charges
All applicable fees and charges will be disclosed upfront, including but not limited to:
- Processing fees (if applicable)
- Late payment charges
- Bounce charges for failed payments
- Pre-payment or foreclosure charges (if applicable)
6. Repayment Obligations
6.1 Timely Payment
You must ensure sufficient funds are available in your bank account on or before the EMI due date. Failure to make timely payments may result in:
- Late payment charges
- Negative impact on your credit score
- Legal action for recovery
- Loss of eligibility for future loans
6.2 Payment Methods
Payments can be made through:
- Auto-debit from linked bank account
- Online payment portal
- UPI transfers
- Bank transfers
6.3 Pre-payment and Foreclosure
You may pre-pay or foreclose your loan at any time, subject to applicable terms and charges. Pre-payment requests must be submitted through our customer service channels.
7. Default and Consequences
You will be considered in default if:
- You fail to make EMI payments on time
- You provide false or misleading information
- You violate any terms of this agreement
- You become insolvent or file for bankruptcy
Consequences of Default:
- Immediate demand for full outstanding amount
- Legal action for recovery
- Reporting to credit bureaus
- Additional legal and recovery costs
- Seizure of financed smartphone (if applicable)
8. Ownership and Security
Until the loan is fully repaid:
- The smartphone remains hypothecated to Eazy Loan Credit
- You cannot sell, transfer, or pledge the device without our written consent
- We reserve the right to take possession in case of default
- You must maintain the device in good condition
- Insurance may be required for high-value devices
9. Customer Responsibilities
As a customer, you agree to:
- Provide accurate and complete information
- Update us promptly of any changes in contact details or employment
- Maintain sufficient funds for EMI payments
- Respond to our communications in a timely manner
- Use the loan only for purchasing the specified smartphone
- Comply with all applicable laws and regulations
10. Company Rights and Limitations
10.1 Our Rights
Eazy Loan Credit reserves the right to:
- Approve or reject any loan application without providing reasons
- Modify interest rates and charges with prior notice
- Change or discontinue services at any time
- Assign or transfer loan agreements to third parties
- Contact you through phone, email, or SMS for loan-related matters
- Report your payment history to credit bureaus
10.2 Limitations of Liability
We are not liable for:
- Defects or issues with the purchased smartphone
- Service interruptions or technical failures
- Actions of third-party service providers
- Indirect or consequential damages
- Loss of data or information
11. Data Protection and Privacy
Your personal information is protected as per our Privacy Policy. By using our services, you consent to:
- Collection and processing of your personal data
- Sharing information with service providers and credit bureaus
- Use of data for verification and risk assessment
- Storage of information for legal compliance
Please refer to our Privacy Policy for detailed information.
12. Communication and Notices
You consent to receive communications from us through:
- Email to the provided email address
- SMS to the registered mobile number
- Phone calls for important updates
- WhatsApp or other messaging platforms
- Physical mail to registered address
It is your responsibility to keep your contact information updated.
13. Dispute Resolution
13.1 Grievance Redressal
For any complaints or grievances, please contact our customer support:
- Email: support@eazyloancredit.com
- Phone: +91 1800-XXX-XXXX
- Business Hours: Monday - Saturday, 9:00 AM - 7:00 PM
13.2 Arbitration
Any disputes arising from this agreement will be resolved through arbitration in accordance with Indian Arbitration and Conciliation Act, 1996. The arbitration proceedings will be conducted in English and held in India.
13.3 Jurisdiction
These Terms are governed by the laws of India. The courts in [City Name], India shall have exclusive jurisdiction over any disputes.
14. Modifications to Terms
We reserve the right to modify these Terms at any time. Changes will be effective upon posting on our website. We will notify you of significant changes through:
- Email notification
- Website banner or notification
- SMS alert
Your continued use of our services after modifications constitutes acceptance of the updated Terms.
15. Termination
This agreement remains in effect until the loan is fully repaid or terminated by either party. We may terminate services if:
- You breach any terms of this agreement
- You provide false information
- You engage in fraudulent activities
- Required by law or regulatory authorities
Termination does not affect your obligation to repay the outstanding loan amount.
16. Miscellaneous
16.1 Severability
If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions will continue in full force.
16.2 Waiver
Our failure to enforce any right or provision does not constitute a waiver of that right or provision.
16.3 Assignment
We may assign our rights and obligations under these Terms to any third party without your consent. You may not assign your rights without our written permission.
16.4 Entire Agreement
These Terms, along with our Privacy Policy, constitute the entire agreement between you and Eazy Loan Credit regarding the use of our services.
17. Contact Information
For questions about these Terms and Conditions, please contact us:
18. Acknowledgment
By using our services and submitting a loan application, you acknowledge that:
- You have read and understood these Terms and Conditions
- You agree to be bound by these Terms
- You understand the loan terms, interest rates, and repayment obligations
- You have the legal capacity to enter into this agreement
- All information provided is accurate and truthful