Definitions:
 

1. For the purpose of these Terms & Conditions, wherever the context so requires-

   1. “e-NACH mandate” means the instructions given by the Borrower to debit his/her bank account to make the payment to Lender through Automated Fund Transfer for all the Loans availed by the Borrower from Lender from time to time.
       

   2. “Lender” shall mean True Credits and/or its Co-Lender and/or Lending Partner.
       

   3. “You/Your”, “Customer” or “User” or Borrower shall mean any natural or legal person who intends to avail loan from True Credits and/ or its Lending Partner(s).
       

   4. “True Credits” shall mean True Credits Private Limited, which is duly registered NBFC with Reserve Bank of India (RBI)
       

   5. “Lending Partner” shall mean banks, non-banking financial companies and/or other financial institutions regulated by the Reserve Bank of India, with whom there is an arrangement with True Credits to facilitate Loan or related financial services including through Co-lending arrangement.
       

   6. “Loan” shall mean loan to be provided / or provided to the Customer by Lender(s). 
       

2. You agree for the debit of one time mandate registration charges (if any) by the Designated Bank as per the Bank's policy whom you are authorizing to debit the account.
    

3. You are authorizing the Lender  to debit your Designated Bank Account, based on the instruction as agreed and authorized by you.
    

4. This e-NACH Mandate is an auto debit authorization from You to the Lender, to debit funds from Your Designated Bank Account as linked to your Loan account. This facility shall be offered to all such customers of Lender , who have bank accounts at banks registered/partnered with NPCI (National Payments Corporation of India) offering such services of creating e-NACH mandates.
    

5. The creation of an e-NACH Mandate is solely based on the selection criteria, as selected by You. The standing instructions selected/authorized by you can be selected in various timelines such as (a) Weekly; (b) Monthly; (c) Alternate months; (d) Quarterly; (f) Half-yearly; or Annually (as applicable). In case, you do not have sufficient funds in your Designated Bank Account to meet the NACH Mandate auto debit requirements, please contact customer support team of the Lender.
    

6. You have the option to cancel the e-NACH Mandate, at any time by requesting your Bank with which you hold your Designated Bank Account or by raising a request to the Lender. You shall not close your bank account or withdraw the e-NACH/other mandate when the Loan is outstanding, without prior intimation of 30 days to the Lender in writing and in case such a bank account is closed, you shall substitute suitably substitute e-NACH / other mandate as directed by the Lender. Please note that Dishonor of transaction due to insufficiency of funds for recurring payments for categories which fulfill the requirements of ‘Promise to Pay a debt or a liability’ is considered an offence under  Section 25 of the Payment and Settlement Systems Act 2007.
    

7. Please ensure that sufficient funds remain in Your Designated Bank Account at the time of collection, at all times, to avoid any legal or procedural consequences as per NPCI & RBI Guidelines. Further, if Auto debit fails due to insufficient balance in your bank account, then your bank may levy a bouncing fee as per the Bank’s applicable policy for the same. The Lender  has no role in levying these charges by Bank. Kindly check your bank's charges schedule to know more details.
    

8. No bouncing charges are being charged by the Lender, however, in case if the outstanding amount is not paid on the due date , the penalty fee may be imposed by the Lender  to the customers.
    

9. The list of banks offering such services shall be updated on NPCI’s website (www.npci.org.in) from time to time. The list of banks registered/partnered with NPCI may be modified/changed at any time, at the sole discretion of NPCI, without assigning any reason whatsoever.The Lender at its sole discretion, may also from time to time modify/change the list of banks offering e-NACH Mandate creation services, in case of any operational inconveniences. In any such cases where Lender has modified the list of banks offering NACH Mandate services on its platform, it shall notify clients of the same.
    

10. Banks may reject any e-NACH Mandate based on their own validations and internal procedures, which is not at the control of the Lender. The Lender is not liable to communicate or for any consequential claims or complaints with respect to such rejections
     

11. You have understood that You are authorized to cancel/ amend this mandate by appropriately communicating the cancellation/ amendment request to the Lender where you have authorized the debit.
     

12. The mandate given to Lender shall remain valid until the complete repayment of the Loan together with all Interest Amount, charges, penalties or any other amount due to the Lender.
     

13. In case there is any query regarding the said e-NACH, the customer can reach out to the customer support team of the Lender.
     

14. In the event of dishonour of transaction initiated through such Mandate, the Borrower hereby authorises the Lender to present the Mandate again with the bank of the Borrower for clearance/ payment any time at its sole discretion without any prior intimation to Borrower.
     

15. Lender is hereby authorised to debit the bank account of the Borrower one business day before the respective Due Date(s) in the event such Due Date(s) falls on a bank holiday.