Terms & Conditions

1. Acceptance of Terms

By accessing our website, submitting a loan application, or using any of our services, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions and our Privacy Policy.

If you do not agree with any part of these terms, you must not use our services or submit an application.

2. Eligibility Criteria

✅ Required Qualifications

• Must be between 18-55 years of age
• Indian citizen with valid identity proof
• Permanent address in India
• Regular income source (formal or informal)
• Ability to repay the loan amount
• Valid bank account in applicant's name

❌ Disqualifying Factors

• History of loan defaults or bankruptcy
• Criminal record related to financial fraud
• Currently blacklisted by any financial institution
• Providing false or misleading information
• Existing overdue payments with us
• Unable to provide required documentation

3. Application Process & Approval

3.1 Application Submission

• All applications must be submitted with complete and accurate information
• Incomplete applications may be rejected without notification
• We reserve the right to request additional documentation
• Application processing typically takes 24-48 hours

3.2 Verification Process

• We will verify all provided information through various sources
• Reference contacts may be contacted for verification
• Field verification may be conducted for certain applications
• False information will result in immediate rejection

3.3 Approval Decision

• Loan approval is at the sole discretion of Bhosale Microcare Foundation
• We reserve the right to approve a different amount than requested
• Approval is subject to satisfactory verification and documentation
• Rejected applicants may reapply after 3 months

4. Loan Terms and Conditions

4.1 Interest Rates

• Interest rates vary based on loan type and amount
• Rates are competitive and affordable
• Calculated on reducing balance method
• Rates are subject to change with prior notice

4.2 Repayment Terms

• Repayment period ranges from 6 to 30 months
• EMIs to be paid on/before due date
• Prepayment allowed without penalty
• Late payment charges apply for overdue amounts

4.3 Fees and Charges

• Processing fee: 0.5 - 1% of loan amount (max ₹500)
• Late payment charges: ₹200 per month
• Bounce charges: ₹150 per returned payment
• No cancellation charges if cancelled within 24 hours

4.4 Disbursement

• Funds credited directly to applicant's bank account
• Disbursement within 1 – 2 working days
• Processing fee deducted from loan amount
• Disbursement subject to final verification

5. Borrower Responsibilities

5.1 Repayment Obligations

• Make timely EMI payments
• Maintain balance for auto-debit
• Inform us of financial difficulties
• Pay additional charges if applicable

5.2 Information Updates

• Update contact info within 7 days of change
• Notify us of job/income changes
• Update address or bank details
• Provide documents when requested

5.3 Usage Restrictions

• Use loan only for stated purpose
• No illegal/unethical activities
• Loan cannot be transferred/assigned
• Must cooperate with monitoring

6. Default and Recovery

6.1 Default Definition

• EMI overdue for more than 90 days
• False information provided
• Borrower becomes insolvent/bankrupt
• Loan misused for other purposes

6.2 Recovery Actions

• Contact borrower & references
• Report default to credit bureaus
• Engage recovery agents
• Legal proceedings for recovery
• Right to set-off deposits

7. Disclaimers and Limitations

• Service Availability: Services may be interrupted for maintenance or other reasons
• Information Accuracy: Not guaranteed to be always updated
• Third-Party Services: Not responsible for external service providers
• Market Risks: Not liable for losses due to external events

8. Modifications to Terms

We may modify these terms anytime. Updates are effective immediately once posted. Borrowers will receive 30 days' notice for major changes.

9. Governing Law and Dispute Resolution

• Direct negotiation
• Mediation with a mutually agreed mediator
• Arbitration under Indian Arbitration and Conciliation Act
• Jurisdiction: Mumbai courts