Terms & Conditions

Terms & Conditions

  1. Eligibility
    Applicant must be 21 years or above and legally competent to enter into a contract under the Indian Contract Act, 1872.

  2. Registration
    All borrowers must provide valid identity proof, address proof, and necessary documents before loan sanction.

  3. Privacy
    All borrower data will be kept confidential and used strictly for loan processing and compliance purposes.

  4. Use of Services
    The loan availed must be used only for legal and valid purposes.

  5. Digital Services
    Where applicable, NRB FINANCE may provide digital loan applications, EMI reminders, and online repayment facilities.

  6. Third Party Services
    NRB FINANCE is not responsible for any third-party services or platforms used for repayment or communication.

  7. Loan Sanction & Disbursement
    Loan sanction is at the sole discretion of NRB FINANCE. Minimum Loan Amount ?300, Maximum Loan Amount ?50,000.

  8. Loan Tenure
    Loan tenure ranges from 1 month to 24 months, as agreed in the loan agreement.

  9. Interest Rate
    Interest is charged at 15% annually, calculated on reducing balance or as per the loan agreement.

  10. Collateral
    Collateral may include Vehicle, Gold, or Documents, as mutually agreed.

  11. Application Fee
    A non-refundable application/processing fee of ?500 is applicable on every loan application.

  12. Repayment
    Repayments can be made through Cash, Cheque, Bank Transfer, or Online methods.

  13. Late Payment Penalty
    Delay in repayment will attract a penalty of ?500.

  14. Refund Policy
    Application fees and interest already paid are non-refundable.

  15. Fraud
    Any fraudulent submission of documents or misrepresentation will lead to immediate termination of the loan and legal action.

  16. Support
    For queries or support, borrowers can contact via email at coustmercare@nrbfinance.in    .

  17. Borrower’s Responsibility
    Borrowers must provide accurate details and ensure timely repayment.

  18. Consent to Contact
    Borrower agrees to receive communication via SMS, call, or email regarding loan account.

  19. Termination
    NRB FINANCE reserves the right to terminate the loan agreement in case of default or fraudulent activity.

  20. Amendments
    NRB FINANCE may revise these Terms & Conditions at any time with prior notice.

  21. No Warranty
    NRB FINANCE does not guarantee that all services will be uninterrupted or error-free.

  22. Limitation of Liability
    NRB FINANCE will not be liable for indirect, incidental, or consequential losses.

  23. Dispute Resolution
    All disputes shall be subject to Rajkot, Gujarat jurisdiction.

  24. Force Majeure
    NRB FINANCE shall not be held responsible for delays or defaults due to natural calamities or circumstances beyond its control.

  25. Severability
    If any provision of these Terms is found invalid, the remaining provisions will remain enforceable.

  26. Entire Agreement
    These Terms constitute the entire agreement between NRB FINANCE and the borrower.

  27. Cumulative Rights
    Rights and remedies under this agreement are cumulative and not exclusive of any rights provided by law.

  28. Grievance Officer
    NRB FINANCE shall appoint a Grievance Officer to address customer complaints. Borrowers may contact:
    Email: coustmercare@nrbfinance.in

  29. Governing Law
    These Terms shall be governed under the Gujarat Money Lenders Act and applicable laws of India.

 

1.I agree to abide by the NRB FINANCE Terms and Conditions and rules in force and the changes thereto in Terms and Conditions from time to time relating to my loan account as communicated and made available on the NRB FINANCE website.

2.I agree that any change in mailing address will be immediately informed to the Bank failing which I shall be responsible for any non-receipt of communication/deliverables or the same being delivered at my old address.

3.I agree that no discount or free gift or any other commitment whatsoever is given to me/ us by the NRB FINANCE or any of its authorized representative(s) other than what is not documented in this application form the Terms and Conditions/ Agreement pursuant to the Loan

4.I agree that Loan processing and disbursement will take at least 7 working days post submission of all requisite documents and information as may be required by the NRB FINANCEas per NRB FINANCE criteria.

5.I agree that submission of loan application to your NRB FINANCE does not imply automatic approval by the NRB FINANCE and the NRB FINANCE will decide the quantum of the loan at its sole and absolute discretion. The NRB FINANCE in its sole and absolute discretion may either sanction or reject the application for granting the loan. In case of rejection, the NRB FINANCE shall not be required to give any reason.

6.I agree that I shall not pay to the NRB FINANCE representative/ staff any payment in cash/ bearer cheque or kind along with or in connection with this loan application from me/ us.

7.I agree that :

  • The loan proceeds shall not be utilised for construction of farm houses, or Carry on agricultural/plantation/real estate business; or Trade in transferable development rights; or Act as Nidhi or Chit fund company. 
  • The loan proceeds cannot be used for any other activity where foreign investment is not allowed. This shall be applicable even if the loan is utilised in association with other person. 
  • The loan amount shall not be remitted outside India or credited to NRE/FCNR(B)/NRNR account of the borrower.
  • The loan proceeds are not used for investment in capital market including margin trading and derivatives. 
  • The repayment of loan  should be either by inward remittance from outside India or by debit toNRE/NRO/FCNR(B)/NRNR/NRSR account of the borrower and/or out of sale proceeds realised through securities offered for the loans. Further, these  loans can also be repaid by any relative (as defined under Companies Act) of the borrower in India through account to account transfer. The funds credited in Customer's account shall be used for the purpose for which loan has been applied and will not be used for

(a) setting up of new units consuming/producing the Ozone Depleting Substances (ODS); or

(b) to units engaged in the manufacture of the aerosol units using chlorofluorocarbons (CFC); or 

(c) for purchase of gold in any form including primary gold, gold bullion, gold jewellery, gold coins, units of Gold Exchange Traded Funds (ETF) and units of gold Mutual Funds; or 

(d) for sepculative or anti-social purpose; 

(e) for purchase of Land; or 

(f) for investment in capital market or for purchase of shares; or 

(g) for acquisition of/investing in Small Savings Instruments including Kisan Vikas Patras.

 

8.I hereby agree and declare that the details furnished above are true and correct to the best of my knowledge and belief and I undertake to inform you of any changes therein, immediately. Incase any of the above information is found to be false or untrue or misleading or misrepresenting, I am aware that I may be held liable for it.

9. I hereby consent to receiving information from Central KYC Registry through SMS/Email on the above registered number / email address.

10. I seek from the NRB FINANCE various financial assistance, other products and services for which I may be found eligible by the NRB FINANCE from time to time, at any time in future, including after closure of any of my existing or future relationships, accounts, products, facilities, loans, services with or from the Bank from time to time, for which purpose I authorise the NRB FINANCE to share any of my Information (as defined hereinafter) with any credit information companies and obtain various scores, reports and information for determining my credit worthiness from them, and accordingly to contact me or cross sell to me from time to time.

11. I hereby authorize and give consent to the NRB FINANCE to disclose, without notice to me/ us, information furnished by me/ us in the application form(s)/ related documents executed/ to be executed in relation to the facilities to be availed by me/ us from the NRB FINANCE, to the NRB FINANCE 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 other related purposes that the Bank may deem fit. I/ We waive the privilege of privacy and privity of contract1

12.I hereby unconditionally, agree that these terms may be changed by the NRB FINANCE at any time and I / We will be 

bound by the amended terms and conditions.I hereby unconditionally, agree that these terms may be changed by the NRB FINANCE at any time and I / We will be bound by the amended terms and conditions.

13.I agree that the Bank will send me communications/letters etc. through courier/messenger/mail or through any other mode at its discretion and the Bank shall not be liable for any delay arising there from.

14.I agree that the NRB FINANCE may disclose, in strict confidence, to other institutions, such Personal Information as may be reasonably necessary for reasons inclusive of:

i. For participation in any telecommunication or electronic clearing network

ii. In compliance with a legal directive

iii. For credit rating by recognized credit rating agencies

iv. For fraud prevention purposes

v. To credit information bureaus.

 

15.Disclosure of Information to CIBIL:I understand that as a pre-condition, relating to grant of the loans/ advances/ other fund-based and non-fund-based credit facilities to me, the Bank, requires my consent for the disclosure by the NRB FINANCE of information and data relating to me, of the credit facility availed of/to be availed, by me, obligations assumed/ to be assumed, by me, in relation thereto and default, if any, committed by me, in discharge thereof. Accordingly, I, hereby agree and give consent for the disclosure by the NRB FINANCE of all or any such,

i. information and data relating to me

ii. the information or data relating to any credit facility availed of/ to be availed, by me, and

iii. default, if any, committed by me in discharge of my such obligation, as the NRB FINANCE may deem appropriate and necessary, to disclose and furnish to Credit Information Bureau (India) Ltd. and any other agency authorised in this behalf by RBI.I, declare that the information and data furnished by me to the NRB FINANCE are true and correct.

I, undertake that:

i. The Credit Information Bureau (India) Ltd. and any other agency so authorised may use, process the said information and data disclosed by the NRB FINANCE in the manner as deemed fit by them; and

ii. The Credit Information Bureau (India) Ltd. and 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 the Reserve Bank in this behalf

 

16    Force Majeure:

The nrb finance  shall not be liable if any transaction does not fructify or may not be completed or for any failure on part of the  nrb finance to perform any of its obligations under these Terms and Conditions or those applicable specifically to its services/facilities if performance is prevented, hindered or delayed by a Force Majeure event (defined below) and in such case its obligations shall be suspended for so long as the Force Majeure event continues.

"Force Majeure Event" means any event due to any cause beyond the reasonable control of the  NRB FINANCE, including without limitations, unavailability of any communication systems, breach, or virus in the processes or payment or delivery mechanism, sabotage, fire, flood, explosion, acts of god, civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, unauthorised access to computer data and storage devices, computer crashes, malfunctioning in the computer terminal or the systems getting affected by any malicious, destructive or corrupting code or program, mechanical or technical errors/failures or power shut down, faults or failures in telecommunication etc.

 

17.Indemnity:I agree that I shall indemnify and hold the NRB FINANCE harmless against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses whatsoever which the NRB FINANCE may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of providing any of the services or due to any negligence/mistake/misconduct on my part or breach or non-compliance by me of any of the Terms and Conditions relating to any of the services or by reason of the NRB FINANCE  in good faith taking or refusing to take action on any instruction given by me.

 

18. Right of Lien/Set off: I hereby grant and confirm the existence of the right of lien and set-off with the NRB FINANCE, which the NRB FINANCE may at any time without prejudice to any of its specific rights under any other agreements with me, at its sole discretion and without notice to me utilize to appropriate any moneys belonging to me and lying/deposited with the NRB FINANCE or due by the NRB FINANCE to me, towards any of the NRB FINANCE dues and outstandings under or in respect of a loan facility, including any charges/fees/dues payable under these Terms and Conditions.

 

19.Miscellaneous: Failure to enforce any rights conferred by these Terms and Conditions or any law shall not be deemed to be a waiver of any such rights or operate so as to the exercise or enforcement thereof at any subsequent time.

 

20. NRB FINANCE shall be entitled at its discretion to engage/avail of, at the risk and cost of the customer, services of any person/third party service provider/agent/agency, for anything required to be done for/in relation to/pursuant to any of the products/services offered, including collections, recovery of dues, enforcement of security, getting or verifying any information of the customer/assets, and any necessary or incidental lawful acts/deeds/matters and things connected thereto, as the NRB FINANCE may deem fit.

 

21.The NRB FINANCE shall have the right to not return the application, the photographs, information and documents submitted by the customer. The NRB FINANCE shall, without notice to or without any consent of the customer, be absolutely entitled and have full right, power and authority to make disclosure of any information relating to customer including personal information, details in relation to documents, products/services offered, defaults, security, obligations of customer, to the Credit Information Bureau of India (CIBIL) and/or any other governmental/regulatory/statutory or private agency/entity, credit bureau, RBI, the Bank�s other branches/subsidiaries/affiliates/rating agencies, service providers, other banks/financial institutions, any third parties, any assignees/potential assignees of transferees, who may need the information and may process the information, publish in such manner and through such medium as may be deemed necessary by the publisher/Bank/RBI, including publishing the name as part of willful defaulter�s list from time to time, as also use for KYC information verification, credit risk analysis, or for other related purposes. In this connection, the customer waives the privilege of privacy and privacy of contract. The NRB FINANCE shall have the right, without notice to or without any consent of the customer, to approach, make enquiries, obtain information, from any person including other banks/finance entities/credit bureaus, customer�s employer/family members, any other person related to the customer, to obtain any information for assessing track record, credit risk, or for establishing contact with the customer or for the purpose of recovery of dues from the customer.

 

22.In case any personal information or sensitive information is collected by the NRB FINANCE, the same shall be dealt with in accordance with the privacy policy of the Bank which is available on the website of the Bank at nrbfinance.in.

 

23.NRB FINANCE reserves the right to record telephonic conversations with customers for quality control purposes.

 

24.Any loans/facilities, other banking products, may be made available through the internet banking platform or any similar platform of the NRB FINANCE (platforms through which the customer/borrower can access/monitor the account by use of the customer/log-in id and password) and the NRB FINANCE may use such platform for providing the customers/borrowers the facility to complete online application as well as enter into/make the loan documents online. Every usage and operation of the internet banking or any such other platform using such customer id and password, including in cases of online loan processes from time to time, should be deemed to be usage and operation personally by the customer/borrower himself and in physically and mentally stable state nothwithstanding any loss, theft, hacking etc. of the password; and that the NRB FINANCE  shall not be required to check the identity of the person operating the internet banking account at any point of time or his mental or physical stability.

 

25.By submitting aadhaar details for linkage to NRB FINANCE accounts,customer agrees to the following terms and conditions:- 

I hereby submit my Aadhaar number ,as issued by Government of India ; to NRB FINANCE and voluntarily give my consent to link it to all my accounts / relationships (existing and new) maintained with NRB FINANCE in my individual capacity and / or as an authorized signatory.  I understand that if more than one Benefit transfer is due to me, I will receive all Benefit Transfers in this account. I, holder of the stated Aadhaar number, hereby voluntarily give my consent to NRB FINANCE to obtain and use my Aadhaar number, Name and Fingerprint/Iris and my Aadhaar details to authenticate me with UIDAI as per Aadhaar Act, 2016 and all other applicable laws. NRB FINANCE has informed me that my Aadhaar details and identity information would only be used for demographic authentication, validation, e-KYC purpose, OTP authentication including; for availing banking services, operation of my loan accounts / relationships and for delivery of subsidies, benefits and services and / or any other facility relating to banking operations. NRB FINANCE has informed that my biometrics will not be stored / shared and; will be submitted to Central Identities Data Repository (CIDR) only for the purpose of authentication. I have been given to understand that my information submitted to the NRB FINANCE herewith shall not be used for any purpose other than mentioned above. I also authorize NRB FINANCE to link & authenticate my Aadhaar number to all my LOAN accounts / relationships with the Bank ,both existing and as may be opened in future. I will not hold NRB FINANCE or any of its officials responsible in case of any incorrect information provided by me.

 

26.I agree that all instructions relating to my loan account  will be issued to the nrb finance as per acceptable mode of communication to the nrb finance.

 

27.I agree that the nrb finance shall not be liable for any damages, losses (direct or indirect) whatsoever, due to disruption or non availability of any of services/facilities due to technical fault/error or any failure in telecommunication network or any error in any software or hardware systems beyond the control of the nrbfinance.

 

28.I agree to maintain sufficient balance in my account for repayments.I agree to any charges levied due to lack of balance in the account.

 
 

The Applicant/Customer confirms that he/she has read and understood the terms and conditions of this Policy/Agreement. In case of any difficulty in understanding the contents, the Applicant/Customer shall immediately contact NRB FINANCE during the loan application process for necessary clarification. NRB FINANCE shall not be held liable for any misunderstanding if the Applicant/Customer fails to seek clarification before proceeding with the loan process.