I am a citizen and also a resident of India and I am competent to enter into contract as per the Indian Contract Act, 1872
I have government issued identity proof, income proof and a valid bank account.
I approve that the information and financial details submitted by me on the website or through brand partner(s) of PowerCash are true and correct
I am in need of money due to some personal reason(s) and I accept the criteria of PowerCash of getting my credit worthiness checked before getting me listed as Borrower
I don't have an objection if PowerCash does due diligence about my credit worthiness before listing me and I would readily provide PowerCash with all necessary documents called upon by them
I understand that sole discretion of listing me as borrower rests with PowerCash and I have no right to challenge that decision nor seek reasons for non-listing
I visibly understand that the job of the PowerCash is limited to providing a platform to borrowers, performing credit review and connecting to potential lenders and lending institutions
I have no objection if my details/credentials like purpose of borrowing, amount required, interest expected to pay, tenure of loan, employment details, city of residence, education qualification, marital status, assets owned etc., and other information except credit report from third party agency are listed on the portal which can be viewed by public
I understand that the listing once posted (like purpose, why lend to me, other information etc.) cannot be modified
I also understand that I cannot withdraw borrower listing any time prior to the expiration of the listing period
I understand that I can post a listing up to a minimum of Rs. 30,000/- .The limits are subject to modification by PowerCash
I agree that PowerCash would charge a loan listing fees at the time of registration
I undertake to provide a copy of the agreement to PowerCash , which I would enter with the Lender
I undertakes to indemnify PowerCash and keep it indemnified and harmless at all times against any and all losses, damages, fees, costs, liability, expenses, suits, proceedings, etc. incurred/suffered by the Lender arising out of breach on my part or for my acts of omission/commission or as a consequence of the Lender relying on the representations, warranties and acknowledgements and information provided by me
I understand that PowerCash only facilitates meeting of lenders and borrowers and is not engaged or is responsible for either lending or ensuring that the borrower finds a lender
I understand that the PowerCash is in no manner responsible towards either loss of money or breach of privacy or leakage of any confidential information
That I Undertake that upon my agreeing with terms and covenants, PowerCash Shall charge a non- refundable registration fee of Rs. 500 (In Rupees Five Hundred Only)
I am completely aware of the fact that dishonor of a cheque/ECS or stopping payment of the cheque/ECS is a civil wrong and also constitute criminal offence under Section 138 read with Section 142 the Negotiable Instruments Act, 1881
All warranties, undertakings given herein by me shall be binding upon me and my legal representatives and estates. This undertaking (together with any amendments or modifications thereof) supersedes all prior discussions and agreements (whether oral or written) between the parties with respect to the transaction
Any dispute, difference, controversy or claim (“Dispute”) arising between me and PowerCash or in relation to or in connection with this Understanding, of the breach, termination, effect, validity, interpretation or application of this Agreement or as to their rights, duties or liabilities there-under, or as to any act, matter or thing arising out of, consequent to or in connection with this Agreement, shall be settled by the parties by mutual negotiations and agreement. If, for any reason, such dispute cannot be resolved amicably by the Parties, the same shall then be referred to a sole arbitrator to be appointed by PowerCash , who shall resolve the dispute in accordance with the Arbitration and Conciliation Act, 1996 or any subsequent enactment or amendment thereto (the “Arbitration Act”). The decision of the Arbitrator shall be final and binding upon the parties. The venue of arbitration proceedings shall be at Jaipur. The language of the arbitration proceedings and the award shall be English. The cost of Arbitrator appointed and other costs of arbitration shall be borne by the parties in equal proportions
