1. Key Terms
For the purposes of this Agreement, the terms outlined below shall be understood as follows:
Borrower - An individual whose Loan Application has been approved by the Lender of Credit Wave and who has entered into a Loan Agreement with the Lender.
Borrower's Obligations - Refers to all financial responsibilities of the Borrower, including repayment of the principal loan amount, accrued interest, processing fees, administrative charges, penalties, and any other associated costs that arise from the Loan, which must be settled with the Lender on or before the Maturity Date in accordance with this Agreement, the Promissory Note, and related documentation.
Calendar Day - Any day, including weekends and public holidays in India, during which the Lender conducts its regular business operations.
Loan Agreement - The legally binding contract entered into between the Lender and the Borrower, which governs the terms of the Loan. This Agreement encompasses the General Terms and Conditions, the Promissory Note, the Loan Decision, and any supplementary schedules or documents associated with the Loan.
Disclosure Statement - A document issued by the Lender to the Borrower prior to Loan acceptance, outlining key details such as the total amount financed, applicable interest rates, associated fees, and any other costs mandated by applicable financial regulations in India.
Distance Service - A system provided by the Lender through online or electronic communication channels that enables the Borrower to submit a Loan Application and receive a Loan Decision remotely. Distance Service includes but is not limited to the Lender's website https://api.creditwave.vip, mobile application, or any other digital platform designated by the Lender for processing Loan Applications.
General Terms and Conditions - The set of conditions governing the Loan, as stipulated in this Agreement, including provisions in the Promissory Note, Disclosure Statement, and any additional documents executed by the Lender and/or the Borrower in connection with the Loan.
Loan - The personal credit facility extended by the Lender to the Borrower, as regulated by the terms of this Agreement, the Promissory Note, and related documentation. The Loan may be granted via Distance Service or through the Lender's physical offices.
Loan Applicant - An individual who submits a Loan Application. The applicant must be an Indian national, at least eighteen (18) years old at the time of application, legally competent to enter into financial agreements, and possessing a permanent residential address in India.
Loan Application - A formal request submitted by the Loan Applicant via Distance Service or at the Lender's office to obtain a Loan, subject to the terms outlined in this Agreement. Upon submission, the application undergoes evaluation in accordance with the Lender's internal policies and risk assessment criteria. If approved, the Loan amount is credited to the Borrower's Personal Account on the Lender's digital platform within one (1) to three (3) business days from acceptance of the Loan Decision.
Loan Decision - The Lender's final and binding determination regarding the approval or rejection of a Loan Application, based on the terms set forth in this Agreement. The Loan Decision specifies the sanctioned Loan amount and Maturity Date and is communicated to the Borrower within one (1) business day of receiving the Loan Application. Notification may be sent via SMS, phone call, or other communication channels as selected by the Borrower or at the Lender's discretion.
Loan Term - The duration of the Loan as specified in Article 2 of this Agreement.
Maturity Date - The concluding date of the Loan Term by which the Borrower is required to fully repay the Loan principal, interest, and any associated charges.
Party - Refers to either the Loan Applicant, the Lender, or the Borrower individually. The term "Parties" collectively refers to the Lender and the Borrower or Loan Applicant.
Personal Account - The digital account created by the Borrower on the Lender's online platform for managing Loan transactions and related services.
Prolongation Service - An option provided to the Borrower to extend the Loan Term upon payment of an extension fee, subject to the Lender's prevailing policies.
2. Loan Duration
The Loan Duration refers to the period within which the Borrower must fully repay the principal amount of the Loan, along with any applicable interest, fees, and charges as outlined in the Disclosure Statement. The repayment term may range from ninety-one (91) calendar days to one hundred eighty (180) calendar days, depending on the terms approved in the Loan Decision and specified in the Promissory Note.
3. Purpose of the Loan
The Loan provided by Credit Wave must be utilized by the Borrower solely for lawful and legitimate purposes. The Borrower agrees that the loan proceeds shall be used exclusively for personal expenses and not for any illegal or unauthorized activities.
4. Loan Amount
The Lender agrees to extend a Loan to the Borrower, and the Borrower agrees to accept and repay the Loan in accordance with the amount specified in the Loan Decision. This amount is also recorded in the Promissory Note and reflected in the Borrower's Personal Account.
5. Interest
The Borrower shall be responsible for paying interest on the Loan until the outstanding balance is fully settled. Interest shall be computed and applied in accordance with these General Terms and Conditions.
Interest accrues on a daily basis until the Maturity Date. The applicable interest rate is determined individually for each Borrower and is specified in both the Promissory Note and the Disclosure Statement.
6. Late Payment Penalties and Fees
In the event of non-payment beyond the Maturity Date, the Lender reserves the right to impose penalties on the Borrower. The Borrower shall be liable for a one-time default penalty of INR 1,000 (for new clients) and INR 800 (for repeat clients), in addition to interest penalties calculated as follows:
- 5% of the outstanding amount per day from the first (1st) day of delay until the thirtieth (30th) day of delay.
- 4% of the outstanding amount per day from the thirty-first (31st) day of delay until the ninetieth (90th) day of delay.
- 2% of the outstanding amount per day from the ninety-first (91st) day of delay until full repayment of the Loan.
These penalties and charges shall continue to accrue until the Borrower has fully settled the outstanding Loan obligations.
7. Borrower Representations and Commitments
The Borrower makes the following representations and commitments to the Lender on an ongoing basis:
The obligations undertaken by the Borrower under this Loan Agreement, the Promissory Note, and all related documents are lawful, valid, and enforceable;
The execution and performance of this Loan Agreement, the Promissory Note, and any related documents by the Borrower do not and will not violate (i) any applicable law or regulation; or (ii) any agreement or instrument binding upon the Borrower;
There is no existing default event, nor is there any reasonable expectation of default arising from the granting of the Loan;
The Borrower has disclosed all material information, financial or otherwise, to the Lender in relation to the Loan Agreement, the Promissory Note, and any related documents, ensuring that such information is true, complete, and not misleading in any material respect;
The Borrower confirms having read, understood, and agreed to all terms and conditions outlined in the Loan Agreement, Promissory Note, and any related documents;
The Borrower acknowledges the obligation to make full, complete, and timely payments as stipulated in the Loan Agreement and the Promissory Note;
The Borrower understands that the Lender has full discretion to approve or reject the Loan Application for valid reasons, and any submitted application materials will remain with the Lender and will not be returned;
The Borrower acknowledges that submitting a Loan Application constitutes an offer only. The final decision on approval rests with the Lender, which will be based on its internal evaluation policies. The Borrower agrees to accept the Lender's decision without contest;
The Borrower unconditionally acknowledges full indebtedness to the Lender for any disbursed loan amount, as specified in the Loan Agreement and Promissory Note.
Throughout the Loan Term, the Borrower agrees to:
Use the loan proceeds strictly for personal purposes such as education, medical expenses, emergencies, travel, household, and similar personal needs;
Comply with all applicable laws in connection with fulfilling obligations under the Loan Agreement, Promissory Note, and any related documents;
Obtain and maintain any necessary authorizations, consents, or approvals required for the Borrower's performance under the Loan Agreement and Promissory Note, ensuring their legality, validity, and enforceability;
Notify the Lender in writing of any potential or actual event of default, as defined in the Loan Agreement and Promissory Note, along with any steps taken to remedy the situation;
Provide prior written notice to the Lender of any change in the Borrower's name, date of birth, or residential address within three (3) calendar days of such changes;
Inform the Lender of any changes in employment, business, or professional status. If self-employed, the Borrower commits to periodically updating the Lender on financial conditions upon request.
8. Preconditions for Loan Disbursement
The disbursement of the Loan shall take place only upon the Borrower's fulfillment of the following requirements to the satisfaction of the Lender:
- The Borrower has accurately provided and completed their bank account details.
- The Borrower has uploaded a clear photograph along with a valid identity document in their personal account.
- The Borrower has reviewed, acknowledged, and accepted the Loan Decision via SMS verification and/or verbal confirmation through a direct call.
Once the Borrower's Loan Application is approved by the Lender, the Borrower shall not have the right to revoke the Loan or decline the disbursed amount, except in cases where such cancellation incurs applicable fees for withdrawal, refusal, or early repayment as determined by the Lender. The Borrower acknowledges that the Lender retains full discretion in accepting or rejecting any cancellation request.
The Lender shall not be held liable for any erroneous disbursement of the Loan proceeds into an incorrect bank account due to any inaccuracies provided by the Borrower.
Furthermore, the Lender shall not bear responsibility for any delays or complications arising in the transfer of the Loan proceeds to third parties, should such transactions be made following the Borrower's written instructions.
9. Default
Events Constituting Default
Any of the following shall constitute an Event of Default:
Failure of the Borrower to comply with or perform any of the terms and conditions set forth in the Loan Agreement, Promissory Note, or any other agreement executed between the Borrower and the Lender;
Failure of the Borrower to make timely payment of any principal amount, interest, fees, or any other amount due and payable to the Lender under the Loan Agreement and the Promissory Note;
Any representation or warranty made by the Borrower is found to be false or misleading at the time it was made or deemed to have been made, regardless of whether such misrepresentation has caused actual prejudice to the Lender;
Any final judgment, decree, or order for a material sum of money, damages, fines, or penalties is issued against the Borrower by a competent court or regulatory authority in India and remains unpaid, unsettled, or unsecured within the legally prescribed period;
The Borrower is declared bankrupt, is subject to insolvency proceedings, or is unable to meet its financial obligations, falling under the provisions of the Insolvency and Bankruptcy Code, 2016, or if an application for insolvency resolution is filed against the Borrower by creditors or regulatory authorities;
The Borrower dies or is convicted of a criminal offense, resulting in civil interdiction affecting the Borrower's ability to fulfill obligations, or an event occurs under Section 56 of the Indian Contract Act, 1872, which renders the performance of the agreement impossible;
The Borrower fails to comply with any regulatory requirements imposed by the Reserve Bank of India (RBI) or other applicable authorities, resulting in a material impact on the Borrower's ability to fulfill its obligations under the Loan Agreement and Promissory Note.
Consequences of Default
In the event of default:
The Lender shall have the right, at its sole discretion, to declare the entire outstanding Loan amount immediately due and payable, requiring the Borrower to make full payment without the need for further notice or court intervention;
If the default arises due to delayed payment, the penalties and late payment charges specified under Article 6 of the Loan Agreement shall apply;
The Lender shall have the right to enforce its claims through all legal remedies available under this agreement and Indian law;
To the extent permitted under Indian law, the Borrower waives any requirement for additional notice or formalities before the Lender exercises its rights upon the occurrence of an Event of Default;
Any failure or delay by the Lender in exercising its rights under this clause shall not constitute a waiver of such rights unless explicitly stated in writing by the Lender, and then only to the extent specified in such written waiver.
10. Disclosure of Borrower's Information
The Borrower expressly authorizes the Lender to disclose, share, or transfer relevant information concerning the Borrower and the Loan, including personal and financial details, to the following entities as the Lender deems necessary:
- Governmental and regulatory authorities, including but not limited to the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and any law enforcement or statutory body as required under Indian law;
- Any entity or individual considering acquiring or assuming responsibility for the Borrower's outstanding obligations under the Loan;
- The Lender's auditors, legal representatives, or authorized debt collection agencies for loan recovery purposes;
- Credit bureaus and reporting agencies, such as the Credit Information Bureau (India) Limited (CIBIL) and other institutions registered under the Credit Information Companies (Regulation) Act, 2005;
- Insurance providers, contractors, service providers, or third-party entities engaged in delivering products and services to the Lender or its affiliated companies;
- For cross-selling of financial products and services, as permitted under applicable Indian laws.
The Borrower acknowledges and agrees that the Lender may store, transmit, and process this information electronically and share it with relevant third parties as required. Such disclosures shall be carried out in accordance with Indian data protection laws, including the Information Technology Act, 2000, and the Digital Personal Data Protection Act, 2023.
The Borrower explicitly consents to these disclosures and affirms that no additional consent shall be necessary for such actions. The Lender shall not be held liable for any disclosures made in accordance with applicable legal and regulatory requirements.
Pursuant to the Credit Information Companies (Regulation) Act, 2005, the Lender is obligated to report the Borrower's credit information, including any outstanding debts, payment history, and defaults, to credit information companies such as CIBIL, Equifax, Experian, and CRIF High Mark. These agencies may consolidate and disclose such credit data to financial institutions for the purpose of assessing the Borrower's creditworthiness.
In the event of non-payment, incorrect payment, or delayed repayment, the Lender is entitled to report such defaults to external debt collection agencies, credit bureaus, or legal authorities for appropriate action under Indian law.
The Borrower further authorizes the Lender or its authorized partners to collect, process, and store personal data, including but not limited to:
- Name, age, photographs, biometric data (e.g., fingerprint, facial recognition), contact details, employment and financial information;
- Credit standing, loan repayment history, and any other data necessary for loan evaluation and processing.
The Borrower consents to the retrieval of personal data from telecom operators, financial institutions, and other data sources, where permitted by law, for the purpose of credit assessment and fraud prevention. Such data may also be used for direct marketing of financial products and services by the Lender's affiliated partners, in compliance with Indian data privacy regulations.
Throughout this process, the Borrower's rights under the Digital Personal Data Protection Act, 2023, shall be upheld, including the rights to:
- Be informed about the use of personal data;
- Object to certain types of processing;
- Access personal data held by the Lender;
- Rectify or update incorrect or incomplete information;
- Request deletion of personal data under applicable circumstances;
- Seek compensation for any misuse of personal data.
All entities with whom the Lender shares the Borrower's data shall be required to respect and uphold these rights in compliance with Indian laws.
11. Applicable Law and Jurisdiction
This Loan Agreement and the Promissory Note shall be governed by and construed in accordance with the laws of India. Any disputes arising from or related to this Loan Agreement and the Promissory Note, including matters of validity, performance, or termination, shall fall under the exclusive jurisdiction of the courts in India.
12. Duration and Termination of the Loan Agreement
Unless otherwise terminated by the Lender, this Loan Agreement shall become effective upon the disbursement of loan funds to the Borrower in the manner specified in the Promissory Note. The agreement shall remain in force until all obligations under the Loan Agreement have been fully satisfied unless otherwise agreed in writing by both parties.
