Credit Builder Loan: Terms and Conditions
Effective Date: 05-07-2025
These Terms and Conditions ("Agreement") govern the use of the Credit Builder Loan ("Loan") provided by Innotech Creditsea Platforms Private Limited ("Lender", "we", "our", "us", or "CreditSea"). By applying for and accepting the Credit Builder Loan, you ("Borrower", "you", or "your") agree to comply with and be bound by these Terms and Conditions. Please read them carefully.
- Loan Purpose
The Credit Builder Loan is designed to help borrowers establish or improve their credit score by demonstrating consistent, on-time payments.
- Loan Amount
The loan amount will be determined based on the terms of your loan agreement.
- Interest Rate and Fees
- The loan carries an interest rate, which will be charged on the outstanding loan balance.
- Origination Fee: A non-refundable origination fee of Rs. 590 may apply, payable at the time of loan application.
- Late Fees: If any scheduled payment is missed or delayed, a late fee of (1% of the principal amount) will apply.
- Prepayment Penalties: There are no penalties for early repayment of the loan.
- Loan Term
- The Credit Builder Loan is offered for a fixed term of 3 (Three) months.
- The loan repayment schedule will be on a [weekly/bi-weekly/monthly] basis, with payments due on the due date of each month.
- The loan must be fully repaid by the end of the loan term.
- Repayment of Loan
- The borrower agrees to make payments in full, in accordance with the schedule outlined in the loan agreement.
- If you miss a payment, you may incur a late fee, and your credit score may be negatively impacted.
- Account Access and Security
- The loan funds will be placed in a secured account, and you will not have access to the funds until the loan is paid in full.
- The amount in the secured account will be released to you once the loan is fully repaid.
- Credit Reporting
- The Lender will report your payment activity to [Equifax, TransUnion, Experian etc.].
- On-time payments will be reported as positive, while late or missed payments will negatively affect your credit score.
- The Credit Builder Loan is intended to help you improve your credit score. However, your credit score improvement will depend on consistent, on-time payments.
- Default and Collection
- Default:
- You will be considered in default if any of the following occur:
- You fail to make a payment within the stipulated time.
- You provide false or misleading information in your application or during the loan term.
- You violate any other terms outlined in this Agreement.
- Consequences of Default:
- If you default on the loan, we may take legal action to recover the owed amount.
- We may report the default to credit bureaus, which could significantly harm your credit score.
- We may assess additional fees and penalties in accordance with the terms of this Agreement.
- Borrower's Responsibility
- The Borrower is responsible for ensuring all information provided during the loan application process is accurate and up-to-date.
- The Borrower agrees to notify the Lender immediately if there are any changes to their financial situation or contact information.
- Early Repayment
- You may repay the loan early at any time without penalty.
- Any early repayment will reduce the total interest accrued on the loan.
- No Waiver of Rights
- The Lender's failure to exercise or delay in exercising any right under this Agreement will not be deemed a waiver of such right or any other right under this Agreement.
- Governing Law and Jurisdiction
- This Agreement will be governed by and construed in accordance with the laws of India.
- Any disputes arising under this Agreement shall be resolved in the courts of Raipur, Chhattisgarh.
- Amendments
- The Lender reserves the right to amend, modify, or update these Terms and Conditions at any time.
- Any changes will be communicated to you via email or other agreed-upon communication channels. By continuing to use the Loan, you agree to be bound by the updated terms.
- Privacy and Data Protection
- The Lender is committed to protecting your privacy and will handle all personal and financial information in accordance with our Privacy Policy.
- You authorize the Lender to collect, use, and share your personal and financial information as necessary for processing the loan and reporting to credit agencies.
- Contact Information
- For any questions or concerns regarding this Agreement or your loan, please contact us:
- Customer Support: help@creditsea.com
- Website: https://www.creditsea.com/credit-builder-loan
By accepting the Credit Builder Loan, you acknowledge and agree to these Terms and Conditions.
