Professional Documents
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Welcome_Letter_IDEP196884564141OL4Z_198249361986157
Welcome_Letter_IDEP196884564141OL4Z_198249361986157
Date:
Dear:
Thank you for choosing RING & being our valuable customer!
Your Ring Limit is now available for use and is approved by , an RBI
registered NBFC.
The Bill Cycle & the Due Date shall be communicated to the Borrower through the Platform. Refer to the lender’s terms & condi-
tions in the agreement for more details.
The Limit Amount is subject to change based on your timely bill repayment.
We value your relationship with us and assure you of our best service always.
Best Regards
This is a system generated letter and does not require any signature
Registered Office:
I/We:
I hereby give my consent and specifically confirm that the online application form submitted by me to the Site shall be valid, effective and legally enforce-
able against me though it is not electronically signed by me. For the purpose hereof, a document shall be deemed to be “Electronically Signed” if it has been
encrypted / authenticated by using an electronic method or procedure in accordance with the provisions of the Information Technology Act, 2000 or in any
other manner / method / procedure / technique as is recognized / envisaged as a valid method of encryption / authentication under the provisions of the
Information Technology Act, 2000.
1. DEFINITIONS
01. The terms and expressions contained in this GC and the Loan Application Form are defined as under:
a. “Available Facility Amount” means at any point of time the undrawn amount of the Facility, including any amount of the Facility which
becomes available pursuant to any repayment or prepayment of all or part of any previous Drawdown;
b. “Borrower” means and refers jointly and severally to the applicant(s) who has / have been sanctioned/granted the Facility by the Lender
(as defined hereunder) based on the duly filled in Loan Application Form submitted by such applicant(s) to the Lender for availing of the
Facility means and refers jointly and severally to the applicant(s) who has / have been sanctioned/granted the Facility by the Lender
based on the duly filled in Loan Application Form submitted by such applicant(s) to the Lender for availing of the Facility;
c. “Platform” shall refer to all website (including all associated site links) and/or mobile based application/platform namely “Ring” and/or
such other website and/or mobile based application/platform, used by the borrower to apply for limit/loan;
d. “Borrower’s Dues” means all sums payable by the Borrower to Lender, including outstanding Facility, interest, all other charges, costs
and expenses;
e. “Drawdown” shall mean each drawdown of the Facility within the Availability Period and as per the terms of the Financing Documents
(as defined hereunder), including drawdown of any amount which becomes available against the Facility, pursuant to prepayment/
repayment of any earlier Drawdown;
f. “Bill Cycle” means the time duration between two Billing Date(s);
g. “Due Date” in respect of any payment means the date on which any amount is due from the Borrower to Lender and such date as
changed by the Lender from time to time upon intimation to the Borrower through written means.
h. “Facility” (also referred to as ‘Total Limit’ or ‘Available limit’ on Platform), means the amount sanctioned to the Borrower as per the
Agreement or as displayed on the website or its mobile application, which will be or has been made available, to the extent the same is
not cancelled, reduced or transferred by the Lender as per the terms of Financing Documents;
i. “Financing Documents” means these GC, the Loan Application, the Sanction Letter (if issued), including the annexures hereto and any
documents executed by the Borrower or as required by Lender, as amended from time to time;
j. “Loan Application” means the application in the prescribed form as submitted from time to time by the Borrower to Lender for seeking
financing;
k. “Material Adverse Effect” means any event which in Lender’s opinion would have an adverse effect on (i) Borrower’s ability to pay the
Borrower’s Dues or (ii) recoverability of the Borrower’s Dues;
l. “Purpose” means the utilization of each Drawdown as mentioned in the Agreement or as displayed on the website., i.e. on https:// pay-
withring.com or its mobile application, including for purchase of any product from Vendors;
Registered Office:
02. In this Agreement, (a) the singular includes the plural (and vice versa) and (b) reference to a gender shall include references to the female,
male and neutral genders.
2. DISBURSEMENT
01. Subject to the provisions of the Financing Documents, the Borrower may at any time during the Availability Period, request the Lender for
disbursement the Facility (or any part thereof) to the extent of the Available Facility Amount. The Lender shall at its sole and absolute discre-
tion allow or reject such Drawdown request for the Facility. Notwithstanding anything contained in this GC, Lender shall have the absolute
right to cancel or refuse any further Drawdowns from the Facility at its sole and absolute discretion as it may deem fit, including on account
of any change in credit evaluation of the Borrower.
02. The disbursement of any Drawdown directly to any vendor / seller/ healthcare institution or its authorized person for any Purpose shall be
treated as having been disbursed to the Borrower.
03. The Borrower shall pay non-refundable processing charges as stated in the Agreement or as displayed on the website., i.e. on https://paywi-
thring.com or its mobile application, along with tax thereof, which may be added as a deemed disbursement to the first Drawdown and the
Borrower will accordingly be liable for entire Drawdown.
04. The total limit sanctioned to the Borrower shall be as specified on the Platform. The Lender, at its sole discretion, reserves the right to
increase or decrease the Total Limit available through the Platform from time to time. The change in the Total Limit shall be communicated to
the Borrower electronically through/over the Platform
Registered Office:
Registered Office:
03. The Borrower gives its consent to Lender to use/store all the information provided by the Borrower or otherwise procured by Lender in the
manner it deems fit including for the Purpose of this Facility or for its business and understands and agrees that Lender may disclose such
information to its contractors, agents and any other third parties.
04. In the event the Facility/Drawdown is for purchase of any Product, the Borrower also undertakes and covenants as below:
a. Borrower shall not be entitled to any increase in the Facility amount by reason of any increase in the purchase price of any Product.
However, in the event of any decrease in the purchase price, Lender may in its discretion reduce the principal amount of the sanctioned
Facility;
b. The Vendor shall be exclusively responsible for delivery of the Product and Lender shall not be liable for any delay in delivery or non-de-
livery of the Product and/or with respect to the quality, condition, fitness, suitability or otherwise whatsoever of the said Product;
6. EVENTS OF DEFAULT
01. The following acts/events, shall each constitute an “Event of Default” by the Borrower for the purposes of each Facility:
a. The Borrower fails to make payment of any Borrower’s Dues on Due Date;
b. Breach of any terms, covenants, representation, warranty, declaration or confirmation under the Financing Documents;
c. Any fraud or misrepresentation or concealment of material information by Borrower which could have affected decision of Lender to
grant any Facility;
d. Death, lunacy or any other permanent disability of the Borrower;
e. Borrower utilises the Drawdown for any purpose other than the Purpose;
f. Occurrence of any events, conditions or circumstances (including any change in law) which in the sole and absolute opinion of Lender
could have a Material Adverse Effect, including limitation of any proceedings or action for bankruptcy/liquidation/ insolvency of the
Borrower or attachment / restraint of any of its assets;
Registered Office:
7. CONSEQUENCES OF DEFAULT
01. Upon occurrence of any of the Events of Default and at any time thereafter, Lender shall have the right, but not the obligation to declare
all sums outstanding in respect of the Facility, whether due or not, immediately repayable and upon the Borrower failing to make the said
payments within 15 (fifteen) days thereof, Lender may at its sole discretion exercise any other right or remedy which may be available to
Lender under any applicable law, including seeking any injunctive relief or attachment against the Borrower or their assets.
02. The Borrower shall also be liable for payment of all legal and other costs and expenses resulting from the foregoing defaults or the exercise
of Lender remedies.
03. The Borrower will be sent reminders from time to time for settlement of any outstanding Facility, by post, fax, telephone, e-mail, SMS and/
or engaging third parties to remind, follow up and collect dues. Any third party so appointed, shall adhere fully to the code of conduct on
debt collection.
8. DISCLOSURES
01. The Borrower acknowledges and authorizes Lender to disclose all information and data relating to Borrower, the Facility, Drawdowns,
default if any, committed by Borrower to such third parties/ agencies as Lender may deem appropriate and necessary to disclose and/or as
authorized by RBI, including TransUnion CIBIL Limited (“CIBIL”). The Borrower also acknowledges and authorizes such information to be
used, processed by Lender / third parties/ CIBIL / RBI as they may deem fit and in accordance with applicable laws. Further in Event of De-
fault, Lender and such agencies shall have an unqualified right to disclose or publish the name of the Borrower /or its directors/ partners/
co-applicants, as applicable, as ‘defaulters’ in such manner and through such medium as Lender / CIBIL/ RBI/ other authorized agency in
their absolute discretion may think fit, including in newspapers, magazines and social media.
02. The Borrower shall not hold Lender responsible for sharing and/or disclosing the information now or in future and also for any conse-
quences suffered by the Borrower and/or other by reason thereof. The provisions of this clause 8 shall survive termination of the GC and
the repayment of the Borrower’s Dues.
03. You understand that the Ring platform app and/or website has been appointed by LENDER to collect, authenticate, track your location,
verify and confirm the User Data, documents and details as may be required by LENDER to sanction the Loan. LENDER authorizes the
Company to collect and store the User Data through the mobile application form available on the Platform.
04. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior
written agreements, understandings and negotiations, both written and oral, between the Parties with respect to the subject matter of this
Agreement.
9. EMI CONVERSION
At the sole discretion of the Lender, the Borrower may be provided an option to convert the Billed Amount (or any portion thereof) into equal
monthly instalment (EMI). The maximum tenure of such EMI and the applicable interest rate and/or any other charges for the EMI conversion
shall be communicated to the Borrower through the Platform. Such details will be made available to the Borrower at the time of opting for EMI
conversion on the Platform. For the conversion of the Billed Amount (or any portion thereof) into EMI, the Borrower must opt for the same on
the Platform. In some case, the Borrower may also be given option to convert into EMI at the time of the making the transaction through the
Platform.
10. MISCELLANEOUS
01. The entries made in records of Lender shall be conclusive evidence of existence and of the amount Borrower’s Dues and any statement of
dues furnished by Lender shall be accepted by and be binding on the Borrower.
02. Borrower’s liability for repayment of the Borrower’s Dues shall, in case where more than one Borrower have jointly applied for any Facility,
be joint and several.
03. Borrower shall execute all documents and amendments and shall co-operate with Lender as required by Lender (i) to comply with any RBI
guidelines / directives or (ii) for giving Lender full benefit of rights under the Financing Documents. Without prejudice to the aforesaid
the Borrower hereby irrevocably consents that on its failure to do so, such changes shall be deemed to be incorporated in the Financing
Documents and shall be binding on the Borrower.
04. Notwithstanding any suspension or termination of any Facility, all right and remedies of Lender as per Financing Documents shall continue
to survive until the receipt by Lender of the Borrower’s Dues in full.
Registered Office:
11. SEVERABILITY
The Borrower acknowledges that each of his/her obligations under these Financing Documents is independent and severable from the rest.
13. NOTICES
Any notice to be given to the Borrower in respect of Financing Documents shall be deemed to have been validly given if served on the Borrower
or sent by registered post to or left at the address of the Borrower existing or last known business or private address. Any such notice sent by
registered post shall be deemed to have been received by the Borrower within 48 hours from the time of its posting. Any notice to Lender shall
be deemed to have been valid only if received by Lender at its above stated address
14. ASSIGNMENT
01. The Borrower shall not be entitled to jointly or severally transfer or assign all or any of their right or obligation or duties under the Fi-
nancing Documents to any person directly or indirectly or create any third-party interest in favour of any person without the prior written
consent of Lender.
Registered Office:
15. INDEMNITY
The Borrower hereby indemnifies, defends and holds Lender, its employees, representatives and consultants harmless from time to time and at all
times against any liability, claim, loss, judgment, damage, cost or expense (including, without limitation, reasonable attorney’s fees and expenses)
as a result of or arising out of any failure by the Borrower to observe or perform any of the terms and conditions and obligations con- tained in
the Financing Documents or Event of Default or the exercise of any of the rights by Lender under the Financing Documents, including for any
enforcement of security or recovery of Borrower’s Dues
16. Acceptance
I / We am / are aware that Lender shall agree to become a party to this GC only after satisfying itself with regard to all conditions and details
filled by me / us in the GC and other Financing Documents in consonance with Lender policy. I / We agree that this GC shall be concluded and
become legally binding on the date when the authorized officer of Lender signing this at Mumbai or on the date of first disbursement, whichever
is earlier. By clicking “I accept”, the Borrower electronically signs these GC and agrees to be legally bound by its terms. The Borrower’s accep-
tance of these GC shall constitute: (i) the Borrower’s agreement to irrevocably accept and to be unconditionally bound by all the terms and
conditions set out in these GC; and (ii) the Borrower’s acknowledgement and confirmation that these GC (along with the Financing Documents)
have been duly read and fully understood by the Borrower.
1. Transaction Fees:
Transaction fee is the fee charged for every transaction. This fee can vary basis billing cycle, payment behavior and internal risk scoring parame-
ters.
1st Bill 0%
Important Notes
01. Transaction fee is charged on all transactions and is computed on the value of transaction. The transaction fees will be added to your bill and
need to be paid at the time of repayment. The transaction fee is subject to change at the discretion of the lender.
02. The transaction fee is subject to change basis on the borrower’s payment behavior. In case there is a delay in bill payment by the borrower,
the transaction fee applicable on all future transactions done by borrower, shall increase basis billing cycle, payment behavior and internal
risk scoring parameters. The additional increase in transaction fee %, if any, due to delay in bill payment by the Borrower, shall be communi-
cated to the Borrower through the Platform (as and when the same is applicable).
03. Transaction fee stated in details of transaction fees includes GST
Registered Office:
Registered Office:
Penal Charges
1. Customers with overdue amounts less than `7000 will be charged a one-time overdue fee of `300 and per day penalty fee of `50.
2. Customers with overdue amounts greater than or equal to `7000 will be charged a one-time overdue fee of `750 and per day penalty fee as
mentioned in the “Daily Penal Charges” grid
Overdue Amount (in Rupees) Daily Penalty Charge (in Rupees) Annualised Penal Rate
Important Notes
1. Subject to sub-point 2 below, One-Time Overdue Charges & Daily Penal Charges will be applied if the bill repayment is done after the scheduled
due date or if otherwise applicable as per the terms of the Financing Document (collectively referred to as “Overdue Penalty Charges”).
2. The total penal charges to be levied on borrower, per billing cycle, will be lower, of INR Rs.2000, 100% of principal outstanding, or the amount
calculated as per the details provided in Annexure 2 above.
3. As and when any updates to the fees & charges are introduced by the Lenders, the borrower shall be intimated about such changes by email or
otherwise in the manner prescribed for the same from time to time by Lenders. The borrower shall at all times ensure that his/her latest mobile
number and email ID is updated with the Lenders. The Lenders shall rely upon the mobile number and email ID provided by the borrower, and shall
not be obliged to verify or make further inquiry into the validity of the mobile number and email ID provided by the borrower. The borrower shall
in no circumstance dispute such reliance by the Lenders.
Registered Office:
Date: 14-Aug-23
**Loan Start Date and Loan End Date is subject to change based on your first transaction date
*The above Key Fact Statement is prepared under consideration that the entire limit will be withdrawn by the customer
between the ‘Loan Start Date’ and ‘Loan End Date’, hence the ‘Net Disbursed Amount’ is equal to ‘Pre-Approved Limit
Amount’. Meanwhile, the customer can choose to withdraw a lesser amount than the ‘Pre-Approved Limit Amount’ too.
Note: The lender may decide to provide up to 100% waiver on 1 or more of the fees shown below, on a case-to-case basis, to
help borrowers in special situations like financial issues, medical emergencies, natural calamities, etc. as part of the lender’s
customer service initiatives. As and when any updates to the fees & charges are introduced by the lender, the borrower shall
be intimated about such changes by email or otherwise in the manner prescribed for the same from time to time by lender.
The borrower shall at all times ensure that his/her latest mobile number and email ID is updated with the lender. The lender
shall rely upon the mobile number and email ID provided by borrower, and shall not be obliged to verify or make further
inquiry into the validity of the mobile number and email ID provided by borrower. The borrower shall in no circumstance
dispute such reliance by the lender.
1st Bill 0%
Transaction fee is charged on all transactions and is computed on the value of transaction. The transaction fees
will be added to your bill and need to be paid at the time of repayment. The transaction fee is subject to change at
the discretion of the lender.
The transaction fee is subject to change basis on the borrower’s payment behavior. In case there is a delay in bill
payment by the borrower, the transaction fee applicable on all future transactions done by borrower, shall
increase basis billing cycle, payment behavior and internal risk scoring parameters. The additional increase in
transaction fee %, if any, due to delay in bill payment by the Borrower, shall be communicated to the Borrower
through the Platform (as and when the same is applicable).
Interest:
The interest is payable on all transactions, including unpaid bills, from the date of transaction till the billing due date,
on a pro-rata basis. The ‘Interest’ is subject to change at the discretion of the lender. The applicable rate of Interest
shall be communicated to the Borrower through the Platform(as and when the same is applicable).
Penal Charges:
1. Customers with overdue amounts less than Rs. 7000 will be charged a one-time overdue fee of Rs. 300 and per day penalty
fee of Rs. 50.
2. Customers with overdue amounts greater than or equal to Rs. 7000 will be charged a one-time overdue fee of Rs. 750 and
per day penalty fee as mentioned in the “Daily Penal Charges” grid.
Principal Outstanding Amount Daily Penalty Charge APR For Daily Penal Charges
Important Notes
Subject to sub-point 2 below, One-Time Overdue Charges & Daily Penal Charges will be applied if the bill repayment is
done after the scheduled due date or if otherwise applicable as per the terms of the Financing Document (collectively
referred to as “Overdue Penalty Charges”).
The total penal charges to be levied on borrower, per billing cycle, will be lower, of INR 2000, 100% of principal
outstanding, or the amount calculated as per the details provided in Annexure 2 above.
As and when any updates to the fees & charges are introduced by the Lenders, the borrower shall be intimated about
such changes by email or otherwise in the manner prescribed for the same from time to time by Lenders. The
borrower shall at all times ensure that his/her latest mobile number and email ID is updated with the Lenders. The
Lenders shall rely upon the mobile number and email ID provided by the borrower, and shall not be obliged to verify
or make further inquiry into the validity of the mobile number and email ID provided by the borrower. The borrower
shall in no circumstance dispute such reliance by the Lenders.
The customer can get in touch with the customer service executive over call between 9:30 am to 6:30 pm, 7 days a
Call week & 365 days a year by dialing the above number.
If the customer is unable to connect due to temporary heavy call volumes. A callback shall be attempted, in most of
the cases, by the customer services team to the customer to resolve his query/grievances.
022 41434380
The customer can get in touch with the customer service executive over Chat (preferably from his/her registered
mobile number) between 9:30 am to 6:30 pm, 7 days a week & 365 days a year by saving the above Official
Chat WhatsApp Chat number on his/her smartphone. In addition to WhatsApp Chat, the customer can also Chat with the
customer service executive by simply using the Chat option given in the Pay with Ring App.
During non-working hours, the customer can use the automated Chatbot service available on the same number for
getting his/her basic queries resolved and for raising a grievance too.
care@paywithring.com
Email
The customer can get in touch with the customer service executive over Email by sending his query/grievance
(preferably from his/her registered email id) to the above mentioned email id of the company.
If customer is unable to get a satisfactory response or is unable to reach the above Level 1 channels for Grievance Redressal,
he/she may choose to escalate the issue to the below mentioned officer’s:
The Grievance Redressal Officer (GRO) may be reached on the number provided above anytime between 10:00 and
18:00 from Monday to Saturday except public holidays or through the e-mail address above. The GRO shall endeavor
to resolve the grievance within a period of 14 days from the date of receipt of a grievance.
If the Borrower does not receive a response from the GRO within 14 (fourteen) days of making a representation, or if
the Borrower is not satisfied with the response received from the GRO, the Borrower may reach the Nodal Officer
anytime between 10:00 to 18:00 from Monday to Saturday except public holidays or write to the Nodal Officer at the
e-mail address above.
If the grievance is not redressed by the Nodal Officer of the Company, within a period of 30 (thirty) days, then the
borrower can lodge a complaint over the Complaint Management System (CMS) portal under the Reserve Bank-
Integrated Ombudsman Scheme (RB-IOS).
SI Creva Capital Services Private Limited (SCCSPL) is an RBI registered NBFC follows all extant rules related to
collections practices as laid down under regulations. SCCSPL follows a customer first approach where the emphasis of
collections is to work with the borrower so as to ensure the best outcome for them, while educating them on their
rights and consequences under different scenarios.
The course of action adopted by SCCSPL post default by the borrower in repaying the scheduled repayment(s) is as
follows:
In the event of any delay or default in payment of any amount due and payable by the borrower in relation to the loan,
the immediate action taken is to initiate messaging through SMS, inapp-chat, Verified WhatsApp Business Account,
IVR, notifications, email and tele-calling by our inhouse collection team. The messaging is context-based and focuses
on customer education and warning around credit bureau impacting future loans and legal impact.
The next action taken is to send written communication by letters and/ or by electronic communication LDN (Loan
Demand Notice) and LRN (Loan Recovery Notice) through multiple channels including email, SMS, Verified WhatsApp
Business Account and registered post in vernacular languages.
Finally, SCCSPL delegates the recovery to its network of field agents who will first visit the borrower at the place of
their choice, and in the absence of any specified choice of place, at the place of their residence and if unavailable at
residence, at the place of business/occupation/ identified place of work. Such personal visits shall ideally be between
7.00 am and 7.00 pm. It is ensured that the external collection partners are compliant with RBI guidelines and
recommendations and follow best industry practice. In case of personal visits, identity and authority of persons making
such visits for follow up and recovery would be made known to the obligors at the first instance. All collection agents
will be required to follow a code of conduct covering their dealings with the borrowers. All the practices adopted for
follow up and recovery of dues and enforcement of security will be in consonance with applicable laws. In addition to
the foregoing, recovery proceedings may be initiated in accordance with applicable laws.