Most Important Terms & Conditions (MITC)
This MITC summarises the key terms of the loan for the borrower’s ready understanding. It does not replace the Loan Agreement, the sanction letter or the Key Fact Statement (KFS). In case of any conflict, the Loan Agreement and the KFS will prevail. The specific figures applicable to a borrower are set out in the borrower’s own KFS.
Key Terms at a Glance
| Particular | Summary |
|---|---|
| Lender | Collocate Merchants Private Limited (NBFC), CIN U51109WB1995PTC070852 |
| Sourcing platform (DLA / LSP) | LoanDidi, operated by 36 Forts Capital Private Limited |
| Loan products | Short-term and long-term personal loans; MSME / business loans |
| Loan amount | As per eligibility and the KFS (indicative: Rs. 5,000 – Rs. 2 lakh for personal loans) |
| Rate of interest | As per the KFS, on a reducing-balance basis (indicative range 12% – 28.5% p.a.) |
| Annual Percentage Rate (APR) | Disclosed in the KFS, inclusive of all applicable charges |
| Tenure | As per the KFS (indicative 6 – 60 months) |
| Repayment | By EMI / agreed instalments via e-NACH or UPI AutoPay mandate |
| Processing fee | Up to 5% of the sanctioned amount (plus GST), as per the KFS |
| Other charges | Documentation/stamp duty, CIR fee, platform fee, foreclosure/part-prepayment, bounce charges — as per the Interest Rate & Charges Policy and KFS |
| Penal charges | A flat/annualised amount on the overdue principal for breach of material terms; not penal interest; not capitalised or compounded |
| Prepayment / foreclosure | Permitted as per the KFS; no foreclosure/prepayment charge on floating-rate loans to individual borrowers where the RBI mandates a waiver |
| Security | Personal loans are unsecured; business loans may be secured or unsecured |
| Insurance | Optional; collected only if opted for, on an actual-premium basis |
| Disbursement | To the borrower’s verified bank account through the Company’s banker, IDFC First Bank Ltd |
| Credit reporting | Loan and repayment data may be shared with credit information companies, affecting the credit profile |
| Cooling-off / look-up period | As specified in the KFS, during which the borrower may exit the loan without penalty (other than proportionate APR and applicable charges) |
Borrower Responsibilities
- Provide true and complete information and complete KYC as required.
- Repay the loan on time and maintain sufficient balance on each due date.
- Read the KFS, the Loan Agreement and the sanction letter carefully before accepting the loan.
- Promptly inform the Company of any change in contact details or any event affecting repayment.
Recovery and Fair Practices
Recovery is conducted fairly and without harassment, in line with the Company’s Fair Practices Code. Borrowers will ordinarily be contacted only between 08:00 and 19:00 hours. The Company does not levy penal interest.
Data and Privacy
Personal and financial data is collected with consent, stored in India, and handled in accordance with the Company’s Privacy Policy and applicable law. Data collected through the DLA/LSP is not retained by them beyond immediate processing.
Grievance Redressal
Grievance Redressal Officer
Name: Mr. Aditya Khandelwal
Email: 11adityakh@gmail.com
Phone: +91 99772 66990
If a complaint is not resolved within 30 days, the borrower may approach the RBI via the Complaint Management System portal at cms.rbi.org.in or the RBI Contact Centre at 14440.