This Loan Agreement ("Agreement") outlines the terms under which ProtopFin("App", "Platform"), provided by Protop Consultancy Services Private Limited ("Protop", "we", "us", or "our", "Loan Facilitator"), facilitates your loan application process. By proceeding with the loan application, you agree to the terms and practices outlined in this Agreement.
ProtopFin is an application/platform developed and operated by Protop Consultancy Services Private Limited ("Protop", "we", "us").
Protop Consultancy Services acts solely as a loan facilitator, assisting in the maintenance of the platform and supporting the loan application process. Protop does not directly provide loans but connects users to JADS Services Private Limited, the official lender.
JADS Services Private Limited ("Direct Lender", "we", "us") is a registered Non-Banking Financial Company ("NBFC") and is responsible for the processing, approval, and disbursement of loan applications submitted through ProtopFin. By proceeding with this loan application, you acknowledge that Protop Consultancy Services is not the direct lender but is facilitating the application process with JADS Services, who will evaluate and process your loan request.
1.Loan Amount: ₹2,000 - ₹60,000
2.Loan Duration: 90 to 120 days
3.Daily Interest Rate: 0.048%
4.Processing Fee: 5% - 6%
5.Documentation Charges: 1% of the loan amount
6.GST: 18% (on processing fees, documentation charges, and online convenience fees)
7.Min APR: 8.76%
8.Max APR: 29.69%
The following calculation assumes a loan of ₹30,000 for 90 days, with a 5% processing fee and 1% documentation charges.
Loan Amount = ₹30,000
Interest Rate: 0.048% per day
Total Interest (90 days) = ₹30,000 * 0.048% * 90 = ₹1,296
Processing Fee (5%) = ₹30,000 * 5% = ₹1,500
Documentation Charges (1%) = ₹30,000 * 1% = ₹300
Online Convenience Fees = ₹200
Total Fees = ₹1,500 + ₹300 + ₹200 = ₹2,000
GST on Processing Fee, Documentation Charges, and Convenience Fee = ₹2,000 * 18% = ₹360
Total Deductions = Processing Fee + Documentation Charges + Convenience Fee + GST
= ₹2,000 + ₹360 = ₹2,360
Net Disbursed Amount = Loan Amount - Total Deductions
= ₹30,000 - ₹2,360 = ₹27,640
Total Repayable Amount = Loan Amount + Interest + Total Fees + GST
= ₹30,000 + ₹1,296 + ₹2,000 + ₹360
= ₹33,656
To initiate your loan application, you are required to provide comprehensive personal, financial, and employment details. The information required includes:
Personal Information: Your full name, phone number, and email address.
Identity Verification: A valid PAN card and Aadhaar card for identity verification purposes.
Financial Information: Bank account details, proof of income, and employment status.
By submitting your loan application, you confirm that all information provided is accurate, complete, and current. Any discrepancies or inaccuracies may lead to the rejection of your application or delays in processing.
Upon receiving your application, JADS Services will conduct a thorough review of the information provided. The approval process involves assessing your creditworthiness based on the data submitted. If your application is approved, the loan amount will be disbursed directly to your designated bank account.
It is important to note that the disbursement of funds is contingent upon meeting all terms and conditions specified by JADS Services. You will receive a notification detailing the approval status of your application and any subsequent steps required.
As a borrower, you agree to repay the loan amount along with any applicable interest and fees as outlined in the repayment schedule provided by JADS Services. The repayment methods will be specified in your agreement, which may include options such as bank transfers or electronic payment systems.
Timely repayments are crucial; failure to adhere to the repayment schedule may result in additional fees, penalties, or collection actions. It is advisable to keep track of repayment dates and amounts to avoid any complications.
In order to process and approve your loan application efficiently, ProtopFin collects personal, financial, and employment data from you. This information is shared with JADS Services solely for the purpose of evaluating your loan request.
By applying for a loan through our platform, you consent to the collection and sharing of your data as described in our Privacy Policy. We are committed to safeguarding your personal information in compliance with applicable privacy laws.
Both Protop Consultancy Services Private Limited and JADS Services Private Limited prioritize the security of your personal and financial information. We implement industry-standard encryption protocols and security measures to protect your data from unauthorized access.
However, it is important to acknowledge that no method of electronic transmission or storage is entirely secure. While we strive to protect your information diligently, we cannot guarantee absolute security against potential breaches.
ProtopFin may provide links or references to third-party services such as credit scoring agencies, financial advisory platforms, or loan insurance providers. Please be aware that these services operate under their own terms and conditions, which may differ from those of ProtopFin. We do not assume any responsibility for the availability, content, or accuracy of these third-party services. It is advisable to review their terms, privacy policies, and conditions before engaging with them.
Guarantee of Information Authenticity
The Borrower guarantees that all personal, financial, and employment information provided to ProtopFin is truthful, accurate, and up to date. The Borrower agrees to promptly notify the Lender of any changes to this information during the loan period. The Borrower shall bear all legal and financial consequences if any information is found to be false or concealed.
Performance Obligation Guarantee
The Borrower commits to fulfilling all obligations as stipulated in this Agreement. The Borrower shall repay the loan in accordance with the agreed schedule and terms. If the Borrower breaches any term of this Agreement, they shall bear the legal responsibilities and compensation obligations for any losses incurred by the Lender or any third parties.
The Borrower guarantees that the loan will be used for legal purposes only and will not be used for illegal activities such as gambling, drug trafficking, or money laundering. The Borrower shall bear full legal responsibility for any misuse of the loan.
The Borrower shall not transfer, sell, or assign the creditor’s rights under this Agreement to any third party without the prior written consent of the Lender.
Depending on specific circumstances, the Borrower may also be required to guarantee specific actions or fulfill additional obligations as determined by the Lender.
Protop Consultancy Services Private Limited reserves the right to suspend or terminate the Borrower’s access to ProtopFin if the Borrower violates any of the terms in this Agreement, engages in fraudulent activities, or otherwise compromises the integrity of the platform. Upon termination, the Borrower agrees to immediately cease using all ProtopFin services.
Neither Protop Consultancy Services Private Limited nor JADS Services Private Limited shall be held liable for any indirect, incidental, special, or consequential damages arising from the use or inability to use the ProtopFin platform. This includes, but is not limited to, loss of profits, damage to goodwill, or data integrity issues.
This Agreement shall be governed by the laws of India. Any disputes arising from or relating to this Agreement shall be resolved through negotiation. If the dispute cannot be resolved through negotiation, it will be submitted to the jurisdiction of the courts in India.
1.If the Borrower fails to meet the repayment obligations according to the agreed schedule, overdue fees will be applied. The overdue fee is 0.4% of the loan amount per day from the day following the due date until full repayment.
2.In the case of a serious breach (e.g., malicious default, providing false information, misusing loan funds), the Lender has the right to demand immediate full repayment of the loan and claim liquidated damages.
3.The Borrower should notify the Lender immediately if unable to repay due to unforeseen circumstances, such as force majeure, and propose a reasonable repayment plan. The Lender and Borrower will negotiate a solution, including potentially extending the repayment period.
The Borrower and the Lender agree that any disputes arising from this Agreement shall first be resolved through amicable negotiation. If the dispute cannot be resolved, either party may seek resolution through the appropriate Indian courts. Both parties consent to the jurisdiction of Indian courts and agree to abide by any judgment issued. During this process, both parties shall continue to fulfill their obligations under this Agreement.
For any questions or concerns regarding this Agreement or the loan application process, please feel free to reach out:
Protop Consultancy Services Private Limited
Email: support@protopconsultancy.com
Address: PLOT NO.-4, 2ND FLOOR, MINARCH TOWER, Sector 44, Gurgaon - 122003, Haryana, India
JADS Services Private Limited
Email: team@jadsservices.com
Address: 108 ANSAL BHAWAN, 16 KASTURBA GANDHI MARG, NEW DELHI - 110001, Delhi, India