Terms and Conditions – Singroha Associates
Governing Our Financial and Insurance Services in Panipat
Table of Contents
Introduction
Welcome to the Terms and Conditions of Singroha Associates, a Panipat-based financial and insurance service provider established in 2020. These terms govern your use of our services, including but not limited to Car and Used Car Loans, Tractor Loans, Home Loans, Study Loans, Personal Loans, and insurance products such as health and vehicle insurance. By engaging with our services, you agree to abide by these terms and conditions.
Singroha Associates reserves the right to modify these terms at any time, with updates posted on our website. It is your responsibility to review these terms periodically. Continued use of our services after changes constitutes acceptance of the updated terms.
Our Services
Singroha Associates facilitates financial and insurance solutions through partnerships with leading banks and Non-Banking Financial Companies (NBFCs). Our services include:
- Car and Used Car Loans for purchasing new or pre-owned vehicles.
- Tractor Loans to support farmers in acquiring agricultural equipment.
- Home Loans for purchasing or constructing residential properties.
- Study Loans for domestic and international education.
- Personal Loans for personal expenses such as medical needs, travel, or weddings.
- Insurance products, including health and vehicle insurance, to provide financial security.
We act as intermediaries, connecting clients with lenders and insurers, and do not directly provide loans or insurance policies.
Eligibility and Application
To avail of our services, applicants must meet the eligibility criteria set by our partner lenders and insurers, which may include:
- Age: Typically 21-65 years.
- Income: Minimum annual income as specified by the lender (e.g., ₹1.5 lakh for loans).
- Credit Score: Preferably 650 or higher, though exceptions may apply.
- Nationality: Indian citizen residing in India.
- Documentation: Valid identity, address, income proof, and other documents as required.
Applications are subject to approval by our partner institutions. Singroha Associates does not guarantee loan or insurance approval and is not liable for rejections.
User Responsibilities
By engaging with Singroha Associates, you agree to:
- Provide accurate, complete, and up-to-date information during the application process.
- Comply with the terms and conditions of the lender or insurer upon approval.
- Make timely payments for loan EMIs or insurance premiums as per the agreement.
- Notify Singroha Associates of any issues or discrepancies in the application process promptly.
- Not use our services for illegal or unauthorized purposes.
Failure to meet these responsibilities may result in the termination of services or legal action by the respective lender or insurer.
Loan Terms
Loans facilitated by Singroha Associates are subject to the following general terms, which may vary by lender:
- Interest Rates: Vary based on the lender, loan type, and applicant’s credit profile (e.g., 11.95% to 16.50% p.a.).
- Tenure: Typically ranges from 1 to 7 years, depending on the loan product.
- Processing Fees: 0.5% to 2% of the loan amount, as charged by the lender.
- Repayment: Monthly EMIs via bank deductions or other agreed methods.
- Prepayment/Foreclosure: Subject to lender policies, which may include penalties.
You are responsible for reviewing and understanding the loan agreement provided by the lender. Singroha Associates is not liable for disputes arising from loan terms.
Insurance Terms
Insurance products facilitated by Singroha Associates are subject to the terms of the respective insurance provider, including:
- Premium Payments: Timely payment of premiums as per the policy schedule.
- Coverage: As outlined in the policy document, subject to exclusions and conditions.
- Claims: Claims must be filed directly with the insurer, following their procedures.
- Renewals: Policies require renewal as per the insurer’s terms to remain active.
Singroha Associates facilitates the connection to insurers but is not responsible for claim rejections, policy disputes, or lapses due to non-payment of premiums.
Privacy and Data Protection
Singroha Associates is committed to protecting your personal information. We collect, store, and share your data (e.g., identity, financial, and contact details) with partner lenders and insurers solely for processing your application. We adhere to applicable data protection laws in India.
By using our services, you consent to:
- The collection and sharing of your data with authorized third parties for service delivery.
- The use of your data for communication regarding your application or services.
We implement reasonable security measures to protect your data but are not liable for unauthorized access beyond our control.
Dispute Resolution
Any disputes arising from the use of our services will be governed by the laws of India and resolved through the following process:
- Negotiation: Parties will attempt to resolve disputes amicably within 30 days.
- Arbitration: If unresolved, disputes will be referred to arbitration in Panipat, conducted by a sole arbitrator under the Arbitration and Conciliation Act, 1996.
- Jurisdiction: Courts in Panipat, Haryana, will have exclusive jurisdiction for any legal proceedings.
Disputes with lenders or insurers are subject to their respective terms and conditions.
Disclaimer
Singroha Associates acts as a facilitator and does not directly provide loans or insurance. We are not responsible for:
- Loan or insurance application rejections by partner institutions.
- Changes in interest rates, premiums, or terms by lenders or insurers.
- Losses or damages arising from the use of our services or third-party actions.
Information provided on our website or during consultations is for guidance only and should not be considered financial or legal advice.
Changes to Terms
Singroha Associates may update these Terms and Conditions at its discretion. Changes will be effective upon posting on our website. We encourage you to review this page regularly to stay informed. Continued use of our services after updates implies acceptance of the revised terms.
For any questions regarding these terms, please reach out via our website’s contact form.