*Service tax/other taxes to be charged additionally as applicable
The same is subject to change as per Lenbor’s discretion and shall be updated on the website. All fees and/or any charges incurred post listing and funding of the borrower’s loan requirement is non-refundable.
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Pre-Payment Of Loan
A borrower can choose to pre-pay the entire loan amount without any penalty after three months from the date of disbursal of the loan. Prior to three months, in order to safeguard Lender’s interest, pre-closure can be done after paying balance interest due to lenders for a period of three months from the date of disbursal. This is payable to Lenders.A one-time non-refundable pre-payment fees of Rs. 500/- will be charged by Lenbor to the Borrower.
Borrowers are morally and legally obliged to pay all dues on time. In case the EMI is not paid on the scheduled time, a penal interest of Rs. 50/- per lender will be charged. These charges are applicable for each instance of delayed repayment. Lenbor will also charge a collection penalty of Rs. 500/- per delayed payment. So, Lenbor encourages all borrowers to make timely payments to avoid penalty charges.
In the worst-case scenario, if Lenbor has to issue a legal notice to a defaulting borrower on behalf of the lenders then a charge of Rs. 500/- per legal notice will be payable by the borrower to Lenbor.
To maintain efficiency, the repayment process is being handled by Lenbor through a system-driven, automated mechanism. Hence, we discourage borrowers from changing their EMI date or bank account details through which an ongoing loan repayment process is carried on. However, under certain unforeseen circumstance this may be inevitable.In such a scenario, borrowers must inform us in writing on support@Lenbor.com and pay a nominal, non-refundable fee of Rs.500/- per bank account swap and/or per EMI date change.
Borrowers are obliged to maintain details of their loan including statement of accounts. In case, they need Lenbor’s assistance in this regard then a non-refundable fee of Rs. 100/- per statement of accounts will be charged.
All fees and charges are non-refundable. The one-time listing fees of Rs. 500/- is non-refundable, except in case the borrower’s location cannot be serviced by Lenbor.
Please note that Lenbor provides a complimentary e-book (worth Rs. 600/-) to all rejected applicants. The e-book provides suggestions on how a loan seeker can improve his/her credit profile.
Len-bor.com only facilitates a virtual meeting place between Borrowers and Lenders on its online platform. The decision to lend money to a borrower is entirely at the discretion of the Lenders and Lenbor does not guarantee that a borrower will receive any loans from the Lenders. Lenbor merely aids and assists Lenders and Borrowers listed on its website to make and receive loans and charges a service fee from Lenders and Borrowers for such assistance. Lenbor is only an ‘Intermediary’ under the provisions of the Information Technology Act, 1999.