QuickCred Loan Agreement: Terms and Conditions

1 Definitions

In this agreement, the words below have the meanings given to them here, unless the context clearly requires something else. Headings are included for convenience only and do not change how any clause is read. Words in the singular include the plural and the other way round, and a reference to a person includes a company or other body.

• Borrower means the person named in the application who receives the product bought with the loan and who is responsible for repaying every amount due under this agreement.
• Lender means QuickCred and its successors and permitted assigns.
• EMI means each equated monthly instalment payable by the Borrower, made up of principal and interest, as set out in the repayment schedule.
• Due Date means the date on which an EMI or any other amount falls due under this agreement.
• Mandate means the standing instruction set up by the Borrower during the application that allows the Lender to collect amounts from the Borrower’s bank account.

2 Loan and disbursal

The loan amount is paid directly to the merchant from whom the Borrower buys the product. The Borrower does not receive the loan amount in cash or in their own bank account at any time. Once the merchant confirms the order, QuickCred releases the approved amount to the merchant, and the Borrower’s obligation to repay begins from that date, whether or not the product has been delivered or used. The Borrower receives the product from the merchant, and any question about delivery, quality, installation, returns or warranty must be taken up with the merchant under the merchant’s own policies. A problem with the product, a delayed delivery or a dispute with the merchant does not reduce, pause or cancel any EMI or other amount due to QuickCred under this agreement. If the merchant refunds the price of the product, the refund is applied first to the amounts owed under this agreement, and any charges that were already payable remain payable by the Borrower.

3 Interest and charges

3.1 Interest

Interest is charged at 1.5% per month flat on the original principal for the full tenure of the loan. Because interest is worked out on the original principal, the amount of interest in each instalment stays the same from the first EMI to the last and does not reduce as the Borrower repays the principal. The total interest for the tenure is added to the principal on the date of disbursal and divided into equal EMIs, which are shown in the repayment schedule shared with the Borrower after approval. The rate is expressed per month for convenience, and the Borrower accepts that the effective yearly cost of the loan is higher than twelve times the monthly figure. The repayment schedule forms part of this agreement.

3.2 Processing fee

A processing fee of 2% of the loan amount plus GST is charged on every loan. The processing fee is deducted from the disbursal, so the amount paid to the merchant is the loan amount less the processing fee, and the Borrower pays any difference to the merchant directly. The processing fee is non-refundable, including where the loan is closed early, where the order is cancelled after approval, or where the merchant refunds the price of the product. The fee covers the assessment of the application, the verification of documents and the setting up of the loan account, and it is earned by QuickCred in full on the date of disbursal. GST is charged at the rate in force on that date.

3.3 Changes to the interest rate

QuickCred may change the interest rate applicable to future instalments by giving the Borrower 7 days’ notice by SMS or email to the contact details held on the loan account. A changed rate applies to every EMI that falls due after the notice has run its course, and QuickCred will share a revised repayment schedule showing the new EMI amounts. The Borrower is responsible for keeping their mobile number and email address up to date, and a message sent to the details on record is treated as received on the day it is sent. Continuing to pay EMIs after the change takes effect is treated as acceptance of the revised rate and of the revised schedule.

4 Repayment and auto-debit

4.1 Collection of EMIs

EMIs are collected automatically on the 5th of every month through the NACH e-mandate or UPI AutoPay set up at application. The first EMI is collected on the 5th of the month following disbursal, and each later EMI on the 5th of every month after that until the loan is repaid in full. The Borrower must keep enough funds in the linked bank account on each Due Date. If the 5th falls on a bank holiday, the amount may be presented on the next working day, and the Borrower authorises QuickCred to present it again later in the same month if the first attempt fails for any reason.

4.2 Recovery of overdue amounts

The Borrower authorises QuickCred to debit up to 1.5 times the EMI from the linked account on any Due Date or on any later date to recover overdue amounts and charges. Such a debit may be made without further notice to the Borrower, and it may include the charges set out in the section on late payment, overdue interest and taxes that have fallen due under this agreement. Amounts recovered in this way are applied first to charges, then to overdue interest, then to overdue instalments and finally to the current instalment. The Borrower agrees not to dispute a debit made in line with this clause with their bank.

4.3 Mandate cancellation

The mandate can’t be cancelled while any amount is outstanding under this agreement. Any request by the Borrower to their bank to stop, suspend or revoke the mandate before the loan is repaid in full is a breach of this agreement, and QuickCred may treat the whole outstanding amount as immediately due. If the mandate fails or is revoked for any reason, the Borrower must set up a new NACH e-mandate or UPI AutoPay instruction within seven days of being asked to do so, and until then the Borrower must pay each EMI directly on its Due Date by a method QuickCred accepts.

5 Late payment

5.1 Late fee

A late fee of ₹500 is charged for each missed instalment, in addition to the instalment itself and any other charge that applies. An instalment is missed if it is not received in full by QuickCred on its Due Date, whether the failure is caused by insufficient funds, a closed or frozen account, a revoked instruction or any other reason. The late fee is charged once for each instalment that is missed and is added to the next amount collected from the Borrower’s account. Paying a missed instalment later does not remove the late fee that has already been charged for it.

5.2 Bounce charge

A bounce charge of ₹590 (₹500 + GST) is charged for each failed debit, including debits that are presented again after an earlier attempt has failed. This charge is separate from, and in addition to, the late fee described above. The Borrower accepts that the bank holding the linked account may also charge its own fee for a returned debit, and that QuickCred has no control over those fees and does not refund them. Bounce charges are recovered from the linked account together with the overdue instalment.

5.3 Overdue interest

Overdue interest of 3% per month is charged on overdue amounts from the Due Date until the date on which they are paid in full. Overdue interest is worked out on a daily basis on the unpaid amount and is added to the amount owed at the end of each month. It is charged in addition to the interest set out in the repayment schedule, the late fee and any bounce charge, and it continues to build up while any part of an overdue amount remains unpaid, including after QuickCred has demanded repayment of the whole outstanding amount.

5.4 Credit reporting

Missed payments may be reported to credit bureaus. QuickCred shares repayment information about the loan account with one or more credit information companies each month, as permitted by law, and a missed or late payment may lower the Borrower’s credit score and affect their ability to borrow from any lender in future. Once a payment has been reported as missed, the record may stay on the Borrower’s credit report for several years even after the amount has been paid. QuickCred may also use recovery agents to contact the Borrower about overdue amounts.

6 Prepayment and foreclosure

6.1 Early closure in the first months

No foreclosure is allowed in the first 3 months from the date of disbursal. During these three months, the Borrower must pay every EMI on its Due Date as set out in the repayment schedule, and a request to close the loan will not be accepted even if the Borrower offers to pay the full outstanding amount together with interest. This helps QuickCred recover the cost of setting up the loan account and arranging the product with the merchant. Any amount paid in excess of the EMI during this time is held against the next EMI and does not reduce the principal.

6.2 Foreclosure charge

After that, the Borrower may close the loan early by paying the full outstanding principal together with a foreclosure charge of 4% of the outstanding principal plus GST. The foreclosure charge is in addition to any interest, late fees, bounce charges and overdue interest that are due on the date of closure. Interest already built into EMIs that have fallen due is not refunded. The Borrower must write to QuickCred to request a foreclosure statement, which is valid for three working days from the date on which it is issued, and the loan is closed only once the amount shown in it has been received.

6.3 Part-prepayment

Part-prepayment isn’t allowed. The Borrower may not pay a lump sum to reduce the outstanding principal or to shorten the tenure of the loan while the loan continues. Any amount received from the Borrower in addition to the EMI due is treated as an advance payment of the next EMI, does not earn interest and does not change the repayment schedule. The only way to repay the loan earlier than scheduled is to close it in full under the clause above.

7 QuickCred Plus membership

7.1 Membership and fee

QuickCred Plus is an optional membership at ₹199 per month after a 30-day free trial. The membership is added at checkout, and it gives members priority customer support, selected discounts from partner merchants and early access to new offers. The monthly fee is collected together with the EMI through the same repayment instruction, renewing monthly until cancelled by the member. The free trial starts on the date of checkout, and the first monthly fee is charged on the first collection date after the trial ends, unless the membership has been cancelled before then in the way described below.

7.2 Cancellation

You may cancel QuickCred Plus by giving 30 days’ written notice to support@quickcred.example. A cancellation fee of ₹499 applies if you cancel within the first six months. Your notice must come from the email address registered on the loan account and must include your loan account number. The membership, and the monthly fee for it, continue until the notice has run its course. Cancelling the membership does not affect the loan, the repayment schedule or any other amount due under this agreement.

7.3 Refunds

No refunds are given for part months. If the membership ends partway through a month, for any reason, the fee already charged for that month is not refunded in whole or in part. Benefits that were used during the membership, such as discounts on partner purchases, cannot be exchanged for cash, carried over or refunded after the membership ends, and any unused benefits lapse on the date on which the membership ends. The same applies where QuickCred ends the membership because the loan account has been closed or is in default.

8 QuickCred Shield

8.1 Cover and price

QuickCred Shield is a purchase protection plan at ₹1,299 per year, added at checkout. It covers accidental damage to the product bought with the loan, and liquid damage where the policy wording says so, up to the purchase price of the product, less an excess for each claim. The plan is provided through an insurance partner, and the yearly price includes all taxes. The plan starts on the date of delivery of the product and covers one product only. It cannot be transferred to another product or to another person.

8.2 Renewal

QuickCred Shield renews automatically every year and is charged through the mandate unless cancelled at least 15 days before the renewal date. QuickCred will send a reminder to the email address on record before each renewal, but a missed reminder does not stop the renewal from taking effect. A renewal fee collected after the deadline for cancellation is not refunded, even if the Borrower did not intend to renew the plan or no longer owns the product. To stop the plan, the Borrower must write to support@quickcred.example from the email address registered on the loan account.

8.3 Claims

Claims follow the Shield policy wording, which is shared with the Borrower by email after checkout and forms part of this agreement. A claim must be made within 48 hours of the damage being noticed, with photographs of the product and a description of what happened. The insurance partner decides whether a claim is accepted, and repairs are carried out only at authorised service centres. Cosmetic damage, loss, theft and wear and tear are not covered under any circumstances. The Borrower must keep the original invoice for the product and produce it with every claim.

9 Data and communication

9.1 Sharing your information

The Borrower consents to QuickCred sharing their information with partners, affiliates, credit bureaus and service providers, including for marketing. This includes the details given in the application, information about the loan account and its repayment history, and information collected when the Borrower uses QuickCred’s website or app. The Borrower agrees that these parties may use the information to offer them products and services, and that this consent continues for as long as QuickCred holds the information, including after the loan is repaid in full.

9.2 Calls and messages

The Borrower agrees to receive calls, SMS and WhatsApp messages from QuickCred and its partners about the loan account, reminders, collections and offers, even if registered on the Do Not Disturb list. Messages may be sent at any time of day, and a message sent to the contact details on record is treated as received. The Borrower may ask not to receive marketing messages in the way described in the privacy policy, but messages about the loan account and collections continue until the loan is repaid in full.

10 Disputes

10.1 Arbitration

Any dispute, claim or difference arising out of or in connection with this agreement goes to arbitration by a sole arbitrator appointed by QuickCred. The arbitration is conducted under the Arbitration and Conciliation Act, 1996, as amended from time to time, and the decision of the arbitrator is final and binding on both parties. The Borrower agrees not to bring any such dispute before a court, except to enforce an award made in the arbitration or to seek urgent interim relief where the law allows it.

10.2 Seat and language

The seat of arbitration is Pune. The arbitration is conducted in English, and hearings may be held in person in Pune or online at the arbitrator’s discretion. Each party bears its own legal costs and expenses unless the arbitrator directs otherwise, and the arbitrator’s fees are shared equally between the parties. Subject to the arbitration clause above, the courts at Pune alone have jurisdiction over any matter relating to this agreement. The arbitration may go ahead even if the Borrower chooses not to take part in it after being informed of it in writing.

10.3 Class actions

The Borrower waives the right to join a class action, representative action or group claim against QuickCred, and agrees that any dispute is brought and decided only on an individual basis. The Borrower may not act as a representative of other borrowers or join their claims with their own, and an arbitrator may not combine the claims of different borrowers in a single arbitration. This waiver applies to the fullest extent permitted by law, and it continues to apply after the loan is repaid in full or after this agreement ends for any other reason.

11 Changes to these terms

QuickCred may change these terms by posting them on its website. Changes take effect from the date on which the revised terms are posted, unless a later date is stated in them, and they apply to the loan account from that date. QuickCred is not required to inform the Borrower of each change individually, and the Borrower is responsible for checking the website for the latest version of these terms. Continued use of the loan account, including the payment of any EMI after the revised terms are posted, means acceptance of the revised terms. If the Borrower does not accept a change, their only option is to close the loan in the way described in these terms.

12 Grievances

If you have a complaint about your loan account or about how you have been treated, contact our grievance team at grievance@quickcred.example with your loan account number and a short description of the issue. We aim to acknowledge every complaint within two working days and send replies within 30 days of receiving the complaint. If you are not satisfied with our reply, or if you do not receive a reply within 30 days, you may escalate the complaint in the way described on our website. Please do not share your full bank account number, OTP or PIN in your complaint.