Eligibility & Agreement

To be eligible for our loan products and services, you must meet the following criteria:

• Be a citizen or permanent resident of India, aged 21 to 65 years
• Have a valid PAN card and Aadhaar number
• Have a minimum monthly income of ₹15,000 (salaried) or ₹20,000 (self-employed)
• Have a satisfactory credit history (minimum CIBIL score of 650 recommended)
• Not be declared insolvent or under any debt restructuring arrangement

Loan Products & Services

Pragati Loan offers the following financial products subject to eligibility and approval:

• Personal Loans — ₹50,000 to ₹10,00,000 | Tenure: 6–60 months
• Business & MSME Loans — ₹1,00,000 to ₹25,00,000 | Tenure: 12–84 months
• Emergency Loans — ₹50,000 to ₹5,00,000 | Same-day disbursement
• Education Loans — ₹50,000 to ₹10,00,000 | Moratorium available
• Auto Loans — ₹1,00,000 to ₹15,00,000 | Tenure: 12–60 months
• Travel, Project, and Loan Against Security — subject to assessment

All loan amounts, tenures, and interest rates are indicative and subject to credit assessment, documentation, and final approval by Pragati Loan.

Application Process

1. Submit your loan application online or via our authorised representatives
2. Provide all required documents — KYC, income proof, bank statements
3. Undergo credit assessment and verification (may include physical verification)
4. Receive conditional or final approval — communicated via email or SMS
5. Sign the loan agreement digitally or physically before disbursement
6. Funds disbursed to your registered bank account within the committed timeline

Pragati Loan reserves the right to reject any application without assigning reasons and to request additional documentation at any stage.

Interest, Fees & Charges

• Interest Rate: From 9% p.a. (flat or reducing balance, as specified in the loan agreement)
• Processing Fee: 1%–3% of the loan amount (non-refundable)
• Late Payment Penalty: 2% per month on overdue EMI amount
• Prepayment Charges: Nil after 6 EMIs; 2% before 6 EMIs (personal loans)
• Bounce / ECS Return Charges: ₹500 per instance
• Documentation Charges: ₹500–₹1,500 as applicable

Repayment Obligations

You agree to repay the loan as per the EMI schedule mentioned in your Loan Agreement. Key obligations include:

• Maintain sufficient balance in your registered bank account on EMI due dates
• Notify us immediately of any change in bank account details
• Provide updated contact and address information within 7 days of any change
• Not default on any other financial obligations that may affect your repayment capacity

Default & Consequences

A loan account is considered in default if payment is overdue by 90 days (NPA classification as per RBI norms). Consequences of default include:

• Reporting of default to credit bureaus (CIBIL, Experian), adversely affecting your credit score
• Initiation of recovery proceedings as per applicable Indian laws
• Legal action including filing of suit for recovery of outstanding dues
• Forfeiture of any collateral pledged against a secured loan

User Responsibilities

• Provide accurate, truthful, and complete information at all times
• Not use loan funds for illegal, speculative, or prohibited activities
• Keep login credentials and OTPs strictly confidential
• Immediately report any unauthorised access to your account
• Not transfer or assign your loan obligations to any third party

Limitation of Liability

Pragati Loan shall not be liable for any indirect, incidental, or consequential damages arising from the use of our services. Our total liability in any circumstance shall not exceed the principal loan amount disbursed to you. We are not responsible for delays caused by third-party service providers, technical failures, or force majeure events.

Governing Law

These Terms of Service are governed by the laws of India. Any disputes arising out of or in connection with these terms shall be subject to the exclusive jurisdiction of courts in New Delhi. We encourage resolution of disputes through our Grievance Redressal Mechanism before resorting to legal proceedings.