Last Updated: April 25, 2025
Lender (Party A)
Name: Radio Supply Stores Pvt Ltd
Description: Party A provides loan services to the borrower through the AbonorFin loan platform, responsible for the disbursement, management, and collection of funds.
Borrower (Party B)
Identity: Indian residents or legal entities who apply for loans through the AbonorFin application and are at least 18 years old.
Description: Party B applies for a loan through the AbonorFin platform, committing to repay the loan principal, interest, and other fees as agreed.
Loan Platform
Name: AbonorFin
Operator: Radio Supply Stores Pvt Ltd. independently developed and operated personal loan application.
Platform Function: Provide information matching, loan application processing, loan disbursement, and repayment management services to ensure the smooth completion of loan and repayment processes.
Basic Parameters
The loan amount applied by Party B can range from ₹1,000 to ₹120,000, with the specific amount determined by Party B during the application.
The loan term ranges from 91 to 180 days.
The maximum annual interest rate (APR) is between 18% and 34%, with the exact rate determined by Party A based on Party B's creditworthiness and loan history.
The service fee is 0% to 2% of the loan amount, depending on Party B's credit status.
The repayment date is the last day of the loan term, and Party B must repay on time before the due date. If the repayment is overdue, overdue management fees will be incurred.
Loan Fee Details
Interest is calculated based on the loan amount, annual interest rate, and the actual number of days. The interest calculation formula is:
Interest = Principal × Annual Interest Rate × Actual Days ÷ 365
Service fees are calculated based on a certain percentage of the loan amount.
The total repayment amount is the sum of the loan principal, loan interest, and service fee.
Assuming Party B applies for a loan amount of ₹20,000, with a loan term of 180 days, an annual interest rate of 24%, and a service fee of 1%, then:
Interest = 20000 × 24% ÷ 365 × 180 = ₹2367
Service Fee = 20000 × 1% = ₹200
Amount Disbursed to User = 20000 − 200 = ₹19800
Total Repayment Amount = 20000 + 2367 = ₹22,367
Party B must repay this total amount when the loan term expires.
Party B must confirm the specific loan amount, term, interest rate, service fee, and total repayment amount through the AbonorFin application when applying for the loan.
Party B should carefully verify and confirm that this information is accurate before submitting the loan application.
Loan Application and Review
Party B must submit a loan application on the platform and provide true and accurate personal information.
After receiving the application, Party A will review Party B's credit situation, income, and other information to decide whether to approve the loan and the loan amount.
Loan Disbursement Conditions
Party B must meet the following conditions:
Complete biometric verification (Aadhaar e-KYC)
Have sufficient repayment ability
Pass Party A's review
Repayment Methods
The second party can manually repay through UPI or NetBanking; It also supports choosing early repayment without penalty fees.
If Party B fails to repay on time, an overdue management fee will be charged daily, at a rate of 0.5% per day. The fee is calculated based on the number of overdue days.
If the overdue period exceeds 30 days, Party A will take legal action to recover the debt, and Party B will be responsible for all costs incurred as a result.
Breach of Contract Scenarios
Party B's breach of contract includes, but is not limited to:
Overdue repayment for more than 30 days
Providing false income proof
Inability to repay the loan or other breach of contract actions
Legal Liabilities
If Party B violates the terms of this agreement, Party A has the right to terminate the loan contract and take legal action to recover the debt.
Privacy Protection
Party A undertakes to protect Party B's personal information security. All personal information will only be used for the loan services under this agreement and in strict compliance with the platform's privacy policy.
Governing Law
This agreement is governed by the relevant laws of India, particularly the Indian Contract Act (1872) and the RBI Digital Lending Guidelines (2022), among other applicable regulations.
Dispute Resolution
In case of a dispute, the dispute should be submitted to the court in Party A's jurisdiction for resolution, and Indian laws will apply.
Effectiveness of the Agreement
This agreement will take effect from the moment Party B clicks "Agree" and completes the loan application on the platform.
Party A may modify this agreement based on market changes, user needs, or legal regulations, and the modified agreement will be notified to Party B via platform announcement.
"I confirm that I have fully read and understood all the terms, am aware of the total cost of the loan and the consequences of default, and promise that the information provided is true and valid."