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1.1. By opting for the EMI (Equated Monthly Installment) facility provided by Banana Finlock, you (“the Customer”) agree to abide by these Terms and Conditions.
1.2. This EMI facility is governed by the laws of Nepal, including but not limited to the Consumer Protection Act, 2075 (2018) and the Bank and Financial Institution Act, 2073 (2017).
2.1. The EMI facility offers the following tenure options:
| Tenure | Processing Charge |
| 3 months | No processing charge |
| 6 months | 8% of the total purchase on the remaining amount |
| 12 months | 10% of the total purchase on the remaining amount |
| 18 months | 14% of the total purchase on the remaining amount |
Note: Processing charge percentages will be applied at the time of transaction and are subject to applicable taxes as per Nepalese law.
3.1. Customers must be at least 18 years old and not exceed 60 years of age at the time of application. Exceptions may be considered with additional terms and conditions.
3.2. Customers do not need to provide proof of income. The required documents for EMI approval include:
4.1. Customers must submit a duly completed loan application along with the necessary documents listed in Section 3.2.
4.2. Banana Finlock will conduct a basic assessment to verify the provided documents.
4.3. Approval of the EMI facility is at the sole discretion of Banana Finlock. The institution reserves the right to reject any application without providing reasons.
5.1. The EMI amount will be deducted monthly from the Customer’s designated bank account. The Customer must ensure sufficient funds are available for each installment.
5.2. Failure to make timely EMI payments may result in penalties, additional interest charges, and could impact the Customer’s credit rating.
5.3. In the event of default, Banana Finlock reserves the right to take legal action to recover the outstanding amount, including reporting the default to credit bureaus as permitted under Nepalese law.
6.1. Customers may choose to prepay the outstanding EMI amount. However, prepayment charges may apply as per Banana Finlock’s prevailing policies.
6.2. Foreclosure of the EMI facility before the end of the tenure is permitted, subject to foreclosure charges and any other conditions specified at the time of loan approval.
7.1. Once the EMI facility is availed, cancellations are not permitted. Customers are obligated to continue payments as per the agreed schedule.
7.2. In case of product returns or service cancellations, refunds will be adjusted against the outstanding EMI balance. Processing charges are non-refundable.
8.1. Customers have the right to receive clear information about the EMI facility, including applicable charges, interest rates, and repayment schedules, in accordance with the Consumer Protection Act, 2075 (2018).
8.2. Any disputes arising out of or in connection with the EMI facility shall be resolved amicably. If a resolution cannot be reached, disputes may be referred to the Consumer Protection Council or appropriate judicial authorities as established under Nepalese law.
9.1. Banana Finlock reserves the right to amend these Terms and Conditions at any time. Customers will be notified of any changes through appropriate channels.
9.2. Continued use of the EMI facility after such amendments constitutes acceptance of the new Terms and Conditions.
10.1. These Terms and Conditions are governed by and construed in accordance with the laws of Nepal.
10.2. Any legal proceedings arising out of these Terms and Conditions shall be brought in the courts of Nepal.
Note: Customers are advised to read and understand these Terms and Conditions carefully before opting for the EMI facility. For any queries or clarifications, please contact Banana Finlock’s customer service department.