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Sanction Letter Bhaba Naik

The document is a sanction letter from Northern Arc Capital Limited to Bhaba Naik, confirming the approval and disbursement of a personal loan of INR 2,16,000 at an interest rate of 26.13% per annum for a tenure of 36 months. It outlines key loan details, including monthly installments of INR 8703 and various charges associated with the loan. Additionally, it provides customer support contact information and requests the recipient to acknowledge the terms by signing and returning a duplicate copy of the letter.

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Prashant Raj
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19 views2 pages

Sanction Letter Bhaba Naik

The document is a sanction letter from Northern Arc Capital Limited to Bhaba Naik, confirming the approval and disbursement of a personal loan of INR 2,16,000 at an interest rate of 26.13% per annum for a tenure of 36 months. It outlines key loan details, including monthly installments of INR 8703 and various charges associated with the loan. Additionally, it provides customer support contact information and requests the recipient to acknowledge the terms by signing and returning a duplicate copy of the letter.

Uploaded by

Prashant Raj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Digitally Signed by Northern Arc Capital Limited

Chennai
2024-06-06T16:17:36.717144

Sanction Letter

Reference No. Application No. MOC2307238 11/03/2025

BHABA NAIK
S/O Bhola Naik, AT-GOUDATUMADI, PO- KARADAPADA, PS- GANIA, DISTT- NAYAGARH, ODISHA-752085

Dear BHABA NAIK

Ref: Your application form No. MOC2307238 dated 11/03/2025 together with its schedule and annexure for
sanction of Loan (“Loan Application”).
Sub: Sanction and disbursement of Loan.

We refer to the Application Form cited above, and we are glad to inform you that the Loan applied for vide the said
Loan Application has been sanctioned [and the Loan stands disbursed to the Disbursement Account.

Please find below the details of the summary of the most important terms and conditions governing your Loan.

LOAN DETAILS
End use Personal Loan
Loan Term loan of an amount of INR 2,16,000/-
Interest Rate 26.13% per annum. Interest shall be applied on a reducing balance basis.
Tenor (in months) 36 Months`
Collection Account Account Name NorthernArc Capital Limited
Bank A/c no. 11000200094164
Bank Name Federal Bank
S V S CLUB BUILDING, 61, ANNA SALAI,
Branch MOUNT ROAD, CHENNAI, 600 002,
Address TAMILNADU
IFSC Code FDRL0001100
Equated monthly INR 8703/-
installment (EMI)
comprising of
principal and
interest
Number of 36
monthly
installments
Repayment As detailed in the welcome letter provided by the lender
Schedule

OTHER CHARGES
Default Interest 3% per month(36% annually)accruable on a daily basis on overdue principal
Northern Arc Capital Ltd.
Digitally Signed by Northern Arc Capital Limited
Chennai
2024-06-06T16:17:36.717144

amount
Processing Charges 1000 plus applicable charges
Documentation 1000 plus applicable taxes
Charges
Collection Charges Rs. 500/- plus the applicable charges (Cheque)
Swap Charges INR 500/- plus the applicable charges
Prepayment No Prepayment Allowed till 12 months of loan
Charges tenure from date of loan disbursal and 6% of
Principal Loan Amount taken as Prepayment
Charges post 12 months of loan tenure
Bounce Charges INR 650/- (Indian Rupees only)
(over and above
the charges levied
by the bank)

For any assistance from the customer support of Northern Arc Capital Limited, feel free to call our toll-free number
1800 4198 766 anytime between 10.00 am and 6.00 pm Monday to Friday except public holidays or write in to
customersupport@northernarc.com. Our detailed grievance redressal mechanism is available at
https://www.northernarc.com/grievance-redressal-mechanism.

We request you to return to us the duly signed duplicate copy of this Facility Letter in token of your
acknowledgement of the same.

The terms ‘Loan’ and ‘Disbursement Account’ shall have the meaning given to them in the Loan Application.

For Northern Arc Capital Limited

Authorised Signatory

We accept and acknowledge the sanction and disbursement of the Loan on the terms and conditions contained in
the Loan Application.

Name : BHABA NAIK

11/03/2025

Northern Arc Capital Ltd.

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