15 May 2024

Shanmukha Dharma Sastha Rakesh Ommi , Trinadha Rao Ommi , Ramadevi Ommi
H No: 5-177/a,, Sabbavaram, Anakapalli, Backside Fire Station, Visakhapatanam, Andhra Pradesh - 531035

Subject: Approval of Education Loan

Dear Sir/Madam,

Thank you for your application to InCred Financial Services Ltd. (formerly known as KKR India Financial Services Limited)
(InCred/ Lender / IFSL) for an Education Loan.

Based on details provided and representations made by you in your application (Application Id: E111130), we are pleased to inform
you of our in-principle approval of an education loan on the terms and conditions mentioned below:
Borrower Shanmukha Dharma Sastha Rakesh Ommi
Co-borrower/s Trinadha Rao Ommi, Ramadevi Ommi,
Country of Study United States
Program Masters in Drug Regulatory Affairs
University/Institute Long Island University (LIU)--Brooklyn
Program Start Date August 2024
INR 47,16,408 (Rupees Forty Seven Lakh Sixteen Thousand Four Hundred Eight equivalent to USD
Loan Amount 56500.07 at current rate of 1 USD = 83.37 INR) OR Cost Of Attendance (whichever is lower)
InCred Reference Rate 15% (as applicable on current date) -(minus) 1.75% (Spread) = 13.25% p.a.
Annual Rate of Interest floating rate payable at monthly rests, which shall be computed on the basis of 360 days in a year (i.e.
actual number of days/360)
Processing Fee INR 47,164 including Goods and Services Tax (GST)
Collateral Security Not Applicable
NACH NACH & SPDCs from Trinadha Rao Ommi, State Bank of India, India Account No. 11599064299
The loan will be repaid in 168 installments. The first 36 installments will be INR 5,000 per month and
Repayment Details
next 132 installments will be INR 89,554 per month. Kindly refer to the repayment schedule for details.
Frequency of Repayment Monthly
Exact Due Dates for
Kindly refer to the repayment schedule for details
Repayment of a Loan
Moratorium Principal moratorium of 36 months
Breakup between
Kindly refer to the repayment schedule for details
Principal and Interest
Type of Rate of Interest Floating
Validity of this offer This offer is valid for a period of 6 months from the date of issuance.
Disbursement of this loan will be subject to : Student visa approval from relevant authorities

Thank You,
InCred Education Loans
Terms & Conditions :

Conditions for Shanmukha Dharma Sastha Rakesh Ommi (Borrower)

Student Visa/Student Permit copy.
Balance fund proof required
Upfront interest on cumulative basis to be paid before each disbursement
Current ongoing loan(s) closure letter to be submitted before disbursement.
Loan offer not valid for fully online programs

Conditions for Trinadha Rao Ommi (Co-Borrower)

NACH and hardcopy of 4 SPDC's to be taken from State Bank of India, India A/C No. 11599064299

Conditions for Ramadevi Ommi (Co-Borrower)

Hardcopy of additional 3 SPDC's to be taken

Additional Sanction Condition

Student cibil overdue clearance proof to be submitted before FA
Proper duolingo test score proof to be submitted before disb
Student & all Co Borrower CKYC or aadhar XML or self attestation & Certified verified true copies required before disbursement

General Terms and Conditions

1. This letter should not be construed as giving rise to any binding obligation on the part of InCred/ Lender to provide the
financial assistance/s/Loan mentioned overleaf (the "Loan"/ "Facility"), unless you have executed transaction documents, in a
form and manner as may be required by InCred/ Lender in connection with the Loan;
2. Please note that this sanction letter does not become final and this is a summary of the indicative major terms only. It
shall neither constitute an offer nor a contract. The Loan/Facility agreement and other transaction documents may/ will
contain terms and in addition to or in modification of those set out in this letter;
3. This sanction is subject to positive credit report with a credit information company, positive report of Field Investigations
& Verification and payment/ clearance of Processing/ Application Fee;
4. Insurance cover to be taken on the entire loan/ facility amount and applicable premium to be paid before loan/ facility
disbursement;
5. Copy of the admission confirmation and fee structure issued to the student from the educational institution has to
be submitted to InCred/ Lender;
6. Copy of invoices & receipts issued by the institute conducting the course shall be submitted to the InCred/Lender;
7. All fees, expenses and other charges mentioned above shall be paid by the Borrower together with applicable Taxes.
8. The Borrower/Guarantors shall not be having defaulted in any payment obligation under any financing obligation to
any bank/ financial institution in the past;
9. Notwithstanding anything stated elsewhere in this letter or otherwise, disbursement of the Loan/ Facility is at the
sole discretion of InCred/Lender and terms of the Loan/ Facility may be modified or canceled, in whole or in part, at
the Company’s sole discretion. Any such charges effective prospectively shall be binding on the Borrower;
10. The Loan/ Facility is repayable on demand and all outstanding amounts owing under the Loan/ Facility together with
all interest and charges shall become immediately due and payable, forthwith on demand;
11. This letter of offer shall stand revoked and canceled if there are any material changes in the proposal for which the Loan/Facility
is sanctioned; or If any event occurs which, in the sole opinion of InCred/Lender, is prejudicial to its interest; or is likely to
affect financial condition of the Borrower or his/ her ability to perform all or any of its obligations of the Loan/Facility; or any
statement /representation made is found to be incorrect or untrue or material fact is concealed;
12. Subsequent tranche(s) of the Loan/Facility, if any, shall be released only after the receipt of required documents, any
other documents and details to the satisfaction of the InCred/Lender;
13. Various charges shall be as set-out in the Loan/ Facility agreement and Schedule of Charges;
14. Applicable Rate of Interest is annualized. In case of Floating Rate of Interest, the annual rate of interest is linked to InCred
 Reference Rate which is subject to revision as per the InCred/ Lender’s internal policies based on its sole discretion.
15. InCred/ Lender adopts risk based pricing based on various risks associated with a type of Loan/ Facility, cost of funds, tenor of
the Loan/ Facility, type & value of security, Loan/ Facility amount etc. In addition, InCred/ Lender periodically reviews the
annual rate of interest and product features offered by it with those offered by its competitors. An additional risk premium may
be factored- in the pricing which is based on the credit risk associated with the customer which is a function of the customer’s
credit history, credit information, internal rating along with other factors like the borrower’s income etc. While offering terms
of Loan/ Facility including annual rate of interest, the aforementioned aspects are taken into consideration. Accordingly, the
applicable annual rate of interest may be different from a customer to customer and a Loan/ Facility to other Loan/ Facility.
16. InCred/Lender shall in its absolute discretion or as per the guidelines/ directions/ rules/ regulations/ law issued/ notified by the
Reserve Bank of India and/or any other statutory authority and any other law in force including but not limited to, any Tax law
or based on the changes in the prevailing InCred Reference Rate be entitled to modify the Floating Interest Rate (including
Spread), and the Borrower agree and confirm to pay interest as per such modified Interest Rates on the Loan/Facility and related
amounts on and from the date of such modification.
17. In any event the Borrower shall keep himself/ themselves informed of all such variations/revisions in the Interest Rate. (if
applicable) InCred/Lender shall in its absolute discretion be entitled to modify the Fixed Interest Rate and the Borrower agree
and confirm to pay interest as per such modified interest rates on the Loan/Facility and related amounts on and from the date of
such Rate of Interest modification. InCred/Lender shall notify such Rate of Interest changes by updating the same on its
Website and also furnish notice of such changes.
18. The Borrower hereby also agrees to keep himself/herself/itself abreast with all notifications on the Website and shall be bound
by the aforesaid change and shall not dispute the same. The rate may be changed suitably at such interval from time to time
and prospectively on account of change in mandate of the Reserve Bank of India and/ or any other statutory authorities,
unforeseen or exceptional changes in money market conditions and internal policies/ factors associated with InCred/Lender. In
such event, notwithstanding the provisions of the Schedule hereunder, the Borrower agrees to pay interest on such revised rate
and this Agreement shall be construed as if such revised rate was expressly mentioned herein
19. InCred at its discretion can modify the reference rate based on InCred/Lender internal policy factors and on prevailing
market conditions and guidelines of any statutory authority. Any change in InCred Reference Rate shall be notified/
announced by InCred/Lender through its website or such other medium as InCred may consider appropriate. The existing
InCred Reference Rate is as mentioned in the Schedule hereto.
20. The Borrower hereby grants consent to InCred and its affiliates for the processing of fund transfers to the Borrower's
university/college based on the information provided by the Borrower and authorise InCred and its affiliates to communicate
with the Borrower regarding the fund transfer process. Additionally, Borrower agrees to enroll in the Insurance plan offered by
InCred and Borrower grants InCred permission to disburse the insurance premium from the Borrower's loan amount. The
Borrower shall utilize each and every tranche of Loan for the Purpose exclusively and shall submit the proof of
utilization/proof of remittance to the Lender within 3 (three) working days of utilization/remittance. In the event of foreign
remittance of Loan amount, the Borrower agrees to use the service of empanelled third party vendors of InCred that are legally
authorized to make foreign remittance as per applicable laws, at the discretion of Borrower and proof of utilization/proof of
remittance shall be submitted within the agreed period as stated above. Borrower further agrees to accept the negotiated (as
negotiated by the Borrower and empanelled forex service provider) foreign exchange rates without raising any dispute, claim or
objection against InCred for the same, both presently and in the future. Furthermore, the Borrower authorises InCred to transfer
the loan amount (trance or full disbursement amount) from the Borrower's loan account to an InCred approved forex vendor for
remittances to the overseas educational institution or towards living expenses, based on evidence provided by the Borrower.
21. The rate of interest shall be determined based on the cost of borrowed funds, matching tenor cost, market liquidity, refinance
avenues, RBI repo rate, offerings by competition, tenure of customer relationship, cost of funds etc. In addition to the cost of
funds, the rate of interest shall further be determined with risk premium which is based on the inherent credit and default risk in
the products and customer per se arising from customer segment, profile of the customers, professional qualification, stability in
earning and employment and repayment ability, overall customer yield, nature and value of primary and collateral securities,
past repayment track record of the customers, external ratings of the customers, industry trends etc. InCred/Lender may adopt
an interest rate model whereby the rate of interest for same product and tenor availed during same period might differ from
customer to customer depending upon consideration of any or combination of a few or all factors as listed above. Hence, the
interest rate applied may be different from customer to customer on his/ her loans.
22. I/We have been duly communicated and hereby agree to the applicable Penal Charges as set out in annexure 1 herewith/Loan
/ Facility agreement and schedule of charges.
23. “Spread” means the risk premium which is applied for arriving at the final interest rate charged to the borrower.
24. “Floating Rate of Interest” means the difference between the InCred Reference Rate and Spread applied by the InCred/Lender to
the Loan/Facility granted by the InCred/Lender to the Borrower, as may be decided by the InCred/Lender from time to time,
pursuant to this Agreement. InCred/Lender shall be entitled to revise the Rate of Interest at any time and from time to time as
per statutory authority, InCred/Lender internal policy, market conditions, external factors and/or applicable laws, if
 any, during the tenor of the Loan/Facility, at its discretion and the Borrower shall also be liable to pay interest at such revised
Rate of Interest in such manner and within such period as may be determined by InCred/Lender in its sole discretion. In case of
Floating Rate of Interest, the rate of interest being charged shall be linked to the InCred Reference Rate. InCred/Lender shall
ensure that such change in the Rate of Interest is applicable prospectively only. The Borrower hereby also agrees to keep
himself/herself/itself abreast with all notifications on the Website and shall be bound by the aforesaid change and shall not
dispute the same. Notwithstanding the above, the Borrowers agree that Rate of Interest may increase on account of
directives/guidelines issued by the RBI, statutory authority and in that case, the Borrowers agree and undertake to pay such
revised rate of interest.
25. “Fixed Rate of Interest” means the fixed rate of Interest applicable on the Loan/Facility as per the Schedule hereunder, which
is subject to review by the InCred /Lender from time to time.
26. InCred/Lender shall in its absolute discretion be entitled to modify the Fixed Interest Rate and the Borrower agree and
confirm to pay interest as per such modified interest rates on the Loan/Facility and related amounts on and from the date of
such modification. InCred/Lender shall give communication to the Borrower of any change in the terms and conditions
including the disbursement schedule, Rate of Interest, service charges, prepayment charges and also notify such changes by
updating the same on its Website, wherever applicable . In such event, notwithstanding the provisions of the Schedule
hereunder, the Borrower agrees to pay interest on such revised rate and this Agreement shall be construed as if such revised
rate was expressly mentioned herein.
27. Borrower/s have read and understood the terms and conditions of the Loan/Facility including the annual rate of interest and the
approach for gradation of risk and rationale for charging different rates of interest to different categories of borrowers adopted
by InCred/ Lender. Borrower/s understand InCred/Lender has its own model for arriving at lending interest rates on the basis
of various (i) risks such as interest rate risk, credit and default risk in the related business segment, (ii)based on various cost
such as average cost of borrowed funds, matching tenure cost ,market liquidity, cost of underwriting, cost of customer
acquisition etc. and other factors like profile of the borrower, repayment track record of the existing customer, future potential,
deviations permitted , tenure of relationship with the borrower, overall customer yield etc. Such information is gathered based
on the information provided by the borrower, credit reports, data sources and market intelligence. Borrower/s accept the terms
and conditions and agree that these terms and conditions may be changed by InCred/ Lender at any time, and Borrower/s shall
be bound by the amended terms and conditions.
28. In order to remove any ambiguity, it is clarified that the intervals are intended to be continuous and accordingly, the basis
for classification of SMA/NPA categories shall be considered as follows:
Example of SMA/NPA
If the EMI/Interest is not paid within 30 days from the date of repayment SMA-0
If the EMI is not paid within 60 days from the date of repayment SMA-1
If the EMI is not paid within 90 days from the date of repayment SMA-2
If the EMI is not paid for more than 90 days from the date of repayment NPA
29. InCred/Lender shall not charge foreclosure charges/ prepayment penalties on any floating rate term loan sanctioned
for purposes other than business to individual borrowers, with or without co-obligant(s)/co-borrower(s).
30. Lender/InCred shall release all securities, if any, on repayment of all dues or on realization of the entire outstanding amount of
loan/facility subject to any legitimate right or lien for any other claim InCred/lender may have against borrower/obligors. in the
event of exercise of any right of set off/lien, borrower/obligors shall be given notice about the same with full particulars about
the remaining claims and the conditions. Property title documents, deposited with InCred/IFSL with respect to mortgaged
property, as security for loan facility, if any, shall be collected, in person, by the Borrower/Co-Borrower, from the place/branch
as stated below, within 30 (thirty) days from the date of full repayment/ settlement of the loan account. a) from the
InCred/IFSL branch where the loan account is serviced or b)any other office of InCred/IFSL where the documents are
available, as per your/Borrower preference.
31. InCred/Lender shall be entitled to revise the Rate of Interest at any time and from time to time as per statutory authority,
InCred/Lender internal policy, market conditions, external factors and/or applicable laws, if any, during the tenor of the
Loan/Facility, at its discretion and the Borrower shall also be liable to pay interest at such revised Rate of Interest in such
manner and within such period as may be determined by InCred/Lender in its sole discretion. In case of Floating Rate of
Interest, the rate of interest being charged shall be linked to the InCred Reference Rate. Change in the InCred Reference
Rate may impact the Rate of Interest applicable to be Loan/Facility which may lead to change in EMI and/or tenor or both.
In the event of above stated reset of Rate of Interest, the following option shall be provided.
32. The Lender represents that during the entire duration of the loan, the Rate of Interest may only be switched from Floating Rate
of Interest to Fixed Rate of Interest for a maximum of 2 (two) times. Any modifications to the Rate of Interest from a Floating
Rate of Interest to a Fixed Rate of Interest, the switch to a fixed rate will remain effective for a maximum duration of 24 months
starting from the date of switch. After the 24-month period, the Fixed Rate of Interest will automatically revert back to the
Floating Rate of Interest prevailing at that point in time. It is important to note that every switch from Floating Rate of Interest to
Fixed Rate of Interest will incur a switch fee of 1% on principal outstanding.
33. If there is a switch from a Floating Rate of Interest to a Fixed Rate of Interest, the switch to a fixed rate will attract 1% higher
 rate of interest than the prevailing floating rate of interest effective from the date of switch. In the event of above stated
reset/switch of Rate of Interest, the following options shall be provided:
■ Switch over to a fixed rate of interest as per InCred’s board approved policy.
■ enhancement in EMI or elongation of tenor or for a combination of both options; and,
■ to prepay, either in part or in full, at any point during the tenor of the loan
34. This sanction letter supersedes all previous sanction letters.
35. As a token of acceptance of this sanction, you are requested to return a copy of this letter duly signed by you.
36. All Field Investigation and Risk Control Unit reports should be positive.
37. Loan/ Facility offer can be reviewed before disbursement based upon any internal or state/national/global policy and
other changes in light of COVID19 pandemic.
38. 2nd semester/year fees will be disbursed after due review and in consideration of prevalent market and other conditions at
the time of disbursement.
39. Borrower/s hereby agree to intimate in writing to InCred/Lender, within 30 days of any update/change/alteration/ correction
in the know your customer (KYC) documents/officially valid documents including but not limited to Borrower/s identity
proof, address proof, etc.
40. Borrower/s confirms that Borrower/s have read and understood the contents [the contents have been read out to the
Borrower/s in vernacular language and Borrower/s have understood the same, (applicable only to applicants/ borrowers
having knowledge in regional/ vernacular language alone)] of the Application Form, Sanction Letter, Loan Agreement
and other documents.

2.
I/ we accept above terms and conditions:
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 SCHEDULE OF CHARGES
Sr
Charge Type Charges
No
1 Processing Fee Upto 2% of the Loan Amount + applicable Taxes.
2 Loan Cancellation Charges Rs.3,000 + applicable Taxes
Swap Charges (EMI due date, Bank a/c change,
3 Rs.1,000 + applicable Taxes
Repayment mode change)
3% PM on principal overdue (Rs 30 per month for every
4 Late EMI Payment Charges (LPP) - ₹1000 Principal Overdue + applicable Taxes
on Pro rata basis)

Floating Rate Loans - Nil

Part Prepayment Charges and Full Prepayment /
5 Fixed Rate Loans - 4% during first 12 months and 2%
Foreclosure Charges
thereafter + applicable Taxes.
6 NACH/ PDC bounce / dishonour charges Rs.1,000 per instance
Switch Fee (From Floating rate to Fixed rate or vice 1% on Principal Outstanding and 1% higher rate of
7
versa) Interest + applicable Taxes.
Stamp Duty, Registration Charges, Taxes and other
related charges on the Loan Documents, Mortgage
8 At Actuals + applicable Taxes.
Documents, Notice of Intimation (NOI), Security
Documents etc.
9 CERSAI/CKYC/NESL/ RoC Registration Charges etc. At Actuals + applicable Taxes.
10 Retrieval of copies of the documents Nil
Rs.100 per notice and Rs.75 per additional address +
11 Charges towards Legal Notice
applicable Taxes.
12 Charges towards SARFAESI actions At Actuals + applicable Taxes.
Rs.7,500/- (Rs.7,000/- Professional Fees + Rs.500 Stamp
13 Charges towards Arbitration
Paper + applicable Taxes.)
14 Charges towards Insolvency Proceedings At Actuals + applicable Taxes.
Rs.4,000 + applicable Taxes towards Cheque/NACH
bouncing with legal proceeding under Negotiable
15 Charges towards Section 138 / Section 25
Instrument Act, 1881 (Sec.138) and Payment of
Settlement Act 2007 (Sec. 25)
Other facility charges as applicable from time to time due
To be specified and communicated by the Lender from
16 to govt. regulation/ incidental charges incurred by the
time to time
lender
Other Penal Charges for non-compliance of material To be specified and communicated by the Lender from
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obligations if any with prior communication time to time

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Borrower Co-Borrower 1 Co-Borrower 2 Co-Borrower 3 Co-Borrower 4