When it comes to financial products, understanding the terms and conditions (T&C) is key to making an informed decision. FatakUdaan (formerly Lakshya+) offers small-ticket unsecured loans to help you manage financial emergencies, but before you get started, let’s walk through the key terms that govern this loan.
1. Eligibility
To avail of the FatakUdaan loan, you need to meet the following criteria:
- Residency: Must be a resident of India.
- Age: You must be between 18 and 60 years old.
- Contractual Capability: You must be able to enter into legally binding contracts under Indian law.
- KYC: Successful completion of Know Your Customer (KYC) is mandatory.
If you meet these eligibility criteria, you can access the loan, but it is essential to read the fine print to avoid any surprises.
2. Loan Terms
FatakUdaan provides an unsecured loan with the following loan structure:
- Loan Amount: ₹1,000
- Interest Rate: 5% monthly
- Repayment Tenure: 3 months (EMIs)
- Annual Percentage Rate (APR): 20%
- Repayment: Three Equal Monthly Installments (EMIs) of ₹350 each.
The final approval for loan disbursement rests with the Lending Partner, and you should be aware that timely repayment of your EMIs may positively impact your credit score. On the other hand, delays or defaults can harm your score.
3. Fees & Charges
There’s a one-time fee of ₹999, plus 18% GST, payable when you purchase FatakUdaan. This fee is non-refundable unless there is a technical issue with activating the product. Additionally, penalties and default charges may apply based on your Lending Partner’s policies.
4. User Obligations
When you opt for FatakUdaan, you agree to:
- Repay the loan in full according to the scheduled EMIs.
- Avoid using the loan for fraudulent or unauthorized purposes.
- Face legal consequences if you breach your repayment obligations.
Non-payment may lead to legal action and reporting to credit bureaus, which can negatively affect your credit score.
5. Refund Policy
Except in cases of technical failure where the product has not been activated, the fee is non-refundable. If any refund is applicable, it will be processed back to the original mode of payment.
6. Communications
By availing of the loan, you consent to receive communications related to your loan from FatakPay and its partners via SMS, email, phone calls, WhatsApp, or in-app notifications. These communications will include details about your loan status, repayments, and more.
7. Limitation of Liability
While FatakPay facilitates the loan as a Loan Service Provider (LSP), the actual loan disbursement and repayment terms are handled by the Lending Partner. FatakPay is not responsible for any direct or indirect damages related to your loan, except for those caused by gross negligence or misconduct by FatakPay.
8. Governing Law & Jurisdiction
All disputes related to these terms and conditions shall be governed by Indian law and will be subject to the exclusive jurisdiction of the courts in Mumbai, Maharashtra.
9. Grievance Redressal
If you have any concerns or complaints regarding FatakUdaan, you can reach out to FatakPay Customer Care at:
📞 Customer Care Number: +91 9987178747
Important Notice:
Please read the full General Terms and Conditions here before applying for the loan to ensure a smooth experience with FatakUdaan.
By understanding the terms and ensuring that you’re eligible, you can make the most out of FatakUdaan’s benefits, without any surprises down the road.
