Terms and condition
FatakPay is a fintech company which is engaged in the business of providing digital credit worthy borrowers seeking short-term credit by connecting them with our NBFC partners and carrying out other incidental activities including collection on behalf of our NBFC partners. Our services are provided through Mobile and web-based applications, which act as a container for various payment instruments such as credit facilities.
The term “User” shall mean any individual or entity as approved by Us to use the Services of provided and detailed herein.
The term “You / Your” refers to the User of the Services.
“Line of Credit Facility” means, any funds lent to the user for his personal or business expenses through the facilitation on the Mobile and web-based applications.
"Total Dues” means the total amount payable for the repayment by the User under the line of credit as facilitated on the Mobile and web-based applications.
"Transaction” means the purchase of goods and services, transfer of funds or any debits or credits by you via payment solutions as provided on the Mobile and web-based applications.
“Transaction Information” shall mean information that is obtained via text messages sent by providers of services and/or products (including but not limited to a bank and/or NBFC, mobile carriers, and utility companies) to your mobile telephone number(s) in connection with one or more Transactions across multiple financial accounts (including purchase, payments, billing information and service notifications related thereto), which includes but not limited to your phone number, services availed, payment options availed and Transactions undertaken via the Mobile and web-based applications.
“KYC” means verification of the customer or such other verification process which are undertaken by us in accordance with the Reserve Bank of India norms or may be deemed necessary by us from time to time.
“Payment Option” shall mean the unified payment interface and any other feature as provided from time to time to avail the Line of Credit Facility offered on the Mobile and web-based applications.
By availing the Services:
you agree to be bound by the terms and conditions of these User Terms, including all rules, guidelines policies, terms and conditions applicable to the Services, as may be modified by FatakPay from time to time without any prior intimation; and
you consent to receive communications, notices and information from us through post or any other physical medium or electronically (through SMS, WhatsApp, emails, phone calls and automated phone calls). Electronic communications shall be deemed to have been received by you when we send the electronic communication to the email address / mobile number / details provided by you or any other third party during the sign-up process as per our records, or when we post the electronic communication on the Mobile and web-based applications. Similarly, a SMS or a WhatsApp message shall have been deemed to be delivered to you as and when the same is sent from our end on the mobile number as registered by you on the Mobile and web-based applications.
FatakPay reserves the right to amend, add or remove portions of these User Terms, from time to time, without notice to you by posting revised User Terms on the Mobile and web-based applications. It is hereby clarified that you shall be responsible for reviewing these User Terms periodically and keeping yourself updated with any changes. Once posted, those changes are effective immediately, unless stated otherwise. Continued access or use of the Services constitutes your acceptance of the changes and the amended User Terms. However, if you do not agree with the changes, please avoid using the Services or submitting information to FatakPay.
The access to the Services is strictly reserved only for persons who are competent to enter into legally binding contracts as per Indian Contract Act, 1872. If you access the Services, you, as a User, represent to FatakPay that you are at least 18 years of age and competent to enter into legally binding contracts as per the Indian Contract Act, 1872.
To access the Services, you are required to create a profile (“ Profile”) on the Mobile and web-based applications. To create a Profile, you must provide us with your photo ID proof, Address proof, Ration Card, Utility proof, PAN, Aadhar and registered mobile phone number which shall inter-alia be used to authenticate your identity.
You also represent that you are an Indian National and a tax resident of India.
It is hereby clarified that FatakPay reserves the right to provide the Services to only those Users who are both competent to enter into legally binding contracts, have made the representations as provided above and also fulfill all the conditions as required by our internal policy for a user to be eligible to use our services, the internal policy for eligibility will be determined solely by us from time to time. FatakPay reserves the sole right to change, modify, add or remove in whole or in part, the internal policy in relation to the provision of the Services at any time without any prior written notice of intimation to the Users and we shall have the right to not entertain any request in relation to the same from the Users towards such Services without assigning any reason.
You agree to receive communications from us regarding:
information on transactions conducted and recorded on the Mobile and web-based applications;
information about FatakPay and its Services;
promotional offers and services from us and our third-party partners; and
any other matter in relation to the Services.
CONSENT TO USE DATA
In order for us to render the relevant Services to you and undertake KYC, you will be required to provide us with the following details including:
your name (as provided in the PAN card);
Proof of residence as provided in Aadhar card;
Access to KYC information;
PAN or any other document that may be required from time to time in accordance with the requirement of the law.
Retrieve your credit score from credit information companies for the purpose of evaluating your eligibility for a Line of Credit Facility;
Access data from your employer, if applicable;
Retrieve your credit score in order to recommend appropriate credit products/services to you on the Mobile and web-based applications;
Share your details with our NBFC partners providing the credit facility;
Sharing the Transaction Information with our Affiliates; and
Subject to applicable laws, permit your employer (if applicable) to deduct from your monthly salary such amounts as may be due to us and forward the same to us.
The Services provided by us include but not limited to :-
Financial transaction and payment services;
Financing and credit services, such as, loans, issuance of credit facilities, hire- or lease-purchase financing; financial transfers and transactions, and payment services; mobile banking services
online banking; e-wallet payment services; electronic funds transfer;
lending against security;
debt advisory services;
debt collection agency services;
issuance of credit facilities;
processing of credit facilities payments;
processing of debit card payments;
hire-purchase financing / lease-purchase financing;
issuance of gift certificates;
issuance of tokens of value;
bill payment services;
online bill payment services;
contactless payment services;
conducting cashless payment transactions;
loyalty coupon payment processing services;
loyalty discount code payment processing services;
loyalty point payment processing services;
issuance of electronic payment cards in connection with bonus and reward schemes; agencies for collecting utility payments; providing financial information;
providing financial information via a website;
financial consultancy relating to the execution of cashless payment transactions;
processing payments for the purchase of goods and services via an electronic communications network;
providing multiple payment options by means of customer-operated electronic terminals available on-site in retail stores.
The Company will only offer the services through its Mobile and web-based applications subject to fulfilment of full KYC Requirement and as per its internal policy as detailed above, which may change from time to time.
Kindly note that signing up on the Mobile and web-based applications, will be treated as an acceptance by the User to avail the Services in accordance with these User Terms.
You hereby understand that when you apply for a monetary limit, we, may check your records from time to time, amongst other things, with its own records, and any information as available to us through any of our sources, including those at credit information companies those at fraud prevention agencies for assessing your credit worthiness, verifying identity to prevent and detect crime and money laundering.
In the event you avail Services, you will be required to repay the Total Dues within the mandated repayment period as per the modality detailed in the Line of Credit User Agreement. All repayment modalities are to be governed by the said Agreement. Any non-payment of the Total Dues shall result in immediate cessation of the Services as provided to you with the clause of forthwith repayment being triggered.
Please note that we may from time to time modify existing products, features, or services, or otherwise introduce new features or services on or through the Mobile and web-based applications. The term ‘Services’ shall include any modification to existing, as well as any new features, products, or services. We reserve the right to change the nature of Services from time to time without any prior notice. The User acknowledges and agrees that FatakPay may update or modify its existing service to comply with the applicable laws in the event of any regulatory changes.
FatakPay reserves the right at any time to add, modify or discontinue, temporarily or permanently, any Service provided by Us (or any part thereof) with or without cause. FatakPay shall not be liable for any such addition, modification, suspension, or discontinuation of the Service/s.
You may not uninstall the Mobile and web-based applications prior to the repayment of the Total Dues in full. In the event that you uninstall the Mobile and web-based applications at any point prior to the full repayment of the Total Dues, such an act will not extinguish your responsibilities under the Line of Credit User agreement you have with us, and you shall continue to be liable to repay the Outstanding Amount as per the Credit Line Product availed.
The Services may include services, content, documents, and information owned by, licensed to, or otherwise made available by a third-party (“Third-Party Services”) or contain external links to Third-Party Services. You understand and acknowledge that Third-Party Services are the responsibility of the third-party that created or provided it and acknowledge that use of such Third-Party Services is solely at your own risk. FatakPay shall not take any responsibility for the actions of third parties whose links, services, documents and information are included in the Services.
LIMITATION OF LIABILITY
FatakPay shall not be liable for any loss of whatsoever nature caused to the User due to any service or goods as availed by you from any usage of the Services provided by FatakPay
FatakPay may forthwith terminate and/ or suspend, in whole or in part, these User Terms, Mobile and web-based applications or Services provided hereunder, for any reason including for reasons of breach of these User Terms without any prior notice at the sole discretion of FatakPay, which shall not be disputed by you under any circumstances whatsoever.
In the event of termination of these User Terms by FatakPay or the User, the User shall be liable to pay the Total Dues, as per the statement raised by FatakPay till date of such termination.
FatakPay will not be liable for any delay or failure to perform any of our obligations under this User Terms by reasons, events or other matters beyond its control. No leverage however shall be given to the User in repayment of the Total Dues by reason of any Force Majeure event.
GOVERNING LAWS AND JURISDICTION
The User Terms mentioned in the entire agreement shall be governed by and construed by the laws of India and any dispute concerning these User Terms shall be subject to the exclusive jurisdiction of the appropriate courts at Mumbai, India.