Terms and Condition

1.       ELECTRONIC RECORDS

       These Terms are an electronic record in terms of Information Technology Act, 2000 and rules and regulations thereunder and is generated by a computer system and does not require any physical or digital signatures and forms a legal and binding agreement between the Customer and us.

2.       GENERAL TERMS AND OUR OFFERINGS

a)       FatakPay’s Offerings: FatakPay is a fintech company which is engaged in the business of facilitating provision of various products and services. Through the Platform, we facilitate provision of Credit Facility, insurance products, mutual fund portals, digital gold investments, Bharat Bill Payment Services (“BBPS”) (collectively referred to as “Product(s)”), and also offer services, such as job portal access, access to credit reports based on your consent, and various reward programs, in association with our partners offering such Products (collectively, “Services”). Our Services, inter alia include provision of short-term credit facilities to borrowers (“Credit Facility”), by connecting them with our non-banking financial company (“NBFC”) partners and Banks , who are authorized by the Reserve Bank of India (“RBI”) to offer and sanction such Credit Facility (“Lending Partners”) on the Platform(“Lending Services”). The Lending Partners providing the Lending Services and partners offering other such other Services shall be jointly referred to as the (“Partners”).

b)       Lending Services:

3.       USER ELIGIBILITY

a)       The access to the Platform is strictly reserved only for persons who are competent to enter into legally binding contracts as per the Indian Contract Act, 1872. If you access the Platform and any Services, you 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.

b)       To access/use the Platform and Services, you are required to create a profile (“Profile”) on the Platform. To create a Profile, you must provide us with the information required for setting up such Profile, which shall be used to authenticate your identity, and for such other purposes as set out under, and in accordance with our Privacy Policy.

c)       You are responsible for maintaining the confidentiality and security of your Profile, its password, activities that occur in or through your Profile and for restricting access to your computer or mobile, as the case may be, to prevent unauthorized access to your Profile.

d)       You agree that you will be solely responsible for all activities that occur under your Profile on the Platform. You should take all necessary steps to ensure that the password is kept confidential and secure, and you should inform us immediately if you have any reason to believe that your Profile password has become known to anyone else, or if the password is being, or is likely to be, used in an unauthorized manner.

e)       You also represent that you are an Indian National and a tax resident of India.

f)       It is hereby clarified that FatakPay reserves the right to provide the Lending Services to only those users who, have made the representations as provided herein above and also fulfill all the conditions as required by our Lending Partners from time to time.

4.       LICENSE AND ACCESS

a)       FatakPay and its licensors, if any, shall be the sole and absolute owners of the Platform, including but not limited to the idea behind the Platform, the copyright in all content on the Platform and all trademarks, designs, logos and other insignia of trade used on the Platform and elsewhere during the performance of the Services, all of which are subject to protection under patent, copyright, trade mark and trade secret and other intellectual property laws of India and other countries.

b)       FatakPay grants you a limited, non-transferable and revocable license to access and use the Platform or any part thereof for availing the Services, but not to download any material from it (other than page caching) or modify it, or any portion of it, except with express consent of FatakPay and / or its affiliates, as may be applicable. Any unauthorized access to the Platform (or any part thereof) or any networks, servers or computer systems connected to Platform and any attempt to modify, adapt, translate or reverse engineer any part of the Platform or re-format or frame any portion of the pages of the Platform, save to the extent expressly permitted by these Terms, is not permitted.

c)       This license is non-transferable and does not permit any resale or commercial use of this Platform or its contents; any downloading or copying of account information for the benefit of anyone other than your use; or any use of data mining, robots, or similar data gathering and extraction tools. The Platform or any portion of the Platform (including but not limited to any copyrighted material, trademarks, or other proprietary information) may not be reproduced, duplicated, copied, sold, resold, visited, distributed or otherwise exploited for any commercial purpose without express written consent of FatakPay and / or its affiliates, as may be applicable. Any unauthorized use of the Platform shall terminate the permission or revoke the license granted by FatakPay and the Company shall have the right to seek legal recourse available to it under applicable laws.

5.       PROHIBITED USES

a)       In addition to other prohibitions as set forth in the Terms, you are prohibited from using the Platform: (a) for any unlawful purpose; (b) to solicit others to perform or participate in any unlawful acts; (c) to violate any international, federal, provincial, local regulations, rules, laws, or local ordinances; (d) to infringe upon or violate our intellectual property rights or the intellectual property rights of others; (e) to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; (f) to submit false or misleading information; (g) to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the internet; (h) to collect or track the personal information of others; (i) to spam, phish, pharm, pretext, spider, crawl, or scrape; (j) for any obscene or immoral purpose; or (k) to interfere with or circumvent the security features of the service or any related website, other websites, or the internet. We reserve the right to terminate your use of the Service or any related website for violating any of the prohibited uses.

6.       COMMUNICATION

a)       By accessing the Platform 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 in compliance with applicable laws).

b)       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 during the sign-up process as per our records, or when we post the electronic communication on the Platform for general access by the Customer. Similarly, an SMS or a WhatsApp message shall be deemed to have been delivered to you, as and when the same is sent from our end on the mobile number registered by you on the Platform.

c)       You agree to receive communications from us regarding:

•        information on transactions conducted and recorded on the Platform;

•        payment requests/reminders in connection with your Credit Facility;

•        information about FatakPay and its Services;

•        promotional offers and services from us and our third-party partners/Partners; and

•        any other matter in relation to the Services.

d)       In the event you have registered your phone number on the ‘Do Not Disturb’ registers with your network provider, you shall ensure to take all steps to enable FatakPay’s representatives to contact you via phone for the purposes specified hereinabove, and you shall ensure that such calls received by you are pursuant to you providing us with information, and you shall not register a complaint with the relevant authorities for the same.

7.       KYC

a)       To use the Platform for availing Credit Facilities , you are required to enable one- time access to your location data and camera, strictly for the purposes of completing your onboarding/ know your customer (“KYC”) obligations mandated by the NBFC Partner/ other Partners.

b)       You may be required to undertake certain KYC processes for availing our Services. Additionally, in respect of our Lending Services, You may be required to undertake certain KYC processes with our Lending Partners in order to avail the Credit Facility. In this regard, we may, under the instructions of our Lending Partners and on their behalf, require you to upload documents and information that may be necessary for the Lending Partners to ascertain your eligibility to avail the Credit Facility (“KYC Documents”).

c)       Any processing that we undertake shall be in accordance with our Privacy Policy.

d)       Further, in the event any additional information, data, or documentation is required by the Lending Partner to determine your eligibility for the Credit Facility or by other Partners, in connection with your KYC(collectively, “Additional Information”), you agree to share such Additional Information promptly upon request, and further authorise us to process such Additional Information in connection with the Services and your use of the Platform.

e)       You agree and warrant to provide true, complete, and up-to-date KYC Documents and Additional Information. If the information provided by you, in our sole discretion, is unreliable or appears to be fraudulent or deficient, then you shall not be eligible to access and use the Platform or avail our Services. If we discover any deficiency in the information provided by you, we may terminate the Profile you hold with us or enable the Lending Partner to cancel the Credit Facility sanctioned to you or the Product granted to you. This will not extinguish your responsibilities under the loan agreement you have with the Partner, and you shall continue to be liable to pay all loan amounts due as per the terms of the Credit Facility availed.

f)       You hereby understand and acknowledge that the information requested by FatakPay is for the purposes of complying with various laws, regulations and guidelines (including Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards / Combating of Financing of Terrorism (CFT) / obligation of banks under the Prevention of Money Laundering Act, 2002) promulgated by the Government of India from time to time, by FatakPay or its Lending Partners. You further acknowledge that if you do not provide the requested information to FatakPay, FatakPay or its Lending Partners will be unable to provide or continue its / their lending services to you.

g)       Upon FatakPay gaining knowledge of having any reasonable suspicion that the information provided by you is wrong, inaccurate or incorrect, FatakPay shall immediately terminate your Profile on the Platform without any notice to you in this regard. In the event of any changes to the information shared by you after registering yourself on the Platform, you shall be responsible for forthwith notifying the said changes to us. You can access and update most of the information you have provided to us on the ‘dashboard’ area of your Profile’s account after you log-in or by writing to us athelp@ fatakpay.com. The right to use this Platform is personal to the you and is not transferable to any other person or entity.

h)       If you revoke any of the required permissions on the Platform, you may not be able to avail the Services.

8.       CREDIT FACILITY

       In the event you avail of Services and wish to avail Credit Facility from the Lending Partner, you will be provided with an online loan agreement on the Platform (as shared by the Lending Partner). Upon clicking ‘I Accept’ you will be bound by the terms of the loan agreement in relation to the Credit Facility, for assessing your credit worthiness, and verifying your identity to prevent and detect crime and money laundering. You will be required to make repayments in relation to such Credit Facility as per the mandated repayment period detailed in the loan agreement. Any breach of the loan agreement shall result in immediate cessation of the Services as provided to you with the clause of forthwith repayment being triggered with respect to such Credit Facility.

9.       PRODUCTS AND REWARD PROGRAMS

       Fatakpay ay has partnered with ICICI Lombard as a master policy holder and with Credit One Payment Solutions Private Limited (“Insurance Partners”)for marketing and display of insurance related products. Through such partnership, FatakPay enables your access to insurance products and services offered by the Insurance Partners for all your insurance needs (term, medical, accidental etc.). You hereby acknowledge and agree that FatakPay does not charge any fees or commission from you for providing any services with regard to the insurance products of Fatakpay’s Insurance Partner. It is clarified that FatakPay merely provides the Insurance Partner a technology platform for publishing advertisements in relation to insurance Products.

       Purchase of insurance Products are subject to terms and conditions as may be communicated by the Insurance Partner. You are encouraged to read the said terms and conditions carefully prior to availing insurance Products and Services.

       FatakPay shall not be liable for any claims you may have in relation to the insurance Product purchased by you from the Insurance Partner, and all disputes and claims you may have shall be governed in accordance with the terms and conditions you have executed with the Insurance Partner in respect of the insurance Product.

a)       Mutual Funds: Fatakpay refers users on its Platform desirous of investing in investing in mutual fund schemes to its mutual fund distributors, who offer such services pursuant to their partnerships with mutual funds.

b)       The following products may be availed by the user on the Platform:

•        BBPS FatakPay offers an iintegrated bill payment system in the Platform Which provides a one-stop ecosystem for the user to make payment of all bills, accessible “Anytime Anywhere”. BBPS connects multiple billers (e.g., electricity, water, gas, telecom, DTH) and also enables other repetitive payments like insurance premium, mutual funds, school fees, institution fees, credit cards, fastag recharge, local taxes, housing society payments, etc. at one single window. BBPS can provide access to multiple payment channels like internet, internet banking, mobile, mobile-banking, mobile wallets etc. to the users. Different payment modes such as cards (credit, debit and prepaid), NEFT internet banking, UPI, wallets, aadhar based payments and cash will be made available to the users vide such integrated system.

•        Digital Gold Investments: FatakPay has tied up with agencies to provide a modern way of investing in gold to its users. Users can purchase and hold gold electronically without needing to physically store it. Such Services availed by the user shall be solely governed by such terms agreed between the user and such agencies directly.

•        Generating bureau reports: Bureau report provides a detailed summary of an individual's or organization's credit history and is primarily used by lenders to evaluate the creditworthiness of applicants. Users can avail bureau report from the Application to understand their credit worthiness

•        Reward Programs: If you use the Platform, FatakPay may in its sole discretion, from time to time or in conjunction with its Partners, reward you with benefits, cashbacks, or other incentives subject to such terms and conditions as may be notified by FatakPay from time to time. FatakPay currently offers monthly upto Rs. 1500 worth of offers and discounts on 150 brands, in addition to instant offers available over more than 30,000 nearby eateries, stores, online brands and foods pan India, among other offers This services are provided through various merchant aggregators

•        Job Portal access: FatakPay has tied up with various online job portal companies to connect job seeking users with employers by providing a centralized space for job listings and applications.

c)       You hereby acknowledge and understand that FatakPay merely acts as a facilitator between you and the Partners, and any and all terms in relation to the purchase, redemption or exchange (as applicable) of any product by you, from the Merchant, shall be governed by the terms agreed between you and the Merchant, to the exclusion of FatakPay. FatakPay provides no assurances that FatakPay will be able to intervene on your behalf with the Partners in relation to any disputes and/or grievances that you may have in relation to the Services, and FatakPay disclaims all liability in relation to any claims, disputes, damages, of any nature (whether direct, indirect, actual or consequential), arising out of or in relation to or in connection with any product that you may purchase from the Partners.

10.       MODIFICATION TO SERVICES

a)       We reserve the right to change the nature of Services from time to time without any prior notice to the Customer. The Customer 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.

b)       FatakPay reserves the right at any time to 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.

c)       You may not uninstall the Platform or delete your Profile if any repayment obligations in respect of the Credit Facility, in full or in part, under the loan agreement or any payment obligations in respect of Product/Services under the relevant Product/Service terms remain due.

d)       While availing the Lending Services, in the event that you uninstall the Platform at any point prior to the full repayment as per the loan agreement, such an act will not extinguish your responsibilities under the loan agreement you have with the Partner, and you shall continue to be liable to make repayment for the Credit Facility availed.

11.       THIRD-PARTY SERVICES

a)       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 provides the same on the Platform and acknowledge that the 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.

       FatakPay makes no representations and excludes all warranties and liabilities arising out of or pertaining to such Third-Party Services including Credit Facility provided by the Partner, including their accuracy or completeness. Should you avail of a Third-Party Service, you shall be governed and bound by the terms and conditions and Privacy Policy of the third parties providing the Third-Party Services. Further, all intellectual property rights in and to Third- Party Services are the property of the respective third parties.

12.       INDEMNIFICATION

a)       You will defend, indemnify, and hold harmless FatakPay and our officers, directors, employees, representatives, licensors, Partners pand agents against any third-party claim, loss, damage, settlement, cost, expense, or other liability (including, without limitation, lawyer’s/advocate’s fees) (each, a “Claim”) arising from or related to (i) your non-compliance with applicable laws; and/or (ii) your non-compliance with these Terms; and/or (iii) your non- compliance with the Privacy Policy and/or loan agreement and/or Product terms and/or (iv) you providing fraudulent details to us at the time of registration on the Platform (v) infringement of any intellectual property or other right of any person or entity, or as a result of any threatening, libelous, obscene, harassing or offensive material posted/ transmitted by you on the Platform; and (vi) your gross negligence or wilful misconduct.

b)       FatakPay reserves the right, at your expense, to assume the exclusive defense and control of any matter for which you are required to indemnify FatakPay, including rights to settle, and you agree to cooperate with the FatakPay’s defense and settlement of these claims. FatakPay will use reasonable efforts to notify you of any claim, action, or proceeding brought by a third party that is subject to the foregoing indemnification upon becoming aware of it. This paragraph shall survive termination of these Terms.

13.       LIMITATION OF LIABILITY AND DISCLAIMER

a)       You understand that FatakPay does not provide any warranties for its Services and shall not be made liable for any claims made by you or any third party, and in this regard, you undertake to accept and be solely liable for the Services availed by You from FatakPay or its Partners . Except as expressly provided in these Terms, the Services are provided ‘as is’ and ‘as available’ for your use, without any representation, warranties or conditions of any kind, either express or implied, including all implied warranties or conditions of merchantability, merchantable quality, fitness for a particular purpose, durability, title, and non-infringement.

b)       Notwithstanding anything to the contrary contained herein, FatakPay, the Partners , and FatakPay’s affiliated companies, subsidiaries, officers, directors, employees or any related party shall have no liability to you or to any third party for any direct, indirect, incidental, special or consequential damages or any loss of revenue or profits arising under or relating to these Terms. To the maximum extent permitted by law, you waive, release, discharge and hold harmless FatakPay, the Partners , its affiliated and subsidiary companies, and each of their directors, officers, employees, and agents, from any and all Claims arising out of your use of the Platform.

c)       FatakPay is merely an information technology platform and FatakPay is entitled to conduct its own diligence before taking any steps to initiate the processes outlined on the Platform or any part thereof.

d)       FatakPay shall not be responsible for any delay or failure resulting from infrastructure issues, like server uptime, network availability and connectivity resulting in unavailability of the Platform.

e)       The Platform is controlled and offered by FatakPay from its facilities in India. If you are a user outside India, please take note that FatakPay is subject only to Indian law and only to the jurisdiction of Indian courts. FatakPay makes no representations that the Platform or Services are appropriate or available for use in other locations. Therefore, if you are a user outside India, you may not use the Platform. In the event you choose to use the Platform, solely on your own volition and at your own risk, FatakPay disclaims any and all liability in this regard, including FatakPay’s provision of Services to you.

14.       TERMINATION

a)       FatakPay may forthwith terminate and/ or suspend, in whole or in part, these Terms, Platform, your Profile, or Services provided hereunder, for any reason including for reasons of breach of these Terms without any prior notice at its sole discretion.

b)       Upon any termination, (a) the rights and licenses granted to you in these Terms will end; and (b) you must stop using the Platform or Services, and any part thereof forthwith.

15.       FORCE MAJEURE

       FatakPay will not be liable for any delay or failure to perform any of our obligations under this Terms by reasons, events or other matters beyond its control such as delayed by reasons of natural calamities, war, arson, civil disturbance (“Force Majeure Event”). No leverage however shall be given to the Customer in repayment of the EMIs and other amounts due under the Credit Facility, by reason of any Force Majeure Event.

16.       TAKEDOWN POLICY

a)       If you believe that there is any content available on the Platform which is contrary to FatakPay’s policies or applicable law, then please notify to the Grievance Officer at the email ID provided in the Privacy Policy/Platform. When you send such notice, please ensure that your notification contains the following details:

•        Your name, email ID, phone number and postal address;

•        The exact nature of the objectionable content and the exact location (including the relevant web page) where it appears;

•        Why you consider the content to be objectionable.

•        We will evaluate the contents of the notice and may take such action as we deem appropriate in keeping with our policies and applicable law which may include, asking further details from you or taking down the content that was the subject matter of your notice.

17.       GOVERNING LAWS AND JURISDICTION

       These Terms shall be governed by and construed by the laws of India and any dispute concerning these Terms shall be subject to the exclusive jurisdiction of the appropriate courts at Mumbai, India.

18.       NACH MANDATE

a)       Should you avail a Credit Facility, subject to the terms and conditions agreed upon with the Partner, or any Product subject to the terms and conditions agreed upon with the Product Partner, you may be required to create a NACH mandate where applicable on the Platform over the account details that you have provided to us. Please note that the grant of a Credit Facility is conditional on you granting a NACH mandate.

b)       NACH Mandate Cancellation Request: As per the NPCI Circular No.013 dated 11-Sep-2020, if you wish to cancel your NACH mandate registration with us please write to us at [--] along with your name, e-mail id, and phone number. We will assist you accordingly. Acceptance of the request will be at the discretion of FatakPay.

c)       Should you cancel the NACH mandate while the Credit Facilities are still outstanding or payments with respect to a Product is still outstanding, you will be required to provide us with an acceptable alternate repayment instrument (which may include without limitation, NACH or UPI based E-Mandates).

19.       PLATFORM FEE POLICY

a)       Non-Lending/Non-Regulated Services: FatakPay may provide non-lending or non-regulated products directly through the Platform by charging a Platform fee. Please note that accessing these Services do not guarantee Credit Facility approval by the Lending Partners. Additionally, once a non-regulated Service (i.e. a Service not being a Lending Service) is accessed in accordance with this clause, no requests for refunds, cancellations for the purchase of Services will be entertained.

20.       MISCELLANEOUS

a)       Notices: Any notice required to be given to FatakPay under these Terms shall be sent by registered mail or recognized courier to the following address at: [Technopolis Knowledge Park, Office No 1, Ground Floor, Mahakali Caves Road, Andheri (East), Mumbai, Maharashtra 400093.

b)       Assignment: you will not assign or otherwise transfer your rights or obligations under these Terms. FatakPay may assign its rights and duties under these Terms without any notice to you.

c)       Severability: Notwithstanding that the whole or any part of any provision of these Terms may prove to be illegal or unenforceable, the other provisions of these Terms and the remainder of the provision in question shall continue in full force and effect.

d)       No Waiver: No failure or delay in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Every right or remedy herein conferred upon or reserved to either party shall be cumulative and shall be in addition to every right and remedy existing at law or equity or by statute and the pursuit of any one right or remedy shall not be construed as an election.

e)       Monitoring: FatakPay retains the right to monitor the content of the Platform or any part thereof which shall include information provided by you to FatakPay, in connection with provision of the Platform and Services. The monitoring of the Platform is important to determine the veracity of the information provided by you and that every Customer remains in consonance with these Terms. Subject to these Terms, FatakPay shall also have the liberty to remove any objectionable content which is in contravention of the Terms or any applicable laws in force in India or share such information with any governmental authority as per procedures laid down by the law for the time being in force in India.

21.       GRIEVANCE REDRESSAL MECHANISM:

       In order to address any questions or grievances that you may have regarding the use of the Services, please contact our grievance officer as published on our website – fatakpay.com

       In case you are not satisfied with resolution provided by us or the Lending Partners, you may submit your grievance at [Sachet Portal].The Grievance Officer can be contacted between 10:00AM and 6:00PM from Monday to Friday except on public holidays.