• FairMoney Technology Private Limited Terms of Use and Loan Account Agreement

    Terms and Conditions for the Opening and Use of a Loan Account with FairMoney Technology Private Limited

    FairMoney Technology Private Limited (CIN) is a Private Company registered under the Companies Act, 2013 having its registered office at #39, NGEF Lane, 2nd Floor, No.741, Indiranagar, Bangalore, Karnataka, India 560 038 (hereinafter shall be referred to as "FairMoney" or "Company" or "us" or "we" are the owner of the mobile application by the name FairMoney ("App") and website at www.fairmoney.in ("Website") (App and Website are hereinafter together referred to as the "Platform") and further we clarify that “User” means any person using the Platform i.e. consumers, financial institutions, borrowers and other partners.

     

    By accessing or using any version of the FairMoney application (“App”) on any compatible device, signifies that User has read, understood and agree to be bound by these terms and conditions (“T&C”) and any other law applicable, whether or not a registered member of the App. If User do not agree to all the terms and conditions of this agreement, then User may not access the Platform/App or use any services provided by Us.

     

    These T&C read together with our privacy policy govern usage of the Platform/App. If User do not agree with any part of these Terms & Conditions and/ or Privacy Policy then User may not access the Platform/App or use any services provided by Us.

    These Terms and Conditions may be amended or varied by FairMoney from time to time and the continued use of the Services constitutes your agreement to be bound by the terms of any such amendment or variation.

     

    GENERAL FEATURES AND FACILITIES PROVIDED BY FAIRMONEY

    Through App, FairMoney provides an online platform which connects the financial institutions with prospective borrowers. FairMoney merely facilitates a transaction between two Users. FairMoney is not an organization registered with the Reserve Bank of India and does not hold any license to engage in any activities relating to lending or borrowing. FairMoney is not a Financial Institution under the Companies Act, 2013 or the Banking Regulation Act, 1949 or any other laws for the time being in force in India. FairMoney is also not a deposit taking company or a chit fund or a company offering any investment schemes as per the rules and regulations for the time being in force in India.

     

    FairMoney provides an online platform connecting financial partners (financial Institutions) with prospective borrowers. FairMoney do not hold any right to accept or reject the loan application submitted through FairMoney App. Based on the specific credit underwriting policy of lending financial institution, the customer loan application is either accepted or rejected, this acceptance or rejection is conveyed through FairMoney platform.

     

    The FairMoney App provides the following facilitates to the User of App:

    • Loan Application.
    • Status of the loan applied.
    • Transaction history.
    • Amount Outstanding and due date for repayment.
    • Send SMS, Email, Calls and Notification to update the loan related information.
    • Customer Grievance redressal.

    ELIGIBILITY

    User of the FairMoney App represents and warrant that User is a natural /legal person who has attained the age of at least 18 years and is legally allowed to enter into a contract in India and is a tax resident of India and not resident of any other country. User shall not access and use the App if you are not competent to contract under the applicable laws, rules and regulations. The User is allowed to utilize the Services in accordance with the terms and conditions detailed hereinafter.

     

    By registering on the FairMoney Platform, the User hereby undertakes to agree and abide by the Terms & Conditions detailed herein. If the User violates any of these Terms & Conditions, or otherwise violates an agreement entered into through the medium of the Platform, FairMoney may terminate the User’s membership, delete his/her profile and any content or information posted online by the User on the Platform and / or prohibit the User from using or accessing the Platform at any time in its sole discretion, with or without notice.

    USER ACCOUNT ON APP

    If the User wishes to utilise the FairMoney facilities, then User should maintain an account and for the first time, the user is required to create a new account. Certain information will be required to furnish such as Email ID, Contact number and any other information deemed necessary by FairMoney and as further detailed in the Privacy Policy. User is responsible for maintaining the confidentiality and security of account, activities that occur in or through User account.

    User agrees to accept responsibility for all activities that occurs under User account. Please ensure that the details provided Us are true, correct, accurate and complete. Under any circumstances if FairMoney has any reasonable suspicion that the information provided by User is wrong, inaccurate or incorrect, FairMoney shall immediately terminate User account without any notice to User in this regard. In the event of any changes to the information shared by user at the time of registering on the Platform, User shall be responsible for forthwith notifying the said changes to FairMoney.

     

    Maintenance of confidentiality of the account created in FairMoney lies with the User. Any deletion of the FairMoney app do not constitute deletion or termination of account. The option of deleting the User information is possible only to the Users who has not availed any loan through the use of the FairMoney App. Such Users can notice their wish to delete the information from FairMoney account by sending an email to help@fairmoney.in. However the User who has availed or loan is approved from any of our lending partners, then the User account information cannot be deleted.

    INTELLECTUAL PROPERTY RIGHTS

    User can access FairMoney App and use the available features, facilities and utilise the App Content for your personal or internal requirements only. You are not entitled to duplicate, distribute, create derivative works of display or commercially exploit the App Content, features or facilities, directly or indirectly, without our prior written permission. You acknowledge that you have no right to have access to the App in source-code form.

     

    All of the content on the App, images, illustrations, graphics, audio clips, video clips or text, reports generated, trademarks, tradenames (“App Content“), constitute our and our licensors’ intellectual property. Copyright laws in all applicable jurisdictions protect the App and the App Content.

    FairMoney and its licensors, if any, are the sole owner of the underlying software and source code associated with the App and all the trademarks, copyright and any other intellectual property rights of any nature in the App.

     

    You acknowledge that all intellectual property rights in the App and the Technology anywhere in the world belong to FairMoney or its licensors, if any, that rights in the App are licensed (not sold) to you, and that you have no rights in, or to, the App or the Technology other than the limited right to avail the facilities provided in accordance with the FairMoney Terms and Conditions.

    USER COMMUNICATION

    Upon the use of FairMoney App of any version on any compatible device, signifies that User has read, understood and agree to be bound by these terms and conditions. This implies that User has expressed consent to be contacted by us, our agents, representatives, affiliates, or anyone calling on our behalf at any contact number, or physical or electronic address provided by you while registering your Account. You further agree to us contacting you in any manner, including without limitation, SMS messages (including text messages), WhatsApp, calls using pre-recorded messages or artificial voice, calls and messages delivered using auto telephone dialing system or an automatic texting system, and notifications sent via the App. Automated messages may be played when the telephone is answered, whether by you or someone else. In the event that an agent or representative calls, he or she may also leave a message on your answering machine, voice mail, or send one via SMS.

     

    User certify, warrant and represent that the telephone numbers and/or email addresses and any other information that you have provided to us are your own and not someone else’s and are true, accurate, current and complete. You represent that you are permitted to receive calls at each of the telephone numbers you have provided to us and emails at each of the email addresses you have provided us. You agree to notify us whenever you stop using a particular telephone number(s) and/or email address(es).

    GUIDELINES

    You hereby agree not to use the App for any purpose that is unlawful under any applicable laws and/or in violation of the terms of these T&C and our Privacy Policy. You shall not use the App in any manner that could damage, disable, overburden, or impair our server, or any network(s) connected to any FairMoney server, or interfere with any other party’s use and enjoyment of the App. You shall not attempt to gain unauthorized access to any functions and features, other user accounts, computer systems or networks connected to any FairMoney server, in any manner, including, through hacking, password mining or any other means. You shall not obtain or attempt to obtain any materials or information through any means which is not intentionally made available through the App.

    The App is made available to you for your own personal and non-commercial use alone. You shall not allow third parties to: (i) make and/or distribute copies of the App or any deliverable generated by the App; (ii) attempt to copy, reproduce, alter, modify and/or reverse engineer the App; and/or (iii) create derivative works of the App.

     

    You accept that any and all operations emanating from your Device shall be assumed to have been initiated by you.

     

    You shall not copy, reproduce, distribute, or create derivative works of our content that is available on the App. Also, you shall not reverse engineer or reverse compile our technology that is available on the App, including, without limitation, such Java Applet, as may be associated with the App from time to time.

     

    You shall request FairMoney, to block the Account immediately, if your Device has been lost or stolen.

     

    You are responsible for any and all activities that occur in your Account. You agree to notify FairMoney immediately of any unauthorized use of the Account or any other breach of security. FairMoney shall not be liable for any loss to you owing to negligent actions or a failure on your part to inform FairMoney, within a reasonable time, about loss or theft of your Device and/or any unauthorized access in your Account, either with or without your knowledge.

     

    You shall be liable for losses incurred by FairMoney or any other party due to a third party’s use of the Account.

     

    You shall not use any other person’s account at any time, without the permission of the account holder and FairMoney cannot be held responsible.

    FairMoney shall make all reasonable efforts to ensure that your information is kept confidential. However, FairMoney shall not be responsible for any disclosure or leakage of confidential information and/or loss or damage of the Device due to theft, negligence or failure on your part to practice safe computing.

     

    You shall ensure that while using the functions and features, all prevailing and applicable laws, rules and regulations, shall at all times, be strictly complied with by You and FairMoney shall not be liable in any manner whatsoever for default of any nature, by you, regarding the same.

     

    You understand and acknowledge that upon using the App, you authorize us to access third party sites designated by you, on your behalf, to retrieve such information requested by you, and to register for accounts requested by you. For all purposes hereof, you hereby grant us a limited powers and hereby authorize us with the full power of substitution and re-substitution, for you and in your name, place and stead, in any and all capacities, to access third party internet sites, servers or documents, retrieve information, and use your information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with services and facilities available on the App, as fully to all intents and purposes as you might or could do in person.

     

    YOU ACKNOWLEDGE AND AGREE THAT WHEN WE ACCESSES AND RETRIEVE INFORMATION FROM THIRD PARTY SITES, WE ARE ACTING AS YOUR AGENT, AND NOT THE AGENT OR ON BEHALF OF THE THIRD PARTY.

     

    You agree that such third parties shall be entitled to rely on the foregoing authorization, agency granted by you.

    CREDIT INFORMATION

    We can only access your Credit Information as your authorized representative and shall use Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the App. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

     

    The Parties acknowledge that the Credit Information (means collectively the Credit Information Report and Credit Score which shall be generated by Transunion CIBIL) provided by Transunion CIBIL to us is solely the property of Transunion CIBIL and the consumer (as appropriate). We shall protect and keep confidential the Credit Information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased or returned to Transunion CIBIL promptly either on the customer seeks us expressly to do so and/or seeks to revoke the consent or if it is mandated or intimated by regulators.

    REFUND POLICY

    If an excess amount is deposited in the loan account at the end of the repayment period and there is any credit balance in the loan account of the borrower, it will be refunded back on being brought to the notice of the company.

    CANCELLATION POLICY

    Early cancellation of a loan is allowed with interest charges.

    INDEMNITY

    In consideration of FairMoney complying with your instructions or requests in relation your account, you undertake to indemnify FairMoney, its affiliates, contractors, employees, officers, directors, agents and its third party associates, licensors, and lending partners harmless against any claims, demands, losses, damages, and liabilities, costs and expenses, including without limitation legal fees and expenses, arising out of or related to Your use or misuse of the Services or of the Website or App or Platform, any violation by You of these Terms & Conditions, or any breach of the representations, warranties, and covenants made by You herein or Your 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.

     

    FairMoney reserves the right, at your expense, to assume the exclusive defense and control of any matter for which You are required to indemnify FairMoney, including rights to settle, and You agree to cooperate with FairMoney defense and settlement of these claims. FairMoney 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.

     

    The terms of this paragraph will survive any termination or cancellation of these T&C or your use of the App.

    WARRANTIES

    FairMoney App and the functions and features therein are provided on an “as is” and on an “as available” basis. We expressly disclaim all warranties of any kind, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

     

    FairMoney shall make reasonable efforts to make available the App and the functions and features at all times. However, we make no warranty that the App shall meet your requirements, be uninterrupted, timely, secure, and/or error free. Further we do not make any warranty as to the results that may be obtained from the use of the functions and features or as to the accuracy, reliability and/or quality of the output derived therefrom.

    FairMoney shall not be liable for the loss and/or damage of the confidential information or data of the User arising as a result of an event or a series of related events, that is beyond the control of FairMoney, including failures of or problems with the internet or part of the internet, attempted hacker attacks, hacker attacks, denial of service attacks and/or viruses or other malicious software attacks or infections.

     

    Any material downloaded or otherwise obtained through the App is done at your own discretion and risk and you are solely responsible for any damage to your Device or loss of data that results from the download of any such material. No advice or information, whether oral or written, obtained by you from us through or from the service will create any warranty not expressly stated in these T&C.

    ACKNOWLEDGEMENTS

    You acknowledge that FairMoney is an online platform which connects the financial institutions with prospective borrowers and that the FairMoney is not engaged in either grant of loan or borrowing any money using the FairMoney Platform.

    You acknowledge that the use of the financial lending activity is entirely between the Users and respective financial institution and neither FairMoney nor its employees, officers, directors, agents have any interest regarding any financial lending activity.

    You acknowledge that FairMoney in no manner guarantees that the Users have provided all the information on this App which is true and correct including his address, phone numbers etc.

    You acknowledge that it is Your responsibility to verify the information about the person on the Platform and FairMoney is in no manner liable if the information provided on this App is untrue or incorrect.

    You acknowledge that FairMoney is in no manner responsible for any claim of money or damages in the event financial institution fails to either grant loan or a user fails to repay the loan or misrepresents his financial status or commits a fraud or cheating or any other such illegal act.

    LIMITATION OF LIABILITY

    In no event shall we be liable for any direct, indirect, punitive, incidental, special or consequential damages or for any damages whatsoever including, without limitation, damages for loss of use, data or profits, arising out of or in any way connected with the access, use or performance of this app’s functions and features or for interruptions, delay, etc., even if we were advised of the possibility of damages resulting from the cost of getting substitute facilities on the app, any products, data, information or services purchased or obtained or messages received or transactions entered into through or from the app, unauthorized access to or alteration of your transmissions or data statements or conduct of anyone on the app, or inability to use the app, the provision of or failure to provide the functions and features, either based on contract, tort, negligence, strict liability or otherwise. This clause shall survive in perpetuity.

    SEVERABILITY

    If any provision of these T&C is held to be illegal, invalid or unenforceable under any present or future applicable laws: (a) such provision will be replaced with another, which is not prohibited or unenforceable and has, as far as possible, the same legal and commercial effect as that which it replaces; and (b) the remaining provisions of the T&C will remain in full force and effect and will not be affected by the illegal, invalid, or unenforceable provision or by its severance here from.

    GOVERNING LAW AND JURISDICTION

    These Terms and Condition along with the Privacy Policy are governed and construed in accordance with Indian law. By using the App, you hereby irrevocably consent to the exclusive jurisdiction and venue of courts in Bangalore, Karnataka, India, in the event of any disputes arising out of or in relation to your access to and use of the App.

    GRIEVANCE 

    User can raise his/her grievance through email at grievance@fairmoney.in

    Details of the Grievance Redressal Mechanism can be found on the dedicated page.