This Refund and Cancellation Policy ("Policy") sets out the terms governing cancellation of applications, refund of eligible amounts, and other payment-related matters in connection with the products and services provided by Fair Securities Private Limited ("Fair Securities", "Company", "We", "Us or "Our").
This Policy shall be read together with the applicable Terms & Conditions, Key Fact Statement ("KFS"), loan agreement, sanction letter, Fair Practices Code, Digital Lending Policy, Grievance Redressal Policy and other applicable policies of Fair Securities.
This Policy applies to customers and prospective customers using the Company's website, digital lending platform or other authorised channels for availing its services.
A customer may request cancellation or withdrawal of a loan application before disbursement by contacting Fair Securities through its authorised customer service or grievance channels.
Cancellation of an application shall be subject to the stage at which the application has reached and any applicable legal, regulatory or contractual requirements.
Submission of a cancellation request does not automatically result in cancellation where the loan has already been sanctioned or disbursed.
Where a loan has not yet been disbursed, Fair Securities shall process the cancellation request in accordance with its applicable procedures.
Where the loan amount has already been disbursed, the customer shall be required to comply with the applicable terms of the loan agreement, including repayment or foreclosure requirements, as applicable.
Where applicable to a digital loan, the borrower shall be provided with a cooling-off period in accordance with the applicable Reserve Bank of India ("RBI") requirements.
During the applicable cooling-off period, the borrower shall have the option to exit the digital loan by paying the principal and the proportionate annualised cost corresponding to the period for which the loan was outstanding, without any penalty for prepayment, subject to the terms specified in the applicable KFS and loan agreement.
Where any processing fee, documentation fee or other permissible charge is applicable and non-refundable, the same shall be disclosed to the borrower in the KFS and/or other applicable loan documentation before the loan is accepted.
The cooling-off period and applicable charges shall be communicated transparently to the borrower before entering into the loan agreement.
Fair Securities shall refund an amount to a customer only where such refund is legally, contractually or otherwise appropriately due.
Any amount eligible for refund shall ordinarily be refunded through the original payment method or such other method as may be permitted by Fair Securities and applicable law.
Before processing a refund, Fair Securities may verify the transaction details and identity of the person requesting the refund.
Refunds shall not be made where the amount is lawfully due and payable to Fair Securities under the applicable loan agreement, KFS or other contractual arrangement.
Any excess amount inadvertently received by Fair Securities may be adjusted against outstanding dues, where permitted under the applicable agreement and law, or refunded to the customer, as applicable.
Any processing fee, documentation fee, service charge or other permissible charge applicable to a loan shall be disclosed to the borrower in the applicable KFS and/or other loan documentation before the borrower is required to accept the relevant terms.
Fair Securities shall not collect any fee or charge from the borrower that has not been disclosed in the applicable loan documentation or is otherwise not permissible under applicable law or regulatory requirements.
Charges that are expressly identified as non-refundable in the applicable KFS or loan agreement shall not ordinarily be refundable, except where required under applicable law or where Fair Securities determines otherwise.
If a customer makes a duplicate or excess payment towards an amount payable to Fair Securities, the customer may contact Fair Securities with the relevant transaction details.
After verification, the excess amount may be:
The customer may be required to provide proof of payment and bank account details for processing an eligible refund.
Where an amount has been debited from the customer's bank account but has not been successfully credited to Fair Securities due to a payment failure, technical issue or banking/payment-system error, the transaction shall be subject to verification and reconciliation.
Any eligible refund or reversal shall be processed in accordance with applicable payment-system procedures and timelines.
Fair Securities shall not be responsible for delays attributable solely to banks, payment gateways, payment service providers or other third-party systems, subject to applicable law.
Once a loan has been approved and disbursed, the amount disbursed shall be governed by the applicable loan agreement, KFS and other loan documentation.
A customer cannot treat the disbursed loan amount as a refundable purchase amount.
If a borrower wishes to exit a loan after disbursement, the borrower shall follow the applicable cooling-off, prepayment, foreclosure or other exit mechanism specified in the KFS and loan agreement.
A borrower may request prepayment or foreclosure of a loan in accordance with the terms of the applicable loan agreement and KFS.
Any applicable prepayment or foreclosure charges shall be disclosed in the applicable loan documentation and shall be levied only to the extent permitted under applicable law and RBI directions.
The borrower shall be responsible for paying all amounts legally due up to the date of prepayment or foreclosure.
Amounts that have been validly charged for services already provided or expenses legitimately incurred shall not be refundable where such non-refundability has been clearly disclosed to the customer and is permissible under applicable law.
No amount shall be treated as non-refundable merely because it has been collected, where applicable law or RBI directions require such amount to be refunded.
Fair Securities may amend this Policy from time to time to reflect changes in its business, products, applicable laws, RBI directions, regulatory requirements or operational processes.
The updated Policy shall be published on the Company's website with the revised "Last Updated" date.
Any amendment affecting existing customers shall be implemented in accordance with applicable contractual, legal and regulatory requirements.
This Policy shall be governed by and construed in accordance with the laws of India.
Any dispute relating to cancellation, refunds or payments shall be dealt with in accordance with the applicable loan agreement, grievance redressal mechanism and applicable law.