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REFUNDS, CANCELLATION & TERMS OF PAYMENT

Refunds, Cancellation & Terms of payment applicable to Loans for Consumer Durable category.

1. Definitions

For the purposes of the Master Terms and Conditions, capitalized words shall have the meaning as setout herein below.

“Acceptable Means of Communication” shall mean the modes of communication which can be used by either party to provide any information in relation to a Loan to the other party and with reference to

(A) Customer, shall mean

(i) a telephonic call on the registered mobile number /landline number of the Customer as providedin the Application Form; or

(ii) an email on the registered email address of the Customer; or

(iii) a text message on the registered mobile number of the Customer; or

(iv) a written notice sent by courier on the registered postal address of the Customer, and

(B) happyEMI, shall mean

(i) a telephonic call on the designated mobile/landline number of happyEMI as provided on the Website;

or

(ii) an email on the designated email address of happyEMI; or

(iii) a text message on the designated mobile number of happyEMI; or

(iv) a written notice sent by courier on the postal designated address of happyEMI.

“Applicable Laws” shall mean, any statute, law, regulation, ordinance, rule, judgment, rule of law, order, decree, clearance, approval, directive, guideline, policy, requirement, or other governmental restriction or any similar form of decision, or determination by, or any interpretation or administration of any of the foregoing by, any statutory or regulatory authority whether in effect as of the date of the Loan or thereafter and in each case as amended.

“Application Form” means, any or each of the application(s) which are in the Mode of Application together with such information, particulars and clarifications as required by happyEMI and furnished by the Customer in a form and manner acceptable to happyEMI.

“Bounce Charges” means an amount payable by the Customer to happyEMI as a penalty where the cheque(s) issued by the Customer is not honored by the bank or ECS/ NACH/such other instrument suitable and accepted for Outstanding payment is returned.

“happyEMI” shall mean HyperKonnect Technologies Private Limited.

“happyEMI Customer Care” means the Customer helpline contact for handling Customer queries and complaints.

“happyEMI Representatives” mean employees and/or personnel directly or indirectly and/or engaged by happyEMI from time to time.

“Business Day” shall mean a day (other than Saturday or a Sunday) on which banks are open for general business in Pune or any relevant local office of happyEMI as may be specified in the Application Form. “Commercial Terms” shall mean the Loan amount or the financial facility applied for or availed of by the Customer from happyEMI and includes the EMI, Loan tenure, applicable interest, fees, charges and such other payment terms “Customer” means an individual (including his/her legal representatives, administrators, executors and heirs, and shall be construed so as to include his/her permitted assigns and permitted transferees) who has been sanctioned a Loan by happyEMI pursuant to submitting a duly filled Application Form.

“Charges for prepayment” means an amount payable by the Customer to happyEMI as a penalty for prepayment of the Loan.

“ECS” or “NACH” refers to electronic clearing services or electronic payment services, participation in which has been consented to in writing by the Customer, for facilitating the payment of EMI, fees and other applicable charges to happyEMI in connection with the Loan availed by the Customer. “Equated Monthly Installments” or “EMI” shall mean the amount payable every month by the Customer to happyEMI comprising of interest, or as the case may be, principal amount of the Loan and/or interest; “Loan” shall mean the loan availed by the Customer from happyEMI in connection with the purchase of the Product by the Customer.

“Loan Term Sheet” means the document provided to the Customer by happyEMI, containing the Commercial Terms in relation to the Loan and confirmed or executed by the Customer. “Master Terms and Conditions” means collectively the terms and conditions set out herein and any other terms applicable in connection with the Loan, as amended and/or modified by happyEMI from time to time. “Merchant” refers to merchants who are registered and enrolled with happyEMI in connection with purchase of the Products by the Customer.

“Merchant Account” refers to the designated account of a Merchant which is registered by the Merchant with happyEMI, from time to time. “Mode of Application” shall mean the availing of Loan by a Customer by either of the following mode as permitted by happyEMI:

(a) submitting an Application Form to an authorised happyEMI Representative; or

(b) submitting an Online Application.

“Online Application” means direct application made by the Customer to happyEMI on happyEMI’s web portal or

happyEMI’s mobile application. “Outstandings” shall have the meaning given to such term in Clause 3.6 (c) of the Master Terms and Conditions.

“Product” shall mean specified consumer durables and such other products and/or services as may be approved by happyEMI in its sole discretion from time to time. “Penal Interest” means an additional interest payable by the borrower to the lender as a penalty in case of delay in payment of EMI.

“RBI” shall mean the Reserve Bank of India. ‘Upfront interest’ means an amount collected as an interest from the borrower in advance at the time of processing/ disbursement of the loan. “Valid Confirmation” shall mean the acceptance of the Commercial Terms by the Customer by, as the case may be, accepting the Loan Term Sheet or entering the Transaction Code at the Merchant outlet or on happyEMI’s online portal (as applicable). “Website” shall mean www.happyemi.com.

2. Scope

2.1. In addition to the terms set out in the Application Form, the Loan Term Sheet, the Transaction SMS and other conditions as may be agreed between happyEMI and the Customer, the Master Terms and Conditions shall govern the Loan.

2.2. This Master Terms and Conditions, in itself, does not create, transfer or record any right or obligation of happyEMI, and is to be read along with the provisions of the Application Form, the Loan Term Sheet and the Transaction SMS, as the case may be.

2.3. The Mode of Application will be available subject to Applicable Laws including the Telecom Commercial Communications Customer Preference Regulations, 2010. The Master Terms and Conditions applicable to the Loan which may be availed by the Customer has been uploaded and may be downloaded from the Website.

2.4. A Customer shall be deemed to have accepted the Master Terms and Conditions. The Loan may be granted to the Customer as per the terms of the Master Terms and Conditions and other documents as may be approved by the Customer and is subject to the standard practice of happyEMI. The Loan will be granted in the sole discretion of happyEMI and will be subject to the following conditions: (i) The Customer is at least 18 (eighteen) years of age and can read, write and understand English language and is of sound mind. A translated copy of this Master Terms and Conditions in the relevant vernacular language shall be shall be displayed on the Website and may be made available to the Customer on demand.

(ii) The Customer is not an undischarged insolvent or has not at any time been adjudged as an insolvent, has not at any time suspended payment to his/her creditors or has not at any time made, a composition with them; or has not at any time been convicted by a court of an offence.

(iii) Applying for the Loan by any Mode of Application by the Customer to happyEMI, shall be deemed as a valid acceptance of the Master Terms and Conditions by the Customer.

(iv) Communications may be provided by happyEMI to the Customer by using the Acceptable Means of Communication and such communication shall be deemed as a valid and authentic communication by happyEMI, and happyEMI shall not be liable for any error on the Customer’s part or on the part of the mobile service provider in this regard.

(v) Any consent/communication provided by the Customer by way of the Acceptable Means of Communication shall be deemed as a valid and authentic consent/communication by the Customer, and happyEMI shall not be liable for any error on the Customer’s part or on the part of the mobile service provider.

(vi) The Customer agrees that the Master Terms and Conditions may be amended and/or modified and/or supplemented from time to time due to any reason including due to any change in the market conditions and the Customer shall be obligated to comply with such revised conditions.

Any change to the terms of the Master Terms and Conditions shall be communicated to the Customer by way of the Acceptable Means of Communication. The revised terms under the Master Terms and Conditions may be accessed and downloaded by the Customer from the Website. The revised Master Terms and Conditions shall be effective and applicable prospectively. Circulation of the amendment by way of the Acceptable Means of Communication by happyEMI to the Customer with respect to the revised Master Terms and Conditions shall be sufficient intimation to the Customer for effectiveness and applicability of the revised Master Terms and Conditions. Such revised Master Terms and Conditions shall hold true, valid and applicable with respect to the Loan and for any new Loan that may be availed by the Customer.

3. Loan

3.1. The Loan may be granted by happyEMI to the Customer for the purchase of the Product from the Merchants as per the Master Terms and Conditions and such other document as may be deemed necessary by happyEMI.

3.2. Disbursement

(a) The Customer’s Application Form shall be processed as per the standard practice of happyEMI and pursuant to Valid Confirmation by the Customer, it shall be deemed as disbursed once the Loan amount or part of the Loan amount is transferred from happyEMI’s account to the Merchant Account.

(b) happyEMI shall disburse the proceeds under the Loan directly to the Merchant for and on behalf of the Customer, which along with the finance charges as mentioned in Application Form/ Loan Term Sheet / Transaction SMS shall be the total amount due from the Customer to happyEMI. Such amount outstanding shall be repaid as per the Master Terms and Conditions and such other documents accepted by the Customer.

(c) The Customer shall utilize the Loan only for the purchase of the Product and for the payment of expenses incidental thereto and for no other purpose.

(d) Notwithstanding anything provided to the contrary, in the event of any incorrect disbursement by happyEMI, for any reason whatsoever, the Customer hereby agrees unconditionally to cooperate with happyEMI, take all steps and actions that may be required by happyEMI and to execute such letters or documents as happyEMI may require it to do, so as to reverse such incorrect disbursement.

3.3. Interest, Charges and Fees

(a) The interest, charges and other fees payable by the Customer on any Loan may be modified at the discretion of happyEMI. happyEMI shall ensure that changes in interest rates and charges are effected only prospectively and due notice of the same is provided to the Customers. The Customer shall be bound by such revision made by happyEMI and shall be governed by the Master Terms and Conditions and Commercial Terms applicable to such Loan. The service charges, additional service charges, processing fee and/or any other charges or fee applicable on the Loan and payable by the Customer may be adjusted against the amounts to be disbursed under the Loan to the Merchant or the Customer shall be liable to pay the same in such manner and within such period as may be informed to the Customer.

(b) The EMI amount shall automatically stand increased due to increase in any rates, taxes, charges, imposts, levies and monies whatsoever that are or may be levied on the Loan or the transaction contemplated here. Such increase in rates, taxes, charges, imposts, levies and monies as stated above shall automatically form part of the Commercial Terms.

3.4. Repayment

a) The Customer shall repay the Loan and applicable finance charges in EMIs in the manner and as specified in the Commercial Terms.

b) The Customer has given or shall give ECS/ NACH mandate or any other electronic or other clearing mandate in favor of happyEMI covering all the Outstandings.

c) ECS/ NACH mandate or any other electronic or other clearing mandate given by the Customer shall be valid through out the respective date of such ECS/ NACH mandate or such other mandate given by the Customer and the Customer shall not claim that the ECS/ NACH mandate or such other mandate given by the Customer is invalid due to any reason whatsoever.

d) The Customer shall ensure availability of sufficient funds in the bank account on which ECS/ NACH mandate or such other mandate has been given by the Customer in favour of happyEMI, and the Customer shall not at any time close such bank account and/ or issue any notice instructing happyEMI to suspend the ECS/ NACH mandate or instruct the relevant bank to terminate or revoke the ECS/ NACH mandate. The Customer shall ensure that the bank account shall be debited towards the EMI and in case of such bank account has not been debited, the Customer shall be obliged to inform happyEMI in this regard within 3 (three) days from the due date of such EMI.

e) Any dispute or difference of any nature whatsoever shall not entitle the Customer to withhold or delay payment of any EMIs or any other amounts and the ECS/ NACH mandate or any other electronic or other clearing mandate shall be presented to the designated bank on the respective due dates.

f) All sums payable by the Customer to happyEMI shall be paid without any deductions whatsoever. Credit/discharge for any payments made by the Customer shall be given only on realization of the amounts due.

g) The Customer shall observe and perform all the obligations under the Master Terms and Conditions.

h) Any payments made by the Customer through a cheque, shall be effective only when the cheque is cleared and amount under such cheque is realized by happyEMI.

3.5. Prepayment

Upon receiving a specific written request from the Customer, the Loan may be foreclosed by happyEMI upon collecting applicable prepayment charges, if applicable, as may be decided by happyEMI.

3.6. Other conditions of Loan

(a) Any advance EMI and/or security deposit/ initial payment made by the Customer and as more specifically described in the Commercial Terms of a Loan, towards any Outstanding amount shall be subject to any adjustment against amounts due to happyEMI.

(b) In respect of any delayed payments, any sums received by happyEMI from the Customer shall be appropriated first against the overdue EMI payments and thereafter against the Bounce Charges and/or Penal Interest or any other claims under the Master Terms and Conditions.

(c) Notwithstanding anything stated elsewhere in the Master Terms and Conditions, the EMI, any amounts outstanding under the Loan, fees, expenses, and all other sums whatsoever payable by the Customer to happyEMI and/or in connection with the Loan (the “Outstandings”) shall be payable by the Customer to happyEMI on demand. The Customer shall be obliged to pay the Outstandings as per the Master Terms and Conditions and the Customer shall within 15 (fifteen) days of being so called upon, pay the whole of the Outstandings to happyEMI without any delay or demur. Further, the Customer shall also provide Demand Promissory Note to happyEMI for repayment towards Outstandings.

(d) The Customer shall be exclusively responsible to take possession and get the delivery of the Product from the Merchant and happyEMI shall not be liable for any delay in delivery or non-delivery of the Product and/or with respect to the quality, condition, fitness, suitability or otherwise whatsoever of the Product.

(e) The grant of a Loan as per the Master Terms and Conditions and other documents executed between the Customer and happyEMI shall create a relationship of debtor and creditor as between the Customer and happyEMI and shall not under any circumstance be deemed as a service rendered/to be rendered by happyEMI. Accordingly, the provisions of the Consumer Protection Act, 1986 shall not apply to the transaction forming subject of the Master Terms and Conditions.

3.7. Undertaking

The Customer shall at all times:

(i) Comply with the Applicable Laws;

(ii) Not use the Product(s) for unlawful or any antisocial purposes;

(iii) Not do or suffer any act or thing whereby the Product may be detained or taken in the execution under legal process, or by any public authority or government department;

(iv) Not use or permit the use of the Product for any purpose not permitted by the terms of the insurance/warranty policy for the relevant Product, not do or permit to be done any act or thing which might render the insurance/warranties for the relevant Product invalid;

(v) Pay and bear all duties, charges and other imposts and obligations, existing as well as in future, in respect of the Product and the transaction;

(vi) To do all such things and execute all such writings as may be necessary from time to time for duly or more perfectly securing the repayment of the Loan;

(vii) Not to default or delay in the payment of the EMI or his dues beyond the due dates; and (viii) Not create any charge/lien/security interest (of whatsoever nature) on the Product.

5. Default

5.1. An ‘Event of Default’ shall be deemed to have occurred if:-

(a) An EMI or any payments due by the Customer has not been paid on the relevant due date;

(b) The Customer does not comply with its obligations contained in the Master terms and Conditions and/or other documents executed by the Customer with happyEMI;

(c) It is found that the Customer has made any misrepresentations to happyEMI;

(d) The Product purchased out of the proceeds of the Loan is confiscated, attached, taken into custody by any official, authority or other person made subject to any proceedings, or is disclaimed, endangered, stolen or damaged or bodily injury is caused to any third party by accident;

(e) The Customer dies, becomes insolvent/ compounds with his creditors or permits any attachment or sequestrations or other process against any of his/her assets or properties; and/or

(f) The Customer commits any default under any other terms and conditions with happyEMI.

5.2. Upon the occurrence of an Event of Default, the following are without prejudice to the other remedies available under law or in equity:

(a) In case of default by reason of dishonour of (i) the cheque/ ECS/ NACH mandate signed by the Customer; or (ii) any other electronic or other clearing mandate approved by the Customer, when used or presented by happyEMI towards repayment of dues by the Customer, happyEMI shall levy on the Customer (A) a default charge as a penalty at the rate as specified on the Website, per month for every such default till such default continues and is not rectified by the Customer; and (B) Bounce Charges as applicable from time to time for per month/per default. (b) In case of delay in payment by the Customer of any EMI due and payable by the Customer to happyEMI, the Customer shall pay late payment charges as a penalty at the rate as specified on the Website for the period from the due date of the installment till the same is finally paid by the Customer.

(c) In case of default by reason of the ECS/ NACH mandate/ any other electronic or other clearing mandate being dishonored, necessary legal proceedings under Section 138 of Negotiable Instruments Act, 1881 or Section 25 of the Payment and Settlement Systems Act, 2007 or under other provisions of Applicable Law shall be initiated against the Customer. (d) happyEMI may initiate necessary actions and any other legal remedies against the Customer under appropriate provisions of the Civil Procedure Code 1908, Criminal Procedure Code 1973, Indian Penal Code 1860, and or under any other Applicable Law which may be enacted or in force to protect the interest of happyEMI.

Upon the occurrence of an Event of Default as aforesaid, the Outstandings shall forthwith become payable to happyEMI, without any notice to the Customer; and if the Customer fails to pay the Outstandings or any part thereof ,the Customer undertakes to forthwith surrender to the happyEMI or its representatives the Product or any other asset of the Customer of value sufficient to satisfy the Outstandings or part thereof not paid by the Customer and happyEMI shall, on behalf of Customer, shall be entitled to dispose the same and adjust the proceeds against the Outstandings. If there is any deficit, the same shall be made good to happyEMI by the Customer, without prejudice to the forgoing and in addition thereto, and the ECS/ NACH mandate or any other electronic or other clearing mandate referred to herein above shall also be presented for payment until all money due under the Loan Term Sheet/Transaction SMS and the Master Terms and Conditions are fully paid up to happyEMI. Further, the Reward Points accumulated by the Customers shall stand cancelled with no recourse for redemption of the Reward Points.

6. Disclosures

6.1 happyEMI shall, as it may deem appropriate and necessary, be entitled to, without any specific consent or authorization from the Customer, disclose all or any:

a) information and/or data relating to the Customer;

b) information and/or data relating to the Loan;

c) obligations assumed/to be assumed by the Customer in relation to the Loan under the Loan Term Sheet/ Transaction SMS; and/or

d) Event of Default, if any, committed by the Customer in discharge of the aforesaid obligations, to the Credit Information Bureau (India) Limited (“CIBIL”) or any other existing or future credit bureaus/credit reference agencies or any third party agency for the purpose of availing any support services. CIBIL and/or any other agency, authorized by RBI to do so, may use and/or process the aforesaid information and/or data disclosed by happyEMI in any manner as deemed fit by it. CIBIL and/or any other agency, authorized by the RBI to do so, may furnish for consideration, the processed information and/or data or products thereof prepared by it to happyEMI or other financial institutions and/or other credit grantors or registered users, as may be specified by RBI in this behalf. All information and/or data furnished by the Customer to happyEMI from time to time shall be true and correct.

6.2 The Customer confirms that the Lender may also disclose any information / documents relating to the Customer to the Lender’s group companies for promotional purposes.

7. Dispute Resolution and Jurisdiction

7.1. The Master Terms and Conditions shall be governed by the laws of India.

7.2. All claims, disputes, differences or questions of any nature arising between the parties to the Master Terms and Conditions, whether during or after the termination of the Master Terms and Conditions, in relation to the construction, meaning or interpretation of any term used or clause of the Master Terms and Conditions or as to the obligations, duties, liabilities of the parties arising out of the Master Terms and Conditions, shall be referred to a sole arbitrator to be appointed by happyEMI. The Parties mutually agree and confirm that the arbitration proceedings shall be conducted in accordance with the Arbitration and Conciliation Act, 1996 as amended from time to time and the proceedings shall be held at Pune or New Delhi or capital of the state where the Customer resides, at the sole discretion of happyEMI and the arbitration proceeding shall be conducted in English.. Pending the award including interim award, the Customer shall be liable to continue to perform its obligation under the Master Terms and Conditions including payment of the EMIs and other outstanding to happyEMI as per the provisions of the Master Terms and Conditions, and other documents executed in favor of happyEMI.

7.3. The Customer expressly acknowledges and agrees that, for the purposes of the Master Terms and Conditions, the courts at Pune shall have exclusive jurisdiction.

8. Set-off Without prior notice to the Customer, happyEMI may, but is not obliged to, set off any Outstandings due from the Customer under any Loan against any obligation owed by happyEMI to the Customer, regardless of the place of payment or currency of either obligation. happyEMI may as soon as reasonably practicable after the exercise of such right notify the Customer of such exercise.

9. Notices Any notice to be given to the Customer in respect of the Master Terms and Conditions shall be deemed to have been validly given if provided by using the Acceptable Means of Communication. Provided, any notice sent by way of a courier shall be deemed to have been received by the Customer within 48 (forty eight) hours from the time of its posting.

10. Applicability of the Master Terms and Conditions

10.1. The Master Terms and Conditions shall apply to the Customer until there are any Outstandings and/or till the time the Customer holds a valid EMI Card.

10.2. Upon the Customer paying to happyEMI the Outstandings, the Customer may download the ‘No Objection Certificate’ with respect to repayment and no dues under the Loan from the Website or visit the happyEMI branch for the same.

11. Miscellaneous

11.1. The contents of the Master Terms and Conditions have been fully explained to and understood by the Customer at the time of availing of the Loan.

11.2. Any statement of account furnished by happyEMI regarding the balance amount due and payable by the Customer under the Master Terms and Conditions shall be accepted by and be binding on the Customer, and shall be conclusive proof of the amounts due from the Customer to happyEMI. Without prejudice to the above, if the Customer desires to question any statement or any part thereof, the Customer shall furnish happyEMI full details of the same within 15 (fifteen) days of the receipt of the statement by the Customer, and happyEMI may consider the same and the Customer shall not be entitled to object thereafter on any ground whatsoever. It is however clarified that the Customer shall not be entitled to delay any payment of EMI on the ground of the statement of account furnished by happyEMI being inaccurate or any other ground.

11.3. happyEMI has framed a fair practices code and it is available at the Website.

11.4. The obligations of the Customer under the Master Terms and Conditions alongwith the Loan Term Sheet, the Transaction SMS, the Application Form as the case may be are independent and severable. If any obligation is found not enforceable by a court of law, for any reason, the Customer shall continue to remain bound by the other obligations stipulated herein.

11.5. The rate of penal charges, service charges and other charges payable and/or agreed to be paid by the Customer under the Master Terms and Conditions are reasonable and acceptable to the Customer.

happyEMI Customer Care Contact details:

For any grievances/queries, Customers can write to happyEMI at info@happyemi.com