1. YOUR ACCEPTANCE TO THESE MANDATORY TERM AND CONDITIONS IS AN EXPRESS REPRESENTATION THAT "YOU, THE CUSTOMER AND/OR BORROWER", HAVE DULY ACCEPTED, AGREED AND COMPLETELY UNDERSTOOD THE MANDATORY TERM AND CONDITIONS PROVIDED WITHIN THIS DOCUMENT.
2. By choosing to use this Equal Monthly Instalment Feature, you agree to establish a direct contractual relationship with Finja Private Limited (the provider of the Equal Monthly Instalment (EMI) Feature) (hereinafter referred to as "Finja") as a Customer and as a Borrower. You hereby agree to be bound by these mandatory terms and conditions of use of the Equal Monthly Instalment Feature and undertake to repay (by the due dates) any outstanding Equal Monthly Instalment(s) and/or any other amounts disbursed to you by Finja, along with all dues, charges, fines and other applicable payments.
3. Finja and its management reserves the right to offer, vary, suspend or withdraw different options, features, offers, benefits, schemes or arrangements under the Equal Monthly Instalment Feature without any intimation or notice to the Customer or any other parties.
4. The Equal Monthly Instalment Feature is only offered to selective and exclusive organizations, entities and/or Customers. Therefore, Finja has the sole and exclusive right to determine the eligibility of an individual Customer for the Equal Monthly Instalment Feature. Finja may at any time remove a Customer from the Equal Monthly Instalment Feature and its benefits. Finja shall not be required to provide any reason for excluding a Customer from the Equal Monthly Instalment Feature or declining the provision of any Equal Monthly Instalment . In no event shall Finja be liable to the Customer for excluding or including any the Customer from the Equal Monthly Instalment Feature, with or without notice to the Customer.
5. The participation of each Customer into the Equal Monthly Instalment Feature is subject to the fulfillment of these Mandatory Terms & Conditions, and any other terms, conditions or criteria that Finja may introduce from time to time.
Section B - GeneralBy applying for an Equal Monthly Instalment Loan from Finja under the Equal Monthly Instalment Feature, the Customer hereby confirms that:
6. The Customer is a full time and permanent employee of the entity using Payroll Plus (hereinafter referred to as the "Employer").
7. The Customer can avail the feature between the age of eighteen (18) years up to the age of retirement.
8. The Customer is not undergoing any probation period with the Employer.
9. The Customer is not subject to any disciplinary proceedings or action by the Employer or any court of law.
10. The Customer's employment with the Employer has not expired, been suspended or terminated.
11. The Customer has no intention of terminating employment with the Employer for the entire length of the requested EMI Instalment plan. The Customer can choose one of the following loan repayments tenures for the Equal Monthly Instalment loans
12. A minimum of last two (2) monthly salaries of the Customer have been successfully paid into the Customers SimSim Wallet via the Payroll Plus platform of Finja.
13. The Customer can apply for an Equal Monthly Instalment Loan , even if he has payments outstanding for Finja's Advance Salary Loan, previous Finja EMI Loan or loan directly from the Employer, provided that the customer's Debt Burning Ratio (DBR) won't exceed 40% of his net income after the newly applied EMI loan has been approved
14. The Customer has not applied for any Asaan Loan or other loans from Finja in the past sixty (60) calendar days.X
15. The Customer has not defaulted on any other loan, credit card payment, mortgage, hire purchase agreement or any other payments due to any third party.
16. The Customer does not currently have any payment defaults listed within the Electronic Credit Information Bureau (eCIB) of the State Bank of Pakistan.
17. The Customer is not in default in the performance or observance of any obligation, agreement, covenant or conditions contained in any indenture, mortgage, loan agreement, bank guarantee, performance guarantee, deed of trust or other material instrument or agreement to which it is a party or by which it is or its property is bound. X non collateral loan
18. All information and undertakings furnished by the Customer is accurate and that it has not omitted or concealed any material facts, which would render such information incorrect, misleading or inaccurate.
Section C- Equal Monthly Instalment (EMI) Loan's Terms19. The Customer shall have the option of applying for an amount that does not result in his DBR exceeding fourty percent (40%) of his/her net monthly salary as Equal Monthly Instalment from Finja (the "Equal Monthly Instalment "). Finja reserves the right to amend (at any time, with or without notice) the percentage or amount of minimum or maximum Equal Monthly Instalment option available to the Customer.
20. By acceptance of these mandatory terms and conditions, the Customer hereby instructs, consents to and authorizes Finja to provide certain information about the Customer to third parties for the purpose of processing the Equal Monthly Instalment request of the Customer ("Information Processing"). In addition to any other Customer information, Information Processing may include sharing of all data held by NADRA and eCIB of the Customer, mobile phone number, full name, fathers name, CNIC, occupation, employer name, monthly income and residential address. Information Processing shall not in any manner guarantee the disbursement of the Equal Monthly Instalment .
21. Finja shall charge the Customer a processing fee for processing and disbursement of the Equal Monthly Instalment to the Customer (the "Processing Fee"). The amount of Processing Fee payable for the Equal Monthly Instalment shall be communicated to the Customer prior to processing the Customers request for the Equal Monthly Instalment . The Processing Fee shall be paid in advance to Finja and shall be deducted from the amount of Equal Monthly Instalment prior to the disbursement of funds.
22. The Customer shall be required to repay the Equal Monthly Instalment to Finja within a maximum period of thirty (30) calendar days (the "Due Date") from the date of disbursement of funds , without any further notification or formality (the "Term") till such time that the overall agreed upon repayment tenure is not over.
23. The Customer agrees and acknowledges that the Equal Monthly Instalment provided to the Customer shall be repaid to Finja through automatic deductions from the Customers SimSim Wallet Account. In the event that Finja is unable to deduct (for any reason) the repayment amount due by the Customer by the Due Date through his/her SimSim Wallet Account, the Customer shall be charged a late payment fee equivalent of 2.5% of the Equal Monthly Instalment ("Late Payment Fee").
24. In the event that SimSim is unable to deduct (for any reason) the repayment amount due by the Customer and the Late Payment Fee from the Customer's SimSim Wallet Account for a period of fifteen (15) days after the lapse of the Due Date, Finja shall declare the Customer as a payment defaulter (the "Payment Defaulter").
Section - D Security25. The Equal Monthly Instalment shall be unsecured but is made with full recourse against the Borrower and his successors.
26. Finja shall at all times be permitted to use any and all possible courses of action in order to secure the repayment of the Equal Monthly Instalment and other charges from a Payment Defaulter including but not limited to the following:
27. The Customer hereby expressly permits Finja to take the following action in the event that Finja declares the Customer as a Payment Defaulter:
28. Finja shall not any time be held liable or responsible for any loss or damage incurred by a Customer in connection with the Equal Monthly Instalment . The Customer hereby agrees to indemnify and hold Finja, its affiliates and its officers, employees, successors, assigns, attorneys and agents (each an "Indemnified Party") harmless from all losses, costs, claims, demands, expenses, damages, penalties and attorney's fees suffered or incurred by any Indemnified Party as a result of the Customers misrepresentations, actions, omissions or negligence.
Section - F Additional Formalities29. In addition to the requirements of these Mandatory Terms and Conditions, Finja may at any time, call upon the Customer to execute any other instruments as required under any applicable law in relation to the Equal Monthly Instalment , including but not limited to execution of any loan agreements, guarantees or provision of security cheques.
Section - G Termination30. The contractual relationship of the Customer with Finja Private Limited shall come into force upon acceptance of these Mandatory Terms and Conditions and remain in full force until such time that the Customer fully settles the Equal Monthly Instalment amount in favour of Finja and such other dues that the Finja is entitled to receive from the Customer.
Section - F Severability31. In the event any one or more of the provisions of these Mandatory Terms and Conditions are held to be void, unenforceable or illegal under the applicable law, the unenforceability or illegality shall not affect any other provision of this Agreement.
Section G - Dispute32. A certification by the authorized officer of Finja regarding the sums owed by the Customer shall be conclusive and the Customer waives his/her right to challenge the same. If any dispute arises in relation to the Equal Monthly Instalment , Finja's decision shall be final and binding on all parties to the dispute (the "Dispute").
33. For the purposes of this Agreement, a Dispute may include but shall not be limited to (a) any dispute over the sums owed by the Customer, (b) Customers eligibility for participation in the Equal Monthly Instalment Feature or (c) any other dispute between the Customer and Finja.
34. These Mandatory Terms & Conditions are governed by the laws of the Islamic Republic of Pakistan and the Customers hereby submits to the exclusive jurisdiction of the Courts of Lahore.
Section F - Tax35. Any income or other taxes and duties which are payable on the Equal Monthly Instalment shall be the Customers sole responsibility and Finja shall not be liable for any current or future tax implications on the Equal Monthly Instalment .
Section G - Variation35. Finja reserves the right to vary or amend these Mandatory Terms & Conditions with or without notice. Any change to the Mandatory Terms & Conditions shall be effective on date the revised Mandatory Terms & Conditions are introduced by Finja. Finja shall not be liable to any Customer in the event that a Customer is affected by the revision to the Mandatory Terms & Conditions.
Bike On EMI1. The mark-up is 0%, instead a one- time service fee will be charged upfront at the most competitive market rates.
2. The tenure for EMI and the service fee against these are as follows:
3. The monthly installment for EMI cannot be greater than 40% of an individual's monthly net salary.
4. If the monthly installment is greater than 40% of an individual's monthly net salary, then he/ she can give a down payment in order to bring down the installment in his/ her approved credit range.
5. Down payment Range if from 20% to 70%
6. This offer is only applicable for users who receive their salaries in SimSim wallets and are enabled to take Advance Against Salary facility, provided they have not exhausted the entire loan amount.
7. Shipping for some products specifically related to motorcycles for EMI will be high ( because it includes registration cost of the vehicle + insurance + agent cost).
8. An individual can avail the EMI for Bike only once at any given time.
9. Bike will be registered in the name of Customer with Finja Pvt Ltd as Hire Purchase Agreement (HPA), until paid in full.
10. As soon as Bike is paid in full customer will have to visit and deposit the evidence to get NOC (No Objection Certificate)
11. After receiving NOC client can go to ETO and get the bike transferred in his name.
12. Bike will be insured for 1 whole year despite the tenure of EMI, after which it is up to the discretion of bike owner to keep or cancel the insurance policy.
13. In case of nonpayment, Finja reserves the right to repossess the Bike using third party assistance.
14. In the event that Finja is unable to deduct (for any reason) the repayment amount due by the Customer by the Due Date through his/her SimSim Wallet Account, the Customer shall be charged a late payment fee equivalent of 2.5 % of the Equal Monthly Instalment ("Late Payment Fee").
15. All products of Marketplace available on EMI, might change ( Price, included) from time to time. SIMSIM Marketplace reserve the right to do this, with no liability arising afterwards.
16. SIMSIM Marketplace reserves the right to honor a transaction on EMI or not. ( Refusal to honor product may be denied due to availability issue at Merchant)
17. EMI product variants may vary from time to time, SIMSIM marketplace reserves the right to change without any prior notice.
18. A product might be available on EMI for limited time period and then be discontinued without a prior notice by SIMSIM Marketplace team.