Terms & Conditions

IMPORTANT:

UFS Digital Empowerment Foundation (UFS-DEF), a Section 8 company which is a subsidiary of UPICON, was established on July 9th, 2021, with the objective of serving low-income communities by creating opportunities and providing facilities focused on small and tiny enterprises for women entrepreneurs, even in the absence of a credit score. The foundation's mission is to assist these communities in overcoming poverty by offering access to financial, digital, and non-financial services through cluster development MSME activities (hereinafter referred to as the “Company”, “We”, “Us”, “Our”). The foundation has initiated small micro-loan facilitation for MSME activities, targeting small and tiny entrepreneurs. This support is extended to beneficiaries trained under the One District One Product (ODOP) and Vishwakarma Shram Samman Yojana (VSSY) programs of Uttar Pradesh, in collaboration with UPICON. The Company makes these services available to the end-users (hereinafter referred to as “User”, “You”, “Your”), subject to these Terms of Service.

The Company also operates a website at www.ufsdef.com (“Website”) for marketing and information purposes only. It is clarified that the Company does not use the Website for any purpose other than the said purposes. The services and the Website are hereinafter collectively referred to as the “Platform”.

The terms and conditions contained herein and the terms and conditions of use of the Website are hereinafter collectively referred to as “Terms”.

These Terms shall constitute a binding contract between Company and You when You use the Platform. By clicking the “I Agree” button on the Platform, You hereby undertake that You have read, understood, and accepted these Terms and acknowledge that together with the Privacy Policy (as defined in these Terms), these Terms constitute the entire rights, obligations, and remedies in respect of Your use of the Platform.

If You do not agree to these Terms, You must not proceed to use the Platform.

Without prejudice to any other specific requirement which may be laid out in these Terms, Your use of the Platform and specifically, Your acceptance of these Terms as aforesaid shall be deemed to be a representation from You that You are above 18 years of age, or possess legal parental or guardian consent, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in these Terms, and to abide by and comply with these Terms.

THE COMPANY IS NOT A LENDER AND DOES NOT PROVIDE ANY LOANS OR OTHER CREDIT FACILITIES. THE COMPANY IS MERELY FACILITATING YOUR APPLICATION TO AVAIL THE CREDIT FACILITIES.

Headings of clauses are only for convenience and are not intended to be used to interpret the contents thereunder. Please read these Terms in full.

I. Description of the Services

The Company owns and operates services that facilitate provision of support as more specifically detailed herein below.

The Company is a Section 8 company registered under the Companies Act, 2013. The Company is merely an intermediary and does not directly provide any financial services to the Users. It is not an organization registered with the Reserve Bank of India, nor 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 or 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.

II. Applicability of the Terms

By clicking the “I Agree” button on the Platform, You hereby give Your unconditional consent to; These Terms including the paragraphs at the commencement of these Terms and titled “IMPORTANT”. The “Privacy Policy” available on the Platform and incorporated herein by reference. Click here to view the Privacy Policy. Any other notice, disclaimer, policy, or term of use, by whatever name called, which may apply to the use of the Platform from time to time.

2. These Terms may be amended at any time by the Company. All such amendments shall be binding on You after the amended Terms are made available on the Platform. If You do not agree with any such modification, Your sole and exclusive remedy is to terminate Your use of the Platform with no liability to the Company. Notwithstanding the foregoing, if You have availed any of the Services as detailed in these Terms, the Terms including the modified terms shall continue to apply to the extent of and in relation to the Services availed.

Although the Company may attempt to notify You when major changes are made to these Terms, it shall be solely Your responsibility to read and understand the most up-to-date version of the Terms on the Platform. Nothing in these Terms shall be deemed to confer any third-party rights or benefits.

III. Account

If You wish to use the services provided by UFS Digital Empowerment Foundation (UFS-DEF), You are required to maintain an account with the Company and will be required to furnish certain information and details, including Your name, email id, contact number, and any other information deemed necessary by the Company. You are responsible for maintaining the confidentiality and security of Your account, password, activities that occur in or through Your account, and for restricting access to Your computer to prevent unauthorized access to Your account. You agree to accept responsibility for all activities that occur under Your account or password. You should take all necessary steps to ensure that the password is kept confidential and secure and should inform Us immediately if You have any reason to believe that Your password has become known to anyone else, or if the password is being, or is likely to be, used in an unauthorized manner.

Please ensure that the details You provide Us with are true, correct, accurate, and complete. Upon the Company gaining knowledge of or having any reasonable suspicion that the information provided by You is wrong, inaccurate, or incorrect, the Company shall immediately terminate Your account without any notice to You in this regard. In the event of any changes or updates to the information shared by You at the time of registering Yourself with UFS-DEF, You shall be responsible to forthwith notify the Company of the said changes. You can access and update the information You provided Us by contacting Us at info@ufsdef.com. If You fail to notify Us of any changes in the information shared with Us, the Company will continue to use Your information already available with Us. The right to use the services is personal to the User and is not transferable to any other person or entity.

You shall, at all times, abide by the Terms & Conditions stated herein, and any breach of the same may also lead to the Company terminating Your account, and appropriate civil and criminal remedies will be sought against You as provided under the laws of India.

IV. Services

The Company provides the following services through the App ("Services”):

1. Digital Savings Bank Account

  • Y1.1 The Platform enables You to open a savings bank account (“SB Account”) with Banks that are licensed to operate by the RBI and have partnered with UFS Digital Empowerment Foundation (UFS-DEF) ("Partner Bank”). The User may also transact using the SB Account opened with the Partner Bank and view the account statement as provided by the Partner Bank through the Platform.
  • 1.2 The User acknowledges that UFS-DEF is only an intermediary providing a technology interface to the User to open and operate the SB Account with a Partner Bank and does not have any access to the SB Account or the money credited therein.
  • 1.3 The User shall be required to accept and be bound by the terms and conditions governing the use of the SB Account as may be specified by the Partner Bank. You may access the Partner Bank terms and conditions for opening an SB Account [here].

2.7 Overdraft Facility (OD)

  • The User shall further be eligible to avail an overdraft facility from the Partner Bank based on the FDs created and subject to the terms and conditions for such overdraft facility as may be provided by the Partner Bank from time to time ("OD Facility”).
  • The OD limit to be granted to the User shall be subject to the value of the FDs created for the User. The limit for the OD shall be solely determined by the Partner Bank, and such limit may be modified by the Partner Bank from time to time.
  • The User will be permitted to transfer all amounts towards the OD Facility granted by the Partner Bank to other accounts of the User through the Platform.
  • If a User withdraws more than the limit set for the OD Facility from the Pro Saver Account, all the FDs created will be liquidated by settling the utilized amount towards the OD Facility. Balance amounts will be transferred to the SB Account of the User. Users can then transfer the funds to any bank account of their choice by adding such account as a payee to the SB Account via the Platform.
  • In case of utilization of the OD Facility, Users will be charged an interest at a rate equivalent to the interest rate offered by the Partner Bank on the FD. As there may be multiple FDs created, the rate of interest on the OD Facility shall be calculated based on the weighted average of the interests provided on the multiple FDs. This amount will be collected from the Pro-Saver Account either at the time of closing the FDs or at the end of a calendar month.

Cashback

  • The Company, at its sole discretion, may offer cashbacks to Pro-Saver Account Users for periods specified by the Company. These cashbacks may equal the interest charged on the OD Facility by the Partner Bank or cover such interest costs, or other offers communicated by the Company. Eligibility for cashback is subject to offer applicability, instructions, and terms provided by the Company, which may change at the Company’s discretion. The Company reserves the right to modify the eligibility criteria and the timing of the cashback facility.
  • Eligibility for Availing the Service
  • Users must be legally permitted to avail the Service and submit necessary KYC documents as requested by the Partner Banks to open an SB Account. The opening of the SB Account is subject to verification by the Partner Bank, which may reject the request without providing a reason.
  • Obligations of the User
  • Users must maintain confidentiality of their user credentials and are solely responsible for all transactions in their SB and Pro-Saver Accounts. Users must comply with applicable laws, including the Prevention of Money Laundering Act, 2002, and the Foreign Exchange Management Act, 1999.
  • Facilitation of Lending Services
  • The Company facilitates personal loans, purchase finance (Smart Pay), business loans, and other credit facilities offered by partnered NBFCs and Banks ("Lenders") through the App. The Company is only an intermediary and does not provide financial services. Users’ information is collected for Lenders, and loan eligibility is reflected on the App based on this information. The Company does not guarantee loan approval, and the decision lies solely with the Lender.
  • For personal or business loans, approved funds are transferred directly to the User’s bank account. For Smart Pay, funds are transferred to the merchant’s account. Users must refer to the privacy policies of Lenders when availing services. The Company is not liable for the provision of Credit Facilities or any consequences thereof.

Insurance

The Company, registered as an Insurance Corporate Agent with IRDAI, may market and sell insurance products of partnered companies. No fees or commissions are charged to Users for these services. The Company also provides a platform for third-party insurance intermediaries to advertise. The Company is not responsible for the products advertised by third parties and is not liable for any claims related to these products.

Home Loans and Loans Against Property

The Company may refer Users to partnered NBFCs and Banks for home loans and loans against property, acting only as a lead generator. The Company does not facilitate these services. Loan approval and terms are at the discretion of the partnered NBFCs or Banks, which may require the deposit of original property documents. The Company is not responsible for the custody or return of these documents.

Rewards and Benefits

The Company may offer rewards, benefits, cashbacks, or other incentives subject to terms and conditions notified from time to time. Various schemes like referral programs may also be offered under specific terms.

Obligations of the User

  • Users must use the Platform only as end users.
  • Users must comply with all applicable laws.
  • Users must not interfere with security features or use non-public areas of the Platform.
  • Users must not introduce malicious software or scrape user information.
  • Users must not use the Platform for unlawful purposes or post prohibited content.
  • The Company does not endorse third-party information or services.
  • Unauthorized use of the Platform is prohibited.
  • Users must act as prudent, reasonable citizens.
  • Users must update the App to the latest versions to ensure proper functionality.
  • Users are granted a limited, non-transferable license to use the Platform.
  • The Company is not responsible for delays due to infrastructure issues.
  • The Company may modify Services or the App due to regulatory changes.
  • Users must not cause any loss to the Company.

Consideration and Payment Terms

Currently, the Company does not charge Users for Services via the App but reserves the right to introduce fees with a 30-day notice.

Termination and Suspension

The Company may terminate User access to the App at any time without notice or liability. Termination does not extinguish User obligations under these Terms or loan agreements.

Other Disclaimers

The Platform and Services are provided "as is" without warranties. The Company disclaims all statutory, express, or implied warranties. Users use the Platform at their own risk.

Intellectual Property

The Company and its licensors own all intellectual property rights to the Platform. Users are granted a limited, non-transferable license to use the Platform for personal use.

Consents

Users consent to Lenders retrieving their credit score for evaluating loan eligibility. Users must inform the Company of any errors during prefill of application information.

Limitation of Liability

The Company is not liable for any direct, indirect, incidental, consequential, or punitive damages. The maximum liability is Rs. 500.

Indemnity

Users agree to indemnify the Company against any claims, damages, or expenses arising from their use of the App, violation of Terms, third-party rights, or breaches of loan agreements.

Governing Law and Arbitration

These Terms are governed by Indian law. Disputes must be resolved amicably or through arbitration in Bangalore. Users consent to the jurisdiction of Bangalore courts.

Miscellaneous

  • Notices: Sent by registered mail or recognized courier.
  • Force Majeure: Parties are excused from performance due to uncontrollable events.
  • Severability: Illegal or unenforceable provisions do not affect other provisions.
  • No Waiver: Failure to exercise rights does not waive them.
  • Assignment: User rights are non-transferable.
  • Communications: Users consent to receive promotional communications.
  • Grievance Redressal: Detailed process for raising and addressing grievances.