1.General Information
1.1 This website and app (hereinafter, collectively, the "Mobile Application namely
Fauricash") are operated by PAKISNOVA MICROFINANCE COMPANY(PRIVATE) LIMITED, a limited
liability company established and managed under the laws of the Islamic Republic of
Pakistan, having its office address at Office # 410, Fifth, Floor, Gulberg Business Centre,
Civic Centre, Gulberg Green, lslamabad( hereinafter, "Fauricash" or “We”).
1.2 The Mobile Application "Fauricash" is the exclusive property of Fauricash, which is the
only one authorized to use and exploit the intellectual property rights and the rights of
the individual relating to this Mobile Application, in particular the trademarks, designs,
copyright and image rights, by original title or by virtue of express authorization, patent
and any other intellectual property right. For any kind of query, consultation or
suggestion, you (hereinafter referred to as “User”or “You”) can send
us your comments by e-mail to: hello-pk@fauricash.com.
1.3 These terms and conditions (the “Conditions”) constitute a legal mandatory
agreement (the “Agreement”) between Fauricash and the User (each as defined
below). You must read and accept these terms and conditions before accessing and using the
contents, tools, etc. of the Mobile Application. If you do not agree with this Terms of Use,
you will not be able to use the Website. This Agreement shall come into effect upon a User
creating an account on any Fauricash Mobile Application.
2. Acceptance of Terms
2.1.All use of PAKISNOVA services and products, as well as the terms of access and usage of
any Fauricash Mobile Application are subject to the following terms and conditions . Access
to or use of any PAKISNOVA Service or product through any PAKISNOVA Mobile Application
constitutes User's acceptance and agreement to abide by and be bound by these conditions
(whether expressly accepted or not) . By creating a user account, registering for any
service or otherwise using or utilizing any service or product on any PAKISNOVA Mobile
Application, User shall be deemed to have read, understood and agreed to be bound by these
conditions.
2.2. Fauricash may modify these Conditions at any time without prior notice by posting the
amended terms and conditions on its website or by updating the terms of its mobile
application or other Fauricash Mobile Application (as the case may be). Such revised or
updated terms and conditions shall become effective upon notice or uploading to the
Fauricash Mobile Application, but failure to make or receive such notice shall not
invalidate any such changes.
2.3.The User must accept these revised or updated terms and conditions in order to continue
using any of Fauricash 's services or products.
2.4.If the User does not accept these Conditions, PAKISNOVA shall have the right to: (i)
immediately terminate this Agreement, (ii) discontinue or suspend providing any services,
(iii) deny you access to the Fauricash Mobile Application; and/or (iv) exercise any other
reasonable remedy . Such termination of this Agreement, discontinuation or suspension of any
services or denial of access shall be without prejudice to all rights, titles and interests
of Fauricash which have arisen or accrued against you prior to such action.
2.5 3.- Conditions of use of the Website
Both browsing the Mobile Application and the use of its contents are subject to these terms
and conditions. Accessing and browsing this Mobile Application constitutes your unreserved
acceptance of everything contained in the legally binding these terms and conditions.,
Privacy Policy. If you do not agree with the Terms of Use, you will not be able to use the
Mobile Application.
3.Definitions
In this Agreement, the following capitalized terms shall have the meanings given to them as
under (unless the context otherwise requires);
3.1."Applicable Law" means all regulations, decrees, statutes , rules or orders of any kind
that may be in force from time to time by any government or regulatory agency and apply to
the activities contemplated by this Agreement.
3.2.“Due Date” means the date on which any amounts, including any loan, or
other charges, costs, commissions, processing fees and expenses, become due and payable by
the User to Fauricash.
3.3.“Finance” means any form of finance service permitted to be provided by
PAKISNOVA according to the terms of its license and the terms of any Applicable Laws, which
may from time to time be made available by PAKISNOVA via Fauricash Mobile Application on
such terms and in such amounts as shall be determined by PAKISNOVA in its discretion after a
User submits an application.
3.4.“Fauricash ” is the business or trade name used by “PAKISNOVA
MICROFINANCE COMPANY(PRIVATE) LIMITED”, a non-banking finance company duly licensed by
the Securities and Exchange Commission of Pakistan .
3.5.“ Fauricash Mobile Application” means the website, web portal, mobile
application or any other user interface through which Fauricash may offer Finance or
Services to Users.
3.6.“Operative Account” means the account maintained by the User with Fauricash
for the purposes of using any Finance or Services.
3.7.“User” means any person who has registered and has an active user account
via any Fauricash Mobile Application (also referred to as “customer” or
“you”).
3.8.“Services” means any ancillary services availed by a User from PAKISNOVA
other than the provision of any Finance.
3.9 “Borrower”means a User who has applied any Finance provide by Fauricash
Mobile Application and has been approved by PAKISNOVA.
“Fauricash ” and the “User” shall together be referred to as the
"Parties" and where the context requires individually as a "Party".
4.User License and Intellectual Property Rights
4.1.Subject to your compliance with this Agreement, PAKISNOVA grants the User a limited,
non-exclusive, non-sub-licensable, revocable, non-transferrable license to: (i) access and
use the "Fauricash" Mobile Application on its personal device solely in connection with
requesting or availing any Finance or Services; and (ii) access and use any content,
information and related materials that may be made available through the Fauricash Mobile
Application, in each case solely for the User’s personal, non-commercial use. Any
rights not expressly granted herein are reserved by PAKISNOVA.
4.3.The User hereby confirms, agrees and acknowledges that all Intellectual Property rights
in the Fauricash Mobile Application, including know-how, software, source-code, information
technology tools, artificial intelligence, and other technology used by PAKISNOVA has been
developed exclusively for Fauricash. All rights in such Fauricash Mobile Applications are
expressly reserved.
4.5.The User may not access, copy, reverse engineer, modify or otherwise seek to replicate
or utilize Fauricash Mobile Application for any purpose other than to avail any Finance or
other Services in accordance with these Terms. A User may not access any Fauricash software
in source-code form.
5.User Information
5.1.In order to avail any Finance or Services of Fauricash, the User must be at least
eighteen(18) years old.
5.2.The User agrees to provide, and to maintain at all times, accurate, complete, and
up-to-date information when creating a User account and to ensure that the User’s
account remains active. If a User fails to maintain accurate, complete, and up-to-date the
information, it may result in the user's account being disabled, suspended, or terminated
with no prior notice. PAKISNOVA shall be entitled to immediately terminate this Agreement
with a User if it considers the User’s account information to be incorrect, incomplete
or outdated.
5.3.The User agrees that it shall at all times be responsible to maintain the security and
secrecy of the User’s account username and password. The User agrees and understands
that it is responsible for all activity that occurs under the User’s account, even as
a result of loss, damage or theft of the device through which the User accesses the
Fauricash Mobile Application.
5.4.The User agrees that PAKISNOVA may disclose User’s personal information relating
to the Finance or any other Services to any of its affiliates, business partners, employees,
shareholders, agents, consultants, to any third party (including credit bureaus), regulatory
or governmental authorities, if in PAKISNOVA’ s opinion such disclosure is necessary
for the purpose of evaluating any application made via Fauricash or such third Party or
maintaining the Operative Account with Fauricash or in good faith belief that such
disclosure is reasonably necessary to enforce this Agreement and/or Privacy Policy, to
assist in the prevention, detection, investigation or prosecution of criminal activities or
fraud, or for any other purpose as PAKISNOVA may deem appropriate.
5.5.The User agrees that PAKISNOVA may disclose User’s personal information relating
to Finance or any other Services including details of default in servicing the Operative
Account to any third party (including credit bureaus) for the purpose of evaluating the
User's credit worthiness or for any other lawful purpose. The User hereby expressly consents
and allows PAKISNOVA to forward personal data and file credit information to licensed credit
bureaus, insurance companies, mobile financial service providers/banks and other partner
companies of PAKISNOVA .
5.6 For additional information regarding how Fauricash processes the Users’ personal
data, please visit the Privacy Policy.
6.User Requests or Applications
6.1. PAKISNOVA may refuse an application submitted by a User requesting the provision of
any Finance (including any roll-over of existing Finances availed by a User) or other
Services without assigning any reason. Nothing herein shall entitle or be deemed to grant
the User any right, title or interest in or to any Finance or Services.
6.2 After the loan application is submitted by the User, Fauricash will begin the
verification process. Fauricash may checking the User,'s credit report, bank account
history, or other financial records to assess their creditworthiness. We may use algorithms
to analyze large amounts of data and make lending decisions quickly and accurately. If the
User meets Fauricash’s eligibility criteria and passes the verification process, the
loan may be approved.
7.User Undertakings
7.1.The User represents, warrants, undertakes and covenants with PAKISNOVA that it shall
repay on time, on or no later than the Due Date, all amounts due and payable by such User to
PAKISNOVA in connection with any Finance or Services provided by PAKISNOVA , or the use of
the Fauricash Mobile Application from time to time.
7.2.With respect to a User’s use of the Fauricash Mobile Application and availing any
Finance or Services, the User agrees and undertakes that it will not: (i) impersonate any
person or entity; (ii) stalk, threaten, or otherwise harass any person (including other
Users making simultaneous use of the Service) or engage in any other activity which may
constitute a crime under the Prevention of Electronic Crimes Act, 2016; (iii) violate any
law, statute, rule, permit, ordinance or regulation in Pakistan; (iv) interfere with or
disrupt the Services or the Fauricash Mobile Application or the servers or networks
connected to the Fauricash Mobile Application; (v) post information or interact on the
Fauricash Mobile Application or with respect to any Finance or Services offered by PAKISNOVA
in a manner which is false, inaccurate, misleading (directly or by omission or failure to
update information), defamatory, libelous, abusive, obscene, profane, offensive, harassing,
or illegal; (vi) use the Fauricash Mobile Application for any illegal activity, including
money laundering, terrorist financing or any other criminal or immoral activity; (vii)
undertake any act which in any way that infringes any of PAKISNOVA ’s rights,
including but not limited to: intellectual property rights, copyright, patent, trademark,
trade secret or other proprietary rights or rights of publicity or privacy; (viii) post,
email or otherwise transmit any malicious code, files or programs designed to interrupt,
damage, destroy or limit the functionality of any computer software or hardware or
telecommunications equipment or surreptitiously intercept or expropriate any system, data or
personal information; (ix) forge headers or otherwise manipulate identifiers in order to
disguise the origin of any information transmitted through the Fauricash Mobile Application;
(x) “frame” or “mirror” any part of the Fauricash Mobile
Application, without our prior written authorization or use meta tags or code or other
devices containing any reference to us in order to direct any person to any other web site
for any purpose; (xi) modify, adapt, translate, reverse engineer, decipher, decompile or
otherwise disassemble any portion of the Fauricash Mobile Application or any software used
on or for the Fauricash Mobile Application; (xii) rent, lease, lend, sell, redistribute,
license or sublicense the Fauricash Mobile Application or access to any portion of the
Fauricash Mobile Application; (xiii) use any robot, spider, site search/retrieval
application, or other manual or automatic device or process to retrieve, index, scrape,
“data mine”, or in any way reproduce or circumvent the navigational structure or
presentation of the Fauricash or its contents; (xiv) link directly or indirectly to any
other web sites (xv) transfer or sell your user account, password and/or identification to
any other party; (xvi) cause any third party to engage in the restricted activities
above.
8.Finance and Service Charges
8.1.The User agrees to pay any and all amounts, including fees, costs, charges, expenses,
penalties or processing fees charged by Fauricash in consideration for providing any Finance
or other Services. A general schedule of charges is set out in Annex A (Schedule of Charges)
to these Conditions.
8.2.The User hereby confirms that it has considered the charges, and other fees of
Fauricash as specified in these Conditions and fully understands that failure to settle any
amounts on their Due Date shall result in additional charges, costs, fees, processing fees
or penalties under Applicable Law.
8.3.In addition to any other charges intimated to a User by Fauricash or as set out in
Annex A (Schedule of Charges), the charges payable by a User in connection any Finance
availed shall include:
a. markup charges on any outstanding or Loan extension;
b. commitment fees, administrative processing fees, appraisal fees and other costs and
charges associated with the provision of any Finance;
c. processing fees payable in connection with any ancillary Services availed by a User;
and
d. in the event of default, all other costs, fees, charges and expenses incurred by
Fauricash in connection with the recovery of any amounts not paid on their Due Date.
8.4.The charges paid by a specific User for using any Finance or Services shall be
intimated to the User via the Fauricash Mobile Application at the time any Finance or
Services are offered to or used by a User.
8.5.The charges paid to Fauricash shall be intimated to the User via display on the screen
of the Fauricash Mobile Application after the User selects the type of Finance requested.
Such charges shall be determined by Fauricash on the basis of individual risk profile,
credit bureau scores, tenor and the amount of the Finance requested, against an application
by a User requesting provision of Finance or Services.
8.6 The Borrower shall be given a Cooling Off period which is an exit window provided to
the borrower by which they can repay the loan principle amount without any markup interest.
However, PAKISNOVA shall be eligible to collect applicable National Database and
Registration Authority Verisys cost, CIB (Rs.)cost and fund transfer cost(if incurred) from
such Borrower who avail the Cooling Off period.
8.7 Fauricash will not make any upfront deductions from the loan disbursement amount and
the loan amount disbursed to the Borrower shall be equal to the loan amount approved by
Fauricash.
8.8 The fees and charges with respect to the credit intermediation process shall be paid
directly by Fauricash, not the Borrower.
9.Tax
9.1. All payments made by a User in relation to these Conditions do not include any taxes
associated with the repayment of Finance or provision of Services. In the event that taxes
are required to be paid with regards to the repayment of Finance or provision of Services,
the User must pay an additional amount to cover these taxes and enable payment to the
relevant tax authorities.
9.2.The User agrees that the funds held in their Operative Account may be blocked or frozen
at any time by PAKISNOVA if instructed by a tax or regulatory authority, or if Fauricash
deems necessary to comply with Applicable Laws or to prevent potential legal liability.
10.Payment Default or Breach
10.1. If the User fails to make payment or breaches any of the Conditions, and fails to
comply with a notice served by the company, the company may immediately cancel all Finances
made available to the User and require immediate repayment of the outstanding balance on the
Operative Account. Any accrued charges, fees, costs, and processing fees will become due and
payable.
10.2.Without prejudice to the aforesaid, failure by the User to comply with these
Conditions shall entitle PAKISNOVA to take any one of more of the following actions:
a. immediate, temporary or permanent withdrawal, suspension or termination of the
User’s right to use the Fauricash Mobile Application;
b. institution of legal proceedings against the User, including proceedings for recovery
and reimbursement of all costs on an (including, but not limited to, reasonable
administrative and legal costs) resulting from the breach;
c. disclosure of such information to law enforcement authorities as Fauricash considers
necessary for the protection and enforcement of its legal rights.
10.3. Upon the occurrence and during the continuance of any default by the User, PAKISNOVA
hereby irrevocably and unconditionally authorized by the User at any time and from time to
time, without providing any further notice to the User, and to the fullest extent permitted
by law, to recover the outstanding amounts through issuing auto debit instructions from any
of the User's mobile-wallet account(s) held by Fauricash , any of its affiliates or any
partner bank, without being required to seek any further directions or permission from the
User.
11.Indemnity and Recovery of Costs
11.1.The User undertakes to indemnify and hold Fauricash , its partners, directors,
employees and agents indemnified at all times against any and all actions, claims, demands,
liabilities, losses, damages, costs, charges and expenses of whatever nature inclusive of
any legal costs and disbursements arising out of or in connection with the use of the
Fauricash Mobile Application, including in connection with PAKISNOVA obtaining payment of
any monies due and owing from the User.
11.2.The indemnification stated here will continue to be valid and binding for a period of
five (5) years following the termination of this Agreement.
12.Operative Account and Statements
12.1.Each User shall be granted an Operative Account wherein all transactions relating to
the User, including the provision of Finance or any other Services availed by the User shall
be maintained.
12.2. Fauricash shall maintain an account statement and an activity report for a
User’s Operative Account, which statement and report will be accessible from the
User’s Fauricash Mobile Application. The statement of account shall contain details of
transactions carried out in a User’s Operative Account (up to a maximum limit to be
determined by PAKISNOVA ).
12.3 The User must verify their Operative Account statements regularly and alert Fauricash
if there are any inaccuracies or transactions executed against their instructions.
12.4. PAKISNOVA reserves the right to correct any errors, omissions, or discrepancies in
the User's Operative Account statement and will inform the User promptly of any such
corrections or rectifications.
12.5.The User will receive periodic notifications, according to their preferences, of all
transactions conducted in their Operative Accounts, and will be accountable for all charges
associated with these additional services.
12.6.Save for a manifest error, an Operative Account statement maintained and issued by
PAKISNOVA shall be conclusive evidence of all transactions carried out a User through its
Operative Account.
13.Limitation of Liability
13.1.In no event shall PAKISNOVA and/or any of its agents, employees, officers, parent
company, affiliates, subsidiaries, successors, assigns, directors, and/or attorneys be
liable to the User for lost profits and/or punitive or exemplary incidental consequential,
special and/or damages in any action arising out of , related to: (i) this Agreement; (ii)
the rights granted hereunder; (iii) any breach, termination, cancellation or non-renewal
hereof; (iv) the provision of any Finance or Services to the User or its business; and/or
(v) any act, omission, error, mistake and/or other negligence of PAKISNOVA.
13.3. Without limiting the above, PAKISNOVA shall not provide any representation or
warranty of any kind, express or implied: (i) as to the continued operation or availability
of the Finance or Service, or any information, content, and materials or products included
therein; (ii) that the Fauricash Mobile Application, or any Finance or Services offered
thereunder, will be available uninterrupted or error-free; (iii) as to the accuracy,
reliability, or currency of any information or content provided through the Fauricash Mobile
Application; or (iv) that the Fauricash Mobile Application, its servers, the content, or
e-mails sent from or on behalf of Fauricash shall be free of viruses, scripts, trojan
horses, worms, malware, time bombs, or any other harmful components.
14.Termination
14.1. PAKISNOVA may at any time and without notice terminate this Agreement, cancel or
suspend any User’s right to utilize Fauricash Mobile Application, or to continue to
avail any Finance or Services, entirely or partly with or without affecting the User's
obligations under this Agreement.
14.2.The User may terminate this Agreement at any time by deleting its User account and
removing the Fauricash Mobile Application from its devices.
14.3.Termination of this Agreement will not prejudice any liabilities or obligations
incurred by the User prior to the date of termination. Termination by the User or PAKISNOVA
will not affect the User's obligations to meet any liabilities incurred prior to such
termination.
14.4.No termination of this Agreement by the User shall be effective unless the User has
repaid the full amount of any Finance, and any other charges, costs, fees, or other amounts
due and payable to PAKISNOVA at the time of termination, and termination of this Agreement
by shall only be effective upon the discharge of all the outstanding liabilities under these
Conditions from the User to PAKISNOVA. This condition will continue until the User has
repaid all amounts outstanding at the time of termination.
15.Governing Law and Dispute Resolution
15.1.This Agreement shall be governed by and construed in all respects under the laws of
Islamic Republic of Pakistan.
15.2.Any disputes, controversies, disagreements, differences, or questions arising between
the Parties, including the interpretation of rights and liabilities of either Party, shall
be resolved through arbitration in accordance with the Arbitration Act, 1940, and any
applicable rules. The arbitration shall be conducted by a sole arbitrator, to be mutually
decided between the Parties, and the seat of arbitration shall be in Islamabad, Pakistan, or
any other city in Pakistan deemed appropriate. The decision of the arbitrator shall be final
and binding on the Parties involved.
15.3.In case of any dispute, the User must first submit any such complaints directly to the
customer services desk, whose details are available on the Fauricash website or the
Fauricash Mobile Application.
16.General
16.1.The User may not assign or otherwise dispose of any of the User's rights and
obligations, in whole or in part, under this Agreement without PAKISNOVA ’s prior
approval. Fauricash may transfer or assign its rights and obligations under this Agreement
and such transfer or assignment shall be effective upon notification of the same to the
User.
16.2. This Agreement does not establish a joint venture, partnership, employment, or agency
relationship between the User and PAKISNOVA.
16.3.If any provision of this Agreement is deemed illegal, invalid, or unenforceable,
either in its entirety or partially, under any law, that provision or part thereof shall be
considered null and void, and not be binding. However, the remaining provisions of this
Agreement shall remain enforceable to their full extent.
17.Notices and Change of Address
17.1.Under these Conditions, notices to the User may be delivered through short message
system (SMS) to the User's mobile telephone number or prepaid post to their last known
postal address. Either of these methods would fulfill the notification obligations.
Additionally, any changes to these Conditions will be considered as having been notified to
the User once they are updated on the Mobile Application
- Complaints
If you have any questions or suggestions about this Conditions, please do not hesitate to
contact us:
Customer service email: hello-pk@fauricash.com
Address: Office # 410, Fifth, Floor, Gulberg Business Centre, Civic Centre, Gulberg Green,
lslamabad
Company website：https://www.fauricash.com/
