Terms & Conditions
Effective Date: 9th June, 2021
The website Freo.money and FREO mobile applications (jointly “App”/ “Apps”) are owned and operated by MWYN TECH PRIVATE LIMITED (“ MWYN”) a company incorporated under the provisions of the Companies Act, 2013, and having its registered office at G-405, 4th Floor - Gamma Block, Sigma Soft Tech Park, Varthur Kodi, Whitefield Post, Bangalore 560 066. To access or use the App on any compatible device you are required to accept these Terms and Conditions (“T&C”). By accepting these Terms and Conditions, you signify that You have read, understood and agree to be bound by these T&C and any other applicable law, whether or not you are a registered member of the App. As used herein, “Users” shall mean anyone who uses or accesses the App on any computer, mobile phone, tablet, console or other device (collectively, “Device”). Your continued use of the App shall be constituted as your acceptance to the T&C, as revised from time to time. If you do not agree with these T&C, please do not access and use the App. For the purposes of these T&C, “we”, “ our” and “us” shall mean MWYN, and/or third-party service providers engaged by MWYN to render certain services on the App and ‘you’ and ‘your’ shall mean a User.
1. TERMS AND CONDITIONS
1.1. We reserve the right to update or modify these T&C at any time. Your access and use of the App following any such change constitutes your agreement to follow and be bound by these T&C, as updated or modified. For this reason, we encourage you to review these T&C each time you access and use the App.
2.1. These Apps will give you access to credit monitoring, lending, banking accounts, credit cards, gold loans, insurance, credit for QR code-based retail store purchases and online transactions and other financial utilities (hereinafter collectively referred to as “ financial products”) via partnership with regulated banks and Non-Banking Financial Companies (“NBFCs”). It is hereby clarified that all the services are rendered by third party banks and NBFCs and we are only facilitating access and use of the same.
3.1. You represent and warrant that you are competent and eligible to enter into a legally binding agreement and be bound by these T&C. You shall not access and use the App if you are not competent to contract under the applicable laws, rules and regulations.
3.2. For accessing the App and using its services, you, as a User, further represent that you are an Indian national having tax residency in India. You also represent and assure that you are not a tax resident of any other country.
3.3. We maintain the right to provide services to only those users who are – a) competent to enter into legally binding contracts, b) have made the representations as provided above, c) and also qualify under the internal policy(ies) for the same determined solely by us from time to time. We shall have the sole right to change, modify, add or remove, in whole or in part, its internal policy(ies), in relation to the provision of the App’s services at any time without any prior written notice or intimation to the Users. Further, we shall have the right to not entertain any requests in relation to the same, from the users towards such services without assigning any reason.
3.4. We shall have the right to not process a transaction through the App, if MWYN in its sole discretion determines that such transaction undertaken by a User is not authorized by such User or that the transaction is not genuine or suspicious.
3.5. If you represent a company, partnership firm or sole proprietorship, you shall be eligible to access the App and avail of the features and facilities on its behalf only if you have been duly authorized by way of necessary corporate action, as may be prescribed statutorily and/or under the charter documents of such entity and further, if you have fulfilled such additional eligibility requirements as MWYN may require in connection therewith.
4. INTELLECTUAL PROPERTY POLICY
4.1. All of the content on the App, including, without limitation, all of the page headers, images, illustrations, graphics, audio clips, video clips or text, reports generated, trademarks, tradenames (“ App Content”), constitute our and our licensors’ intellectual property. Copyright laws in all applicable jurisdictions protect the App and the App Content.
4.2. You may access the App, avail of the features and facilities and utilize the App Content for your personal or internal requirements only. You are not entitled to duplicate, distribute, create derivative works of, display, or commercially exploit the App Content, features or facilities, directly or indirectly, without our prior written permission. If you would like to request permission to commercially exploit any particular App Content, you could contact us in the manner provided for herein.
4.3. MWYN and its licensors, if any, are the sole owners of the underlying software and source code associated with the App and all the trademarks, copyright and any other intellectual property rights of any nature in the App.
5. USER ACCOUNT, PASSCODE & SECURITY
5.1. You have an option to set a security passcode on the App once you have been approved for the financial product applied for. You are responsible for maintaining the confidentiality of the passcode and your account (“ Account”) and you are also fully responsible for all activities that occur under your passcode or Account. You agree to: (a) immediately notify us of any unauthorized use of your passcode or Account or any other breach of security; and (b) ensure that you exit from your Account at the end of each session. We cannot and will not be liable for any loss or damage arising from your failure to comply with this Clause 5.
5.2. You hereby acknowledge that the deletion of the App from the Device does not constitute termination of your Account and agree to undertake the process detailed herein in order to complete de-registration. If and when you are desirous of having your name and other details removed from the records of MWYN, immediately upon receiving your written request to that effect, MWYN shall remove and/delete all such information. You hereby acknowledge that the removal of your details from the App does not constitute termination of your obligations, if any, to our bank and /or NBFC partners who may have provided financial product through our App.
6. USE OF APP – FEATURES AND FACILITIES
6.1. We offer the following products/services:
6.1.1. Credit Line
On-demand access to credit up to Rs. 5,00,000/- (Rupees five lakhs) with complete flexibility on the amount borrowed and repayments.
6.1.2. Savings Account
A modern digital savings account that offers goal-based savings, spending insights and a guided journey to build credit health.
6.1.3. Buy Now Pay Later
An app that offers users credit, interest free for 30 (thirty) days. It also offers point-of-sale credit as a result of partnerships with online and offline vendors.
6.1.4. Freo Cards
A suite of cards with features like “auto-EMI” and “pay later” for both online and offline transactions.
6.1.5. Freo Utilities
A useful set of tools that lets users gain insights into their credit score and financial habits, as well as manage their daily expenses.
An app that lets users find out their credit score and get insights into it as well as get advice on credit health, and others, for free.
An app that lets a group of users quickly split and settle a bill among themselves.
6.2. Through the App, MWYN assists Users to gain access to certain credit schemes from its banking and financial partners Through the App, MWYN assists Users to gain access to merchant based UPI transactions linked to the post-paid limit provided by MWYN.
6.3. In order to access the services provided by the third party banks/NBFCs; you are required to provide such documents as required by the third party banks/NBFCs. The process of KYC (know your customer) documentation and authentication will be done by the third party banks/NBFCs. It is hereby clarified that we will only collect on behalf of the third party banks/NBFCs and provide them with the documents submitted by you.
6.4. MWYN hereby grants to you a restricted, non-transferable, license to download and use the App on a Device, having the specifications provided for in Clause 10 of these T&C, which you own or control, to avail of the functions and features in accordance with these T&C.
6.5. The App provides inter alia a combination of the following facilities to its visitors:
6.5.1. Qualification for various financial products;
6.5.2. Monitoring personal financial transactions and credit history; and
6.5.3. Personal credit management.
6.7. We shall not mediate or attempt to get involved in and resolve any disputes or disagreements inter se between you and third party/ies.
6.8. We will use your name as per the records in NSDL as the name in the application.
6.9. MWYN may update the App from time to time in order to, inter alia, increase its efficiency, optimize user interface and add new features and/or facilities.
6.11. You are required to seek MWYN’s permission in case you are writing something associated with the App on social media or otherwise. In the event you post any content on your own site or any other third party sites about us without our prior written permission, we may take strict actions against you.
6.12. You may choose to, or we may invite you to submit comments or ideas about the services rendered under these T&C, including without limitation about how to improve the services. By submitting any such ideas, you agree that your disclosure is gratuitous, unsolicited and without restriction and will not place MWYN or any of its affiliates or subsidiaries, under any fiduciary or other obligation, and that MWYN will be free to use the idea without any additional compensation to you, and/or to disclose the idea on a non-confidential basis or otherwise to anyone. You further acknowledge that, by acceptance of your submission, MWYN does not waive any rights to use similar or related ideas previously known to, or developed by employees, or obtained from sources other than you.
6.13. IN THE EVENT YOU HAVE ANY COMPLAINT AGAINST THE CONTENTS (OR ANY PORTION THEREOF), INCLUDING THAT THE CONTENTS THEREIN ARE INCORRECT OR BREACH THE RIGHTS OF A THIRD PARTY, MWYN SHALL TAKE ALL COMMERCIALLY REASONABLE MEASURES TO ADDRESS THE SAME. HOWEVER, MWYN’S SOLE OBLIGATION IN THIS REGARD SHALL BE TO REMOVE SUCH CONTENT FROM THE APP; AND THE USER SHALL HAVE NO FURTHER CAUSE OF ACTION AGAINST MWYN.
7. SERVICE PROVIDERS
7.1. We may employ third-party service providers and individuals due to the following reasons:
7.1.1. To facilitate our service;
7.1.2. To provide the service on our behalf;
7.1.3. To perform service-related services; or
7.1.4. To assist us in analyzing how our service is used.
7.2. You acknowledge that the third-party service provider/agent/agencies will have access to your Personal Information on a need to know basis to assist us in rendering service, and the service providers are restricted from using the same for any other reason. The third-party service providers are obligated not to disclose or use the information for any other purpose.
8. YOUR RIGHTS & PREFERENCES AS A DATA SUBJECT IN INDIA
8.1. These T&C are intended for Users within the territory of India and govern your rights as per applicable law within the territory of India. However, in the event you fall under a jurisdiction outside the purview of Indian law, we will not be liable for any claim, action and/or right initiated/exercised by you as per the extant laws of that jurisdiction. Therefore, we request you to kindly use the App accordingly.
9. CUSTOMER COMMUNICATIONS
9.1. Accepting these T&C implies your express consent to be contacted by us, our agents, representatives, affiliates, or anyone calling on our behalf at any contact number, or physical or electronic address provided by you while registering your Account. You further agree to us contacting you in any manner, including without limitation, SMS messages (including text messages), WhatsApp, calls using pre-recorded messages or artificial voice, calls and messages delivered using auto telephone dialing system or an automatic texting system, and notifications sent via the App. Automated messages may be played when the telephone is answered, whether by you or someone else. In the event that an agent or representative calls, he or she may also leave a message on your answering machine, voice mail, or send one via SMS.
9.2. You certify, warrant and represent that the telephone numbers and/or email addresses and any other information that you have provided to us are your own and not someone else’s and are true, accurate, current and complete. You represent that you are permitted to receive calls at each of the telephone numbers you have provided to us and emails at each of the email addresses you have provided us. You agree to notify us whenever you stop using a particular telephone number(s) and/or email address(es).
10. SYSTEM REQUIREMENTS
10.1. In order to use the App, you are required to have a compatible Device with the following minimum specifications: Android Operating System version 4.1 (SDK level 16) or higher or iOS 9.0 or higher
11. USER GUIDELINES
11.2. The App is made available to you for your own personal and non-commercial use alone. You shall not allow third parties to: (i) make and/or distribute copies of the App or any deliverable generated by the App; (ii) attempt to copy, reproduce, alter, modify and/or reverse engineer the App; and/or (iii) create derivative works of the App.
11.3. You accept that any and all operations emanating from your Device shall be assumed to have been initiated by you.
11.4. You shall not copy, reproduce, distribute, or create derivative works of our content that is available on the App. Also, you shall not reverse engineer or reverse compile our technology that is available on the App, including, without limitation, such Java Applet, as may be associated with the App from time to time.
11.5. You shall request MWYN, to block the Account and change the passcode immediately for the Account, if your Device has been lost or stolen.
11.6. You are responsible for any and all activities that occur in your Account. You agree to notify MWYN immediately of any unauthorized use of the Account or any other breach of security. MWYN shall not be liable for any loss to you or your organization owing to negligent actions or a failure on your part to inform MWYN, within a reasonable time, about loss or theft of your Device and/or any unauthorized access in your Account, either with or without your knowledge.
11.7. You shall be liable for losses incurred by MWYN or any other party due to a third party’s use of the Account. You shall not use any other person’s account at any time, without the permission of the account holder and MWYN.
11.8. MWYN shall make all reasonable efforts to ensure that your information is kept confidential. However, MWYN shall not be responsible for any disclosure or leakage of confidential information and/or loss or damage of the Device due to theft, negligence or failure on your part to practice safe computing.
11.9. You shall ensure that while using the functions and features, all prevailing and applicable laws, rules and regulations, shall at all times, be strictly complied with by you and MWYN shall not be liable in any manner whatsoever for default of any nature, by you, regarding the same.
11.10. You understand and acknowledge that upon using the App, you authorize us to access third party sites designated by you, on your behalf, to retrieve such information requested by you, and to register for accounts requested by you. For all purposes hereof, you hereby grant us a limited powers and hereby authorize us with the full power of substitution and re-substitution, for you and in your name, place and stead, in any and all capacities, to access third party internet sites, servers or documents, retrieve information, and use your information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with services and facilities available on the App, as fully to all intents and purposes as you might or could do in person. YOU ACKNOWLEDGE AND AGREE THAT WHEN WE ACCESS AND RETRIEVE INFORMATION FROM THIRD PARTY SITES, WE ARE ACTING AS YOUR AGENT, AND NOT THE AGENT OR ON BEHALF OF THE THIRD PARTY. You agree that such third parties shall be entitled to rely on the foregoing authorization, agency granted by you.
11.11. You must notify your bank immediately in the event your debit/credit/prepaid card is lost, stolen, not received, swallowed at an ATM, or is being misused without your permission. Please refer the detailed instructions received from your bank for additional precautions to be taken in case of loss/ theft/ misuse of your credit card.
11.12. You hereby acknowledge and agree that MWYN shall not be liable for failure of any transaction undertaken for any reason whatsoever including but not limited to deficiency of service and/or products delivered as well as technical errors. You further acknowledge that MWYN shall not be responsible in any manner whatsoever, for any loss incurred by you for a failed/ incomplete transaction undertaken by you using MWYN services.
11.13. You hereby agree and express your voluntary, unequivocal and informed consent to your personal data or financial information (including such data as may be designated as ‘personally identifiable data’ under the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 or other applicable law), being processed, disclosed and/or transferred by MWYN to third-party entities.
12.1. You agree to protect, defend and indemnify us and hold us and our representatives harmless from and against any and all claims, damages, costs and expenses, including attorneys’ fees, arising from or related to your access and use of the App in violation of these T&C and/or your infringement, or infringement by any other user of your Account, of any intellectual property or other right of anyone.
12.2. The terms of this provision will survive any termination or cancellation of these T&C or your use of the App.
13. REFUND PROCESS:
13.1. All refunds or cancellations shall be in accordance with the policies of the third party banks and NBFCs. You agree to read and study them prior to availing the services provided by them through this App.
13.2. We will facilitate you in getting a refund under the following circumstances:
13.2.1. Should the transaction fail due to any reason, i.e., the money is debited from your limit and not credited to the merchant account (subject to clause 13.2.2 below), your limit will be increased or your account will be credited to the extent of the amount debited in the failed transaction; and
13.2.2. Should the money fail to be credited into the merchant's account within 48 (forty eight) hours, your limit will be increased or your account will be credited to the extent of the amount debited in the failed transaction.
14.1. The App and the functions and features therein are provided on an “ as is” and on an “as available” basis. We expressly disclaim all warranties of any kind, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
14.2. We shall make reasonable efforts to make available the App and the functions and features at all times. However, we make no warranty that the App shall meet your requirements, be uninterrupted, timely, secure, and/or error free. Further we do not make any warranty as to the results that may be obtained from the use of the functions and features or as to the accuracy, reliability and/or quality of the output derived therefrom.
14.3. We shall not be liable for the loss and/or damage of the confidential information or data of the User arising as a result of an event or a series of related events, that is beyond the control of MWYN, including failures of or problems with the internet or part of the internet, attempted hacker attacks, hacker attacks, denial of service attacks and/or viruses or other malicious software attacks or infections.
14.4. Any material downloaded or otherwise obtained through the App is done at your own discretion and risk and you are solely responsible for any damage to your Device or loss of data that results from the download of any such material. No advice or information, whether oral or written, obtained by you from us through or from the service will create any warranty not expressly stated in these T&C.
14.5. We shall not be liable for any losses and/or damages which may arise as a result of a third party entity’s usage of the USER’s personal data or financial information (including such data as may be designated as ‘personally identifiable data’ under the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011).
15. LIMITATION OF LIABILITY
15.1. IN NO EVENT SHALL WE BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES OR FOR ANY DAMAGES WHATSOEVER INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF USE, DATA OR PROFITS, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE ACCESS, USE OR PERFORMANCE OF THIS APP’S FUNCTIONS AND FEATURES OR FOR INTERRUPTIONS, DELAY, ETC., EVEN IF WE WERE ADVISED OF THE POSSIBILITY OF DAMAGES RESULTING FROM THE COST OF GETTING SUBSTITUTE FACILITIES ON THE APP, ANY PRODUCTS, DATA, INFORMATION OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO THROUGH OR FROM THE APP, UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA STATEMENTS OR CONDUCT OF ANYONE ON THE APP, OR INABILITY TO USE THE APP, THE PROVISION OF OR FAILURE TO PROVIDE THE FUNCTIONS AND FEATURES, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE. THIS CLAUSE SHALL SURVIVE IN PERPETUITY
16.1. If any provision of these T&C is held to be illegal, invalid or unenforceable under any present or future applicable laws: (a) such provision will be replaced with another, which is not prohibited or unenforceable and has, as far as possible, the same legal and commercial effect as that which it replaces; and (b) the remaining provisions of the T&C will remain in full force and effect and will not be affected by the illegal, invalid, or unenforceable provision or by its severance here from.
17.1. These Terms and the right to use granted hereunder shall take effect on the date you create an Account with the App, and shall continue in effect until termination this Agreement in accordance with this section.
17.2. We may suspend/terminate the use of the App at any time, with or without cause, after giving notice of the suspension/termination to you.
17.3. Upon termination, the rights and license granted to you herein shall terminate and you must cease all use of the App.
18.1. Any failure on the part of MWYN to require performance of any provision of these T&C shall not affect its right to full performance thereof at any time thereafter, and any waiver by MWYN of a breach of any provision hereof shall not constitute a waiver of a similar breach in the future or of any other breach.
19.1. You shall not assign or transfer any rights, obligations, or privileges that you have under these T&C, without the prior written consent of MWYN. Subject to the foregoing, these T&C will be binding on the successors and permitted assignees of MWYN. Any assignment or transfer in violation of this clause will be deemed null and void.
20. INDEPENDENCE FROM PLATFORMS
20.1. The App is independent of any platform on which it is located. The App is not associated, affiliated, sponsored, endorsed or in any way linked to any platform operator, including, without limitation, Apple, Google, Android or RIM Blackberry (each being an “Operator”).
20.2. Your download, installation, access to or use of the App is also bound by the terms and conditions of the Operator.
20.3. You and MWYN acknowledge that these T&C are concluded only between you and MWYN, and not with an Operator, and MWYN, not those Operators, are solely responsible for the App and the content thereof to the extent specified in these T&C
20.4. MWYN is solely responsible for providing any maintenance and support services with respect to the App as required under applicable law. You and MWYN acknowledge that an Operator has no obligation whatsoever to furnish any maintenance and support services with respect to the App.
20.5. You and MWYN acknowledge that MWYN, not the relevant Operator, is responsible for addressing any User claims or any third party claim relating to the App or your possession and/or use of the App, including, but not limited to: (i) any claim that the App fails to conform to any applicable legal or regulatory requirement; and (ii) claims arising under consumer protection or similar legislation.
20.6. You and MWYN agree that, in the event of any third party claim that the App or your possession and use of the App infringes that third party’s intellectual property rights, MWYN and not the relevant Operator, will be solely responsible for the investigation, defense, settlement and discharge of any such intellectual property infringement claim; provided such infringement was caused by MWYN.
20.7. You must comply with any applicable third party terms of agreement when using the App (e.g. you must ensure that your use of the App is not in violation of your Device agreement or any wireless data service agreement).
20.8. You and MWYN agree that the relevant Operator, and that Operator’s subsidiaries, are third party beneficiaries of these T&C, and that, upon your acceptance of these T&C, that Operator will have the right (and will be deemed to have accepted the right) to enforce the terms of these T&C against you as a third party beneficiary thereof.
21.1. MWYN reserves the right to update the App, in order to, inter alia, increase efficiency, optimize user interface, and add new facilities from time to time. Update packages will be sent to you on your Device for download and installation.
21.2. You hereby agree to install the updates from time to time and acknowledge that MWYN will only be able to provide Account support for the App if you ensure installation of all updates upon receiving notifications thereof when using the App.
22. VALIDITY OF T&C
22.1. These T&C shall apply when you complete the authentication process and create an account and shall remain valid and binding on you for so long as you maintain the Account.
22.2. You hereby agree and acknowledge that you may have to sign additional terms and conditions basis the services you are availing.
23.1. You are prohibited from violating or attempting to violate the security of the App, including, without limitation:
23.1.1. accessing data not intended for you or logging into an account which you are not authorized to access;
23.1.2. attempting to probe, scan or test the vulnerability of a system or network or to breach security or authentication measures without proper authorization; or
23.1.3. interfering with service to any user, host, or network.
23.2. You shall not misuse this App by intentionally introducing viruses, trojans, worms, logic bombs or other materials that are malicious or technologically harmful (together “Viruses”). You will not attempt to gain unauthorized access to the App, or any server, computer or database connected to the App. You will not attack this App via a denial-of-service attack. Further, you shall not interfere with or circumvent any security feature of the App or any feature that restricts or enforces limitations on use of or access to the App, such as probing or scanning the vulnerability of any system, network or breach.
23.3. Should you breach the provisions of this Clause, you will be liable to be prosecuted under the Information Technology Act, 2000 and other applicable statutes. We will immediately report such breach to the relevant law enforcement authorities and will co-operate with such authorities by disclosing your identity to them. In the event of such a breach, your rights to use this App will cease immediately.
23.4. We will not be liable for any loss or damage caused by a denial-of-service attack or Viruses that may infect your computer equipment, computer programs, data or other proprietary material due to your use of this App or to your downloading of any material posted on it.
23.5. You agree to immediately report to us all incidents involving suspected or actual unauthorized access, disclosure, alteration, loss, damage, or destruction of data.
23.6. You shall not interfere with or disrupt (or attempt to interfere with or disrupt) access and enjoyment of the App by other users or any host or network, including, without limitation, creating or transmitting unwanted electronic communications such as “spam” to other users, overloading, flooding or mail-bombing the App, or scripting the creation of content in such a manner as to interfere with or create an undue burden on the App.
23.7. All actions performed by any person using your account and password shall be deemed to have been committed by you and you shall be liable for the same. We reserve the right to suspend/terminate your account at any time if it is found that you have been sharing the password with any unauthorized user.
23.8. In order to reduce the risk of unauthorized access, a user is logged out from the account and will have to enter his details and login afresh, after 3 consecutive incorrect login attempts.
24.1. All electronic communications and content presented and/or passed to us, including that presented and/or passed from remote access connections, may be monitored, examined, saved, read, transcribed, stored, or retransmitted in the course of daily operations by any duly authorized employee or agent of ours in the exercise of their duties, or by law enforcement authorities who may be assisting us in investigating possible contravention/non-compliance with applicable law. Electronic communications and content may be examined by automated means. Further, we have the right to reject, at our sole discretion, from the App any electronic communications or content deemed not to be in compliance with the corporate policies and procedures of MWYN.
25. GOVERNING LAW AND JURISDICTION
26. CONTACT INFORMATION