Terms and Conditions for the Rewards Program

1. Introduction

  1. These terms and conditions for the rewards program are incorporated into and subject to Our Terms & Conditions (“Terms”) (available here) and shall be read harmoniously and in conjunction with the Terms. All capitalised terms used but not defined herein shall have the meaning ascribed to them under the Terms.

  2. We operate a rewards program ("Rewards Program") as an initiative to reward Our valued Users for their continued engagement and loyalty towards Our App. This Rewards Program is accessible through the App. 

  3. Users can earn Rewards (defined below) through their usage of the App in accordance with the terms of this Rewards Program. Rewards earned through the Rewards Program will be visible to Users within the App, where all details associated with the Rewards (such as how they were earned, how they may be redeemed, specific terms, conditions and indicators associated with earning and redemption of the Rewards in relation to a particular Activity and any limits associated with redemption) are accessible.

2. Eligibility

  1. To participate in the Rewards Program, You must:

    1. be a registered User of the App with an active account, in good standing, in accordance with the Terms; 

    2. comply with all KYC requirements as mandated by the Company from time to time. In this regard, the User acknowledges that KYC may be undertaken by the Company either by itself or with the assistance of third parties; and 

    3. comply with any other such terms and conditions as may be specified by the Company, in relation to the Rewards Program and the Activities.

3. Earning Rewards

  1. Rewards are earned through specific activities on the App, such as: 
    1. UPI Registration and Transactions: By registering for the UPI payments feature on the App and subsequently completing certain identified transactions using the App (“Identified Transactions”); 
    2. EMI Payment: By full payment of EMI(s) by the User, due against the personal loan product offered by the Company and as availed by the User, via the UPI payments feature on the App; 
    3. Availing Certain other Services: By availing certain other Services offered on the App; and 
    4. Referral: Successful referral by Users, of Our personal loan, digital gold and/or UPI Services on the App, to friends, family or other contacts. collectively referred to as “Activities”. For the purposes of abundant clarity, it is hereby understood that Rewards may be earned on full EMI Payments; and not on partial payment of an EMI. 
  2. The Company reserves the right to modify, add, or remove Activities at its sole discretion.
  3. For eligible Activities specified in Section 3.1 above, Users will earn rewards (“Rewards”) in the form of:
    1. Internal reward points that can be accumulated and redeemed as specified (“Mcoins”); and
    2. Any other form of Rewards as decided by the Company from time to time.
  4. The number of Mcoins earned by the User may vary per Activity and per transaction, as determined by the Company. The User may view the number of Mcoins earned and redeemed, in the ‘Mcoins Zone’ (or otherwise labelled by the Company) available on the App.
  5. The Company shall have the right to subject the User to additional terms and conditions in order to earn Rewards in case of any Activity. Such information will be communicated to the User on the App. 
  6. In no event can the Rewards be purchased directly by Users. They can only be earned and are solely obtainable through eligible Activities as outlined above and provided by the Company at its sole discretion.
  7. Exclusions: 
    1. The Rewards Program does not apply to the insurance products solicited, marketed or sold by the Company as an IRDAI registered Corporate Agent (Composite) operating as an Insurance Self-Network Platform (ISNP). No Rewards can be earned from the purchase or referral of insurance products on the App. 
    2. Rewards are not applicable to any fraudulent, unlawful, or unauthorized activities (each as determined by the Company in its sole capacity) or reversed or cancelled transactions, as detailed in these terms and conditions.

4. Redemption of Rewards

  1. Users can redeem their Mcoins in the following ways:
    1. By redeeming it as cash:  The relevant amount will be transferred only to the User’s bank account linked to the User’s UPI handle generated through the App; and
    2. By redeeming Mcoins against the digital gold product offered by the Company through the App, per the terms specified by the Company. 
  2. For the purpose of redemption of Mcoins, the value of 10 (ten) Mcoins is equivalent to INR 1/- (Indian Rupee One Only). The value of Mcoins for the purpose of redemption may be modified by the Company at its sole discretion.
  3. The User must have accumulated a minimum number of Mcoins, as determined and communicated by the Company, to be eligible for redemption. 
  4. The redemption of Rewards is subject to such conditions or limits as specified in these terms and conditions, which may be updated periodically and such other conditions or limits as determined by the Company in its sole discretion.
  5. The Rewards redeemed as digital gold maybe also be subject to certain conditions and/or restrictions (including a lock-in), as determined and communicated by the Company, in its sole discretion.
  6. The Company does not guarantee the availability of any specific redemption option and may modify, add, or remove redemption options at any time.

5. General Terms and Conditions

  1. Transferability: All Rewards are non-transferable and can only be redeemed by the User to whom they are awarded and redeemed as per the redemption process mentioned in these terms and conditions and as communicated by the Company.
  2. Limit on Redemption: The maximum value of all rewards (including benefits, digital gold or other incentives provided by the Company under other schemes and offers) that a User can redeem from the Company per financial year is capped at INR 49,900 (Indian Rupees Forty Nine Thousand Nine Hundred Only). 
  3. Eligibility Period for Redemption: Rewards become eligible for redemption only after a specific time period, as determined and communicated by the Company, since it was credited to the User. 
  4. Expiry of Rewards: Rewards have an expiry date of 1 (one) year from the date of being credited to the User. Expired Rewards will be forfeited without any compensation.
  5. Reversal of Rewards: The Company reserves the right to reverse the credit of Rewards in some cases, which may be decided by the Company in its sole discretion and communicated to the User on the App. This includes without limitation reversal of transaction for which Rewards were awarded, any suspected fraud etc.
  6. Modification and Termination:
    1. The Company reserves the right to modify, suspend, or terminate the Rewards Program, including the methods of earning and redeeming Rewards, at any time without prior notice.
    2. Continued participation in the Rewards Program will constitute Your acceptance of any updates to these terms and conditions governing the Rewards Program.
  7. No Monetary Value: The Rewards do not hold a defined monetary value as they cannot be redeemed except through the specified redemption options determined by the Company. Availing Mcoins for cashback does not constitute ‘withdrawal’ of cash as the Rewards are provided to the Users as a reward at the Company’s sole discretion. 
  8. Purpose: The Rewards Program is solely for rewarding Users for their loyalty towards usage of the App and does not serve to promote any specific products offered by third parties or any Services.
  9. Dispute resolution: In the event of any dispute regarding the Rewards Program and/or the Rewards, the Company's decision shall be final and binding. The provision on ‘Governing Law and Arbitration’ in the Terms shall apply mutatis mutandis to these terms and conditions of the Rewards Program.

6. Responsibilities and Liabilities

  1. Company’s Responsibility:
    1. The Company will bear all expenses related to the provision and redemption of Rewards.
    2. The Company is not liable for any issues arising from the redemption process, including delays or errors, beyond the control of the Company.
  2. User Responsibility:
    1. Users are responsible for maintaining the confidentiality of their account credentials.
    2. Users shall be responsible for any tax obligations, which may arise under applicable law from their participation in the Rewards Program including but not limited to earning any Rewards, redemption of any Mcoins for digital gold, or any other method of redemption which may be specified by the Company from time to time. You agree to indemnify and hold harmless the Company and its affiliates from all losses, claims and liabilities resulting from or relating to any tax obligations (including any interests and penalties) that may arise from your participation in the Rewards Program and receipt of Rewards.
    3. Unauthorized use of an account for earning or redeeming Rewards will result in account suspension and possible forfeiture of all Rewards.
  3. Fraud Prevention: The Company reserves the right to investigate and take appropriate action against any fraudulent or abusive activities related to the Rewards Program. This includes the reversal of Rewards, termination of accounts, reporting the fraudulent or abusive activities to the relevant authority, amongst others.
  4. Participation in the Program: Participation in the Rewards Program and redemption of the Rewards is voluntary, and the Users are free to not avail or redeem any Rewards. Users may automatically earn Rewards through their usage of the App. Not engaging with the Rewards Program or not redeeming the Rewards will not have any adverse effects on the services provided by the Company.

7. Privacy and Data Usage 

All personal data collected in connection with the Rewards Program will be handled in accordance with the Privacy Policy of the Company available here. By participating in the Rewards Program, Users consent to the collection, use, processing and sharing of their data as described in the Privacy Policy.

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