Terms & Conditions

Pak Paisa Installment Plan Agreement – Terms & Conditions

DEFINITIONS

For the purposes of this agreement, unless stated otherwise:

1. The Company: Refers to Pak Paisa.

2. You / I / He / She: Refers to the primary applicant purchasing products on installments.

3. Service Providers: Includes affiliates, agents, and employees engaged by Pak Paisa to facilitate installment plans.

4. Establishment: Any company or organization partnered with Pak Paisa to provide installment solutions to its members or employees.

5. Applicant / Customer: Any individual purchasing products via Pak Paisa Installments, aged 18 or above.

PAK PAISA APP

1. Access to Services

1.1. The Pak Paisa App provides access to installment plans for products, including electronics, home appliances, education tools, healthcare items, and more.
1.2. Installments are collateral-free and managed digitally via an AI-powered platform.

2. Installment Charges

2.1. Pak Paisa charges markup, service fees, and transaction costs on installment purchases. All charges will be disclosed clearly during checkout.

3. Responsibilities and Rights

3.1. The Applicant is responsible for providing accurate information during the application process.
3.2. Applicants must meet eligibility criteria, including age, financial capacity, and documentation requirements.

4. Transaction Rules

4.1. All installment purchases and payments must be conducted digitally through the App. Cash transactions are prohibited.
4.2. Pak Paisa reserves the right to reject applications that are incomplete or inaccurate.

ONBOARDING CRITERIA FOR APPLICANTS

1. Age Requirement: Applicants must be at least 18 years old.

2. Identification Documents: Valid CNIC is required.

3. Additional Requirements:

   • Students: Must provide a valid student ID.

   • Employees: Must provide proof of employment (employment card or employer letter) and have at least 6 months of continuous employment.

4. Mobile Registration: Mobile number must be registered in the applicant’s name.

5. Sanctions Compliance: Applicants must not appear on OFAC or UNSC sanctions lists.

APPLICANT RESPONSIBILITIES

1. Account Security:

   • Keep your App credentials safe.

   • Do not allow third parties to use your account.

2. Purchase Authentication:

   • Ensure all purchases and beneficiary account details are correct.

   • Products or funds cannot be delivered to third-party accounts.

3. System Precautions:

   • Use secure devices to prevent malware or viruses.

4. Compliance:

   • Use the App in accordance with applicable laws.

5. Repayment of Excess Funds:

   • Any extra amounts transferred due to errors must be reimbursed.

6. Regulatory Penalties:

   • Applicant is responsible for any fines arising from non-compliance.

7. Accuracy of Information:

   • All information provided must be truthful and updated promptly.

CHANGES AND UPDATES

• Applicants must notify Pak Paisa of changes in contact info, employment, or other relevant details.

• Pak Paisa may update or modify terms, including fees, charges, or other financial obligations.

• Significant changes will be communicated via App notifications, emails, or other reasonable means.

• Continued use of the App implies acceptance of updated terms.

APPLICANT UNDERTAKINGS

1. Proper Use:

   • Use the App only for legal and authorized purposes.

2. Software Limitations:

   • The App may have bugs or system errors; Pak Paisa is not liable for backend malfunctions or system downtime.

3. Compliance:

   • Adhere to App policies and regulatory directives at all times.

4. Data Collection & Credit Bureau Interaction:

   • Pak Paisa may collect credit history, transaction data, and share relevant info with credit bureaus for risk assessment and compliance.

5. Debt Collection & Information Disclosure:

   • In case of missed installments, Pak Paisa may engage recovery agents and share necessary information with them.

APPLICANT CONSENT

1. Credit & Purchase Authorization:

   • Final decisions on installment approval rest with Pak Paisa.

2. Monitoring Communications:

   • Pak Paisa may record communications for quality assurance and dispute resolution.

3. Personal Information File:

   • A file will be created to monitor purchases, payments, and account activity.

4. Correction & Access:

   • Applicants may request access to or correction of personal data.

5. Data Sharing:

   • Data may be shared with credit agencies, regulators, or service providers as required.

6. Ongoing Monitoring:

   • Periodic credit reviews may be conducted during the installment period.

7. Data Retention & Protection:

   • Pak Paisa safeguards data and retains it as needed by law or operational requirements.

8. Revocation:

   • Consent may be revoked in writing but may limit Pak Paisa’s ability to provide services.

ELECTRONIC SIGNATURE CONSENT

1. Consent to Electronic Communications:

   • All disclosures, notices, and documents may be delivered electronically.

2. Scope & Duration:

   • Applies to all transactions from application until account closure, and after if necessary.

3. Acknowledgment:

   • Clicking “Accept,” “Submit,” or similar constitutes a legally binding electronic signature.

4. Legal Effect:

   • Electronic signatures are legally equivalent to handwritten signatures.

5. Right to Withdraw:

   • Consent can be withdrawn in writing, but it may affect service delivery.

INDEMNITY

The applicant agrees to indemnify, defend, and hold harmless Pak Paisa, its affiliates, agents, and employees from claims, losses, or damages arising from:

1. Use of the App for purchases or repayments.

2. Violation of terms, policies, or regulations.

3. Third-party claims related to product purchases.

4. Unauthorized or fraudulent use of the App.