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Facility Terms and Conditions

Kotak Mahindra Bank Ltd (bank/lender) has partnered with Flipkart Advanz Private Limited as its lending service provider for lending services to Borrowers on the digital platform of Flipkart. These Terms are applicable between you (Borrower), Kotak Mahindra Bank Ltd. and Flipkart Advanz Private Limited (and its affiliates) ("Flipkart") for the purchase transactions of goods or services you make through select online medium, platforms or marketplaces ("Digital Platform") using the "Flipkart Paylater" payment method. It is clarified that these Terms are applicable only if Flipkart Paylater is available for payment on the Digital Property. These Terms are applicable in addition to any terms and conditions that may be applicable to your use of the Digital Platform where Flipkart Paylater is available as a payment option. The collection and processing of your personal information through _ Flipkart Advanz Private Limited is subject to the https://www.flipkart.com/pages/fapl-privacy-policy.

DEFINITIONS
“Lending Service Provider”: A vendor of the bank who carries out one or more of lender’s functions or part thereof in Customer acquisition, underwriting support, pricing support, servicing, monitoring, recovery of specific loan or loan portfolio on behalf of the bank in conformity with extant outsourcing guidelines issued by the Reserve Bank.
“Loan Account” means a bank account set up as a repayment method for a Borrower who has been given a bank loan.
“Flipkart Pay Later” is a service offered by Flipkart that allows customer to make purchase on digital platform and defer payment, based on an approved credit limit.
"Transaction" means converting a purchase amount at Flipkart platforms into deferred payment or split large costs into monthly instalments.
"Borrower" means an individual who does a purchase transaction on Flipkart platforms using the Flipkart Pay Later mode of payment.
"Disbursement" means the amount of value transferred by Bank to Flipkart merchants on behalf of the Borrower's purchase transaction completed on Digital Platform.
“Outstanding Balance” means the total or part of loan amount due to the Borrower at the time of bill generation every month at Digital Platform.
“Sanction letter” means the total credit limit mutually agreed and approved between Kotak Bank and Flipkart Advanz Pvt Ltd.
“Merchant” means the sellers who use Flipkart’s platform to market and sell their products.
“KYC” means the process where banks verify Borrower identities basis PAN, Aadhaar, etc.
“CIC” means Credit Information Companies (like: CIBIL) who collect financial data and compile credit reports.
“EMI” means the Equally Monthly Instalment amount of the loan due to borrower for the purchase transactions at Digital Platform.
“Credit Limit” means the total loan amount approved by Kotak Bank and Flipkart Advanz Pvt Ltd for purchase on Digital Platform.
“Lender” refers to Kotak Mahindra Bank who is disbursing the amount to merchant on behalf of the customer who has completed a transaction on Digital Platform using Flipkart pay later credit limit.
ELIGIBILITY

As per Lending Service Provider Flipkart Pay Later is only available to a borrower who is:

competent to enter into legally binding contracts under the Indian Contract Act, 1872;
is minimum 18 (eighteen) years of age;
an Indian national who is tax resident in India; and
meets criteria as prescribed under the internal policies and requirements of Kotak from time to time.

By availing the Flipkart Pay Later option the Borrower represents and warrants to the Bank the Borrower is at least 18 (eighteen) years of age.

Lending Service Provider shall provide Flipkart Pay Later facility to the Borrowers who are registered with the Bank and have been granted a credit line by the Bank. The credit line shall be provided at the sole discretion of Bank.

AUTHENTICATION PROCESS
In order to register for availing Flipkart Paylater facility provided through the Lending Service Provider and make a transaction on the Flipkart Website and/or Mobile App, the Borrower shall be required to (i) select the “Flipkart Pay Later” on-boarding functionality on Flipkart Application, (ii) accept T&Cs provided for availing the Pay Later limit, and (iii) complete the prescribed process for registration (if applicable) and authentication through one of the methods of authorization prescribed, including but not limited to, entering the one-time password (“OTP”) issued to the Borrower on Registered Phone Number (“Authentication Process”)
Borrower once registered and authenticated on the Flipkart Website and/or Mobile App, can make subsequent transactions using Flipkart Pay Later limit even without an OTP on the Flipkart Website and/or Mobile App.
Details relating to the Authentication Process or verification and/or linkage to bank account shall be sent to the Borrower by Flipkart_. The Borrower hereby consents to receive any such communication as well as all other communication, notices and information from the Bank electronically, whether made available on the Digital Platform or sent by SMS or email or via other electronic means. The Borrower holder hereby acknowledges and agrees that it shall be solely responsible for immediately notifying the Bank of any change in the mobile number and other details registered with the Bank.
The Borrower hereby undertakes and agrees that: (i) any pin or OTP or password or any unique number issued in relation to the Authentication Process shall be used only by the Borrower and shall not be disclosed to any third party, and (ii) it shall take all necessary steps, including deleting or destroying all records of the Authentication Process, to ensure that any unauthorized disclosure of the same is prevented.
The Borrower agrees to immediately notify the Bank and Flipkart of any unauthorized use of the Borrower’s Authentication Process or any other breach of security. The Borrower further acknowledges and agrees that the Borrower shall be solely liable for any losses, disputes, costs, expenses, fees, charges incurred by the Borrower, Bank or Flipkart, as well as for any fraudulent transactions undertaken on a Digital Platform, due to or arising from the Borrower’s failure in complying with the T&Cs or any other reason, and neither the Bank nor Flipkart will be liable for any costs, expenses, fees, charges, losses, damages or other liability arising from the Borrower’s failure to comply with the T&Cs or from any unauthorized access to or use of the pin or OTP or password or any such unique number issued by Flipkart Paylater.
LOAN
Pursuant to the application made by the Borrower, available electronically in connection with these Terms (“Application”) The Bank has agreed to sanction the loan amount notified to the Borrower in the ‘Welcome Message’ (hereinafter referred to as “Loan Amount”), and the Borrower agrees to borrow the same, subject to these Terms and Conditions.
The Bank may disburse the Loan Amount or any part thereof (“Disbursement”) in accordance with these terms and conditions or any other conditions agreed with the Borrower. The Borrower shall use the Loan Amount only for the purchase of goods or services by the Borrower on the website(s) or e-commerce platform(s) where the facility to access the Loan Amount is made available by the Bank and where these Terms are published and not for any other purpose including making investment in the capital market or any speculative or illegal or anti-social purpose.
For the purpose of Loan application, Borrower hereby authorize the Lending Service Provider to authenticate the Loan transactions for Flipkart Paylater on behalf of Bank.
Notwithstanding anything stated in any document, the Disbursement of the Loan Amount shall be at sole an absolute discretion of the Bank. Further, the Bank may at any time in its sole discretion and without assigning any reason call upon the Borrower to pay the Outstanding Balance, if due or not paid on or before the relevant date and upon such demand by the Bank, the Borrower shall, within 48 hours of being so called upon, pay the whole of the Outstanding Balance to the Bank without any delay or demur.
1. RATE OF INTEREST
The Loan Amount, interest and late payment fees payable, costs and expenses reimbursable as outstanding from time to time and whether any of them due or not less any Loan Amount already paid to the Bank, are hereinafter collectively referred to as "Outstanding Balance". The Borrower specifically agrees that the Loan shall carry interest at the rate specified in the Sanction Letter sent via SMS to the registered mobile number.
The Borrower shall pay interest on the Loan Amount, the unpaid due interest and all other outstanding charges, at the rate of interest notified to the Borrower, including through electronic means together with these Terms, on the outstanding daily balance from the date of disbursement. The Bank shall be entitled to revise the rate of interest from time to time as per its policy and/or applicable laws and regulations, during the tenor of the Loan at its discretion, the same shall be intimated to the Borrower, and shall be binging upon the Borrower.
Bank, at its sole discretion, may charge a late payment fee in event of non-payment of outstanding dues by the borrower, on or before the due date. This charge will be shown to Borrower while making the payment, if applicable.
1. REPAYMENT
The Borrower shall repay the Loan Amount and pay the interest that is due from time to time by way of equated monthly installments (“EMIs”) as may be specified by the Bank on the scheduled due date, as per the mode of payment, specified in the Sanction Letter. The Borrower agrees that timely payment of EMI is the essence of the Loan.
1. CANCELLATION AND REFUNDS
If a Transaction is cancelled or a refund is initiated, the Borrower shall continue to be liable for paying the outstanding amount to Bank on the relevant Due Date(s) specified in the Statement, until the Bank is notified of such cancellation and/or refunds by Flipkart. For a Credit Line Transaction, the refund or cancellation shall be in accordance with terms and conditions agreed between the Borrower and Flipkart.
Bank agrees and acknowledges that if a Transaction is cancelled or a refund request is made by the Merchant before the bill generation date, same will be adjusted in the bill. If such request is made after the bill generation, the refunded transaction amount (less cancellation charges, if any) (“Refund Amount”) shall be adjusted with next month’s EMI due of borrower by Flipkart and the remaining balance (if any surplus) will be refunded back to borrower’s original source of payment method used by Borrower to pay the bill amount.
1. PRE-PAYMENT
In the event the Borrower pays the loan amount before generation of the bill, the Bank shall be at liberty to appropriate amount so paid firstly towards repayment of charges, interest, & other charges payable under the T&C and then towards the Loan amount; or in any other manner that the Bank may deem fit and proper in its sole and absolute discretion.
1. USAGE FEE
Usage Fees is the amount that is charged on a monthly basis, based on your Flipkart Pay Later limit and usage for the month.
Borrower agrees to pay the Usage fee applicable as mentioned in Key Fact Statement (KFS) under the head Other Charges. The fee shall be charged to Borrower at the time of generation of bill or on the day when the utilization threshold is reached within the billing cycle.
FORECLOSURE
Foreclosure of the loan is possible anytime during the loan tenure with the Foreclosure charges based on the principal outstanding amount. The cooling off period is mentioned in the KFS and such cooling off period and charges are subject to change at the Bank’s discretion.
Foreclosure has to be made from Borrower’s own funds.
Any charges levied/collected during tenure of the loan up till foreclosure will not be refundable/reversible to the Borrower.
No cancellations on the loan (neither partial nor full) to be allowed once the loan has been foreclosed.
CLOSURE OF LOAN
Upon the Borrower’s paying the Loan Amount and all other charges payable by the Borrower to the Bank under this T & C the loan shall be treated as closed.
TAXES
The Borrower agrees to pay to the Bank, any and all taxes, charges, duties as may be required by any Statutory Authority. Levied including stamp duty related to the Product, T & C and the Loan.
SCHEDULE OF CHARGES
1. All fees and charges applicable to the Borrower and payable by him is set out in the Sanction Letter and Welcome Letter in the Key Fact Statement (KFS) shared to the Borrower.
2. All Fees & Charges specified in the KFS are subject to modification based on periodic review by the Bank. Any change in such fees and charges will be communicated to the Borrower from time to time. The Bank also reserves the right to introduce any new fees or charges, as it may deem appropriate, without due intimation to the Borrower.
Terms and Conditions for Limit increase
Credit limit increase will be offered to the users solely at the discretion of KOTAK MAHINDRA Bank
A user is not eligible for a credit limit increase unless intimated by KOTAK MAHINDRA Bank or through the associated Digital Platform.
KOTAK MAHINDRA Bank reserves the right to decline the request made by the user or revoke the offer for limit increase without notice
The user must respond to the limit increase offer within the specified days of receiving the offer communication to avail the same. If the user does not respond within the specified days, the offer stands revoked
The credit limit increase will apply to the corresponding Loan Account subjected to Bank’s terms
After giving consent for the limit increase, the user should not consider the limit as increased until (s)he receives a confirmation from KOTAK MAHINDRA Bank or associated Digital Lending App on the same or unless the associated Digital Lending app shows the increased limit.
KOTAK MAHINDRA Bank reserves the right to decrease the limit at any time in the future, as per the internal criteria.
BORROWER’S REPRESENTATIONS & WARRANTIES:

The Borrower represents and warrants that:

The Borrower is a citizen of India and a major (in terms of age) and is of sound mind and is competent to contract and enter into and perform his/her obligations as contemplated under these Terms and Conditions or any other document pertaining to the Loan Amount.
The Borrower shall comply with applicable laws.
The Borrower shall use the Product for personal use only.
All declarations and information provided by the Borrower are true and binding and the Borrower has not suppressed or withheld any material information.
The Borrower does not violate any terms and conditions under any existing agreement entered by the Borrower with any third party, by availing the Loan from the Bank.
There is no action, suit, proceeding or investigation pending to the knowledge of the Borrower before any court of law or any competent authority which might have a material effect on the Borrower financials and/or might put into question the validity, enforceability or performance of the T & C.
The execution hereof constitutes legal, valid and binding obligations of the Borrower.
The Bank shall not, in any manner, be liable to the Borrower for any delays or incorrect deliveries or non-receipt of goods and services, defect in goods and services under any Paylater Transaction and/or Credit Line Transaction undertaken by the Borrower using the Flipkart Pay Later limit and/or Credit Line Transaction, as the case may be. .
The Loan is repayable on demand made by the Bank with all the accrued interest and other charges.
The Borrower understands and confirms the disbursement of Loan by 'the Bank' shall be subject to compliance of KYC documents within 90 days of Application. Notwithstanding anything stated elsewhere in the Application, Terms and Conditions will be available solely at the Bank’s discretion and subject to compliance of all formalities and documentation as may be specified / required by the Bank within the prescribed time frame and in absence of the same entire process KYC and documentation must be done afresh
The Borrower understands and confirms that Aadhaar OTP based EKYC/non-face to face KYC method has not been used nor will be used to open any other account with any third party lender.
EVENTS OF DEFAULT
The occurrence of any of the under mentioned events (herein referred to as ""Events of Default"") shall be deemed and shall qualify as an Event of Default:
The Borrower fails to pay any amount due to the Bank within the stipulated period;
If default shall have occurred in the performance of any covenants, conditions or agreements on the part of the holder under these Terms and Conditions;
If any representation made by the Borrower or given to the Bank in the loan Application or otherwise proves to be incorrect, misleading, false, fraudulent or incomplete, including, but not limited to income and/or identification paper/documents forwarded to the Bank;
In the event of death of the Borrower or in case of total and/or permanent disability.
In case the Borrower commits an act of insolvency or makes an application for declaring himself an insolvent or an order is passed against the Borrower declaring him an insolvent;
If there is any material adverse change in the financial condition of the Borrower or any other event or circumstance, which in the sole opinion of Bank jeopardizes the interests of the Bank;
If the Borrower is involved in any civil litigation or criminal offence or if proceedings by any authority, court of law or professional body or association, for any misconduct or breach/violation of any law or regulations or code of conduct etc. are taken against the Borrower;
In case of default in performance of any of the terms, covenants, conditions and obligations of any other loans/ facilities provided by the Bank or any other banks, financial institutions or other persons to the Borrower;
In the event that the Borrower fails to furnish any information or documents required by the Bank or at any point of time fail to comply KYC norms of the Bank.
CONSEQUENCES OF EVENTS OF DEFAULT.
The Borrower acknowledges and accepts that, the Bank or its appointed representatives, may at any time, follow up with the Borrower for payment in respect of Transactions/ charges/ fees earlier incurred on the loan account. The Borrower also agrees to pay all costs (including legal costs) of collection of all dues, all charges incurred by the Bank for related and incidental matters, including but not limited to issuance, of a duplicate statement/charge slip, penal charges for returned payments and similar expenses, taxes, and in the event of legal action initiated, all legal expenses and the principal amount with interest.
Without prejudice to all other rights the Bank may have under these Terms and Conditions, on the occurrence of an Event of Default, the Borrower will be sent reminders from time to time by representatives of the Bank including third parties appointed by the Bank for settlement of any outstanding of the loan Account or for taking any remedial action on the Account/Borrower, by visits (of representatives of the Bank/third parties appointed by the Bank in this regard), post, fax, and telephone, electronic mail, SMS messaging and / or engaging its representatives to remind, follow up and collect dues. The Bank and any such third party so appointed shall adhere to the Bank's Fair Practice Code for collection of dues as modified from time to time.
In the event that the Borrower commits any act of default, notwithstanding anything to the contrary herein, or any other agreement/document of understanding between the Borrower and the Bank, the Bank at its sole discretion will be entitled to:
Withdraw all the loan facilities extended to the Borrower either temporarily or permanently, whereupon this Agreement shall be deemed to have been terminated forthwith.
Call upon the Borrower to pay forthwith all outstanding balances on the loan account, along with all the interest / charges and fees payable by the Borrower to the Bank under these Terms and Conditions and/or other agreements, documents or instruments between the Borrower and the Bank.
Exercise the Bank's right to lien and set-off the amount outstanding against any monies/ deposits/ accounts standing in the Borrower's name in the Bank or transfer or apply monies at law.
Proceed independently of any right of lien / set-off to recover all outstanding due from the Borrower to the Bank, in a lawful manner deemed fit by the Bank.
If Borrower(s) does not pay the Amount Due, this will be reported in the monthly submissions to the credit bureaus, authorized by the Reserve Bank of India (RBI). Borrower (s) will be reminded in each subsequent statement to pay their dues. Balance outstanding for a period greater than 6 months will result in the Borrower being reported as a 'willful defaulter'. The statement shall be construed as a notice for reporting of this status of the Borrower. If requisite payment is made, Borrower's record will be updated as 'current' in the next update to the Credit Bureau.
The Bank shall be entitled to withdraw any default report issued in case:
The defaulter in question has liquidated his entire outstanding dues with the Bank or settled his dues with the Bank.
A court order/verdict has been received instructing the Bank to de-list the Borrower against the Bank in a legal suit filed by or against the Bank. Decisions are taken on a case to case basis upon individual reviews.
In the abovementioned scenarios Borrowers record will be updated as 'current' in the next monthly refresh to the credit bureau.
In the event of default the Bank shall, without prejudice to any of its specific rights under the Agreement, be absolutely entitled at any time and with prior notice to the Borrower combine and consolidate all or any of the Borrowers accounts and set off or transfer any sum or sums standing to the credit of any one or more of such an account or exercise lien / banker's lien over any property held by the Bank in any other respect whether such liabilities be actual or contingent, primary collateral and several or joint.
The Borrower expressly acknowledges and accepts that if the Borrower holds two or more relationships with Kotak and an Event of Default occurs in respect of one of the relationship, the Bank is authorized to block the Credit Limit as made available to the Borrower under all his other Kotak relationships, as well as withdraw such privileges / benefits as made available under all such relationships.
Set Off Clause: Without prejudice to what is stated herein, the Borrower hereby expressly agrees and confirms that in the event of the Borrower failing to pay the outstanding Loan Amount , whether as borrower or guarantor or otherwise, in addition to any general or similar lien to which the Bank or any of its subsidiary/affiliates may be entitled by law, the Bank shall, without prejudice to any of its specific rights under any other agreements with the Borrower, at its sole discretion and without notice to the Borrower, be at liberty to apply any other money or amounts standing to the credit of the Borrower in any account (including fixed deposit account) of the Borrower (whether singly or jointly with another or others) with the Bank or any of its subsidiary/affiliates in or towards payment of the monies due from the Borrower. The rights of the Bank under this Agreement are in addition to other rights and remedies (including without limitation other rights or set off) which the Bank may have.
The Bank shall have right to apply and/or appropriate and/or set off any credit balance of the Borrower(s) or any monies/assets (including but not limited to property, assets, securities, shares, stocks, and the like) belonging to the borrower(s).
JURISDICTION
1. The T&Cs shall be governed by and construed in accordance with the laws of India. The Borrower agrees that if any dispute(s) or difference(s) shall arise between it and the Bank (“Parties”) in connection with or arising out of or relating to the Terms and Conditions, the Parties shall attempt, for a period of 30 (thirty) days from the receipt of a notice (“Disputes Notice”) from the other Party of the existence of a dispute(s), to settle such dispute(s) by mutual discussions. If the said dispute(s) cannot be settled by mutual discussions within the 30 (thirty) day period specified above, such disputes(s) shall be referred to arbitration for final resolution in the manner provided herein.
2. Bank shall appoint a sole arbitrator within 60 (sixty) days from the date of the Disputes Notice who shall resolve such dispute(s) in accordance with the provisions of the Arbitration and Conciliation Act, 1996, as amended from time to time (“Arbitration Act”).
3. The arbitration proceedings shall be held in English language with the seat of the arbitration being Mumbai and the venue of the arbitration being Mumbai. Subject to the arbitration agreement as mentioned above, the courts at Mumbai shall have the exclusive jurisdiction over any dispute(s) as described above. The Award passed by Arbitrator shall be final and binding on all the Parties.
REMEDIES
Upon the occurrence of an Event of Default, the Borrower’s outstanding Loan shall forthwith become payable to the Bank. The Bank may recall the Loan with additional charges. The Borrower, undertakes to forthwith surrender to the Bank/ its representatives/agencies, the Product or any other product of such value as approved by the Bank. The Bank/its representatives/ agencies shall be entitled to take possession and/or dispose the same and adjust the proceeds against the total dues. If there is any deficit, the same shall be made good to the Bank by the Borrower.
The Bank shall be entitled to take recourse to other legal remedies (civil and criminal) under appropriate provisions of the laws.
The Borrower shall be liable for payment of additional charges (if any) for delayed payment, all legal and other costs and expenses incurred in the exercise of the Bank’s remedies, including repossession of the Product/ any asset and recovery of Loan amount.
Force Majeure
The Borrower shall be liable to perform or fulfil its obligations at all point of time and shall not delay/postpone performance, its obligations in whole or in part, even on the ground of any force majeure event such as acts of God, floods, epidemics, pandemics, cyclones, earthquakes, fires, wars, riots, strikes, orders of governmental or other statutory authorities, national emergency, or any other similar causes.
TERMINATION
Kotak bank may at any time suspend and/or terminate, in whole or in part, the services and activities in relation to the Credit Line Option (including as set out hereunder) for any reason whatsoever, including for reasons of breach by the borrower of the T&Cs, terms and conditions agreed with the Bank.
The Borrower may terminate its arrangement with Kotak bank in relation to the Loan Account by informing Kotak bank Borrower care team and after repayment of all amounts due and payable to Kotak and/ or Flipkart. The borrower needs to pay off all the dues outstanding on his/her account before requesting for a termination.
In the event of any termination or suspension of services, the borrower shall be liable to pay in full all amounts due and payable to Kotak Bank as set out in the relevant bill amount or credit amount due to be payable to Bank or otherwise as provided under the T&Cs.
CONSENT OF DISCLOSURE/PRIVACY
The Borrower has no objection for the disclosure by the Bank of all or any such:
Information, obligations and data relating to the Borrower, Loan, T & C, Products/assets furnished by the Borrower including other credit facility granted/to be granted by the Bank;
Information, data relating to default, if any, committed by the Borrower in discharge of its obligations to the Credit Information Company ( "CIC") or agency authorized by the Reserve Bank of India. CIC and/ or other agency so authorized may use and/or process the aforesaid information and data in any manner as deemed fit by them. CIC and/or other agencies may furnish for consideration, the processed information and data or products thereof prepared by them, to the Bank and other credit guarantors or registered users, as may be specified by RBI.
In the Event of Default, the Bank shall also be entitled to communicate in any manner it may deem fit, to or with any person or persons including guarantors, person giving reference to loan, with a view to procure assistance of such person or persons in recovering the defaulted amounts including but not limited to visiting the property and/or any place of work of the Borrower.
The Borrower consents that the Bank may be required to disclose Borrower personal and financial information to the statutory authorities in connection with any legal process that may be initiated by such authorities in accordance with applicable laws.
The Borrower agrees that the Bank may also share Borrower information to provide Borrower with other services and a range of offers. The Bank may use this information to advise Borrowers about products, services and other marketing materials, which the Bank thinks may be of interest to Borrowers. The Bank further reserves the right to disclose the information to any third party if the disclosure of the same is for getting any additional service, products which may be beneficial to the Borrower, as per the sole assessment and discretion of The Bank.
The Bank will limit the collection and use of Borrower information only on a need-to-know basis to deliver better service to the Borrowers. The Bank may use and share the information provided by the Borrowers with its Affiliates and third parties for providing services and any service- related activities such as collecting subscription fees for such services and notifying or contacting the Borrowers regarding any problem with, or the expiration of, such services. In this regard, it may be necessary to disclose the Borrower information to one or more agents and contractors of the Bank and their sub-contractors, but such agents, contractors, and sub-contractors will be required to agree to use the information obtained from the Bank only for the said purposes. The Borrower authorize the Bank to exchange, share, part with all information related to the details and transaction history of the Borrower to its Affiliates/ other banks/ financial institutions/ credit bureaus/ agencies/ participation in any telecommunication or electronic clearing network as may be required by law, customary practice, credit reporting, statistical analysis and credit scoring, verification or risk management or any of the aforesaid purposes and shall not hold the Bank liable for use or disclosure of this information. The Bank values relationship with Borrower and will at all times strive to ensure Borrower’s privacy.
The Borrower hereby expressly authorizes the Bank for the purposes of credit verification or reference checks, protection of its interests etc., to disclose all / any information / documents relating to the Borrower Agreement and/or any other agreements or upon default committed by the Borrower, to the Reserve Bank of India, Income Tax Authorities, tribunals, courts, judicial bodies, other banks, credit bureau, financial institutions or any other third party in conformity with the disclosure norms as applicable from time to time and as per the Credit Information Companies (Regulation) Act,2005.
The Borrower hereby agrees that the information furnished by the Borrower in the application or otherwise may be further used by the Bank for marketing purposes to sell loan related offers, EMI offers, cash-related offers, insurance products, etc. from time to time. Further, the Bank may use this information to market other products of the Bank from time to time in conformity with the disclosure norms as applicable.
The Borrower expressly recognizes and accepts that the Bank shall, without prejudice to its right to perform such activities itself or through its officers or employees, be entitled and have full power and authority to appoint one or more third parties as the Bank may select and to delegate to such third party all or any of its functions, rights and powers under the Borrower Agreement relating to operations and administration of the Loan account including the right and authority to collect and receive on behalf of the Bank from the Borrower any payments and other amounts due from the Borrower under the Borrower Agreement and to perform and execute all lawful acts, deeds, matters and things connected therewith and incidental thereto including sending notices, contacting the Borrower, receiving cash / cheques / drafts / mandates from the Borrower and giving valid and effectual receipts and discharge to the Borrower. For the purpose aforesaid, the Bank shall be entitled to disclose to such third parties all necessary or relevant information pertaining to the Borrower and the loan account and the Borrower hereby consents to such disclosure by the Bank.
Notwithstanding the above, in the event of any default by the Borrower, the Borrower expressly accepts and authorizes the Bank (and/or any such third party as the Bank may select) to contact third parties (including the family members of the Borrower) and disclose all necessary or relevant information pertaining to the Borrower and the Loan account and the Borrower hereby consents to such disclosure by the Bank (and/or any such third party as the Bank may select).
NOTICE
Any notice or request required or permitted is to be given or made under this Agreement to the bank via postal or digital service. Such notice or request shall be deemed to have been duly made when it shall be delivered by hand, e-mail or any other electronic mode , telegram to the party to which it is required or permitted to be given or made at such party’s addresses.
GENERAL
These Terms and Conditions are binding on the Borrower and the Bank on and from the date mentioned in the Welcome Letter.
The Borrower, his/her legal heirs, executors, administrators and successors shall be bound by these Terms & Conditions.
The Borrower shall not be entitled to assign his/her rights and obligations or terminate these Terms & Conditions. The Bank shall be entitled to sell/transfer/assign, any or all its rights, benefits, duties and obligations including rights to receive installments and loan balance to other entity and for such assignment, the Borrower shall perform its obligations under these Terms & Conditions to such assignee.
The Borrowers undertake/s to indemnify and keep the Bank indemnified in respect of breach of any of the Terms & Conditions, Sanction Letter, Application Form and any other documents submitted by him/ her (collectively referred as the Loan documents).
The Borrower agrees to execute, deliver and perform, any and all further acts or documents which the Bank may reasonably require to effectuate the purposes of these Terms & Conditions.
Non-Waiver:- Any omission or delay on the part of the Bank shall not be deemed to constitute a waiver by the Bank of any of its rights under these Terms & Conditions.
The Borrower shall upon change of residence immediately intimate to the Bank.
The Installment Facility will be subject to transaction / processing fee as may be specified by the Bank from time to time. The transaction / processing fee shall form part in the monthly statement.
Service Tax, GST, any / all applicable taxes from time to time (including applicable cess and surcharge) at the applicable rate will be levied on the interest / finance charges component, on the processing fee, on the pre-closure fee, if any, and on any other billed financial charges / fees as may be applicable from time to time.
No request will be entertained to change/modify the Installment facility, once opted for by the Borrower.
Monthly installment is calculated as (Principal Amount + Interest charge if any)/Tenure. The Bank's calculation of the monthly installment amount, which is reflected in the monthly Billing Statement, is final. Under no circumstance can the computation of the monthly installment amount be challenged/questioned by the borrower.
On availing the facility the Credit Limit will be blocked for the amount of loan availed / which gets converted to EMI/Pay Later at the time the Borrower's request is processed. The Credit Limit will be released as and when the outstanding amount is billed and paid.
The amounts converted to avail the EMI Facility will not earn any reward points.
The Bank reserves the right at any time, without previous notice, to add, modify or amend any of these terms and conditions or to withdraw the Paylater/Installment Facility altogether.
Borrower can contact Bank’s grievance redressal office for bank related dispute, details can be fetched from https://www.kotak.com/en/Borrower-service/grievance-redressal/personal-banking/level-3.html
The Borrower shall be liable for any loss or damages and expenses suffered by the Bank, and its directors, officers and employees its Borrowers or a third party or any claim or action brought by a third party in relation to the use of the Flipkart Pay Later Limit by the Borrower(s) or any of their agents, employees and associates.
The Borrower shall be liable to all losses, damages and expenses, which the Bank may sustain or incur either directly or indirectly as a result of:

(i) Negligence/mistake or misrepresentation or misconduct of the Borrower

(ii) Breach or non- compliance of the rules/ terms and conditions relating to the loan Account

(iii) Fraud or dishonesty relating to any transaction by the Borrower or his employees/agents

The Borrower shall not hold the Bank liable for any and all consequences arising from the Borrower not complying with The Exchange Control Regulations of the RBI or any other applicable laws, rules and regulations.

The Bank will not be liable for any failure to provide the Credit Limit or to comply with the terms and conditions for any cause that is beyond the Bank's control. In consideration of the Bank providing the Borrower with the facility of the Credit limit, the Borrower hereby will be liable for all actions, claims, demands, proceedings, losses, damages, personal injury, costs, charges and expenses whatsoever which the Bank may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of providing the Borrower the said facility of the credit limit.
The Borrower hereby agrees to not to hold the Bank liable for any civil or criminal (liability), loss, cost, expenses or damages that may arise due to loss or misuse of the Credit Limit.
Changes in Terms and Conditions
The Bank reserves the right to revise policies, features and benefits offered on the Borrower and alter these Terms and Conditions from time to time and may notify the Borrower of any such alterations in any manner it thinks appropriate. The Borrower will be bound by such alterations unless the Credit Limit or Loan Account is cancelled/foreclosed before the date upon which any alteration is to have effect.
The Bank could make changes including (but not limited to) the purposes/reasons listed below:

(i) Impose or increase fees, charges or taxes

(ii) Increase the Borrowers liability for losses relating to loan account/s.

(iii) Adjust the Credit Limits applying to the Borrower.

(iv) The Bank may make a change without notice, if such change is necessary to maintain or restore the security of the system.

Notification of these and any other changes may be given by the Bank by delivering it to the Borrower personally or by posting it to his latest mailing address or through electronic-mail registered / recorded with the Bank. The Borrower must notify the Bank of any change to his address promptly. Proof of posting to such last notified mailing address or electronic-mail shall be conclusive proof of the notification at the time when it ought to be delivered in due course by the post even if the notification may be returned through the post undelivered. The Bank may also give the Borrower notice of variation of these Terms and Conditions by displaying a notice on or within the immediate vicinity of the site of an ATM/ branch/ office or by a press advertisement or by a message in the monthly Statement or on its Internet website (www.kotak.com).
These Terms and Conditions shall:
prevail over any previously made proposals, representations, understandings and agreements, express or implied, either oral or in writing and
apply in addition to the Bank's general Terms and Conditions and Rules for Accounts and Services and any other of the Bank's Terms and Conditions otherwise applicable. However, in case of conflict, these Terms and Conditions for credit Facility shall prevail as regards Transactions under the Flipkart Pay Later facility.
Do Not Call Register
The "Do Not Call" registry is open to the existing Borrowers of the Bank and also to Borrowers who have no existing relationship with the Bank.
Registration for "Do Not Call" is applicable only for telemarketing offers limited to products and services offered by Bank, made by calling on the mobile/landline phone of the Borrower.
The Borrower can register for "Do Not Call" by calling up the Bank's Phone Banking number or by registering on the Bank's website (www.kotak.com).
Registration for "Do Not Call" will not include or limit calls from the Bank regarding Account or Card maintenances, Alerts on Transactions, Account or Card dues recovery calls.
Authorization
I, the Borrower hereby authorize you and your associates, Third parties and agents to contact me/us, for providing information about new products, offers, promotions etc. and also for receiving feedback or surveys etc. by way of email, sms, phone calls or by any other means of communication and expressly agree to exempt such actions by you or them for the purpose of Do Not Disturb guidelines issued by Telecom Regulatory & Development Authority (TRAI) or any other authority.
The Borrower meets the Bank requirement of credit eligibility. The Bank shall be further entitled to modify and change any pre- approved Loan Amount on the sole discretion of the Bank basis credit eligibility of the Borrower from time to time.
The Borrower agrees that by purchasing products/services on the Digital Platform and availing the Loan Products, the Lender will be paying the seller/provider of the product/service on your behalf and extending a deferred payment option/loan to the Borrower. Borrower will be liable to pay the Financing Partner the amounts due under the Loan Products as per the payment schedule and the terms mentioned in your monthly statement, in accordance with these terms, loan application terms and the Financing Partner’s terms and conditions. Such repayment of the Loan Products may be made through the Digital Platforms, or such other payment methods as may be prescribed by Financing Partner to FAPL (“Repayment Mode”). The Borrower authorize Flipkart Advanz Private Limited to act as your agent for facilitating the collection and disbursal of the sanctioned amounts under the Loan Products.
The Bank shall also be entitled to communicate in any manner it may deem fit, with the person/s or persons whose name is given for reference by the Borrower, with a view to get assistance from such person/s in recovering the Loan amount.
ACCEPTANCE
I, the Borrower, acknowledge that I have read/ fully explained and understood all the Terms & Conditions and hereby agree, accept and undertake to abide by the same and the copy of Terms & Conditions is received.
The Borrower hereby consents to receive any such communication as well as all other communication, notices and information from the Bank electronically, whether made available on the Digital Platform or sent by SMS or email or via other electronic means. The Borrower hereby acknowledges and agrees that it shall be solely responsible for immediately notifying the Bank of any change in the mobile number and other details registered with the Bank.
The Borrower hereby grants its consent to the Bank to further use, share and obtain the Personal Information with its affiliates and/or the Partner Merchants, Third Party, Government Agencies and confirms that the Borrower does not have any objection to receiving promotional offers, deals, marketing material, promotional material and any other form of communications from the Partner Merchants, the Bank and/or its or their affiliates in such form as may be determined by the Bank or Flipkart in their sole discretion. In addition, Borrower agrees and understands that the Bank will collect, receive and process the personal information of the Borrower in accordance with the Bank’s Privacy Policy. By accepting the T&Cs, Borrower hereby agrees and accepts Kotak Mahindra Bank’s Privacy Policy updated on https://www.kotak.com/en/privacy-policy/privacy-notice.html
Disclaimer for GSFC clause:
“I hereby declare that I have understood the GSFC (General Schedule of Fees and Charges) as applicable to the product subscribed by me. The Bank reserve the rights to revise the charges as laid down in GSFC from time to time.”
Bank shall notify the customer 30 days in advance of such changes in GSFC.
In case customer does not consent to the revised GSFC, customer has a right to approach the bank within these 30 days (prior to the new GSFC being made live) and submit a closure request. Bank shall not charge any foreclosure/pre-payment charges/any other closure related charges in such cases.
CONTACT DETAILS AND GRIEVANCE

You may contact the Bank in any of the following ways:

(i) Customer Care Officers for Kotak Consumer Durable Loans will be available to answer your queries 24 Hours, all days of the week on the following numbers: 1860 266 7777(Local call rates apply) OR

(ii) Send an email by logging on www.kotak.com or through your internet banking account on our website. In all your communication with us, please indicate your Flipkart Pay Later Account number shared on the Welcome Letter OR

(iii) Please reach out to Kotak Grievance Redressal Officer:

GRO Name: Mr. P Balgi

Designation: Vice President & Nodal Officer

Address: Kotak Infiniti, 4th Floor , Zone 4

Bldg No.21, Infinity Park,

Off Western express Highway,

General AK Vaidya Marg,

Malad ( E) , Mumbai – 400097

Email ID: https://www.kotak.com/en/customer-service/grievance-redressal/personal-banking/level-2.html

Telephone: 022-62042110