Terms & Conditions

Introduction

PLEASE READ THESE TERMS OF SERVICE CAREFULLY. By accessing the AyushPay Portal/Application/Website or using the services provided by AyushPay in any manner whatsoever, you agree to be bound by the: (1) AyushPay Terms of Service; and (2) AyushPay Privacy Policy. If you do not agree with these terms, please do not access the AyushPay Portal/Application/Website or use the AyushPay service. The headings contained in these terms are for reference purposes only. You should print a copy of these terms for your records.

Parties to These Terms

These terms and conditions of service constitute a contractual relationship ("Terms") between you ("You" or "Your" or "Customer") and Nikunj Health Technologies Private Limited ("AyushPay", "We", "Us", "Our"), regarding Your use of this website www.ayushpay.com and a mobile application under the name of 'AyushPay' available on the Google Play Store (collectively the "Portal"), and Your access to Your account ("Account") information and services provided through the Portal.

By using this Portal, You acknowledge that You have read, understood and accepted these Terms and have agreed to abide by the same without any limitation or qualification.

Who Are We?

We are a platform who help connect Our Customers, such as You, with Our select financing partners ("Financing Partner") for availing financing facilities for healthcare expenses. We also connect Our Customers with providers of health or medical services. The services provided by Us is set out in detail in the Services clause of these Terms.

Changes to These Terms

AyushPay may change these Terms from time to time. If AyushPay makes any changes to the Terms that it deems to be material (in its discretion), AyushPay will make a reasonable effort to inform You of such changes, but it is Your responsibility to review the Terms posted to the Portal from time to time to see if they have been changed.

The updated version of the Terms shall supersede any previous version of the Terms and such updated version shall be immediately effective upon being posted on the Portal. The continued use of the Portal following the notification of modification of the Terms will be construed to mean Your acceptance of the said modified/updated Terms.

Representations, Warranties & Undertakings

You represent that:

(a) You are above 18 years of age, of sound mind, a resident Indian citizen, and are competent to execute these Terms without any pressure or coercion. (b) You are a tax resident of India. (c) These Terms are a legal, valid and binding obligation on You, enforceable against You. (d) If You choose to access the Portal from locations other than India, You shall do so at Your own risk and be solely liable for compliance with applicable local laws. (e) You are not a Politically Exposed Person resident outside India as provided in the RBI's Master Direction – KYC Direction, 2016, and are in compliance with applicable AML/CFT standards. (f) The information and data contained in this Portal does not constitute an offer to buy or sell any services in any jurisdiction other than India. (g) You confirm that You are authorized to access the Portal and avail of the facilities offered thereon, including to execute transactions. (h) The information provided by You is correct, true and accurate. (i) You acknowledge that AyushPay is entitled to remove any information on the Portal that is in contravention of these Terms or applicable law. (j) You understand that AyushPay does not provide any warranties for its Services and shall not be liable for any claims made by You or any third party. You undertake to indemnify and hold harmless AyushPay, its affiliates and their respective directors, officers, employees, agents and representatives against all damages arising due to any act or omission by You or any third party in relation to the Services.

Enquiry / Information from Third Parties

AyushPay may, upon receiving Your consent, request certain third parties to provide information about you to further personalize Your experience on the Portal and provide certain services.

Financing Partners may collect Your credit related information (e.g., credit score) from third parties (e.g., Credit Information Companies / Information Utilities / Account Aggregators) under a contract, and you provide Your consent for them to do so.

The Financing Partner/AyushPay may receive Your additional information, such as information to help detect fraud and safety issues, from third party service providers and/or partners.

You acknowledge and consent to the fact that some of Your data may be shared by third parties (such as Your employer or Your organization, if applicable) and such data shall be stored, retained and otherwise used by AyushPay in accordance with the AyushPay Privacy Policy.

Marketing and Advertising

You hereby express Your intent to know through telephonic calls, WhatsApp messages or SMS on Your mobile number, various AyushPay offers, loan offer schemes or promotional schemes made available by the Financing Partners or otherwise, and hereby authorize AyushPay and its employees, agents, associates and affiliates to do so.

You confirm that laws in relation to unsolicited communication referred in "National Do Not Call Registry" as laid down by the Telecom Regulatory Authority of India will not be applicable for such communication received from AyushPay, its employees, agents and/or associates.

The Service

Subject to the assessment conducted by the Financing Partner of AyushPay on You, AyushPay will assist in facilitating execution of the loan documents with the Financing Partner so that You may purchase products/services utilizing such funds. AyushPay will provide to You the following facilities ("Services") as applicable:

(a) To facilitate Your access to healthcare and medical services. (b) To facilitate your access to the Card. (c) To facilitate your use of the Portal. (d) To facilitate loans from the Financing Partner and enable execution of loan documentation. (e) To provide You details of loans availed and interest and principal repayments on the Portal. (f) To provide You various benefits including merchant discounts on various products/services. (g) To provide you with information related to healthcare service providers. (h) To facilitate the payment for healthcare services. (i) Any other Services as may be contained in these Terms or otherwise provided to facilitate access to healthcare and medical services.

AyushPay is the technology and operating partner to its Financing Partners, the Bank, and healthcare service providers. At no point is AyushPay representing itself as a lending company or a medical service company. AyushPay reserves the right to add, remove or modify existing functionalities to its Services at its sole discretion.

List of Authorised Financing Partners

AyushPay has tied up with multiple Financing Partners to ensure You get the best financing options, and this list may be modified from time to time. AyushPay will not be obligated to inform You about any revision of its list of Financing Partners.

In case You want to receive details of all the Financing Partners currently engaged with us, You can reach out to Us at care@ayushpay.com. This list is also available on our website www.ayushpay.com.

Cancelling Transactions

Loan approval process is as per the sole discretion of the Financing Partner. Loan transactions once initiated on the Portal/through the Card cannot be cancelled by You other than as specifically allowed on the Portal or as per Your loan documents.

Collecting Information About You

The Privacy Policy shall be treated as part of these Terms. You undertake that You shall carefully read through the Privacy Policy and shall strictly comply with its terms.

By using the Portal or Services, You authorize AyushPay, directly or through third parties, to make any inquiries We consider necessary to validate Your identity and to collect information about You in accordance with Our Privacy Policy. This may include asking You for further information, requiring You to confirm ownership of Your email address or financial instruments, or verifying Your information against third party databases.

We may also ask You for identifying documents such as KYC documents, however We do not store or retain any Sensitive Personal Data or KYC information or documents. AyushPay reserves the right to close, suspend, or limit access to Your Account and/or the Services in the event We are unable to obtain or verify this information.

You agree to provide unconditional and absolute consent to AyushPay to use and share the information provided by You in relation to the Services. You further agree and consent to the fact that all information shared by AyushPay with its Financing Partner can be used by the Financing Partner to carry out credit bureau checks or other creditworthiness checks as may be necessary for the purpose of the Services.

Indemnity

AyushPay shall not be liable in case You breach any terms or conditions provided under the Privacy Policy or these Terms and will not be obligated to indemnify You for any direct or indirect losses accruing to You.

You agree to indemnify, defend and hold harmless AyushPay, its affiliates, group companies and their directors, officers, employees, agents, third party service providers, and any other third party providing any service to AyushPay in relation to the Services, from and against any and all losses, liabilities, claims, damages, costs and expenses (including legal fees and disbursements and interest chargeable thereon) asserted against or incurred by AyushPay that arise out of, result from, or may be payable by virtue of, any breach or non-performance of any terms of the Terms by You.

Limitation of Liability & Injunctive Relief

To the extent permitted under applicable laws, in no event will AyushPay or any of its affiliates, group companies or their respective officers, employees, directors, shareholders, agents, or licensors be liable to you or anyone else under any theory of liability for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of revenues, profits, goodwill, use, data or other intangible losses, resulting from:

• Your use (or the use of anyone using an account registered to You) of the Portal or any parts thereof. • Unauthorized access to or alteration of Your transmissions or data. • Any other matter relating to the Services.

The Services provided by AyushPay are 'as is', and AyushPay does not provide any warranties in relation to the Services. AyushPay makes no warranty, express or implied, concerning the Portal and/or its contents and disclaims all warranties of fitness for a particular purpose and warranties of merchantability.

Your sole and exclusive remedy for any dispute with AyushPay shall be to discontinue the use of the Portal and the Services. In any event, the liability of AyushPay for any and all claims shall not exceed the subscription fee paid, as applicable for accessing the Services.

Credit Investigation and Reporting

You hereby give Your explicit consent and authorize AyushPay's Financing Partners, to obtain Your Credit Information Report and Credit Score from: (i) CRIF High Mark Credit Information Services Pvt Ltd., (ii) TransUnion CIBIL Limited, (iii) Experian Credit Information Company of India Private Limited, (iv) Equifax Credit Information Services Private Limited, and (v) from such other credit information company as allowed under applicable law.

This is for the purpose of determining Your credit score, opening an account with AyushPay's Financing Partners, undertaking analysis for revising Your eligibility limit, or otherwise as required for providing You with the Loan. This consent shall be valid for a period of 3 (three) years.

Communication & Notification

You agree that AyushPay (either directly or through its affiliates, subsidiaries or other permitted assigns) may provide You communications about Your Account and the Service electronically or through phone calls, WhatsApp messages, or in writing. Standard mobile, message, or data rates may apply.

Any electronic communications will be considered to be received by You within 24 hours of the time We email it to You or otherwise send it to Your attention. We may assume You have received any communications sent to You by postal mail 3 business days after We send it.

You give direct consent to Us and Our permitted assigns to communicate with You via any method of communication provided by You to us, including automated dialer systems, pre-recorded voice messages, and other forms of communications. You also agree that these communications are not unsolicited for purposes of any applicable law.

Working with Third Parties

If You grant express permission to a third party to access particular information about Your Account (for the purpose of facilitating purchase of goods/services), You acknowledge that AyushPay may disclose the information about Your Account to such third party.

You acknowledge that granting permission to a third party to access Your Account does not relieve You of any of Your responsibilities under these Terms. You agree that You will not hold AyushPay responsible for any liability arising from the actions or inactions of this third party in connection with the permissions You grant.

KYC Procedure

In compliance with the Master Direction – KYC Direction, 2016 issued by the RBI, undergoing KYC verification is mandatory in order to become a registered and approved user on the Portal.

Acceptable documents collected from You by AyushPay on behalf of its Financing Partners:

Proof of Identity: • Proof of possession of Aadhaar • PAN Card / Form 60 (PAN Card is mandatorily required for salaried/self-employed users)

Proof of Address: • For permanent address: Driving License / Voter ID / Passport / Aadhar Card • For current address: Electricity bill / Gas bill / Rent receipt / Water bill / Telephone bill / Post-paid mobile bill / PG rent receipt

Other Identification Proofs: • College ID / Employee ID. If Employee ID is not available, employee's official email ID verification process is available.

You are also required to click a selfie which will be uploaded in Your application. Post submission, AyushPay will share the above documents with the Financing Partners for initial verification. AyushPay does not store, hold or otherwise retain any documents shared by You as part of the KYC process.

Terms to Provide Accurate Information

When You provide information to AyushPay, You agree to provide only true, accurate, current and complete information about yourself and You agree not to misrepresent Your identity or Your Account information. You further agree to keep Your Account information up to date and accurate.

The responsibility of providing correct information — including contact information, bank account details, and details of invoices — lies solely with You. We shall not be liable for the accuracy of information provided by You.

If any incorrect bank account number is provided by You, any amount may be deposited/credited to the wrong bank account and there is no guarantee of recovery of the same. AyushPay disclaims all liability that may arise from such an error. You confirm that, if You receive any wrong credit of funds in Your bank account, the same will immediately be reported to Us within 24 hours of receipt.

Delays in Processing & Fees

In some cases when You attempt to use the Services to make a purchase, the transaction may be held as pending or be otherwise delayed for processing and confirmation by either the Financing Partner or the merchant, and can be cancelled at any time until it is confirmed by AyushPay.

If You use the Services, You may be levied non-refundable service charges or fees, details of which will be communicated to you in the loan documentation issued by the Financing Partner and MITP made available on the Portal.

You are also responsible for any fees charged by Your phone service provider, such as fees for SMS, data services, and any other fees. AyushPay reserves the right to levy additional charges based on the method of payment chosen by You.

Access to Your Account

You are responsible for maintaining the secrecy and security of the login credentials to Your Account and for restricting access to Your system to prevent unauthorized access. You agree to accept responsibility for all activities that occur in Your Account.

You agree to inform Us immediately if You have any reason to believe that Your login credential has become known to anyone else, or if the password is being or is likely to be used in any unauthorized manner. AyushPay expressly disclaims all liability arising out of any breach of Your Account information.

Portal Content & Links to Other Websites

The information on the Portal is for information purposes only. It is believed to be reliable, but AyushPay does not make any promises as to its completeness, timeliness or accuracy. The information and materials contained in the Portal are subject to change at the sole discretion of AyushPay.

The Portal may contain links to other websites ("Allied Sites"). The Allied Sites are not under the control of nor endorsed by AyushPay. You will be governed by the terms of use of the Allied Site when you visit one, and not by these Terms. AyushPay makes no warranties concerning the content of such websites, including accuracy, completeness or reliability.

Your use of the Portal will be at Your sole risk. The Portal has been provided on an "as is" and "as available" basis. AyushPay assumes no liability whatsoever for any monetary or other damage suffered by You on account of the delay, failure, interruption or errors in the operation of the Portal.

Confidentiality

AyushPay and You hereby agree to keep the data, information and terms of the Portal and/or any other confidential information of each other ("Confidential Information") confidential and shall not disclose the same without the consent of the other.

The Parties shall not be liable for breach of the above clause when the Confidential Information is disclosed pursuant to an order of any court or government authority, in performance of this contract by AyushPay, when the parties independently obtain it from a third party, or if such Confidential Information is already in the public domain.

Blocking of Card or Access to Services

Your Card may be blocked and/or Your access to Services may be temporarily or permanently suspended if any suspicious or fraudulent activity is detected with respect to Your Card or Your use of the Services. Your Card may be blocked temporarily to protect You from any fraud. After the matter is resolved, Your Card will be unblocked and/or Your access to the Services will resume.

AyushPay Card

This Card is issued to you by AyushPay and sponsored by Yes Bank Limited having registered office at YES Bank House, Off Western Express Highway, Santacruz (East), Mumbai – 400055.

Most Important Terms & Conditions for Card:

The usage of the co-branded Card issued to You or the "Cardholder" shall be governed by the terms and conditions contained herein, and also those terms and conditions stated on the website of the Bank www.yesbank.in (together "T&Cs"). The Card is made available to You by a corporate customer ("Corporate") of AyushPay pursuant to a contract between the Corporate and AyushPay.

You hereby agree to abide by the T&Cs and shall be deemed to have unconditionally agreed to and accepted the T&Cs by performing your first transaction with the Card or acknowledging receipt of the Card in writing.

The Card is not transferable. The Cardholder cannot add his/her personal funds on the Card, and funding of the Card may be done only by the Corporate. The Card cannot be used at any ATM for cash withdrawals.

Refund on Cards & Use of the Card

In case of failed/returned/rejected/cancelled transactions, refunds received on Cards shall be applied immediately to the value already stored in the Card in compliance with the Master Direction on Issuance and Operation of Prepaid Payment Instruments guidelines issued by the RBI.

In case a refund for any transaction is received after the loan amount is determined, You can reach out to AyushPay's customer relationship team on care@ayushpay.com for loading the Card with the refund amount.

Use of Card is subject to the following:

(a) The Card is valid only in India and for the purchase of goods and/or services in Indian currency only. (b) The Card is redeemable only against such products and services as may be notified to You. (c) The Card is not redeemable for cash. (d) Any unredeemed value or unutilized balance after the date of expiry of the Card will stand forfeited. (e) You shall take reasonable precaution to prevent misuse of the PIN and shall be solely responsible for any consequences arising from the disclosure of the PIN or unauthorized use of the Card. (f) AyushPay and/or the Bank reserve the right, at any time, to refuse the use of the Card. (g) AyushPay and/or the Bank shall not be liable for any defects in any products, goods or services availed using this Card.

Card Charges, Termination & Expiry

Charges applicable on the Card: • Re-issuance of Lost or Damaged Card: INR 300 • Additional / Supplementary Card (First Add-On Card is free): INR 300

Termination: The Bank and/or AyushPay may, at any time, suspend or terminate the Card in the event: (i) You are declared insolvent or upon receipt of notice of Your death; (ii) You commit a breach of any of the T&Cs; or (iii) any restriction is imposed on You by an order issued by any regulatory authority or court.

Expiry: The Bank will intimate You through SMS 45 days prior to expiry of the Card's validity period. You must utilize the balance amount prior to expiry of the Card. In case You do not utilize the balance amount within the validity period, You can approach the Bank for a refund/transfer of the outstanding balance.

Lost, Stolen or Misuse of the Card: In case of loss or theft of the Card, You shall immediately inform any of the branches/customer care centers of the Bank. You shall be responsible for all unauthorized transactions until the time You report the unauthorized transaction to the Bank. A new Card shall be issued upon a request in writing and payment of the applicable fee.

How You May NOT Use the Card or Services

By using the Portal or Services, You agree that You will NOT:

(a) Use the Card or the Services for any non-healthcare related expense. (b) Engage in any activities contrary to any applicable law or regulation. (c) Solicit others to perform or participate in any unlawful acts. (d) Provide false, inaccurate, deceptive or misleading information. (e) Use or attempt to access an Account that belongs to another person. (f) Prevent other users' access to or use of the Portal. (g) Attempt to collect or track the personal information of others. (h) Create multiple, fraud or fake Accounts with false information. (i) Use any device, software or tool intended to damage or interfere with the Services. (j) Breach these Terms or any other Terms or policy You have agreed to with AyushPay. (k) Use the Services to accomplish a cash advance. (l) Commit unauthorized use of the Portal and systems, including unauthorized entry into AyushPay's systems, misuse of passwords or any information posted to a site. (m) Take any action that imposes an unreasonable load on Our infrastructure, including denial of service attacks or "spam". (n) Upload, display, share, host, publish or transmit any information that is harmful, obscene, defamatory, pornographic, unlawful, infringing any intellectual property rights, or otherwise objectionable.

AyushPay's Disclaimers and Liabilities

(a) AyushPay, its affiliates and their respective directors, officers, employees, agents and representatives shall have no liability to You for any indirect, incidental, special or consequential damages or any loss of revenue or profits arising under or relating to these Terms. (b) AyushPay in no manner warrants or guarantees the performance of the Financing Partner. (c) AyushPay does not make any representations or warranties on behalf of any of the Financing Partners. (d) AyushPay expressly disclaims all liability arising out of any loan documentation executed between You and the Financing Partner. (e) AyushPay expressly disclaims all warranties of any kind as to the Portal and all information and content included in or accessible from the Portal. (f) AyushPay does not guarantee that any identified defects will be corrected, that the Portal is free from viruses, or that the Portal is non-infringing of third party rights. (g) AyushPay makes no warranty that the Portal will meet Your requirements, will be uninterrupted, timely, secure, or error-free, or that the results obtained from the use of the Portal will be accurate or reliable. (h) AyushPay will not be liable to You for any loss or damage whatsoever arising directly or indirectly as a result of loss of data, interruption or stoppage to Your access to the Services, hacking or unauthorized access to the AyushPay technology platform.

Credit Facility

Customers can avail of the Credit Facility (through the Financing Partners) for their healthcare expenses.

Key terms of the Credit Facility:

• After data is gathered, the Customer is onboarded as a user on the Portal after undergoing KYC verification. AyushPay does not store or retain the Aadhar data or documents shared as part of the KYC process. • Basis the data, the Customer will be approved and offered a pre-approved Eligibility Amount by the Financing Partners. To use this amount, Customers will have to set up Repayment Mandates in favor of Financing Partners. • The Eligibility Amount is valid for 30 days, post which it is re-calculated. • When the Customer wants to draw-down a specific Loan amount, the Financing Partner responds with a Key Fact Statement, Sanction Letter and a Loan Agreement. The customer must agree to these before the Loan is disbursed. • Each draw-down will be considered a separate Loan and accordingly a separate loan agreement shall be executed between the Customer and the Financing Partner. • The Loans have been lent strictly for health and medical-use case only and cannot be used for any other purpose. • The Customer has the option to get AyushPay to pay the interest (Interest Reimbursement) on the Loan by providing proof of medical end-use through an invoice equal to or higher than the amount drawn-down. • AyushPay will not be a party to the loan agreements executed between the Customer and the Financing Partner.

Termination

You may terminate these Terms at any time by contacting Us at care@ayushpay.com, provided that You discontinue any further use of the Portal or Services. Upon Account closure, We will cancel any pending transactions unless otherwise legally prohibited. However, any such termination shall not cancel Your obligation to repay any Loan availed through a Financing Partner.

AyushPay may close Your Account if You do not log in to the Portal or use the Services for 1 or more years. We reserve the right to terminate the Services in the event of breach of any terms, misrepresentation of information, any unlawful activity by You, or if We are unable to verify or authenticate any information submitted by You.

Notwithstanding anything contained in these Terms, if We reasonably believe that you are acting in breach of any of these Terms, We reserve the right to immediately suspend or terminate Your Account without any notice.

Disputes with AyushPay

If a dispute arises between You and AyushPay, Our goal is to provide You with a neutral and cost-effective means of resolving the dispute quickly. In the event of a dispute, We encourage You first to contact AyushPay at care@ayushpay.com to try resolving Your problem directly with Us.

You can update the mobile phone number or email address registered with AyushPay by submitting a request by emailing care@ayushpay.com.

Assignment

These Terms, or any right or interest herein, shall not be assignable or transferable by You without the prior written consent of AyushPay. Rights and obligations of AyushPay under these Terms are freely assignable without Your prior written consent.

Force Majeure

AyushPay shall not be liable for any failure to perform any of its obligations under the Terms or provide the Services if the performance is prevented, hindered or delayed by a Force Majeure Event, and in such case its obligations shall be suspended for so long as the Force Majeure Event continues.

"Force Majeure Event" means any event due to any cause beyond the reasonable control of AyushPay, including, without limitation, unavailability of any communication system, breach or virus in the systems, fire, pandemic, flood, explosion, acts of God, civil commotion, riots, insurrection, war, or acts of government.

Governing Law & Arbitration

These Terms shall be governed by and construed in accordance with the laws of India. Subject to the provisions of arbitration set out herein, the courts at Mumbai and Delhi shall have exclusive jurisdiction in relation to any disputes arising out of or in connection with these Terms.

If any dispute arises between Us and You in connection with or arising out of the validity, interpretation, implementation or alleged breach of any provision of these Terms, such dispute shall be referred to and finally resolved by arbitration in accordance with the Arbitration and Conciliation Act, 1996. The dispute shall be resolved through arbitration by 1 (one) arbitrator and the seat and venue of the arbitration shall be Mumbai, India. The language of the arbitration proceedings and of all written decisions and correspondence shall be English.

General Provisions

Entire Agreement: The Terms along with the Privacy Policy constitute the entire agreement between AyushPay and You and supersede and extinguish all previous agreements, promises, assurances, representations, warranties and undertakings, whether written or oral.

Severability: If any provision of the Terms is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability shall attach only to such provision or part of such provision, and all other provisions of the Terms shall continue to be in full force and effect.

No Waiver: AyushPay's failure to exercise or enforce any right or provision of the Terms shall not be deemed to constitute a waiver of such right or provision. Any waiver given under these Terms shall be considered a waiver solely for the specific instance where such waiver was sought and given.

Rights and Remedies: Each of the rights, powers and remedies of AyushPay (i) are in addition to, and not in derogation of, other rights and remedies given by contract or by applicable law; (ii) may be exercised even if this involves a conflict of duty; and (iii) is not affected by any payment, settlement or anything which might otherwise affect them at law.

Non-Exclusive Basis: The arrangement set out by the Terms between AyushPay and You is on a non-exclusive basis.

Have questions about these Terms?

Reach out to our team and we'll be happy to help clarify anything.

care@ayushpay.com