Terms and Conditions for EMI @ UPI by ICICI Bank
Please click here to read the Most Important Terms & Conditions (MITC)
These Terms and Conditions for EMI @ UPI shall govern the Facility offered by ICICI Bank Limited and shall be read along with Most Important Terms and Conditions for EMI @ UPI and any additional terms and conditions as may be specified by ICICI Bank from time to
time.
1. Definitions
(I) ‘Loan Account Statement’ shall mean the loan and EMI schedule, containing the details of the Facility availed by the Customer informing them regarding the completed and pending
repayments for the availed Facility. The same shall be available on ICICI Bank Platform.
(II) ‘Applicable Law’ shall mean applicable statute, law, rule, regulation, ordinance, judgement, order, decree, authorisation or any published directive, guideline, notice, requirement or governmental restriction, having the force of law in any jurisdiction, including amendments made from time to time.
(III) ‘Application Form’ means the pre-filled/auto-filled digital application generated basis the digital journey undertaken by the Customer on ICICI Bank Platform when applying for and availing the Facility.
(IV) ‘Credit Bureau’ means independent third-party institutions that collect financial data regarding loans, credit cards and more, about individuals and shares it with its members
such as banks and non-banking financial institutions in the form of a credit report.
(V) ‘EMI @ UPI Facility’ or ‘Facility’ means a pre-approved credit facility provided by ICICI Bank to the Customer, whereby they can convert their UPI transaction amounts into EMIs
(defined below) and repay such EMI amounts within a specified time period, with or without interest, as per these Terms and Conditions.
(VI) ‘Customer’ shall mean such eligible individuals to whom ICICI Bank has agreed to extend EMI @ UPI Facility, pursuant to their application for the same vide ICICI Bank Platform.
(VII) ‘EMI’ or ‘Equated Monthly Instalment’ means the amount payable every month by the Customer to ICICI Bank with respect to the EMI @ UPI Facility and comprises of the principal
amount and interest thereon.
(VIII) ‘Merchant/Vendor’ means any such merchants or vendors who offer products/services and are approved by ICICI Bank to accept payment for transactions made using EMI @ UPI
Facility.
(IX) ‘MITC’ means the Most Important Terms and Conditions governing EMI @ UPI Facility, a copy of which is provided by ICICI Bank to the customer and is available on https://www.icici.bank.in/personal-banking/loans/smart-loan/most-important-terms-and-conditions
(X) ‘ICICI Bank Platform’ means any and all digital platform owned and maintained by ICICI Bank including iMobile, Net Banking or any other mobile/digital application
that may be developed in future.
(XI) ‘Primary Terms and Conditions’ mean these terms and conditions governing the EMI @ UPI Facility, available at https://www.icici.bank.in/personal-banking/loans/smart-loan/terms-and-conditions-for-emi-upi
(XII) ‘Terms and Conditions’ shall mean and include Primary Terms and Conditions, MITC and any additional terms and conditions specified by ICICI Bank, which govern the EMI @ UPI
Facility.
(XIII) ‘Tenure’ means the duration for which the EMI @ UPI Facility is made available by ICICI Bank, including any subsequent renewals, unless revoked or cancelled.
(XIV) ‘KYC’ means Know Your Customer and includes process of verifying the identity of Customers under ‘Know Your Customer’ guidelines issued by the Reserve Bank of India.
(XV) ‘NACH’ means National Automated Clearing House.
(XVI) ‘Outstanding Due’ means the due outstanding amount of the Facility, including all fees, interest, costs, charges, expenses and all other sums whatsoever payable by Customer
to ICICI Bank on that particular day, in accordance with the Terms and Conditions.
(XVII) ‘Payment Due Date’ means the date on which the EMI for servicing the Facility is required to be paid by the Customer, as visible on the ICICI Bank Platform.
(XVIII) The words importing the singular include the plural and vice versa and shall be read as such across the Terms and Conditions.
2. General
I. EMI @ UPI Facility may be provided to the Customer at the sole discretion of ICICI Bank, in accordance with law and shall be subject to fulfilment of the Terms and Conditions and any such other terms as may be stipulated by ICICI Bank, from time to time.
II. By accepting these Terms and Conditions, the Customer shall permit ICICI Bank to conduct Credit Bureau checks and / or share their data with Credit Bureaus. ICICI Bank reserves the right to ascertain the creditworthiness of the Customer by obtaining Credit Bureau report and such other reports as may be necessary.
III. EMI @ UPI Facility is available to the Customer only to transact using the ICICI Bank Platform and is non-transferable in nature. Customer shall act in good faith at all times, in relation to all dealings with ICICI Bank and usage of EMI @ UPI Facility.
IV. Customer is responsible for the accuracy of all the information provided by them at the time of availing the EMI @ UPI Facility or otherwise and shall keep ICICI Bank updated on their communication address, contact number and such other details as required by, and to the satisfaction of ICICI Bank.
V. Customer agrees to be vigilant regarding the payment transactions happening through EMI @ UPI Facility sanctioned to them and shall inform ICICI Bank of any misuse, fraud or theft, as soon as the same is discovered.
VI. Customers shall keep ICICI Bank updated on communication address, loss of handset, breach of protected and / or confidential information like PIN, username, password etc.
VII. Any dispute or claim arising in relation to the goods or services purchased from any Merchant by the Customer must be resolved by bilaterally between Merchant and Customer without any reference/recourse/liability to ICICI Bank. The existence of the claim or dispute shall not relieve the Customer of their obligation to pay the dues to ICICI Bank as per the agreed upon terms.
3. Issuance And Usage
I. The Customers shall apply for EMI @ UPI Facility only through ICICI Bank Platforms. The Facility shall be extended to only such Customers who are found to be eligible as per the criteria and assessment of ICICI Bank. The Customers shall utilise the Transaction Limit (as visible on ICICI Bank Platforms) under EMI @ UPI Facility to make purchases in Indian Rupee (INR) only.
II. ICICI Bank has the sole discretion to renew, revise, reduce or increase the pre-approved offer limit extended to the Customer under the EMI @ UPI Facility and the same shall be duly communicated to the Customer.
III. The Customer hereby permits ICICI Bank to auto-debit their ICICI Bank Savings Account, for repayment of dues accrued under the EMI @ UPI Facility.
IV. The Customer agrees and acknowledges that the Facility amount shall be disbursed directly to the Merchant/Vendor for and on behalf of the Customer.
4. Cancellation
I. If the Customer wishes to cancel/return the product/service purchased from the Merchant, the Customer may raise a cancellation request to the Merchant as per the Merchant’s cancellation/return policy. The Customer’s obligation to repay the Facility to ICICI Bank shall continue until the Facility amount disbursed to the Merchant is duly returned to ICICI Bank.
II. In case the Customer cancels/returns the product/service within 15 days from availing the Facility, no charges, interest or fees will be payable by the Customer. However, if the Customer cancels/returns the product/service beyond 15 days, the Customer shall be liable to pay interest on the Facility amount disbursed.
5. Prepayment And Repayment
I. The Customer undertakes and agrees to:
a. Repay the Facility amount and applicable interest, charges and other fees in the form of EMIs on or within the Payment Due Date through auto-debit from the linked ICICI Bank Savings Account or though Pay option in EMI @ UPI loans dashboard available on ICICI Bank Platform or through any other mode as may be permitted by ICICI Bank;
b. In case the available balance in the linked ICICI Bank Savings Account is insufficient, the Customer shall immediately fund the linked ICICI Bank Savings Account with the required amount. Any failure/delay in complying with the same, shall be construed as a default on part of the Customer.
c. Pay default charges applicable with respect to the repayment of the Facility including the cancellation charges, repayment mode swap charges etc., as specified in the MITC or as may be communicated by ICICI Bank from time to time;
d. Pay EMI bounce charges as specified in the MITC, if auto-debit for facilitating the payment/repayment is returned/dishonoured;
II. In the event the EMI is not paid by the Customer within or on the Payment Due Date, it shall be construed as a default on part of the Customer and they shall be liable to pay the amount together with applicable interest and default charges as specified in the MITC and other charges as specified in the subsequent month’s Loan Account Statement. Such charges shall be computed from the Payment Due Date till the date of actual payment.
III. On receipt of delayed payments by ICICI Bank from the Customer, the amount shall be appropriated first against the outstanding due and thereafter against the other charges.
IV. The Customer shall bear the Goods and Services Tax and any other statutory levies, duties and taxes as may be applicable from time to time.
V. Upon disbursement of the Facility, the obligation of the Customer to ensure timely payment of the principal and interest shall be unconditional and will continue unaffected, notwithstanding that the product may be lost, stolen, damaged, defective or destroyed due to any reason (including a force majeure event) or due to an act/omission of the Customer or the Merchant or any third party, while the product is being delivered or otherwise.
VI. Notwithstanding anything else provided the Terms and Conditions, ICICI Bank has the right to demand repayment of the entire amount outstanding under the Facility (including but not limited the principal amount, interest amounts and any other charges etc.) payable thereon by the Customer.
6. Events Of Default
I. The following acts, as set out below, shall constitute an ‘Event of Default’ by a Customer:
a. Any non-payment of the EMI on or within the Payment Due Date as payable under the Facility;
b. Breach of any of the Terms and Conditions, or occurrence of any fraud, misrepresentation or failure to submit any material information;
c. Bankruptcy or insolvency of the Customer, or if the Customer becomes the subject of proceedings under any bankruptcy or insolvency law;
d. Death of the Customer; or
e. The existence of any other circumstance which, in the sole opinion of ICICI Bank, could jeopardise ICICI Bank's interest in the Facility.
II. Upon the occurrence of an Event of Default as specified above, without prejudice to the other remedies available, ICICI Bank shall be entitled to give notice to the Customer and to exercise the following rights and remedies:
a. Recall the Facility and call upon the Customer to pay the Outstanding Due (including principal amount, interest and charges) immediately upon receipt of such communication;
b. Engage one or more person(s) to collect dues from the Customer and/or to enforce any security provided by the Customer and ICICI Bank may (for such purposes) furnish to such person(s) such information, facts and figures pertaining to the Customer, the security and/or the Facility as ICICI Bank deems fit. ICICI Bank may also delegate to such person(s) the right and authority to perform and execute acts, deeds, matters and things connected therewith, or incidental thereto, as ICICI Bank deems fit;
c. Call upon the successors/legal heirs of the Customer to pay the Outstanding Due and any other charges in full to ICICI Bank in the event of the Customer’s death/insolvency/bankruptcy. In the event of the Customer’s death/ insolvency/ bankruptcy, ICICI Bank shall have the same rights against the legal heirs/successors of such Customer as it had against the Customer; and to initiate legal proceedings against such successors/legal heirs.
III. Without prejudice to ICICI Bank’s rights and remedies under contract and/or law, in the event any amount due under the Facility remains unpaid on the Due Date and/or commits breach of any of the material terms of the Facility, ICICI Bank shall have the right to levy and recover applicable charges, at its sole discretion, at the rate specified in MITC. Upon levy of such charges, the Customer shall pay the said charges along with applicable Goods and Service Tax (GST), other taxes (of any description whatsoever) and any other charges and penalties which may be payable pursuant to applicable laws, from time to time, in relation to the Facility.
IV. It is agreed by the Customer, that without prejudice to any rights of ICICI Bank, all acts/steps as are necessary for ICICI Bank to take in order to monitor the Facility and its utilisation and/or the obligations of the Customer and/or the Customer compliance with the terms hereof and/or to recover amounts due to ICICI Bank or any part or portion thereof, shall and/or may be carried out by and or through such other person (including a company or body corporate) as may from time to time be appointed by ICICI Bank in respect thereof and that ICICI Bank will at all times be entitled to share with any such other person that may thus be appointed by the Bank, all documents statements of accounts and other information of whatsoever nature pertaining to the Customer and/or the Facility. Further, the Customer expressly recognises and accepts that ICICI Bank shall, without prejudice to its rights to perform such activities either itself or through its officers or servants, be absolutely entitled and have full power and authority to appoint one or more third parties or other persons of the Bank’s choice and to transfer or delegate to such third parties or persons, the right and authority to collect on behalf of the Bank all unpaid amounts and to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto including attending the office or residence of the Customer, receiving the Customer dues and generally performing all lawful acts as the third party may consider appropriate for such purposes.
V. Consequences / Rights & Remedies of ICICI Bank On the happening of any Events of Default, ICICI Bank may:
a. Terminate Facility and call upon the Customer/legal heirs to pay the Total Outstanding Amount immediately.
b. Suspend further access to Facility or freeze the same.
c. In addition to above, ICICI Bank reserves the right to initiate legal proceedings against such Customer/legal heirs.
7. Representations, Warranties and Covenants
The Customer represents and warrants that:
1. They agree to abide by the Terms and Conditions as mentioned herein, until such time that the Customer uses the EMI @ UPI Facility.
2. The Customer hereby agrees:
- not to default on or delay the payment of EMI;
- that all information provided to ICICI Bank is true and correct; and
- he/she shall promptly notify ICICI Bank on the occurrence of any event which leads to any information becoming untrue or incorrect.
3. The Customer agrees to have read, understood and accepted these Terms and Conditions and is aware that these Terms and Conditions are also available on https://www.icici.bank.in/personal-banking/loans/smart-loan/terms-and-conditions-for-emi-upi
4. The Customer agrees to avail EMI @ UPI Facility on the precondition that he/she will not use EMI @ UPI Facility or any part thereof, towards repayment of ICICI Bank’s/any other bank’s Credit Card or for any other purpose except towards purchase of products/services from Merchants.
5. The Customer shall use EMI @ UPI Facility only for the purchases made on the ICICI Bank Platform from such Merchants/Vendors who have been authorised by ICICI Bank to accept the payment through EMI @ UPI Facility.
6. The Customer shall promptly notify ICICI Bank of any action or steps taken or any legal, administrative or other proceedings started/threatened by or against Customer in any court of law.
7. The Customer shall promptly and not later than 7 days from the occurrence of such event, notify ICICI Bank in writing with full details of all or any change(s) of details or personal information.
8. Termination
The Customer may discontinue / terminate EMI @ UPI Facility by raising a request on an ICICI Bank Platform. On raising a request for termination of EMI @ UPI Facility, the Customer shall be liable to pay the Total Outstanding Amount and all such other charges whether or not already reflected on ICICI Bank Platforms.
9. Right of Set-off & Lien
1. ICICI Bank and its group companies shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits of any kind and nature held/balances lying in any other account(s) of the Customer maintained with ICICI Bank and/or its group companies, whether in single name or joint name(s) and on any monies, securities, bonds and all other assets, documents and properties held by/under the control of ICICI Bank and/or its group companies (whether by way of security or otherwise pursuant to any contract entered/to be entered into by the Customer in any capacity) towards the satisfaction of the Customer liability.
2. ICICI Bank and/or its group companies are entitled to, without any notice to the Customer, to settle any indebtedness whatsoever owed by the Customer to ICICI Bank and/or its group companies, (whether actual or contingent or whether primary or collateral or whether joint and/or several) hereunder or under any other document/agreement, by adjusting, setting-off any deposit(s) and/or transferring monies lying to the balance of any account(s) held by the Customer with ICICI Bank and/or its group companies notwithstanding that the deposit(s)/balances lying in such account(s) may not be expressed in the same currency as such indebtedness.
3. The rights of ICICI Bank and its group companies here under shall not be affected by the Customer’s bankruptcy, death or winding-up. It shall be the Customer’s or their respective heirs’/successors’/legal representatives’ sole responsibility and liability to settle all disputes/objections with any such joint account holders.
4. In addition to the above mentioned right or any other right which ICICI Bank and its group companies may at any time be entitled whether by operation of law, contract or otherwise, the Customer authorises ICICI Bank to:
i. To combine or consolidate at any time all or any of the accounts and liabilities of the Customer with or to any Branch of ICICI Bank and/or its group companies; and
ii. To institute any judicial proceedings in case of non-payment of outstanding dues from the Customer.
10. Indemnity
1. The Customer agrees to indemnify and hold ICICI Bank and its Affiliates harmless from and against all losses, damages, costs, claims and expenses whatsoever which ICICI Bank may at any time incur, sustain, suffer or is likely to suffer in connection with or as a consequence of or by reason of providing EMI @ UPI Facility to the Customer. The Customer will pay ICICI Bank and/or the Affiliates such amount as may be determined by ICICI Bank and/or the Affiliates to be sufficient to indemnify it against any such loss or expenses.
2. Further, the Customer agrees to indemnify, defend and hold harmless ICICI Bank and its Affiliates against any claim, suit, action or other proceeding brought against ICICI Bank or its Affiliates by a third party to the extent that such claim, suit, action of other proceeding brought against ICICI Bank and its Affiliates is based on or arises in connection with: a violation of the Terms contained herein; any alterations or any unauthorised use of EMI @ UPI Facility; any misrepresentation or breach of representation, warranty or covenant made by the Customer as contained herein.
11. Exclusion of Liability
1. In no event shall ICICI Bank be liable to the Customer(s) for any special, incidental, indirect, punitive or consequential damages whatsoever (including, without limitation, damages or loss of goods or services, loss of business profits, business interruption, loss of information, or any other pecuniary loss) arising out of the use of or inability to use or access of EMI @ UPI Facility or for any security breach or any virus, bug, unauthorised intervention, defect or technical malfunctioning of the ICICI Bank Platform and/or ICICI Bank’s systems, whether or not foreseeable and whether or not ICICI Bank has been advised of the possibility of such damages or based on any theory of liability, including breach of contract or warranty, negligence or other tortious action or any other claim arising out of or in connection with the use of or access to EMI @ UPI Facility. Further, ICICI Bank shall not be liable to the Customer for any temporary disablement, permanent discontinuance of the services by ICICI Bank or for any consequences resulting from such actions.
2. The arrangement for purchase of goods/services by the Customer from the Merchant is a purely bilateral contractual relationship and any disputes therein shall be resolved independently by the parties without any reference to ICICI Bank. ICICI Bank makes no representation regarding the quality, merchantability or delivery of such goods/services.
12. Notices and Complaints
a. All notices, requests, demands, waivers, complaints, queries and other communications required or permitted to be given hereunder in relation to EMI @ UPI Facility under the Terms and Conditions, shall be submitted to ICICI Bank as per the Grievance Redressal Mechanism accessible at https://nli.icici.bank.in/NewRetailWeb/complaint.htm. Any other notices, requests, demands, waivers, complaints, queries and other communications arising out of any acts or omissions of the Merchants/Vendors to whom the payment was made using the EMI @ UPI Facility services, shall be resolved between the Customer and such Merchant only and ICICI Bank shall have no responsibility or liability whatsoever in this regard. ICICI Bank shall be only responsible for all service related issues pertaining to EMI @ UPI as a facility. Customer Care Centre shall be accessible to the Customer in case of any issues/disputes arising. ICICI Bank’s dispute resolution policy in such matters shall be final and binding.
b. Contact Particulars of Customer Care Centres: All EMI @ UPI Facility queries and grievances shall be routed to Customer Care at 1800 1080 and e-mail address: customer.care@icici.bank.in
c. Grievances Redressal/Complaints/Escalations: ICICI Bank follows a three level grievance redressal mechanism that is available on the website of the Bank. For details, please visit our website www.icici.bank.in and navigate to - Help > Contact Us > Queries/Complaints.
In the event that Customer is not satisfied with services of ICICI Bank, Customer may register their grievance by (i) visiting ‘Complaint Form’ at www.icici.bank.in or (ii) calling Customer Care number of ICICI Bank or (iii) If the Customer is dissatisfied with the responses received after following the first two levels of the complaint mechanism, Customer may write further to Ms. Sharlet Malvankar, Principal Nodal Officer. Customer may do so by mailing a physical ‘Complaint Form’ or by sending an e-mail or writing to:
Complete Postal Address : Ms. Sharlet Malvankar, Principal Nodal Officer,
ICICI Bank Limited, Bandra Kurla Complex, Mumbai, 400051, India.
E-mail ID: digitallending@icici.bank.in
Telephone No.: 022 - 39337979.
In all your communications with us, please mention your registered mobile number.
d. Any complaint lodged by the Customer against ICICI Bank or LSP engaged by the Bank, is partially or wholly rejected or the Customer is not satisfied with the reply or the Customer has not received any reply within 30 days of receipt of complaint by the Bank, the Customer can lodge a complaint over Reserve Bank’s Complaint Management System (https://cms.rbi.org.in) or send a physical complaint to:
‘Centralised Receipt and Processing Centre’, 4th Floor, Reserve Bank of India, Sector-17, Central Vista, Chandigarh - 160017’ as per the grievance redressal mechanism prescribed by the Reserve Bank.
13. Dispute Resolution
Any claim or dispute whatsoever (whether in contract, tort or otherwise) arising out of or in connection under the terms of facility, including any question regarding its construction, meaning, existence, validity, breach, recall, recovery or termination, shall be resolved and settled by mediation or conciliation (if the Customer and ICICI Bank agree to such mediation or conciliation), administered in accordance with the applicable mediation or conciliation rules of an independent Online Dispute Resolution Institution listed on ICICI Bank Limited website (‘ODR Institutions’). Any party may appoint any listed ODR Institution to facilitate mediation or conciliation. If one party appoints an ODR Institution before the other, the ODR Institution appointed by the first party shall be binding on other party. If the Customer and ICICI Bank do not agree to mediation or conciliation, or if the mediation or conciliation fails to resolve the claim or dispute within the period stipulated in such rules or within a period of 21 days from the date of notice of appointment of mediator or conciliator (whichever is earlier), then the claim or dispute shall be taken forward for adjudication by arbitration in terms of the applicable rules of said ODR Institution, and in accordance with the Arbitration and Conciliation Act, 1996, which shall be conducted (including for recording of evidence or tendering of documents), concluded and administered online by ODR Institution through its website/platform or mobile application. The arbitral tribunal shall consist of an independent sole arbitrator appointed in accordance with the applicable arbitration rules of the ODR Institution. The seat of arbitration proceedings shall be Mumbai. The law governing the arbitration proceedings shall be Indian law. The procedural law of arbitration shall be rules of ODR Institution.
14. Disclosure
1. ICICI Bank shall be absolutely entitled to disclose any information relating to the Customer (including personal information), details in relation to loans, defaults, obligations, to any governmental/regulatory/statutory body or private agency/entity, credit bureau(s), ICICI Bank’s other branches/subsidiaries/affiliates/group companies, service providers, other banks/financial institutions and/or any third parties, through written or oral communication including paper publication (with or without photographs) or as required under the applicable law, for KYC information verification, credit risk analysis and/or for continuing to provide various products and services to the Customer. In this connection, the Customer waives the privilege of privacy and privity of contract. CIBIL and/or any other agency so authorised may use and/or process the above information and data disclosed by ICICI Bank in any manner as deemed fit by them.
2. The Customer hereby gives specific consent to ICICI Bank for submitting/disclosing the ‘financial information’ as defined in Section 3(13) of the Insolvency and Bankruptcy Code, 2016 (IBC), in respect of EMI @ UPI Facility availed by the Customer, from time to time, to Information Utilities as defined in Section 3(21) of the IBC. The Customer agrees and undertakes that it shall promptly authenticate ‘financial information’ submitted by ICICI Bank as and when requested by the Information Utilities.
3. In case the Customer commits any default in payment or repayment of the principal amount of EMI @ UPI Facility or interest/charges due thereon, ICICI Bank and/or RBI will have an unqualified right to disclose or publish the details of such default along with the name of the Customer as a defaulter in such manner and through such media as ICICI Bank and/or RBI may in their absolute discretion think fit.
4. The Customer authorises ICICI Bank and all its group companies and their agents to exchange, share or part with all the information and details relating to his/her existing loans and/or repayment history to other ICICI group companies, banks, financial institutions, credit bureaus, agencies, statutory bodies etc. as may be required or as they may deem fit and shall not hold ICICI Bank (or any of its group companies or its/their agents/representatives) liable for use/sharing of this information.
5. The Customer unconditionally and irrevocably authorises:
(i) ICICI Bank, (ii) its group companies, (iii) its agents, and/or (iv) its representatives, to: collect, access, store, use, share, exchange and process all information and records (including personal information) received (from him/her and/or external sources) while facilitating EMI @ UPI Facility, for (i) providing EMI @ UPI Facility, (ii) analysis, (iii) credit scoring, verification and fraud detection.
15. Miscellaneous
1. ICICI Bank may, at its sole discretion, amend or supplement the Terms and Conditions (due to regulatory/statutory reasons or otherwise) and/or features or benefits offered on the facility, at any time and may notify the Customer of any such revisions/changes in any manner, digital or otherwise, as it may deem appropriate. The Customer agree to be bound by such revisions/changes unless the facility is repaid/cancelled before the date on which the revisions/changes are made.
2. ICICI Bank may assign, in whole or in part, the benefits or obligations of these Terms and Conditions to its affiliates or any other company for the reasons including but not limited to, pursuant to a restructuring or re-organisation or demerger of its organisation or operations causing a change in management or any other reason whatsoever.
3. The Customer shall not assign, in whole or in part, the benefits or obligations of EMI @ UPI Facility if issued to him/her.
4. No delay or omission by ICICI Bank in exercising any of its rights, powers or remedies under the Transaction Documents shall impair the right, power or remedy or be construed as its waiver or acceptance by ICICI Bank.
5. Notwithstanding any suspension or termination of EMI @ UPI Facility, all rights and remedies of ICICI Bank as per the Terms and Conditions shall continue to survive until the receipt of the Total Outstanding Amount and any other charges in full to the satisfaction of ICICI Bank.
6. Any provision hereunder, which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of the prohibition or unenforceability but that shall not invalidate the remaining provisions of the Terms and Conditions or affect such provision in any other jurisdiction.
7. Details of the additional interest, late payment charges, Goods and Services Tax and other statutory levies applicable on EMI @ UPI Facility shall be as per the account statement generated by ICICI Bank. Details of all other charges shall be as per the MITC.
8. The Terms and Conditions governing EMI @ UPI Facility shall be in addition to and not in substitution or derogation to the MITC.
9. In the event of any disagreement or dispute between ICICI Bank and the Customer regarding the materiality of any matter, the opinion of ICICI Bank shall be final and binding on the Customer.
16. Acceptance
The Customer hereby expressly acknowledges and confirms that he/she has read, verified, understood and accepted the Terms and Conditions, online by ticking/clicking the ‘I agree’/‘Agree’/'Agree and Proceed’ or ‘I agree and accept’ or any similar icon/tab/option online as well as by entering the OTP sent to the Customer’s registered mobile number. The Customer understands that by clicking on the ‘I Agree’ button, he/she is entering into a valid and binding contract with ICICI Bank and the same shall be enforceable and binding as per Section 10A of the Information Technology Act, 2000 and the same shall be admissible as an electronic record under Section 63 of the Bharatiya Sakshya Adhiniyam, 2023.
17. KYC
In compliance with the rule 9B of the Prevention of Money Laundering (Maintenance of Records) Rules, Customer is required to intimate ICICI Bank if there is any change in the KYC details along with updated documents(i.e. address, contact details, profile etc.) within a period of 30 days from the date the change was made. Once the Customers intimates the Bank, necessary changes will be made in the Bank records. Any update can be intimated to the Bank by Net Banking/Branch.
18. Customer Undertaking On The End Use Of Funds:
I hereby represent, warrant and confirm that the loan has been taken for a valid purpose and is not speculative or illegal in any manner. I also declare that funds under the facility will not be used towards purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold exchange traded funds(ETF) and units of gold, mutual funds etc. The facility either in part or full will not be used for investment in capital market, land acquisition, acquiring equity shares of Indian company/ies, buyback of shares of Indian company, funding of promoters’ contribution in the project or any other purpose, which is prohibited or any illegal activity.
I further agree, confirm and undertake that the purpose of use of funds under the loan shall not be changed in any manner during the tenure of the loan, or that such change in purpose shall take place only with the prior written permission of ICICI Bank.
I agree that any breach or default in complying with all or any of the aforesaid undertaking(s) will constitute an event of default under the facility documents.