General

THESE TERM AND CONDITIONS ARE ONLY FOR THOSE CUSTOMERS WHO ARE APPROVED TO USE THE CREDIT LINE BY THE COMPANY, YOUR ACCEPTANCE TO THESE MANDATORY TERM AND CONDITIONS IS AN EXPRESS REPRESENTATION THAT YOU HAVE DULY ACCEPTED, AGREED AND COMPLETELY UNDERSTOOD THE MANDATORY TERM AND CONDITIONS PROVIDED WITHIN THIS DOCUMENT.

I understand I am the only individual authorized to use this FINJA Lending Service Credit Line, (referred to as your "credit line"). Retaining and using the credit line, signifies agreement to the following terms and conditions.

38. Payment
    • Statement of Account to the Card Member will be digitally available on FINJA App.
    • In case of Credit Transactions, Card Member shall be liable to pay due payment amount stated therein by the Payment Due Date.
    • FINJA shall issue schedule of Charges (SOC) and the Card Member acknowledges that FINJA may vary the applicable charges in the Schedule of Charges and notify the same to the Card Member in any manner deemed fit and provided that the Card Member continues to use the Card after receipt of such notification, it shall be deemed that the Card Member has acknowledged, unconditionally agreed to and accepted the amended notified Schedule of Charges.
    • If the Card Member fails to effect payment of the Minimum Payment Amount on or before the applicable Payment Due Date, Late payment charges will be applied of the outstanding dues. This will be in addition to all other charges applicable. LPC and other applicable charges will be mentioned in the SOC.

    Since the Card is linked with Finja Mobile App which can only be logged-in using credentials/PIN only known to the Customer further secured by way of Two-Factor-Authentication using One Time Password (OTP) again only known to the Customer therefore if card activation is done via Finja Mobile App or the Card Member authorizes FINJA to act on the verbal instructions communicated to an authorized representative of FINJA over the telephone at Finja Helpline. FINJA reserves the absolute right to verify the identity of the Card Member over the telephone. The Card Member will be liable for any and all transactions made after the standard verification by FINJA’s authorized representative is completed. The Card Member also agrees that his/her entire telephone conversation with the authorized representative shall be recorded at the discretion of FINJA for any particular purpose.

39. Eligibility Criteria for Finja Credit-Line
    By applying for the FINJA Card, the Customers hereby confirms that, they are:
    • Resident of Pakistan Lahore/Karachi/Islamabad/Rawalpindi.
    • Receive salary in a bank account which should be verifiable.
    • Net Monthly Salary of at least PKR 30,000 credited in bank account
    • Employed with current employer for at least the past 6 months.
    • Between the age bracket of 18 years to age of retirement.
    • Not on Probation or Contract with the employer
    • Not subject to any disciplinary proceedings or action either by Employer or any court of law.
    • Employment is not expired, suspended or terminated.
    • No intention of terminating the employment with the Employer within the next ninety (90) working days.
    • Can apply for the FINJA Card, even if he/she has payments outstanding at other loan segment provided by FINJA, or availed a facility directly from employer, provided that the customer's Debt Burden Ratio (DBR) does not exceed 30% of net income after the newly applied Credit Limit has been approved
    • No amount is in default payable by the Customer to FINJA. Except for the applicable fees after FINJA Card is approved.
    • Not defaulted on any other loan, credit card payment, mortgage, hire purchase agreement or has any other payments due to any third party.
    • Do not currently have any payment defaults listed within
      • Electronic Credit Information Bureau (eCIB) of the State Bank of Pakistan
      • DataCheck or other Credit Bureaus
    • The Customer is not in default in the performance or observance of any obligation, agreement, covenant or conditions contained in any indenture, mortgage, loan agreement, bank guarantee, performance guarantee, deed of trust or other material instrument or agreement, other non-collateral loan to which it is a party or by which it is or its property is bound.
    • All information and undertakings furnished by the Customers is accurate and that they have not omitted or concealed any material facts, which would render such information incorrect, misleading or inaccurate.
    • Supporting documents:
      1. Last Month Salary Slip,
      2. 3 Months Bank Statement,
      3. Valid CNIC,
      4. Copy of Utility Bill (SNGPL, PTCL, LESCO)
40. Billing Cycle
    • On activation of the FINJA Card, the Customer shall be given the option to choose the due date (therein referred to as “The Due Date”) of every bill.
    • The first bill shall be generated on the chosen “Due Date” of the next month
    • The second billing cycle onwards shall last exactly 30 days with a 2-day grace period
    • The Customer will only be able to change the Due Date when he has cleared all his outstanding amount at any given amount.
41. Fees and Charges
    • The Customer shall be required to repay the credit used, to FINJA, within a maximum period of thirty (30) calendar days (the "Due Date") from the date of the credit transaction, without any further notification or formality (the "Term").
    • The Customer agrees and acknowledges that any credit provided to the Customer shall be repaid to FINJA through automatic deductions from the Customer’s FINJA Wallet Account. In the event that FINJA is unable to deduct (for any reason) the repayment amounts due by the Customer by the Due Date through his/her FINJA Wallet Account, FINJA shall automatically deduct funds from the Customer’s wallet, by marking account FOH (Funds on Hold). This implies that as soon as customer will top-up account, the outstanding amount will be auto-deducted.

      Subscription Fee	PKR 1,000	Annual
      Card Plastic Cost:	PKR 1,000	Card Renewal (One Time)
      Classic	PKR 1,000
      Joining Fee	PKR 1,000	One Time

Transactions in Credit Mode:

42. Withdrawing Cash
    • Cash withdrawal is charged 0.02% per day on principal/remaining outstanding.
    • Applicable Service Fee is Deducted before loan amount is settled
    • Late Payment Charges are not applicable.
43. Point-of-Sale Transactions
    • No charges from Day 0 to Day 30 – till the Due Date
    • After Day 30, Customer can:
      • Revolve the entire amount in installments with service charges @ 3% after paying at least 5% of the billed or due amount
      • Pay some amount now and revolve the rest in installments with service charges
    • Grace period of 5 days after billing cycle
    • Late Payment Charges of 3% (recursive) are applied on outstanding amount every time payment is delayed
44. Late Payment Treatment?
    • On Missed installment, 3% LPC is applied on that month’s installment
45. Credit Limit
    FINJA reserves the right to increase or decrease any Customer’s Credit Limit based on its credit assessment algorithms and Finja Credit Policy.
    • Credit Limit shall decrease with every transaction made in credit mode, according to the amount used.
    • Credit Limit shall again increase with the repayment, excluding repayment of service charges and late payment fee.
    • Credit Limit shall freeze if a payment is missed.
    • Credit Limit shall reactivate once any part of the outstanding is repaid.
    • If Customer chooses to pay a higher amount (Balloon Payment) than the due installment, the service charges will remain the same. In this event, the Credit Limit will be released at a faster pace.
46. Security
    FINJA shall at all times be permitted to use any and all possible courses of action in order to secure the repayment of the credit used and other charges from a Payment Defaulter including but not limited to the following:
    • Permanently blacklisting, blocking or suspending the Finja Credit Facility
    • Reporting the default to Card Member his/her Employer.
    • Reporting the default to eCIB and/or DataCheck.
    • Reporting the default to other credit scoring entities.
    • Reporting the default to platforms like Rozee.pk
    • Initiate appropriate legal proceedings against the Payment Defaulter under any provision of law for the time being in force.

    The Customer hereby expressly permits FINJA to take the following action in the event that FINJA declares the Customer as a Payment Defaulter:

    • Visit the residence of the Customer for recovery of outstanding credit and other charges.
    • Visit the office, workplace or Employer of the Customer for recovery of outstanding credit and other charges.
    • Appoint or hire third party collection agents and/or recovery teams for recovery of outstanding credit and other charges from the Customer.
    • Contact the Customer via SMS, e-mail, telephone or postal letters for recovery of outstanding credit and other charges.
      By acceptance of these mandatory terms and conditions, the Customer hereby instructs, consents to and authorizes FINJA to provide certain information about the Customer to third parties. In addition to any other Customer information, Information Processing may include sharing of all data held by NADRA and eCIB of the Customer, mobile phone number, full name, fathers name, CNIC, occupation, employer name, monthly income and residential address. Information Processing shall not in any manner guarantee the approval of the FINJA Card.
47. Variation of Terms
    • FINJA may from time to time and at any time change any of these Terms and Conditions including, without limitation the terms of payment, percentage rates, charges and fees, and shall accordingly notify the Card Member by inclusion in the Statement of Account or otherwise. Such changes shall be effective from any date specified by FINJA for such modification or if contained in the Statement of Account, from the date of the Statement of Account.
    • Retention by the Card Member of the Card after the Card Member's receipt of any changes in these Terms and Conditions pursuant to Clause-a shall constitute notice of the Card Member's acceptance of such amended Terms and Conditions without reservation. In the event of Card Member nonacceptance of such Terms and Conditions as amended, the Card Member must immediately terminate the use of the Card in accordance with Clause Termination (a) & (b) otherwise the changed Terms and Conditions will continue to apply
48. Disclosure
    • The Card Member hereby irrevocably authorizes FINJA to disclose information relating to the Card Account, the use of the Card, the particulars and financial affairs of the Card Member to any Merchant, bank, financial institution, related or affiliated concerns or any member of the National and /or International Payment Schemes VISA/MasterCard network or to any person or concern or authority as FINJA may, in its sole discretion, deem appropriate and/or if instructed by government agencies/departments, regulatory body and court orders under the law.
    • Additionally, the Card Member consents to FINJA disclosing information regarding the Card Member's account to any other company within FINJA for such purpose or purposes as FINJA in its sole discretion requires.
49. Notices
    • All Cards, PINs, notices, Statements of Account, demands or any other communications under these Terms and Conditions (hereinafter collectively called "Communications") may be communicated through FINJA App.
    • Any notice to be given by the Card Member to FINJA under these Terms and Conditions shall be given by in-app complaint management system and/or Finja Helpline, Website etc.
    • Notwithstanding the aforesaid, FINJA shall be entitled at its absolute discretion to rely and act on any notices, requests or instructions which are or purported to be from or given on behalf of the Card Member (whether or not they are genuine or given with the Card Member's consent or authority) and which are given orally or otherwise communicated to the Bank other than as provided above, and action on the Bank's part pursuant to such notices, requests or instructions shall be binding on the Card Member and FINJA shall not be liable for any loss or damage incurred or suffered or sustained by the Card Member as a result of such action.
    • FINJA shall be entitled, with 7 days prior Notice, to demand return of the Card and/or immediate payment of all amounts outstanding under the Card Account, in case of, including but not limited to,
      1. Breach or violation of any of the Credit Card Terms;
      2. Default in payment of outstanding dues in context of the Credit Card or in context of any other banking facility being availed by the Customer;
      3. Any adverse change in the Customer Profile/employment;
      4. Abuse of the Credit Card;
      5. Any other reasons which in the absolute judgement of FINJA would necessitate return of the Card; and/or in case of any change in local/international laws or any change in FINJA’s or State Bank's policy that warrant to demand the return of Card by customer.
50. Indemnification
    FINJA shall not any time be held liable or responsible for any loss or damage incurred by a Customer in connection with the FINJA Card. The Customer hereby agrees to indemnify and hold FINJA, its affiliates and its officers, employees, successors, assigns, attorneys and agents (each an "Indemnified Party") harmless from all losses, costs, claims, demands, expenses, damages, penalties and attorney's fees suffered or incurred by any Indemnified Party as a result of the Customers misrepresentations, actions, omissions or negligence
51. Severability
    In the event any one or more of the provisions of these Mandatory Terms and Conditions are held to be void, unenforceable or illegal under the applicable law, the unenforceability or illegality shall not affect any other provision of this Agreement.
52. Dispute
    A certification by the authorized officer of FINJA regarding the sums owed by the Customer shall be conclusive and the Customer waives his/her right to challenge the same. If any dispute arises in relation to the FINJA Card, FINJA's decision shall be final and binding on all parties to the dispute (the "Dispute").
    For the purposes of this Agreement, a Dispute may include but shall not be limited to
    • any dispute over the sums owed by the Customer,
    • Customers eligibility for usage of the FINJA Card or
    • any other dispute between the Customer and FINJA.

    These Mandatory Terms & Conditions are governed by the laws of the Islamic Republic of Pakistan and the Customers hereby submits to the exclusive jurisdiction of the Courts of Lahore.

53. Tax
    Any income or other taxes and duties which are payable on the transactions made by the FINJA Card shall be the Customers sole responsibility and FINJA shall not be liable for any current or future tax implications on the transactions made by the FINJA Card. Grievance
54. Variation
    FINJA reserves the right to vary or amend these Mandatory Terms & Conditions with or without notice. Any change to the Mandatory Terms & Conditions shall be effective on date the revised Mandatory Terms & Conditions are introduced by FINJA. FINJA shall not be liable to any Customer in the event that a Customer is affected by the revision to the Mandatory Terms & Conditions.
    In addition to the requirements of these Mandatory Terms and Conditions, FINJA may at any time, call upon the Customer to execute any other instruments as required under any applicable law in relation to the FINJA Card, including but not limited to execution of any loan agreements, guarantees or provision of security cheques.
55. Right of set-off
    • FINJA may at any time and without notice or liability in any way to the Card Member combine or consolidate any one or all accounts of the Card Member with the Finja Bank or any affiliate or subsidiary (whether current or deposit or of any other nature in whatever currency and whether in Pakistan or elsewhere) and/or setoff or apply any money standing to the credit of any one account or all of such accounts in or towards satisfaction of the outstanding balance of the Card Account.
    • FINJA’s right against the Card Member shall not be determined, affected, or prejudiced, and all amounts payable to Finja the Bank, actual or contingent or joint or several, shall immediately become due and payable upon the death of the Card Member.
    • FINJA’s right to setoff and all transactions authorized by the Card Member before their death shall continue to subsist till FINJA is informed in writing about such death. Upon receiving this information, the FINJA Card and the FINJA Account will be blocked for new transactions after receiving this notice.
    • Finja will not be obliged to allow any operation or withdrawal except on the production of a succession certificate or other court order, from a court of competent jurisdiction. The legal heirs will be notified of a debt balance and they should agree to the required adjustments before release of the funds in their favor by FINJA.
56. Waiver
    FINJA may at any time waive either unconditionally or otherwise any of these Terms and Conditions or any default or breach of the Card Member provided that such waiver is given in writing by FINJA and save as aforesaid, no condoning or excusing of and no neglect or forbearance on the part of FINJA of any default or breach of any of these Terms and Conditions shall operate as a waiver of FINJA ‘s rights and powers and no waivers shall be inferred from or implied by anything done or not done by FINJA unless expressed in writing by FINJA. Any waiver shall operate only as waiver of the particular matter to which it relates and shall not operate as a waiver of subsequent breach in any of these Terms and Conditions.
57. Taxes and Other Government Levies/Duties
    The Card Member agree to reimburse FINJA for payment of any stamp duties and/or excise or other similar taxes or levies payable in connection with any advances, finances or credit provided by FINJA to the Card Member or any Supplementary Card Member. 23.
58. Assignments/Transfer of Interest
    The Card Member and Supplementary Card Member(s) hereby agree that FINJA may, in its sole discretion, assign, discount or otherwise transfer part or all of its interest herein (and/or in any goods hypothecated by the Card Member to any third party for such consideration or otherwise as FINJA deems appropriate.
59. Renewal of Card
    FINJA may issue a new Card or Cards automatically unless instructed otherwise and also that FINJA reserves the right not to reissue a card or renew the Card. The Card Member shall continue to remain bound by these conditions and any amendment thereto.
60. Governing law
    These Terms and Conditions are governed by and shall be construed in accordance with the laws of Pakistan and the Card Member hereby submit to the jurisdiction of the Courts established.
61. Privacy Policy
    Except as provided in Clause on Disclosure above, FINJA will treat the Card Member's personal information as private and confidential (even after Card Account has been terminated). Nothing about the Card Member's relationship with FINJA or the Card Member's name and address will be disclosed to anyone, including other subsidiaries or affiliates of FINJA, other than in accordance with the terms set out below:
    • Where FINJA (or any third party acting on FINJA ‘s behalf) are legally compelled to do so; or
    • Where there is a duty to the public to disclose;
    • Where FINJA ‘s interests require disclosure; or
    • Where disclosure is made at the Card Member's request or with the Card Member's consent.
    • Where for the purpose of credit reporting, verification and risk management, FINJA exchanges information about the Card Members with any institution it deems fit.
    • Where FINJA for promotion of its products and/or its affiliates use the information of the Card Member for promotional purposes.

*All rates mentioned are subject to change.