Terms & Conditions

The Fair Practice Code of Greaves Finance Limited. (GFL) applies to all the products and services, whether provided by across the counter, over the phone, by post, through interactive electronic devices, on the internet or by any other method.

FAIR AND TRANSPARENT DEALINGS WITH BORROWER/S

GFL shall stay committed to act in a fair and transparent manner in all dealings with customers by ensuring that:

• The staff of GFL meets all commitments and follow all standards, procedures and practices of Fair Practices laid down with respect to products and services offered.
• Ensuring all products and services meet relevant laws and regulations in letter and spirit.
• Ensuring that dealings with borrower/s rest on ethical principles of integrity and transparency.

LOANS

Applications for loans & their processing

• Loan Application forms would provide necessary Information which affects the interest of the borrower/s, so that a meaningful comparison with the terms and conditions offered by other lenders can be made & informed decision can be taken by the borrower/s. The loan application form shall contain the list of documents required to be submitted with the application form. An acknowledgment of the Loan Application shall be given to the borrower/s on receipt of the Loan Application.
• All Communication to the borrower/s will be in the vernacular language or a language as understood by the borrower/s.

Loan appraisal and terms/conditions

• Normally all particulars required for processing the Loan Application shall be collected at the time of Loan Application. In case any additional information is required, the Borrower/s would be told that he/she would be contacted immediately again.
• GFL shall convey in writing to the borrower/s the amount of loan sanctioned along with the terms & conditions including annualized rate of interest, method of application thereof, EMI Structure, and any other charges if any, and shall keep the written acceptance of all these terms and conditions by the borrower/s in company records.
• Penal interest charged for late repayment would be mentioned in bold in the loan agreement.
• Copy of the loan agreement along with a copy of each of the enclosures quoted in the loan agreement would be provided to every borrower/s at the time of disbursement of the loans.

Disbursement of loans including changes in terms and conditions

• Notice would be provided to the borrower/s of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges, other applicable fee/charges etc.
• Any Change in the interest rates and charges shall be effected only prospectively. A suitable condition in this regard shall be incorporated in the loan agreement.
• Before taking a decision to recall / accelerate payment or performance under the Agreement or seeking additional securities, notice would be provided to borrower/s in accordance with the Loan Agreement.
• All Securities would be released on the repayment of all dues or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim that GFL may have against the borrower/s. If such right of set off is to be exercised, the borrower/s shall be given a prior notice about the same with full particulars about the remaining claims & the conditions under which GFL is entitled to retain the securities till the relevant claim is settled / paid.

GUARANTORS

When a person intends to be Guarantor for a loan, he / she will be informed about his/her Liability as Guarantor.

PRIVACY AND CONFIDENTIALITY

All personal information of borrower/s shall be treated as private and confidential and shall at all times be subject to the following principles and policies.

• GFL shall not reveal information or data relating to borrower/s account, whether provided by the borrower/s or otherwise, to anyone, including other companies / entities in our group, other than in the following exceptional cases:
  • If the information is required to be given by law.
  • If there is a duty towards the public to reveal the information.
  • If overall interests require GFL to give the information (for example, to prevent fraud) but it should not be used as a reason for giving information about borrower/s or borrower/s accounts [including borrower/s name and address] to anyone else, including other companies in the group, for marketing purposes.
  • If the borrower/s ask GFL to reveal the information, or with the borrower/s permission.
• If GFL are asked to give a reference about borrower/s,GFL shall obtain his / her written permission before giving it.
• The borrower/s shall be informed the extent of his / her rights under the existing legal framework for accessing the personal records that GFL hold about him /her.
• GFL shall only retain the information of the borrower until such time as is required under applicable law. Further, subject to the foregoing, the borrower/s shall have the right to have its information deleted, by a written request to GFL.

COLLECTION OF DUES / RECOVERY

• Whenever loans are given, GFL shall explain to the borrower/s the repayment process by way of amount, tenure and periodicity of repayment. However, if the borrower/s does not adhere to the repayment schedule, a defined process in accordance with the laws of the land shall be followed for recovery of dues. The process will involve reminding the borrower/s by sending him / her notice or by making personal visits and / or repossession of security, if any.
• GFL collection strategy will be built on courtesy, fair treatment and persuasion. GFL will provide borrower/s with all the information regarding dues and shall endeavor to give sufficient notice for payment of dues.
• All the members of the staff or any person authorised to represent GFL in collection and/or security repossession shall be adequately trained to deal with the borrower/s in an appropriate manner and shall follow the guidelines set out below:
  • Borrower/s would be contacted ordinarily at the place of his / her choice and in the absence of any specified place at the place of his / her residence and if unavailable at his / her residence, at the place of business / occupation.
  • Identity and authority to represent GFL will be made known to the customer at the first instance.
  • Borrower/s privacy would be respected.
  • Interaction with the borrower/s shall be in a civil manner.
  • GFL's representatives shall contact the Borrower/s between 0700 hrs and 1900 hrs, unless the special circumstances of the customer's business or occupation require otherwise.
  • Customer's request to avoid calls at a particular time or at a particular place shall be honoured as far as possible.
  • Time and number of calls and contents of conversation would be documented.
  • All assistance shall be given to resolve disputes or differences regarding dues in a mutually acceptable and in an orderly manner.
  • During visits to customer's place for dues collection, decency and decorum shall be maintained.
  • Inappropriate occasions such as bereavement in the family or such other calamitous occasions shall be avoided for making calls/visits to collect dues.

COMPLAINTS AND GRIEVANCES

Internal Procedures

GFL has established the system and procedures for receiving, registering and disposing of complaints and grievances in each of its offices.

The Board of Directors of GFL has laid down the appropriate grievance redressal mechanism within the organization to resolve complaints and grievances. Such mechanism ensures that all disputes arising out of the decisions of the functionaries are heard and disposed of at least at the next higher level.

GFL shall display the Grievance Redressal Procedure prominently at all branches / places where business is transacted for the benefit of their customers.

REPOSSESSION OF VEHICLES

GFL has a built in re-possession clause in the contract/loan agreement with the borrower which is legally enforceable. To ensure transparency, the terms and conditions of the contract/loan agreement also contain provisions regarding:

• • notice period before taking possession;
  • circumstances under which the notice period can be waived;
  • the procedure for taking possession of the security;
  • a provision regarding final chance to be given to the borrower for repayment of loan before the sale / auction of the asset/security;
  • the procedure for giving repossession to the borrower; and
  • the procedure for sale / auction of the asset/security.

  A copy of the above terms and conditions will be made available to the borrower

GENERAL

• GFL shall refrain from interference in the affairs of the borrower except for the purposes in the terms and conditions of the loan agreement (unless information, not earlier disclosed by the borrower, has been noticed).
• GFL will verify the details mentioned by the Borrower/s in the loan application by contacting him / her at his / her Residence & / or on business telephone numbers & / or physically visiting his / her residence & / or business addresses through staff or through Agencies appointed for this purpose, if deemed necessary by GFL
• GFL shall advise the Borrower/s that if the Borrower/s acts fraudulently, he / she will be responsible for all losses on his / her account & that if the Borrower/s acts without reasonable care & this causes losses, the Borrower/s may be held responsible for the same.
• GFL shall not discriminate on grounds of sex, caste & religion in the matter of Lending. However, this does not preclude GFL from instituting or participating in Schemes framed for different Sections of the Society.
• GFL shall process requests for transfer of a loan account, either from the borrower/s or from a bank / financial institution, in the normal course. In case of receipt of request from the borrower/s for transfer of the loan account, the consent or otherwise i.e. objection of GFL if any, shall be conveyed within 21 days from the date of receipt of such request. Such transfer shall be as per the transparent contractual terms entered into with the borrower/s in consonance with law.
• In the matter of recovery of loans, GFL shall not resort to undue harassment viz; persistently bothering the borrowers at odd hours, use muscle power for recovery of loans
• GFL shall ensure that the staff are adequately trained to deal with the customers in an appropriate manner.
• GFL shall ensure that the staff is trained to provide relevant information about the Code and to put the Code into practice.
• The Board of the company shall adopt an interest rate model taking into account relevant factors such as cost of funds, margin and risk premium which will help in determining the rate of interest to be charged for loans and advances. The rate of interest and the approach for gradations of risk and the parameters for charging different rate of interest to different categories of borrower/s shall be disclosed to the borrower/s or customer if required.

GRIEVANCE REDRESSAL PROCEDURE

Great services help companies drive the customer acquisition, retention and efficiency which in turn make the company successful. At GFL, the core philosophy being Grievance Redressal has always been customer care, and hence have developed an approach to leave no stone unturned in solving the customer complaints.

A. In case of any query/grievance, the borrower/s may contact the following:

Level 1 Call Centre Team through any of the following channels:

(i) Telephonically at +91 81477 44325

(ii) Writing email at customercare@evfin.co (Kind attention: Customer Service Officer)

GFL shall strive to provide the borrower/s with a suitable response/resolution on his/her complaint/query/grievance within 7 working days.

Level 2

In case the borrower/s is not satisfied with the resolution/response provided by the Call Centre Team or Branch Team/s in due course, then he may further contact the executive at Head Office in the following manner.

Mail: Greaves Finance Limited

Greaves Finance Limited. Unit No: 701, 7th Floor, Tower 3, Equinox Business Park LBS Marg, Kurla West, Mumbai – 400070

Telephone: 022-4171 1700

GFL will make best efforts to solve your complaint/query/grievance at this level.

In case the borrower/s is not satisfied with the resolution/response provided by the executive at Head Office or if the grievance is not resolved within a period of 1 month, the borrower/s may appeal to the Officer-in-Charge of the Regional Office of Department of Supervision of the Reserve Bank of India, under whose jurisdiction, the registered office of GFL falls

SALIENT TERMS AND CONDITIONS

GREAVES FINANCE LIMITED (GFL) is a Non Banking Finance Company engaged in the provision of retail financing

While availing financing from GFL through its Loan Application system, we request you for and permission to use your personal information for the purposes that it has been obtained.

GFL is committed to keep your personal information secure.

This policy outlines the objective of requesting for your personal information and briefly explains process of as to how GFL keeps it secure.

Please note that during the course of your business relationship with GFL, you will be always informed regarding such permissions.

You are requested to carefully read our Privacy Policy and feel free to contact our Grievance Cell in the event of clarifications in respect of our Privacy Policy.

We also request you to review our Privacy Policy from time to time because your use of our products and services implies your acceptance of our prevailing Privacy Policy.

BY ACCEPTING THE GFL PRIVACY POLICY, YOU ARE EXPRESSLY CONSENTING TO THE COMPANY'S COLLECTION, RETENTION, ANALYSIS, USE AND DISCLOSURE OF YOUR PERSONAL INFORMATION IN ACCORDANCE WITH THIS PRIVACY POLICY.

INFORMATION COLLECTED FROM YOU AND ALL OUR CUSTOMERS

To create an account with GFL, you are required to:

(a) provide us with your basic personal information as part of our customer identification process, and

(b) agree with GFL's User Terms and Conditions and this Privacy Policy, which governs our treatment of your personal information.

We request you, subject to your agreeing to use the Application, to provide certain personal and financial information such as your name, address, date of birth, PAN number, bank statements, pay slips, etc.

We will also collect credit related information that is collected from other sources including Credit Bureaus such as CIBIL and other similar organization(s).

Additionally, we will also collect your social data (from facebook and linkedin) as well as information from your mobile phone, Financial SMS/ SMS logs, contacts, camera, storage, location etc.). The Application might also collect the following types of banking information from you – credit/debit card details such as the first six or the last four digits of your card number, payment wallet information (if you maintain a payment wallet with us), card details for quick purchase where you have selected the preference of letting us store the said information. However, for avoidance of doubt we would like to clarify that we do not store or process information necessary to make online payments such as all the digits of a credit card number/bank account number, CVV numbers, one time PIN numbers and similar payment authentication information. However, do note that such information may be collected, stored and used by the payment gateway service provider you choose to complete your transaction with the GFL. All such information will be subject to and processed in accordance with the payment gateway service provider's terms and conditions.

The GFL Loan Application system and GFL's or its affiliates' website is intended for users of the age of 18 and above only.

Accordingly, we will not knowingly collect or use any personal information from individuals that we believe to be and or are under the age of 18 years. Further, we will delete any information in our database that originates from individuals under the age of 18.

CONSENT FROM CUSTOMERS

FL's and the third-party tools including Loan Processing Softwares used, shall obtain your consent before collecting personal information for providing services to you.

Personal information for purposes of this Policy means and includes identification information such as your name, contacts, apps, device information, camera, location, calendar, Financial SMS/ SMS logs, and all such other other information as specified in this policy.

All or any personal information so provided will be as and on basis and GFL is not and shall not be responsible for the authenticity and/ or accuracy of the personal information supplied by you. You and only you will be solely responsible for the authenticity and/ or accuracy of the personal information provided by you for the purposes connected with the terms of use which has been agreed by you to avail the services through our Loan Application System

You have the option and right not to provide or not to agree to collection of your personal information.

In such a case that you choose not to agree with this policy, you will not be entitled to use GFL's services subject to the terms of its use.

You can also anytime withdraw the consent you provided by emailing us at customercare@evfin.co and requesting for termination of the services agreed to be availed by you as per the terms of use.

The information sought and collected by us about you will depend on the products and services we offer. Thus, if you do not allow us to collect all the information we request, we may not be able to deliver all of the services effectively

GFL will limit the collection and use of your information only on a need-to-know basis to deliver better service.

You are additionally authorising GFL to exchange, and or share, and or part with all your information (relating to details and transaction history) to its affiliates/ 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. and shall not hold GFL liable for use or disclosure of such information.

I hereby authorize and give consent to Greaves Finance Ltd. to send me, either through itself or through any third-party service provider, from time to time various information/alerts/SMS/other messages or calls or commercial communication, and other services on the aforesaid listed telephone numbers, whether these numbers are registered with National Do Not Call Registry/ listed in National Customer Preference Register or not. I also confirm that by sending any of such messages/calls, I will not hold GFL, its third party, service provider liable / institute complaint under the Telecom Commercial Communications Customer Preference (TRA) Regulations, 2010 or such other applicable regulations including any amendment thereof, as may be applicable from time to time. It will be auto renewed every month and if you want to stop this service, please write an email to customer.care@evfin.co before the due date and call our support number.

To,

Greaves Finance Limited.

1. I, [insert name of the customer], hereby confirm and explicitly consent and authorise, Greaves Finance Limited (“GFL”) and all of its duly authorised third party service providers, for the purpose of evaluating my application for e-vehicle loan. (“Purpose”):
   • to collect, utilise, process, store, retain, verify, and disclose my personal information, data and sensitive personal data as defined under the Information Technology Act, 2000 and the rules made thereunder, as amended from time to time, as may be required in relation to the Purpose; and
   • To access my personal information, data and sensitive personal data, including:
   1. KYC
   2. Banking details
   3. Income Details
   4. Employment details
   5. Demographic information
   6. Contact Details

   [insert the list data/ information to be collected from the customer].

2. I fully understand the purpose for which I am providing my consent and authorising GFL and its duly authorised third party service providers, to collect, utilise, process, store, retain, verify, and disclose the aforesaid information.

3. I, further agree to provide access to GFL and its duly authorised third party service providers, to the camera, microphone, location or such other facilities as may be required for the Purpose and verification in relation thereto, from time to time.

4. I confirm that, the information provided by me is true, complete and accurate and hereby agree to notify GFL, as soon as reasonably practicable, in event there is any change or modification in the information provided.

5. I, hereby confirm that this consent has been submitted by me voluntarily and without any coercion from GFL or any of its third party service providers or any other party; and I acknowledge that I have the right to withdraw this consent by written notice to GFL.

6. I acknowledge that GFL and its duly authorised third party service providers shall archive this consent for the purpose of compliance with the applicable law.

Sincerely,

____________________

Signature

Name:[-]

Date: [-]

CONSENT RELATED TO AADHAR

I/We hereby submit voluntarily at my/our own discretion, the physical copy of Aadhaar card/physical e-Aadhaar/masked Aadhaar/offline electronic Aadhaar xml as issued by UIDAI (Aadhaar), to GREAVES FINANCE LIMITED. ("GFL") for the purpose of establishing my/our identity/address proof and voluntarily give my/our consent in connection with me availing the Financial Facility from GFL and processing instructions for the said purpose and hereby give consent to GFL for verification of my Aadhaar to establish its genuineness through any such acceptable manner stipulated by UIDAI or under any Act or law from time to time. I/We have also been explained that submission of this document is not mandatory. I/we have the option to submit any one of the documents as per the list of Officially Valid Documents (updated by the RBI from time to time). The consent and purpose of collecting Aadhaar has been explained to me/us in local language. GFL has informed me/us that I am/we are required to redact/ blacken out the first eight digits of Aadhaar number so that only last four digits of the Aadhaar number are visible; and in case I/we do not redact/ blacken out the first eight digits of Aadhaar number, I/We authorize GFL to redact/blacken out the Aadhaar number through appropriate means on my/our behalf. In case of E-KYC, I/We consent to recording and storage of the data for the video based customer identification (V-CIP) process. GFL has also informed me that this consent and my Aadhar will be stored with GFL and the consent can be withdrawn by me/us in accordance with the applicable law.

Except to the extent disclosed to GFL in writing, no director or a relative/near relation (as specified by RBI) of a director of a banking company (including GFL or a relative/near relation (as specified by RBI) of a senior officer of GFL (as specified by RBI) is the applicant(s), or a partner of our concern, or of our subsidiary, or our holding company, or a guarantor on my/our behalf, or holds substantial interest in our concern or my/our subsidiary or holding company.

I hereby consent to receiving information from Central KYC Registry through SMS/Email on the above registered number/email address.

In relation to my application, I authorise GFL and/or its agents, to

1. Conduct credit checks, references, enquiries in its sole discretion and share and/or obtain information, records from any third parties, as it may consider necessary and shall not hold GFL (or any of its group companies or its/their agents/representatives) liable for use/sharing of this information.
2. Contact me/us, for providing information about new products, offers, promotions etc. and for receiving feedback or surveys etc. by WhatsApp, and expressly agree to exempt such actions by you or them for the purpose of Do Not Disturb guidelines issued by Telecom Regulatory and Development Authority (TRAI) or any other authority.
3. Contact me / us, for providing information about new products, offers, promotions etc. and 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.
4. Use the information provided in my application as it may deem fit and proper. GFL is authorised to retain the documents submitted with the application without any liability to return the same to me. I/We agree and understand that GFL reserves the right to reject any application in case I/we do not fit in the policy norms set by GFL.

I would like to avail the benefits of various GFL loan offer schemes or loan promotional activities or any other promotional schemes and hereby authorize GFL, its employees, agents, representatives, and associates to do so.

WHAT IS DONE WITH THE INFORMATION COLLECTED?

GFL uses this information to

• establish identify and assess loan applications
• manage your relationship with us
• contact you
• suitably design our products
• offer our products and services suite
• manage our risks including the risk of fraud
• data analysis in order to improve our business for providing improved consumer experience to you
• comply with country laws and inform you about other products or services we think you might find useful.

GFL Loan Application System uses and discloses your personal information only for

• Fulfilling your requests for products and services offered, subscribed and accepted by you
• Delivering to you any administrative notices, alerts, advice and communications relevant to your use of our services
• Sharing your information with group companies and other relevant third parties as required or to provide similar services to you with various value added services
• Collecting subscription fees for the services provided to you,
• Notifying or contacting you regarding any problem with/ or the expiration of the Loan Application and or regarding its website
• Project planning, troubleshooting problems
• Detecting and protecting against error, fraud and or other criminal activity
• Providing to third- party contractors that provide their services to GFL and are bound by this policy.
• Using in other ways as may be permitted under applicable law.

INFORMATION SECURITY MEASURES

GFL will store and process your personal information on secure Web Services and other cloud servers.

We protect your information through physical, technical, and administrative security measures to reduce the risks of loss, misuse, unauthorized access, disclosure and alteration by using reasonable security practices and procedures as mandated under applicable laws for the information protection

Safeguards used include firewalls and data encryption using SSL, and information access authorization controls to protect your information.

Accordingly, we assume no liability for any disclosure of data due to errors in transmission, unauthorized third party access or other acts of third parties, or acts or omissions beyond our reasonable control.

However, you understand and accept that there is no guarantee that data transmission over the Internet will be completely secure and that any information that you transmit to us is at your own risk.

PHISHING

"Phishing" usually occurs when users of a website are induced by an individual/ entity into divulging sensitive personal data by using fraudulent websites and/ or e-mail addresses.

Thus, In the event that you provide information to a website or respond to an e-mail which does not belong to GFL or is not connected with GFL in any manner, you could be a victim of Phishing.

Please note, GFL does not send e-mails requesting a user for payment information, username or passwords. However, we may verify the user name, password etc. provided by you from time to time.

REVIEW OF AND CHANGES TO PERSONAL INFORMATION

You can request and we shall correct errors in your personal information by emailing us at customercare@evfin.co

In order to obtain a copy of your personal information, for your protection, you will be required to provide proof of your identity

In order to change your personal information or in the event that you no longer want to avail our services, you may correct, update or deactivate your personal information by sending an email to us at customercare@evfin.co

However, any such correction or updation in your personal information will be subject to our verification.

GENERAL TERMS

The accuracy and confidentiality of the information as provided by you is your responsibility. You are also responsible for maintaining the secrecy of your passwords, email address and other account details at all times.

We recommend a strong password that you do not use with other services.

Please make the password complex and difficult for others to guess, and thus, you should use combination of alphabets, numbers and special characters (!, @, #, $ etc.).

Under no circumstances should you disclose your password to anyone or keep any written or other record of the said password which might result in any third party gaining access to your password.

DISCLOSURE

The information you provide may be disclosed by GFL to our agents, employees, subsidiaries and affiliates, or to other third party service providers who require the information for the purposes of operating and maintaining GFL's platform for the provision of services.

We need to comply with requests and directions of all governmental, law enforcement, or regulatory authorities, which we believe to be in good faith and in accordance with any applicable law.

Such compliance may include providing user information whether it is personally identifiable information or not, to such agency or authority.

GFL may transfer sensitive personal data or information to another Indian body corporate that ensures the same level of data protection that is adhered to by GFL, if it is necessary for the performance of a lawful contract between GFL and or any person on its behalf and you or where you have consented to the data transfer.

Moreover, you shall not disclose to any other person, in any manner whatsoever, any information relating to GFL and/ or its affiliates of a confidential nature obtained in the course of availing the services through our website and/ or the Loan Application System.

Failure to comply with this obligation shall be a serious breach of the terms herein and shall entitle GFL and/ or its affiliates to terminate the services immediately.

Personal information of the users will not be sold or otherwise transferred to unaffiliated third parties unless otherwise stated at the time of collection or without your approval, as the case may be.

However, GFL might share, exchange and disclose information to its affiliates and/ or group companies, agents or to any third-party service provider to deliver you products and services in the manner agreed by you.

We, at GFL, through our email services at customercare@evfin.co would be always here to assist you and address any questions or concerns about this policy

evfin Smartfin upgrade Program: Terms and Conditions for Customers

The following terms outline the eligibility criteria and conditions for participating in the "Smartfin Upgrade" program, powered by evfin, applicable exclusively to the SMIPL "e Access" electric two-wheeler model.

1. Smartfin upgrade : Program Overview and Eligibility

These conditions define the eligibility criteria for participation in the "Smartfin Upgrade" program, powered by evfin, including the qualifications that both the Customer and the vehicle must meet.

• Parties: Greaves Finance Limited ("evfin" or "Greaves Finance"), Buyer of SMIPL "e Access" electric two-wheeler model ("Customer")
• Definitions: Suzuki Motorcycle India Private Limited ("SMIPL"), SMIPL authorised dealer ("Dealer"), "Vehicle" specifically refers to the SMIPL "e Access" electric two-wheeler for which you've purchased a " Smartfin Upgrade" product.
• Program:
  • This program is intended to support SMIPL "e Access" electric two-wheeler customers seeking to upgrade their vehicles.
  • This Smartfin Upgrade is only available if you choose to upgrade to another new SMIPL electric two-wheeler from an authorized SMIPL dealership.
  • Upon customer opting for an Smartfin Upgrade, a joint inspection of the Vehicle will be conducted by evfin and SMIPL at the time of Vehicle return. The valuation will be determined by evfin.
  • Upon acceptance from customer, return value will be paid by evfin directly to the SMIPL dealership facilitating for upgrade of vehicle. The return value will be applied as margin money toward the new purchase.
  • If evfin offers financing in the customer's location, the customer must avail financing through evfin, subject to standard credit evaluation and approval processes.
• Eligible Owner: Only the first registered owner of the Vehicle is eligible to avail the benefits of this program.
• Option Fee: The Smartfin Upgrade fee charged to the customers is as under
  • For 36-month plan – INR 5,499 per vehicle
  • For 48-month plan – INR 5,999 per vehicle
• Tenor: Customers have the option to enrol in the Smartfin Upgrade program for either a 36-month or 48-month term. Only one tenure option can be selected, and a fixed option fee will apply based on the chosen duration.
• Original Purchase: The Vehicle must have been originally billed and invoiced by SMIPL or an authorized SMIPL retail partner to qualify for the buyback program.
• Product Line Continuity: The buyback option is valid only if the electric two-wheeler models remain an active product line with Service and spare part support offered by SMIPL, at the time the buyback is requested.
• Maintenance Adherence: The Vehicle must have been maintained in full accordance with SMIPL's prescribed service schedule and maintenance guidelines, exclusively through registered SMIPL dealerships. The customer or SMIPL must provide evfin with complete servicing records upon request.
• Extended Battery Warranty Requirement: To qualify for the "evfin Smartfin upgrade" 36/48-month program, the Vehicle must have been covered by a valid 24/48-month extended comprehensive warranty from SMIPL respectively, purchased at the time of the original vehicle sale. Compliance with all terms and conditions of the warranty must have been maintained throughout the ownership period.
• Proper Usage: The Vehicle must not have been used for any commercial purposes, off-roading, racing, or any illegal activities.
• No Tampering: All Vehicle identification numbers—including VIN, chassis number, motor ID, and battery ID—must remain intact, untampered, and consistent with the original documentation.
• Clear Financial Status: The Vehicle must be free of any outstanding loan payments and must not have any active hypothecation, charge, or pledge at the time of availing the "Smartfin Upgrade" program
• Valid Documentation: The Vehicle must be handed over with all original, valid, and complete documents, including but not limited to the Registration Certificate (RC), valid Third-Party Insurance, and the original purchase Invoice.
• No Pending Legal Issues: The Vehicle must not have any pending legal cases, dues to government authorities, or unresolved insurance or accident claims. Any such matters must be fully settled prior to eligibility for buyback.
• Mileage Limit: The Vehicle's odometer reading must not exceed 36,000 kms for the 36-month tenure or 48,000 kms for the 48-month tenure at the time of buyback.
• No Major Structural Damage/Total Loss: The Vehicle must not have been declared a total loss by any insurance company and must not have sustained any major structural damage that affects its safety or structural integrity.
• No Flood Damage: The Vehicle must show no signs of water damage, including but not limited to water lines, rust in electrical components, or a persistent musty odor indicative of submersion.
• No Unauthorized Modifications: The Vehicle must not have undergone any unauthorized physical or material modifications (such as repainting or installation of aftermarket parts) that void its warranty or are not approved by SMIPL.

2. Smartfin Upgrade: Buyback Process & Valuation

This section details how and when the buyback offer is made, and how the vehicle's value is determined.

• Buyback Option Timing: evfin will offer the buyback option only after the completion of either 36 or 48 months from the full payment invoice date, depending on the tenure selected by the Customer.
• Buyback Availment Window: The buyback option must be exercised within 30 days following the end of the selected tenure period.
• Return Location: The Vehicle must be returned to the city of its original delivery, at a location designated by evfin.
• Joint Inspection and Testing: Prior to finalizing the buyback, the Vehicle will undergo joint inspection, testing, and evaluation by authorized SMIPL and/or evfin service personnel. The assessment will be based on predefined criteria.
• Valuation Standards: The valuation will be conducted based on the criteria specified by evfin. Additionally, evfin reserves the right to consider the evaluation criteria outlined in SMIPL's "Best Value" program.
• Finality of Valuation: The buyback price determined by evfin upon evaluation will be considered final and binding on the customer and is not subject to any further negotiation.
• Customer Decision Period: After the inspection, the customer has up to 7 days or 150 km of additional usage (whichever comes first) to accept or decline the buyback offer made by evfin. If the offer is declined, the Vehicle must be collected within 24 hours, after which evfin assumes no responsibility for its custody or condition.

3. Smartfin Upgrade : Comprehensive Vehicle Inspection

Each vehicle will undergo a comprehensive 52-point inspection carried out by authorized personnel. Every checkpoint is evaluated using a standardized five-level condition scale: Good, Acceptable, Can Be Accepted After Checking, Repair, or Only Replace. This thorough assessment is essential for accurately determining the condition of each component and estimating the costs associated with any required part replacements, repairs, and labor. The total of these estimated expenses will constitute the refurbishment cost, which will be deducted from the final buyback value.

4. Smartfin Upgrade: Buyback Value Calculation & Deductions

This section outlines the method for calculating the buyback value of your vehicle under the Smartfin Upgrade program, along with any applicable deductions that may be applied during the evaluation process.

• Base Buyback Value: The buyback value under the Smartfin Upgrade program may be up to 60% of the effective ex-showroom value of the Vehicle for a 36-month buyback, and up to 50% for a 48-month buyback. The effective ex-showroom value is calculated as the actual ex-showroom price minus any applicable central subsidy and the effective cash discount.
• Valuation Adjustment for Heavy Discounts: If the original purchase was significantly discounted at the time of Sale, the effective ex-showroom value used to calculate the buyback at the time of upgrade will be based on the discounted price. This ensures a fair, market-aligned valuation.
• Deductions for Damage/Defects: Any damage to Vehicle parts or defects at any time (pre and/or post the buy back price discovery) will result in deductions from the buyback value. This includes, but is not limited to, issues arising from:
  • Comprehensive Vehicle Inspection as indicated in Point no 3 above
  • Accidents, collisions, or impacts.
  • Theft, vandalism, or tampering
  • Improper storage or non-standard use
  • Unauthorized access, modifications, or installation of non-approved technology, software, or accessories (e.g., charging equipment)
  • Use of non-approved consumables such as oils, fluids, and seals.
  • Deep discharge of the battery due to prolonged idle periods, even if later revived.
  • Operation of the Vehicle after mechanical or system warnings.
  • Vehicle involvement in illegal activities.
  • Failure to keep software updated as recommended by SMIPL
  • Lifting the Vehicle at the wrong points or causing any damage to the Vehicle by or while transporting the Vehicle or parts the Vehicle by any means.
  • Environmental or natural causes ("Acts of God") including floods, fire, extreme weather, or pest damage.
  • Battery exposure to direct flames or submersion in water.
  • Overloading the Vehicle beyond prescribed weight limits.
  • Failure to charge the battery over extended periods.
  • Insufficient ventilation/choking/insulation of heat-dissipating components due to negligence.
  • Delay in reporting warrantable defects, resulting in compounded damage.
  • Assembly, disassembly, repairs, or modifications performed by unauthorized personnel or using non-approved parts or tools.
  • Any damage/defect beyond normal wear and tear (e.g., abnormal brake pad wear, seals, bushes, consumables).
  • Cosmetic deterioration such as discoloration, fading, or trim damage not caused by regular wear and tear
  • Missing or Damaged Charger: The original charger must be returned. Any damage or absence will result in value deductions
  • Missing/Damaged Accessories & Keys: All original keys, remote fobs, toolkits, owner's manual, and other original accessories must be returned in good condition. Missing or damaged items may result in deductions.
  • Significant Body Damage: Major dents, deep scratches, rust, or structural damage beyond normal wear and tear requiring extensive bodywork.
  • Tire Condition: Tires must have a minimum tread depth of [e.g., 2mm or 2/32"] across all grooves and show no signs of abnormal wear, cuts, or bulges.
  • Component Functionality: All lights, indicators, horn, display panels, charging ports, and related components must be fully operational
  • Brake System Health: Brake components (pads, discs, drums) and fluid levels must comply with SMIPL's specifications and show no excessive wear
  • Suspension System Health: Suspension must be free from leaks, excessive play, or damage affecting safety or performance.
  • Battery Health: Battery condition, as assessed using evfin diagnostic tools, must meet a predefined threshold i.e. 70% of original capacity)

5. Smartfin upgrade: Other Terms and Conditions

• Active Comprehensive Insurance (for new vehicle): The new vehicle shall have active comprehensive insurance for a period of 12 months after the upgrade date, alternatively the cost of Insurance would be deducted from the buyback price offered by evfin.
• If your original vehicle was financed through an institution other than EvFin, you must comply with the following requirements to be eligible for the Smartfin Upgrade program:
  • Submit a valid No Objection Certificate (NOC) from your original financier.
  • Provide the RTO booklet (Registration Certificate) received from the financier.
  • Sign an undertaking declaring that no active loans or financial obligations remain against the Vehicle.
  • Any other documentation as may be required

6. Smartfin upgrade : General Terms

• Transfer of Ownership: You are responsible for ensuring a smooth and timely transfer of vehicle ownership to evfin or its designated entity. All required RTO (Regional Transport Office) formalities and documentation must be completed by you. Any delays or associated costs incurred due to non-compliance may be deducted from the final buyback value.
• Payment of Upgrade Value: The agreed buyback amount (referred to as the "Upgrade Value") will be transferred directly to the bank account of a registered Suzuki dealership within 7 business days after successful completion of the inspection, mutual agreement on the final buyback value, and full transfer of ownership of your existing vehicle. The Upgrade Value will be applied strictly against a valid invoice for the purchase of a new Suzuki electric two-wheeler from that dealership.
• Legal Compliance: The Smartfin buyback program is offered at selected locations as per the discretion of evfin.
• evfin's Interpretation: Any interpretation of the terms and conditions under the Smartfin Upgrade program shall be made solely by EvFin and shall be final and binding on the customer.
• Force Majeure: evfin shall not be held liable for any delay or failure to fulfill its obligations under these terms if such delay or failure arises from circumstances beyond its reasonable control. These include, but are not limited to, acts of God, war, terrorism, natural disasters, government restrictions, or other unforeseen events.
• Governing Law and Dispute Resolution: These terms and conditions shall be governed by laws of India. Notwithstanding anything to the contrary contained herein, any dispute, controversy and / or claim arising out of and / or relating to this contract, including its construction, interpretation, meaning, scope, operation, effect and / or validity thereof ("Dispute"), shall be resolved by arbitration, administered by Presolv360, an independent institution, in accordance with its Dispute Resolution Rules ("Rules").
  
  The Parties agree that the arbitration shall be before a sole arbitrator appointed under the Rules. The juridical seat of arbitration shall be Mumbai, India. The language of arbitration shall be English. The law governing the arbitration proceedings shall be Indian law. The decision of the arbitrator shall be final and binding on the Parties. Subject to the above, the competent courts at the seat shall have exclusive jurisdiction.
  
  The Parties agree to carry out the arbitration proceedings virtually through the online dispute resolution ("ODR") platform of Presolv360 (https://presolv360.com/) and, for such purpose, the email addresses and / or mobile numbers available, provided or otherwise referenced in the contract shall be considered. Each party shall be responsible for intimating such institution in the event of any change in its email address and / or mobile number throughout the arbitration proceedings. In the event the arbitration proceedings cannot be administered virtually in the opinion of the arbitrator, the proceedings shall be conducted physically, and the venue of the proceedings shall be as determined by the arbitrator having regard to the circumstances of the case, including the convenience of the Parties.
  
  GFL shall be entitled to replace the ODR platform with any other alternate online dispute resolution institution which is recognised by the notification dated September 18, 2020 bearing reference number F. No. A- 60011/97/ 2018-Admn. III (LA) issued by the Ministry of Law and Justice, Government of India on 'Hosting of list of institutions offering Alternate Dispute Resolution mechanism' and any amendment or substitution made thereto; after notifying the Customer of such replacement. In such case, all reference to the Rules, ODR and website of the platform shall refer to the replaced alternate online dispute resolution institution.
  
  These terms and conditions constitute a legally binding agreement made between the Customer and Greaves Finance.

CONTACT US

If you have any questions about these Terms & Conditions, please contact us at:

Email: customercare@evfin.co

Phone: +91 81477 44325

Registered Office: Unit No. 1A, 5th Floor, Tower 3, Equinox Business Park, LBS Marg, Kurla (West), Mumbai - 400070, India

Corporate Office: 2nd Floor, Hustlehub, HHTP7, Sy. No. 36/6 27th Main Road, Sector-2, HSR Layout. Bengaluru - 560102, India.