redCASH-i Personal Financing’s Terms and Condition

1.OVERVIEW

1.1. The terms and conditions herein (“Terms and Conditions”) shall apply and bind the approved applicant (“Applicant”) who has been granted with the redCASH-i Financing Facility (“Facility”) by Red ONE Network Sdn Bhd (“redONE”)

1.2. The Applicant hereby agree have read, understood and agreed to be bound by these terms herein and redONE Mobile’s Privacy Policy shall be read together as an entire financing agreement

2. PURPOSE OF FACILITY

The Applicant hereby undertakes that the Applicant shall use the Facility solely for the purpose specified by the Customer in the redCASH-i Application Form (“Application Form”)

3. USE OF SERVICE

3.1. The Facility is an unsecured financing facility and is based on Shariah principle of Commodity Murabahah

3.2. redCASH-i eligibility as following:

• 3.2.1. Exclusive for redONE Postpaid Customers more than 6 months
• 3.2.2. Individual of Malaysian citizen aged between 18 – 60 years old
• 3.2.3. Private Sector Employee, Government Servant or Self-Employed

3.3. Mandatory supporting documents for redCASH-i application as following:

3.4. redCASH-i application at minimum financing amount is at RM1,000.00 to maximum RM10,000.00

3.5. The fixed profit rate is at 1.5% per month or 18% per annum

3.6. The minimum financing tenure is from 6 months up to maximum 2 years (24 months)

3.7. For the avoidance of doubt, the approved financing amount, profit rate and the payment period may not necessarily be the same in the applied financing application as its subject to final credit assessment results and approval from redONE Mobile

3.8. Any difference between the financing amount, profit rate or due date, as the case may be finally approved by the redONE Mobile shall not affect the validity of these terms and the financing agreement

3.9. Applicant affirms that all information provided in the application form and the supporting documents submitted through redCASH-i‘s website, application form or any other accredited channels are true and correct. As such Applicant hereby consents that:

• 3.9.1. redONE Mobile will validate such submission with available information on the applicant’s accounts, credit information and/or other status checks from applicable entities
• 3.9.2. The Applicant agrees that the financing application data provided can be used by redONE Mobile to pre-fill any of the Applicant’s future financing application
• 3.9.3. Any incorrect information, misrepresentation, misleading information that if provided and known will result to delay or rejection of the application
• 3.9.4. redONE Mobile has the right to cancel/decline the application if reply or feedback has not been received within the specified period of time
• 3.9.5. redONE Mobile retains the sole right to approve, decline, modify, change, increase or decrease your financing application without any liability to the Applicant
• 3.9.6. redONE Mobile also has the right to offer Applicant different financing product features or services
• 3.9.7. redONE Mobile have absolute right to retain on all the provided supporting documents or information as permissible under the regulations retention period.

4. ACCEPTANCE OF APPROVED FINANCING APPLICATION

4.1. Upon approval of the redCASH-i application, the Applicant will be notified by email to review the financing agreement and e-sign the financing agreement

4.2. The validity of the approval is at maximum 30 business days from the approval date

4.3. You may need re-apply a new financing application if you are failed to complete acceptance of the approved financing amount and/or e-sign the financing agreement within the specified time mentioned in 4.2

4.4. The signed stamped financing agreement together with the stamp certificate will be sent to your registered email address and deemed to be served upon successful transmission of the email.

5. FINANCING DISBURSEMENT

5.1. All approved financing amount will be disbursed to your Personal Saving or Current Account provided in the application form

5.2. A processing fee of RM30.00, Wakalah fee of RM 20.00, stamp duty and/or Takaful contribution (if applicable) will be deducted upon financing disbursement

5.3. Any incorrect bank information provided in the application form may result to delay or rejection of electronic payment or bank transfer to your bank account

5.4. The accuracy of the bank information is also your responsibility and redCASH-i will not hold any liability for any reason of the rejection or wrong bank account number that omitted by you

6. INSTALMENT

6.1. The monthly instalment amount, due date, payment period and first instalment commencing date will be as stipulated in the Applicant’s financing agreement

6.2. The default instalment payment method is Direct Debit. Other available payment methods available via Online Banking through FPX or JomPAY

6.3. redCASH-i reserved the right of the payment allocation on each payment without any notice to the Applicant

6.4. A receipt on each payment will be generated and made available at the Applicant’s redCASH-i‘s account

6.5. Partial or early settlement will not have any changes on the balance principal or profit rate payable under the financing agreement, the Applicant is required to pay the total outstanding of the remaining instalments including any other accrued charges or/and accrued late payment charge outstanding (if any)

6.6. If applicable, any excess payment of RM10.00 or less made upon the settlement of your redCASH-i Personal Financing account shall be treated as an administrative fee. For excess payments exceeding RM10.00, you may request a refund by providing your financing account details, payment transaction information and bank account details to redONE Mobile.

7. GROSS MONTHLY INSTALMENT CALCULATION

Facility Monthly Instalment is derived based on the formula: –

MI = [(P*I*T) + P]/M

Where, MI = Monthly Instalment; P = Financing Amount; I = Profit Rate per annum; T = Facility Tenure in years; M = Facility Tenure in months

8. PRESCRIBED PROFIT RATE

The respective profit rate(s) applicable to the Facility as stated in the Payment Schedule, which expression shall, wherever the context so permits, include any and such other rate which redONE Mobile may at any time or from time to time, stipulate at the time of entry into the Commodity Murabahah transactions.

9. EVENTS OF DEFAULTS

9.1. Without prejudice to redONE Mobile’s right to recall the Facility with prior notice on demand, redONE Mobile shall be entitled, at its absolute discretion, to recall the Facility and demand payment of the indebtedness upon the occurrence of any of the following events:

• 9.1.1. if the Applicant shall default in payment of monthly instalments or any sum due and payable under these Terms and Conditions (whether demanded or not);
• 9.1.2. if the Applicant is in breach of any provisions of these Terms and Conditions;
• 9.1.3. if for any reason these Terms and Conditions is or becomes invalid or unenforceable;
• 9.1.4. if a bankruptcy proceeding is initiated against the Customer;
• 9.1.5. if the Applicant dies or becomes of unsound mind;
• 9.1.6. if any documents and information supplied by the Applicant is false, untrue or misleading;
• 9.1.7. if there is any fictitious, forged or fraudulent misrepresentation in the Facility application of the Applicant. then, and in any such case, redONE Mobile shall give not less than fourteen (14) days’ written notice to the Applicant to terminate this Facility whereupon the whole of the Balance Sum shall forthwith become payable and the Applicant shall pay:
• 9.1.8. Late Payment Charge, as defined in Clause 10 herein, on the outstanding Balance Sum (before judgement) until the whole of the Balance Sum is fully paid;
• 9.1.9. all expenses and other charges (including redONE Mobile’s solicitor’s cost) incurred by redONE Mobile in enforcing payment of any sums payable by the Applicant to redONE Mobile;

9.2. In the event of Applicant have defaulted on payments, redONE Mobile shall be entitled to enforce or exercise any right under the financing agreement, collections and recovery, legal action including reporting to credit bureaus

9.3. In addition to the above, redONE Mobile reserves the right, at its sole discretion, to suspend or terminate any other services within redONE Mobile Group, including but not limited to the suspension or termination of redONE mobile services in the event of any payment default by the Applicant

10. LATE PAYMENT CHARGE

10.1. In addition to the profit rate payable under the financing agreement, the Applicant hereby further agree to pay late payment charge at the rate of 1% per annum on any/or each overdue instalments after the due date

10.2. Any reminder letter or notices shall be deemed to have been duly served if sent to the Applicant via any digital communication channels or email to the email address(es) specified in the application form or financing agreement.

11. AMENDMENTS OF TERMS AND CONDITIONS

The use of the Facility is subject to the terms and conditions herein contained. Subject to compliance with Shariah principles, redONE Mobile reserves the right at any time to add, alter, delete, modify, change or vary all or any of those terms and conditions stated herein. Such alteration, deletion, modification, change, variations, revisions or additions will become effective once they are displayed in the redCASH-i’s website. Applicant agrees to comply with all revised and additional regulations.

12. TELEPHONE MONITORING & RECORDING

redONE Mobile is entitled to monitor and record for its own purposes, any call(s) made with the Applicant at redONE Mobile’s absolute discretion without notice to or further approval from the Applicant. The Applicant agrees that redONE Mobile shall be entitled to use such recordings and transcripts thereof as evidence in any disputes.

13. ASSIGNMENT

redONE Mobile shall be entitled at any time without the consent of the Applicant to assign the whole or any part of its rights or obligations hereunder with or without notice to the Applicant.

14. TIME OF ESSENCE

Time wherever mentioned shall be deemed to be the essence of these Terms and Conditions.

15. GOVERNING LAW

These Terms and Conditions shall be governed by the laws of Malaysia.

Note: In the event of discrepancy, ambiguity and conflict in interpreting any term or condition, the English version shall prevail and supersede the Bahasa Malaysia version.