Terms & Conditions

The following Terms & Conditions govern the financing, leasing, and payment transactions for E-Rickshaws, E-Rickshaw batteries, and related services offered by Akasa Leasing Pvt. Ltd. ("AFL") through its website and authorized payment channels.

1) Credit Evaluation & Approval

All loan or financing applications submitted to Akasa Leasing Pvt. Ltd. are subject to credit assessment and approval, which shall be entirely at the sole discretion of AFL. AFL reserves the right to approve, reject, or modify any application without assigning any reason.

2) No Cash Payments / No Advance Fees

• AFL does not collect any cash payments or unofficial fees for loan approval or processing.
• No advance payment is required for loan approval.
• Any person demanding cash or unofficial payment in the name of AFL should be immediately reported.
• Any such payment shall be treated as an unauthorized payment or bribe and may result in automatic rejection of the loan application.

3) Loan Terms & Charges

• Loan terms including loan amount, interest rate, tenure, processing/file charges, and EMI structure are determined as per AFL’s internal credit policy.
• All applicable terms and charges shall be clearly communicated to the customer and documented in the Loan Agreement prior to execution.
• Loan disbursement, if approved, shall be made after deducting applicable processing or file charges, as disclosed in the agreement.

4) Payment Gateway & Online Payments

• AFL may accept payments through authorized online payment gateways (including UPI, cards, net banking, or other digital modes).
• All online payments shall be processed through secure third-party payment gateway service providers and are subject to their respective terms and conditions.
• AFL shall not be responsible for transaction failures, delays, or errors caused by banks, payment gateways, or network issues.

5) EMI Payment & Mandate

• Submit Post-Dated Cheques (PDCs) and/or
• Register an ACH/NACH mandate, and
• Execute the Loan Agreement.

EMIs must be paid strictly through the approved digital mandate, PDC, or authorized online payment channels on or before the due date.

6) Cheque / Mandate Bounce & Penalties

In case of any cheque bounce or ACH/NACH mandate failure, the customer shall be liable to pay a penalty of ₹750 per instance, or such amount as prescribed by AFL from time to time.

Repeated payment failures may attract additional penalties, recovery actions, or legal proceedings as per applicable laws.

7) Late Payment Charges

Customers shall be liable to pay late payment fees or penal interest as per AFL policy for any EMI or payment made after the due date.

8) Use of Funds & Asset Responsibility

Loan funds must be used solely for the purchase or financing of E-Rickshaws and/or E-Rickshaw batteries as approved.

The customer shall be solely responsible for the use, maintenance, insurance, and compliance related to the financed asset.

9) Refunds & Cancellations

Any refunds, if applicable, shall be governed by AFL’s Refund & Cancellation Policy and processed strictly in accordance with payment gateway guidelines. Refunds, if approved, shall be made only through the original mode of payment.

10) Limitation of Liability

• Payment gateway or banking failures
• Government or regulatory delays
• Force majeure events including natural disasters, strikes, technical outages, or cyber incidents

11) Governing Law & Jurisdiction

These Terms & Conditions shall be governed by and construed in accordance with the laws of India. Courts having jurisdiction over [Noida/UP] shall have exclusive jurisdiction.

12) Booking Policy

Customers can view and select E-Rickshaws and E-Rickshaw batteries through our online portal or by visiting our warehouse. Customers may purchase products directly from the website by adding the selected item to the cart and completing the payment. An option to convert the purchase amount into EMIs is also available. After the purchase is completed, the selected item will be delivered to the customer. We are responsible for ensuring that the product is delivered in the same condition and specifications as selected by the customer at the time of purchase.