Veelo Mobility Private Limited - Refund Policy

A. Refund of Security Deposit

Security Deposit is a refundable amount transferred from a user's bank account to their Yulu account. Security Deposit amount can vary from asset to asset. This amount is collected for the following reasons:

  1. To ensure that the customer is capable of making online payments for lease rentals which follow the Security Deposit
  2. To ensure safety & security of assets being leased
  3. In case of any damages to the asset leased such Security Deposit can be forfeited entirely or partially to the extent of the damage.

In the following cases the Security Deposit can be forfeited entirely or partially and is not refundable:

  1. Physical damage to the assets leased to the customer which reduces the ability of the asset to be leased again to another customer without any cost being incurred on that asset.
  2. Asset leased to the customer is lost.
  3. Customer has not returned the asset properly to the Veelo hub and Veelo through its authorised representatives had to trace, locate and bring the vehicle to the nearest Veelo Hub.
  4. In case of any unpaid lease rentals

As mentioned above, this security deposit is fully refundable so a user can place a refund request anytime by following the two simple steps below:

  1. Click on the quick access menu and then click on Veelo Cash
  2. Click on request SD refund

Please note that the SD can only be requested when all the assets have been properly returned at the hub. Also, the SD refund is activated only after the return inspection of the asset has been done to assess any damages to the asset. The return inspection takes anywhere between 4 to 6 days from the date of return of the asset.

Once the SD refund is requested from your Veelo app login, it takes 8-10 working days for the amount to reflect in your bank account.

There might be some cases where the asset is leased to customer on terms of Non Refundable Security Deposit. In those cases the Security Deposit is non refundable in all cases.

B. Refund of Lease Rentals

Lease rentals are collected from the customer in case of assets leased to the customer. In no case are any lease rentals refundable to the customer. Once the lease rentals are charged to the customer they shall be the revenue of Veelo Mobility and be non refundable to the customer. Even if the asset is not working entirely or as per the required standards of the customer, the lease rental is payable by the customer till the time the asset is properly returned by the customer at the nearest Veelo Hub. The lease rentals are payable even if the customer has not been able to use the asset for its intended use due to low demand, sickness, accident, death or any other cause rendering the asset unusable.

The only case where lease rental refunds can be claimed is when Veelo's system has incorrectly charged lease rentals to the customer. The claim may be due to incorrect amount or incorrect times the lease rental was deducted. The customer can also message on the Veelo support provided in the Veelo App on the homepage. If the support is unable to provide the solution the customer can visit the nearest Veelo Hub and share the issue with the Veelo Center manager or email Veelo's team at dm@veelomobi.com for any such escalations.