Fair Practices Code

In compliance with RBI Master Direction — Non-Banking Financial Company — Scale Based Regulation (SBR) Directions, 2023.

1. Applications for Loans and Processing

All loan application forms include necessary information affecting the interest of the borrower, enabling a meaningful comparison with terms offered by other NBFCs. The Company shall maintain transparency in loan processing and communicate the time frame within which loan applications will be disposed of.

2. Loan Appraisal, Terms & Conditions

The Company shall convey in writing to the borrower, by means of a sanction letter, the amount of loan sanctioned, the terms and conditions including annualised rate of interest and the method of application thereof, along with a Key Facts Statement (KFS) as prescribed by RBI. The KFS shall disclose the Annual Percentage Rate (APR), all applicable charges, and the repayment schedule.

3. Disbursement of Loans

The Company shall ensure timely disbursement of loans sanctioned. Any change in the terms and conditions including disbursement schedule, interest rates, service charges, and prepayment charges shall be communicated to the borrower in advance.

4. General Principles

• The Company shall not interfere in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan agreement.
• In case of receipt of a request for transfer of borrowal account, the consent or objection shall be conveyed within 21 days from the date of receipt.
• The Company shall refrain from any form of harassment in the recovery of loans, including unnecessary calls at odd hours and use of muscle power for recovery.
• All recovery agents engaged by the Company shall follow the guidelines on Fair Practices Code and shall carry proper identification and authorisation letters.
• All dues shall be collected in a civil manner. The Company shall ensure that staff and authorised agents are adequately trained to deal with customers in an appropriate manner.

5. Interest Rate Policy

The Board of Directors of the Company has adopted an interest rate model taking into account relevant factors such as cost of funds, margin, and risk premium. The rate of interest and the approach for gradation of risk is made available at the registered office and on this website.

6. Key Facts Statement (KFS)

A Key Facts Statement containing the Annual Percentage Rate (APR), recovery and grievance redressal information, total amount to be paid by the borrower, and cooling-off period details shall be provided to the borrower before the execution of the loan agreement. The borrower shall be given adequate time to understand the KFS before signing.

7. Confidentiality

All personal information of borrowers shall be treated as private and confidential and shall not be disclosed to third parties except under the following circumstances:

• Where disclosure is required by law or where there is a duty to the public to disclose.
• Where the interests of the Company require disclosure.
• Where the borrower has provided written consent for disclosure.
• Where disclosure is made to Credit Information Companies registered with RBI.

8. Grievance Redressal Mechanism

The Company has established a multi-level grievance redressal mechanism. The detailed complaint handling procedure and escalation mechanism with names and contact details of all designated officers is available on the Complaints / Grievance Redressal page of this website. If the complaint is not resolved within 30 days, the borrower may approach the Reserve Bank of India under the Integrated Ombudsman Scheme, 2021 at cms.rbi.org.in or call toll-free 14448.

9. Non-Coercive Recovery & Sale of Pledged Assets

The Company has put in place a mechanism for resolution of disputes regarding possession and sale of pledged gold ornaments and other collateral. In the event of sale of pledged gold, the Company shall follow due process including prior notice of at least 7 days to the borrower. Any surplus from the sale after adjusting the outstanding loan and charges shall be returned to the borrower within 7 days of the sale.

10. Non-Discrimination

The Company shall not discriminate on grounds of gender, caste, religion, or disability in the matter of lending. All loan applications shall be evaluated based on the merits of the proposal and the creditworthiness of the applicant.