Fair Practices Code
Preamble:
The Reserve Bank of India (RBI) vide its Master directions dated September 01, 2016 and as amended from time to time, issued guidelines on Fair Practices Code (FPC) for all NBFCs to be adopted by them while doing lending business.
Introduction:
The Domain name flexiloans.com ("website") is owned by Epimoney Private Limited, ("the Company"). The Company is a Non-Banking Finance Company registered with Reserve Bank of India ("RBI") having its registered office at No.119, 2nd Floor, Harita Towers, St. Mary's Road, Abhiramapuram, Chennai – 600 018. and its corporate address at One World Center, Indiabulls Financial Center Tower-2, 7th Floor, South Annexe, 841, Senapati Bapat Marg, Saidham Nagar, Lower Parel, Mumbai, Maharashtra – 400013 is in the business of providing different types of collateral free loans for business which includes Working Capital Loan, Invoice Financing etc., to its various customers.
The Company has framed and adopted a voluntary code, which sets out the principles for fair practice standards when dealing with customers. As per the RBI directives, we have adopted and will implement this Code in our organization which has been duly approved by Board of Directors of the Company.
It is, and shall be, our policy to make credit products available to all qualified applicants without discrimination on the basis of race, caste, color, religion, sex, marital status, age (over that of majority), or handicap.
Our policy is to treat all the clients consistently and fairly. We will also communicate this Fair Practice Code ("Code") to our customers by placing it on the Company's website.
We shall ensure that charges/fees which affect the interest of the prospective borrowers are appropriately informed to the borrower. Terms and conditions pertaining to the facility will be conveyed to prospective borrowers.
This Fair Practice Code is applicable to all facilities and services provided by the Company whether the same is provided over the phone, by post, through interactive electronic devices, on the internet or by any other method.
Key Commitments:
The Company's key commitments to customers:
- Meeting the commitments and standards in this Code, for the products and services the Company offers and, in the procedures and practices its staff follows.
- Making sure that Company's products and services meet relevant laws and regulations.
Act fairly and reasonably in all their dealings with customers by:
- Explaining their financial implications.
- Providing information about them in simple Hindi and/ or English and/or the local language.
- Help the customer choose the one that meets his/her needs the best.
Help customers understand how Company's products work by:
- Correcting mistakes quickly by acting in a timely manner and handling the customer's complaints effectively in a time bound manner.
- Telling customers' how to take their complaint forward if they are still not satisfied.
Deal quickly and sympathetically with things that go wrong by:
- Publicize this Code, put it on Company's website and have copies available for customer on request.
- Helping customer choose products and services, which meet their needs and give them clear information explaining the key features of the services and products they are interested in.
- Inform customers about the documentary information the Company needs from them to establish customer's true identity and address and, other documents to comply with legal and regulatory requirements.
- All communications to the borrower shall be in the vernacular language/ Hindi/ English or a language as understood by the borrower.
- The Loan application forms of the Company will include necessary information which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made and informed decision can be taken by the borrower.
- The Company will have a system of giving acknowledgement for receipt of all loan applications.
The Company will convey in writing to the borrower the amount of loan sanctioned along with the terms and conditions including annualised rate of interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on its record.
The Company will furnish a copy of the loan agreement preferably in the language as understood by the borrower along with a copy each of all enclosures quoted in the loan agreement.
- The Company will give notice to the borrower of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc.
- Decision to recall / accelerate payment or performance under the agreement will be in consonance with the loan agreement.
- The Company will release all securities on repayment of all dues or on realization of the outstanding amount of loan.
- The Company shall treat all information of the borrower as private and confidential.
- The Company shall not reveal transaction details to any other person other than the following exceptional cases:
- If required to provide the information relating to a borrower by law or under an order of government, statutory, regulatory authority.
- Associate / entities or companies for providing other services or products
- The Company will refrain from interference in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan agreement.
- In the matter of recovery of loans, the Company will not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc.
- In case of receipt of request from the borrower for transfer of borrowal account, the consent or otherwise shall be conveyed to the borrower within 21 days from the date of receipt of any request.
- A grievance redressal mechanism within the organization comprising Business Heads, Grievance Redressal Officer and Customer Service has been set up to resolve disputes arising in this regard.
- There will be a periodical review of the compliance of the Code and the functioning of the grievances redressal mechanism at various levels of management.
- The following information shall be displayed prominently, for the benefit of the customers, at all branches / places of the Company where business is transacted:
- the contact details of the Grievance Redressal Officer who can be approached for resolution of complaints:
Name: Ms. Pranaali Sawant
Address: Epimoney Private Limited (FlexiLoans) 6th Floor, South Annexe, Tower 2, One World Centre, 841, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra – 400 013.
Phone: 8879758863
Email: nodal.grievance@epimoney.com
- If the complaint / dispute is not redressed within a period of one month, the customer may appeal to the Officer-in Charge of the Regional Office of DNBS of RBI under whose jurisdiction the registered office of the Company falls.
Fair Practices Code, preferably in the vernacular language or a language as understood by the borrower should be put up on the web-site of the Company for the information of various stakeholders.
Regulation of rate of interest- The Company has laid down appropriate internal principles and procedure in determining interest rates, processing fees and other charges. The rate of interest should be annualised rates so that the borrower is aware of the exact rates that would be charged to him.
- The rate of interest should be annualised rates so that the borrower is aware of the exact rates that would be charged to him.
- The Company shall not charge foreclosure charges/ pre-payment penalties on floating rate term loans sanctioned, if any, to individual borrowers.
There will be a Annual review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management.