Fair Practices Code
FAIR PRACTICES CODE (FPC)
Pursuant to Reserve Bank of India guideline on Fair Practices code (FPC) to be followed by NBFCs, vide its letter No. RBI/2011-12/470; DNBS.CC.PD.No.266/03.10.01/2011-12 March 26, 2012, Bizloan Private Limited has formulated this FPC and laid down following processing/practices for business transactions.
- Loan appraisal and Terms and Conditions:
- Bizloan will provide copy of loan sanction terms in the form of loan summary schedule to each of its borrowers indicating key terms of loans including interest rate, loan repayment schedule, security for the loans and charges, penalty for late payment etc. The same will be read out and explained to each of its customers at the time of loan disbursement.
- Disbursement of loans including changes in terms and conditions:
- The Company will send communication to each of its borrows, any change in terms and conditions of the loan including disbursement schedule, interest rates, service charges, prepayment charges etc
- The Company will release all securities on repayment of all dues or on realisation of the outstanding amount of loan subject to any legitimate right or lien for any other claim, the Company may have against borrower, if such right of set off is to be exercised, the borrower shall be given notice about the same with full particulars about the remaining claims and the conditions under which NBFCs are entitled to retain the securities till the relevant claim is settled / paid.
- 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 (unless new information, not earlier disclosed by the borrower, has come to the notice of the lender).
- Recovery Practices:
- 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. Complaints from customers also to include rude behaviour from the staff of the company. The company will train employees adequately to deal with the customers in an appropriate manner.
- Grievances Reporting:
- Grievances if any pertaining to FPC will be addressed to Email:[email protected]