Fair Practices Code
Our commitment to fair and transparent lending practices in accordance with RBI guidelines for NBFCs.
Preamble
This Fair Practices Code ("FPC" or "Policy" or "Code") has been devised by Sajan International Private Limited ("Company" or "we" or "our" or "us") in accordance with the Guidelines issued by the Reserve Bank of India ("RBI") on FPC for non-banking financial companies ("NBFC") through its master circular bearing no. RBI/2015-16/16 DNBR (PD) CC.No.054/03.10.119/2015-16 dated 1st July, 2015 ("RBI Circular") wherein standards for fair business and corporate practices while dealing with their customers are set.
The FPC as mentioned herein below, is in conformity with the Guidelines on Fair Practices Code for NBFC's as contained in the aforesaid RBI Circular. The guidelines inter alia, cover general principles on adequate disclosures on the terms and conditions of a loan and adopting a non-coercive recovery method.
The Company has displayed the FPC prominently at all offices and customer service centers, as well as on its website for the benefit of all customers, and shall follow it in letter and spirit.
Objective of the Code
The Company's fair lending practices shall apply across all aspects of its operations including marketing, loan origination, processing, servicing and collection activities. The Company's commitment to the FPC would be demonstrated in terms of employee accountability, monitoring and auditing programs, training and technology.
The Company's board of directors and the management are responsible for establishing practices designed to ensure that its operations reflect a strong commitment to fair lending and that all employees are aware of that commitment.
Fair & Transparent Practices
Ensuring fair practices while dealing with customers and following transparent, fair, ethical and legally tenable practices while conducting business.
Customer Confidence
Providing all necessary information to customers and promoting mutually beneficial long-term relationships while building customer confidence.
Key Commitments
The key commitments which the Company promises to follow in its dealings with its customers are:
To provide professional, efficient, courteous, diligent and speedy services
Not to discriminate on the basis of religion, caste, sex, descent in any manner
To be fair and honest in any advertisement and marketing of loan products
To provide customers with accurate and timely disclosure of terms and conditions
To provide assistance or advise to customers seeking loans
To attempt in good faith to resolve any disputes or differences with customers
To comply with all the regulatory requirements in good faith
To implement compensation and other policies that align interests of owners and management
Applications for Loans and Their Processing
Application Process
- Loan application forms include necessary information likely to affect the interests of the prospective borrower
- Provide necessary information to facilitate meaningful comparison with other NBFCs for informed decision making
- Acknowledgement for receipt of loan application forms and decision communication within reasonable time
- All communications in vernacular language or language understood by the borrower
Loan Appraisal and Terms/Conditions
Due Diligence Process
The Company shall conduct due diligence on the credit worthiness of the borrower, which will be an important parameter for decision making in line with the Company's credit policies, norms and procedures.
Documentation & Communication
The Company shall convey in writing to the borrower in vernacular language the amount of loan sanctioned along with all terms and conditions including effective rate of interest, penal charges and other charges through sanction letter.
Loan Agreement
The Company shall furnish a copy of the loan agreement in vernacular language along with all enclosures to all borrowers at the time of sanction/disbursement of loans.
Disbursement of Loans Including Changes in Terms and Conditions
Change Notifications
The Company will give notice to the borrower of any change in terms and conditions including:
- • Changes in disbursement schedule
- • Interest rate modifications
- • Service charges updates
- • Prepayment charges adjustments
Security Release
The Company will release all securities of borrower only on repayment of all dues or realization of outstanding amount.
NOC Timeline: Due No Objection Certificate will be issued within 15 working days of completion of formalities.
General Practices
Recovery Practices
- • Field staff shall not call before 6 AM and after 8 PM
- • No visits on festivals, marriages, or mourning occasions
- • No undue harassment or muscle power for recovery
- • Staff training for appropriate customer interaction
Loan Processing
- • Details advised in local language with consent
- • Non-cumbersome application procedure
- • Timely disbursements as per schedule
- • No foreclosure charges on floating rate loans
Account Transfer
In case of request for transfer of borrowal account, consent or objection will be conveyed within 21 days from receipt of request.
Transfer as per transparent contractual terms and applicable law.
Non-Interference
The Company will refrain from interference in borrowers' affairs except for purposes provided in loan agreement terms and conditions.
Grievance Redressal Mechanism
Customer service and satisfaction are the prime focus of the Company with efficient complaints redressal mechanism.
Customer Service
For feedback or complaints, contact our customer service team:
Email: info@sajaninternational.com
Hours: 10:00 AM - 6:00 PM, Monday to Saturday (except national holidays)
Escalation
If not resolved or satisfied with customer service response:
Grievance Redressal Officer:
grievance@sajaninternational.com
Resolution Timeline
The Company shall endeavor to dispose off the complaint/dispute within a period of one (1) month from date of receipt of complaint.
Regulation of Excessive Interest Charged
Interest Rate Determination
The Company has laid down appropriate internal principles and procedures in determining interest rates and processing charges. The board of directors has adopted an interest rate model taking into account relevant factors such as:
Transparency Commitment
- • Rate of interest disclosed in application form and sanction letter
- • Interest rates made available on company website
- • Rates depend on borrower's risk profile
- • Interest rates annualized for borrower awareness
- • Due diligence on repayment capacity and KYC compliance
Force Majeure
The various commitments outlined and made by the Company are applicable under the normal operating environment. In the event of force majeure i.e. any event beyond the reasonable control of the Company, the Company may not be able to fulfil the commitments under the FPC to the entire satisfaction of the customer/s and the public in general.
Language and Mode of Communicating FPC
English Language
The FPC has been formulated by the Company in English language, duly approved by the board of directors and is based on relevant RBI guidelines.
Regional Languages
The Company shall also have its FPC in regional/vernacular languages for customers who are unable to read the same in English.
Website Publication
The FPC has been published by the Company on its website for information of all concerned stakeholders.