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Fair Practice Code

1. Background

The Reserve Bank of India has issued guidelines on Fair Practices Code for Non-Banking Finance Companies which sets the fair practices standards when dealing with individual customers and serves as a part of best corporate practice.

In view of this, dial4money has adopted this code to provide transparency in business dealings with its borrowers.

2. Application of Code

This Fair Practices Code applies to all categories of products and services offered by dial4money, whether the products and services are provided across the counter, over the phone, through interactive electronic devices, on the internet, or by any other method.

3. Key Commitments

Applications for Loans and their Processing

  • Loan application forms will include necessary information which affects the interest of the borrower, enabling meaningful comparison with terms offered by other NBFCs.
  • The application form will indicate all documents required to be submitted.
  • The sanction letter will disclose the approach for gradation of risks and rationale for charging different rates of interest to different categories of borrowers.
  • We will provide acknowledgement for receipt of all loan applications with an indicative time frame for processing.
  • If we cannot provide the loan, we will communicate the reason(s) for rejection to the borrower.
  • We will make our loan products available to all qualified borrowers and shall not discriminate on grounds of sex, caste, or religion.
  • Guarantors will be informed in writing about their liability terms and any default in loan servicing by the borrower.

Loan Appraisal and Terms/Conditions

  • We will convey in writing the loan amount sanctioned along with all terms and conditions, including annualized rate of interest and method of application.
  • The loan sanction letter and all communications will be in the vernacular language or a language understood by the borrower.

Disbursement of Loans and Changes in Terms

  • We will give notice to the borrower of any change in terms and conditions including disbursement schedule, interest rates, service charges, and prepayment charges.
  • Changes in interest rates and charges will be affected only prospectively.
  • Penal interest for late repayment will be mentioned in bold letters in the loan agreement.
  • The loan agreement will contain a built-in repossession clause with provisions regarding notice period, circumstances for waiver, and procedures for taking possession.
  • We will release all securities on repayment of all dues or on realization of the outstanding loan amount.

General Practices

  • We will refrain from interference in the affairs of the borrower except as provided in the loan agreement terms.
  • For account transfer requests, our consent or objection will be conveyed within 21 days from receipt of request.
  • We will not resort to undue harassment such as persistently bothering borrowers at odd hours or use of muscle power for loan recovery.
  • We shall not charge foreclosure charges or prepayment penalties on all floating rate term loans sanctioned to individual borrowers.
  • We will inform borrowers in the event of closure or shifting of our branch office.

4. Complaints & Grievance Redressal

We are committed to resolving all complaints within 30 days.

1. Branch Level

Contact your concerned branch in writing. Branch officials will immediately take up the matter for redressal.

2. Zonal Office Level

If the complaint remains unresolved at branch level, escalate to the Zonal Office.

3. Grievance Redressal Officer

If unsatisfied with the response or no response is received, contact our Grievance Redressal Officer:

4. RBI - Department of Non-Banking Supervision

If not satisfied with the Grievance Redressal Officer’s decision or if the complaint is not resolved within 30 days, you may approach the Officer in Charge of the Regional Office of Department of Non-Banking Supervision of RBI.

Resolution Timeline

All disputes in relation to our products and services shall be heard and disposed of within 30 days from the date of receipt of complete details regarding the grievance.

5. Additional Commitments

  • A consolidated report of periodical review of compliance of fair practice code and functioning of the grievance redressal mechanism will be submitted to the Board/Committee of Directors at regular intervals.
  • We will furnish a copy of the loan agreement to the borrower at the time of disbursement of the loan.

Questions About Our Fair Practices?

We’re here to help. Contact our customer support team for any clarifications.