Fair Practice Code

Introduction

The Reserve Bank of India (RBI) has issued guidelines on fair practices code for non- banking financial companies) as amended from time to time there by setting standards for fair business and corporate practices while dealing with their customers. NBFC hereby furnishes the Fair Practices Code (“the FPC”) based on the guidelines issued by RBI. This sets minimum Fair Practice standards for the Service Provider to follow when dealing with customers in collection of loan amount. NBFC may make appropriate modifications in the FPC from time to time to confirm to the standards that may be prescribed by RBI from time to time.

Application For Loans And Their Processing

While conducting due diligence of the Customer’s credit worthiness, the Services Provider seek all the requisite document as may be notified by NBFC. The Service Provider shall ensure that all the terms and conditions in the loan agreement executed between NBFC and the Borrower shall not be in conflict with any other agreement.

Transfer of Account

Whenever a request for transfer of loan account is received from a Customer, the Services Provider shall within two (2) days intimate NBFC. Acceptance or refusal thereof shall be in accordance with terms of the loan agreement with the NBFC and the Borrower. Such transfer shall be as per transparent contractual terms in consonance with law.

Recovery Process

In case the Service Provider invokes any recovery proceedings, then it shall be con- ducted in accordance with the rights provided under the Agreement and in accordance with legally accepted norm

The Service Provider or its staff or any person authorized in writing to represent the Service Provider in collection of dues shall identify himself /herself and display the authority letter issued by Kudos and the Services Provider and upon request, display his/her identity card issued by the Service Provider. The Service Provider or authorised representative shall provide the customers with all the information regarding overdue. The staff shall be adequately trained to deal with the customers in an appropriate manner.

The Service Provider (authorised representative) shall also ensure that the collection agents adhere to applicable laws, judgements and any directions and guidelines issued by the RBI or any other govt. agency including but not limited to the RBIs Directions on managing risks and code of conduct in outsourcing of financial services by NBFCs. Additionally, the Service Provider (authorised representative) shall ensure that the collection agents appointed by the Service Provider do not resort to intimidation or harassment of any kind, either verbal or physical, against any person in their debt collection efforts, including acts intended to humiliate publicly or intrude the privacy of the debtors' family members, referees and friends, making threatening or anonymous calls or making false and misleading representations.

Foreclosure charges/ Pre-payment penalties on floating rate term loans

As a measure of customer protection and also in order to bring in uniformity with regard to prepayment of various loans by Borrowers of NBFC, NBFC shall not charge foreclosure charges/ pre- payment penalties on all floating rate term loans sanctioned to individual borrowers, if any

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