Fair Practices Code | Silver Finance and Leasing Ltd

Draft skeleton based on RBI's standard Fair Practices Code framework for NBFCs. This must be reviewed and finalized by Silver Finance and Leasing Ltd's management/compliance officer before publishing — it is not a substitute for the company's board-approved policy.

1. Introduction

This Fair Practices Code ("Code") has been framed in accordance with the guidelines issued by the Reserve Bank of India (RBI) and applies to all lending activities of Silver Finance and Leasing Ltd ("the Company"). The objective of this Code is to promote fair and transparent dealings with customers.

2. Applications for Loans and their Processing

All communications to the borrower are provided in a language understood by the borrower. Loan application forms include necessary information which affects the interest of the borrower, so that a meaningful comparison with terms offered by other lenders can be made and an informed decision taken.

3. Loan Appraisal and Terms/Conditions

The Company conveys in writing the amount of loan sanctioned along with terms and conditions including annualised rate of interest and method of application, and keeps the borrower's acceptance of these terms on record.

4. Disbursement of Loans, including Changes in Terms and Conditions

The Company gives notice of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges, etc. Changes in interest rates and charges are effected only prospectively.

5. Interest Rate Policy

The Company's approach to determining interest rates, processing and other charges is set out separately in the Interest Rate Policy.

6. General

The Company does not interfere in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan agreement, unless new information not disclosed by the borrower has come to the notice of the Company.

7. Grievance Redressal

Any grievances regarding the Company's services may be raised through the process described on the Grievance Redressal page.