Fair Practices Code

This Fair Practices Code is adopted in compliance with the guidelines issued by the Reserve Bank of India (RBI) for Non-Banking Financial Companies (NBFCs). KreditCall, powered by Usha Financial Services Limited, is committed to fair and transparent lending practices.

1. Loan Application and Processing

• All loan applications shall be processed within a reasonable time frame
• Applicants will be informed of loan approval or rejection promptly
• In case of rejection, reasons will be communicated to the applicant
• All communications shall be in a language understood by the applicant (Hindi/English)
• We shall maintain transparency in all loan-related processes

2. Loan Appraisal and Terms

Before sanctioning a loan:

• Borrowers will be informed about all applicable fees and charges
• The Annual Percentage Rate (APR) will be clearly disclosed
• The total amount payable (principal + interest + fees) will be stated
• Repayment schedule will be provided in writing
• Pre-payment/foreclosure charges, if any, will be disclosed upfront

3. Disbursement of Loans

• Loan will be disbursed directly to the borrower's bank account
• A loan sanction letter will be issued to the borrower
• The sanction letter will include all terms and conditions
• Disbursement will be made within 24 hours of loan approval
• Key Fact Statement (KFS) will be provided to borrowers

4. Post-Disbursement Conduct

• Changes in loan terms will require the borrower's consent
• Interest rate changes will be communicated in advance
• Borrowers will receive regular statements of their loan account
• All dues and charges will be clearly communicated
• Pre-payment requests will be processed without delay

5. Recovery Practices

In case of default, we commit to:

• Following fair and respectful collection practices
• Not using any threatening or abusive methods
• Contacting borrowers only during permitted hours (9 AM - 7 PM)
• Not contacting third parties without borrower's consent
• Adhering to RBI guidelines on collection practices
• Using only authorized collection agents

6. Interest Rate and Transparency

• Interest rates shall be in accordance with RBI guidelines
• The rate of interest and method of application shall be disclosed
• Any changes in interest rate shall be prospective
• Penal interest, if any, shall be disclosed to borrowers
• Interest shall be calculated on a reducing balance basis

7. Confidentiality

• Borrower information shall be kept confidential
• Information shall not be shared without consent
• Exception: Sharing with credit bureaus for credit reporting
• Exception: Sharing as required by law or regulation

8. Grievance Redressal

We have established a grievance redressal mechanism:

• Complaints can be filed via email, phone, or through the app
• All complaints will be acknowledged within 24 hours
• Resolution will be provided within 30 days
• Unresolved complaints can be escalated to the Nodal Officer
• RBI Ombudsman details will be provided for further escalation

9. Contact Information

For queries or complaints related to Fair Practices:

• Email: support@kreditcall.com
• Address: New Delhi, India

10. Regulatory Compliance

This Fair Practices Code is formulated in accordance with:

• RBI Master Direction on Non-Banking Financial Companies
• RBI Guidelines on Fair Practices Code for NBFCs
• RBI Digital Lending Guidelines 2022
• Other applicable RBI circulars and guidelines