Religare Financial Services Sites
Select »
Religare Group Sites
Select »
Log-in here    

Home > Fair Practices Code


faircode


The Board of Directors of Religare Finvest Limited (‘RFL’) have approved the Fair Practices Code as required in terms of Reserve Bank of India Circulars No. RBI / 2006-07 / 138 dated 28th September 2006 and RBI / 2007- 08 / 158 DNBS.PD / CC.No. / 03.10.042 / 2007-08 dated 10th October, 2007 to be followed in all dealings with the borrowers of the Company.

RFL will not discriminate between its customers on the basis of gender, physical ability, race or religion.
  1. All relevant information pertaining to the loan will be made available in the relevant loan application forms/ agreements. This will include information on the loan, its terms i.e. rate of interest, period of loan, security documents and the documents that are required to be submitted for the loan.
  2. Receipt of completed application forms will be duly acknowledged by us and will also indicate the approximate time frame (maximum 90 days) within which the client can expect to hear from RFL regarding his/her loan application.
  1. All loan applications will be assessed in accordance with RFL’s internal credit appraisal process.
  2. Upon approval of the loan a sanction letter/loan agreement indicating the amount of loan sanctioned, the applicable interest rate including method of calculation, along with other terms and conditions will be conveyed to the applicant in writing. The acceptance of the terms and conditions will be taken from the borrower.
  3. After the execution of the loan agreement, all the borrowers will be furnished a copy of the loan agreement along with a copy each of all enclosures quoted in the loan agreement.
  1. Any changes in the terms and conditions, adverse to the borrower, including interest rates, service charges, prepayment charges etc. shall be informed to the client in writing.
  2. Changes in interest rates and other charges, adverse to the borrower, shall be with prospective effect only.
  3. Decision to recall any loan shall be done in accordance with the terms and conditions of the loan agreement.
  4. All collateral securities shall be released as per the request of the borrower, after the full repayment of the loan and all other charges in connection with the loan in terms of the loan agreement is complete and subject to exercise of any right of set off, for which a notice shall be given to the borrower with full details.
  1. When a person applies for a loan product, we may pass on such details, for purposes of credit reporting, verification and risk management, as may be required. We will exchange information about our customers with reputable reference sources and clearing house services.
  2. We may give information to such credit reference agencies about the loans taken from us, your repayment track record and other appropriate details to build your credit profile.
  3. We may provide such credit reference agencies information about day to day running of your account as per the consent provided by you in our loan agreement terms.
  4. We may provide such information to our group/associate entities or companies when we have tie up arrangements for providing other financial products, provided we have your permission, through consent obtained as apart of our terms and conditions.
We will treat all our customer’s personal information as private and confidential and will not reveal details of customers dealings with us to a third party, except as provided herein and in the following exceptional cases:
  1. If we have to give the information by law.
  2. If there is a duty towards the public to reveal the information.
  1. RFL shall refrain from interference with the business of the borrowers except under the terms and conditions of the loan agreement (unless new information, not disclosed earlier, by the borrower has come to the notice of RFL).
  2. Where the borrower insists on transferring the loan, the consent or otherwise the objection if any, would be conveyed within 21 days from the date of receipt of such request of the borrower.
  3. For recovery of loan, RFL shall follow procedures as laid down in the internal guidelines and provisions and would remain within the legal framework.
  1. In case of any complaint/grievance, the borrowers may contact through any of the following channels:
    Business Segment Name of Official Contact No. Website Email id
    Consumer Finance Ms. Monica Uniyal 011- 39125000 www.religarefinvest.com loans@religare.in
    Capital Market Lending Division Mr. Gurpreet Singh Chaney 0120-3391000 www.religarefinvest.com custcare@religare.in
  2. All grievances shall be heard and disposed off by a person at least one level higher to the person / designation against / relating to whom the grievance is made. After examining the matter, it will be our endeavor to provide the borrower/applicant with our final or other response, within a period of six (6) weeks from receipt of such complaint / grievance.
  3. The designated officer shall periodically review the implementation and compliance with this code including the redressal of grievances periodically and in case at least once every quarter.A report to this effect shall be provided by the designated officer for perusal of the Board.