The Code has been adopted:

a) To promote good and fair practices by setting minimum standards in dealing with customers.

b) Greater transparency enabling customers in having a better understanding of the product and taking informed.

c) To encourage market forces through competition, to achieve higher operating standards.

d) To promote a fair and cordial relationship between customers and the Company.

The Reserve Bank has prescribed the Directions on Fair Practices Code applicable to Non-Banking Financial Companies (NBFCs). The Directions, inter alia, cover general principles on adequate disclosures on the terms and conditions of a loan, collections/ recovery mechanism, protection of customer’s rights, changes in terms & conditions, Grievance Redressal etc.

The Code shall apply to all employees of the Company and other persons authorized to represent it in the course of its business.

The Company will not discriminate between its customers on the basis of gender, physical ability, race or religion. The Company will also not discriminate visually impaired or physically challenged applicants on the ground of disability in extending products, services, facilities, etc. However, this does not preclude the Company from instituting or participating in schemes framed for different sections of the society.

All required communications by the Company to the borrower will be in the language as understood by the borrower.

a) Loan application forms will include the relevant information which affects the interest of the borrower so that informed decision could be taken by the borrower. The loan application form will also indicate the documents required to be submitted with the application form.

b) Receipt of completed application forms will be duly acknowledged by the Company and will also indicate the approximate time frame within which the customer can expect to hear from the Company regarding his/her loan application.

a) All loan applications will be assessed as per the Company’s internal credit policies and appraisal process;

b) Upon approval of the loan a sanction letter indicating the amount of loan sanctioned, the applicable annualised rate of interest rate method of application of the same along with other important terms and conditions will be conveyed in writing to the borrower;

c) The Company will mention the penal interest charged for the late payment in bold in the loan agreement. A suitable provision in this regard shall be incorporated in the loan agreement;

d) 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.

a) Any changes in the terms and conditions (which are adverse to the borrower) including rate of interest rate, service charges, prepayment charges, repayment/ disbursement schedule etc. shall be informed to the borrower in writing;

b) Changes in interest rates and other charges (which are adverse to the borrower) shall be with prospective effect only;

c) Decision to recall any loan shall be done in accordance with the terms and conditions of the loan agreement;

a) The Company 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 the Company) or as may be needed to protect its rights under the loan agreement.

b) 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. Such transfer will be as per the terms and conditions of the loan in consonance with law.

c) For recovery of loan, the Company will not resort to undue harassment and will follow procedures adopted internally by the Company within the applicable legal framework.

d) The Company will comply with the extant regulatory provisions with respect to prepayment of loans by its borrowers.

e) We will ensure that the staff is adequately trained to deal with the customers in an appropriate manner.

Any customer having a grievance/ complaint/ feedback with respect to the product and services offered by “Nahar Credits Private Limited” may write to the Company’s Customer Service Department through any of the following channels:

• Email id: contact@naharcredits.in
• Corporate Office of the Company:

Ground and Third floor, Indiqube Celestia,
No 19 & 20, Kormangala 1A Block,
Bangalore-560034

How a complaint should be made:

Customers are requested to necessarily provide necessary loan details i.e. Loan Account Number, Details of Feedback/ Suggestion/ Complaint and valid Contact Information including phone no. & e-mail ID while communicating with the Company

Whom to approach for redressal

Customers are requested to first raise their concerns through any of channels mentioned above. In case of delayed or no response from the respective channel within the 2 weeks from making the complaint, such complaint may be escalated to the Grievance Redressal Officer of the Company whose details are as given below:

• Name: Monika Sharma
• E-mail ID: Grievance@naharcredits.in

Ground and Third floor, Indiqube Celestia,
No 19 & 20, Kormangala 1A Block,
Bangalore-560034

• Telephone No: 07556642791

Escalation to the Reserve Bank of India

If the Customer does not receive any response from the Company within 4 weeks or is dissatisfied with the response received, he/ she may approach the Reserve Bank of India at the following address:

The General Manager,
Department of Non-Banking Supervision,
Reserve Bank of India,
16, Rajaji Salai, Fort Glacis, Chennai,
Tamil Nadu 600001

New Delhi – 110001

Telephone No: 044 2539 9222

• E-mail: dnbschennai@rbi.org.in