Payandserve Digital Lending Platform adopts this Fair Practice Code in line with the Reserve Bank of India’s Fair Practices Code for NBFCs and Digital Lending Guidelines. It applies to all customer-facing interactions across our website, mobile app, partners and recovery agents.
1. Applications & Processing
- All loan application forms are available in English, Hindi and the regional language of the borrower.
- Applicants are issued an acknowledgement and the indicative timeline for processing.
- We communicate the reason for any rejection in writing.
2. Loan Appraisal & Terms
- A Key Fact Statement (KFS) is provided in the language understood by the borrower, before disbursal.
- Annualised Percentage Rate (APR), fees, penalties and recovery mechanisms are disclosed up-front.
- Any change in interest or charges is communicated in writing/electronically with reasonable notice.
3. Disbursal & Repayment
Loan amounts are credited directly to the borrower’s bank account. EMIs are debited from the same account or through agreed digital channels.
4. Recovery
Our recovery personnel and partners follow a strict Code of Conduct: no harassment, no contacting customers before 8:00 AM or after 7:00 PM, no contacting third parties for recovery, full identification on every call/visit.
5. Confidentiality
Customer information is treated as strictly confidential and shared only with consent or as required by law.
6. Cooling-off & Foreclosure
You may exit the loan during the cooling-off period (as stated in your loan agreement) by repaying the principal and proportionate APR without any prepayment penalty. Floating-rate loans to individuals do not attract foreclosure charges, in line with RBI norms.
7. Grievance Redressal
Refer to our Grievance Redressal policy for escalation.
This is a starter template — please have it reviewed by your compliance/legal counsel before going live.