RBI Fair Practice Code

1. Applications for loans and their processing

All communications with the borrower will be in a language understood by them. Loan application forms will include necessary information that affects the interest of the borrower so that a meaningful comparison with other lenders can be made.

2. Loan appraisal and terms and conditions

The partner lender will convey in writing to the borrower the loan amount sanctioned along with terms and conditions, including the annualised rate of interest and method of application. The borrower's acceptance is taken on record.

3. Disbursement of loans including changes in terms and conditions

The partner lender will give notice of any change in terms and conditions — including disbursement schedule, interest rates, service charges, prepayment charges — in the language understood by the borrower.

4. General

CredFund and its partner lenders refrain from interference in the affairs of the borrower except for purposes provided in the terms and conditions of the loan agreement. We do not discriminate on grounds of sex, caste or religion in the matter of lending.

5. Responsibility of board of directors

Our partner NBFCs/banks have laid down the appropriate grievance redressal mechanism within their organisation. Such mechanism ensures that all disputes arising out of decisions of lending institutions' functionaries are heard and disposed of at least at the next higher level.

6. Language and mode of communicating Fair Practice Code

This Fair Practice Code is published on our website in English. A regional language version is available on request.