Fair Practice Code

Introduction Pursuant to RBI vide Circular DNBR (PD) CC.No.054/03.10.119/2015-16 dated 1st July 2015 (“Guidelines”), issued to Non-Banking Financial Companies (NBFCs), the Board of Directors have adopted a Fair Practices Code for Harvinder Finance Company Private Limited (HFC). The Fair Practices Code, as adopted herein below, is in conformity with the Guidelines on Fair Practices Code for NBFCs. The Board had approved the earlier policy on 30th April 2021. The Company's business will be conducted in accordance with prevailing statutory and regulatory requirements, with due focus on efficiency, customer-orientation and corporate governance principles. In addition, the Company will adhere to the Fair Practices Code in its functioning, the key elements of which are as follows:

Objectives

To ensure Fair Practice while dealing with the customers;
To enable customers to avail our financial products and services basis informed decisions; and
To ensure customer satisfaction.

Application for Loan and Processing

Loan application for prospective customers is done through the platform provided by GMoney Private Limited (Fintech Partner, now referred to as “GMoney”) includes necessary information without paving way for ambiguity, (so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made and the borrower can make a voluntary and free decision).
The Company has adopted a system of acknowledging receipt of all loan applications.

Loan Appraisal and Terms & Conditions

Loan applications via GMoney will be considered and appraised as per company’s appraisal norms and accordingly financial facility will be provided. An official communique would be issued to the customer conveying in writing by means of a Sanction Letter, Key Fact Statments and Terms and Conditions containing the details of the amount of loan approved along with the terms and conditions set therein, which includes the annualized rate of interest and its application thereof. In addition to which the penal Interest on late repayment, Cheque/Nach dishonor charges, Costs Processing fee, Prepayment charges is mentioned in explicit terms in the sanctioned letter and the loan agreement. The Company shall keep a record of customer’s acceptance of all these terms and conditions.
Company shall at the time of disbursement of the loan, furnish a copy of loan agreements and related enclosures to the customer.
The Company shall give notice to all its borrowers of any change in the terms and conditions – including disbursement schedule, interest rates, service charges, prepayment charges etc. The Company shall also ensure that changes in interest rates and charges are effected only prospectively unless directed by the regulatory authority to the contrary. A suitable provision in this regard is incorporated in the loan agreement.
Decision to recall / accelerate payment or performance under the agreement shall also be in consonance with the loan agreement.
The Company shall release all securities on repayment of its full dues or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim the Company may have against its borrowers. If such right of set off is to be exercised, the borrower shall be given notice about the same with full particulars about the remaining claims and the conditions under which the Company is entitled to retain the securities till the relevant claim is settled/paid.

General

The Company will refrain from interference in the affairs of the customer except for the purposes provided for in the terms and conditions of the loan agreement (unless new information, not earlier disclosed by the customer, has come to the notice of the Company).

The Company will not discriminate loan applications based on grounds of gender, race, caste, creed, community and religion.

In case of receipt of request from the borrower for transfer of borrower account, the consent or otherwise – i.e., objection of the Company, if any – shall be conveyed to the borrower within 21 days from the date of receipt of any request. Such transfer shall be as per transparent contractual terms in consonance with applicable law.

With respect to recovery of dues, the same is carried out in accordance with the guidelines laid down by the regulatory authority

Grievance Redressal Mechanism

The Company has a Customer Complaint Helpline number as a first level complaint redressal mechanism.

The Company has designated Mr. Vivek Asrani, as Nodal Officer for receiving and resolving complaints from customers.

The contact details of Nodal Officer are:

Mr. Nodal Officer – Vivek Asrani

HARVINDER FINANCE COMPANY PRIVATE LIMITED,

215 Atrium, 315, Andheri - Kurla Rd,

next to Courtyard Marriott Hotel,

C-Wing, Chakala, Andheri East,

Mumbai, Maharashtra 400093

The customers having grievance/ complaint about the company’s services/ product can complaint as per the Grievance policy of the company at https://www.harfin.in/grievance-policy

In case customers are not satisfied with the resolution provided by the company, they may further approach:

The Officer In-charge, Regional Office,

Department of Non-Banking Supervision,

Reserve Bank of India,

6, Sansad Marg,

New Delhi-110001

Telephone No: 011-2371 4456/ 0538

C/o Reserve Bank of India

Sansad Marg

New Delhi -110001

STD Code: 011 Telephone No: 23724856

Fax No : 23725218-19

Email : cms.nbfconewdelhi@rbi.org.in

Regulation of Interest Rates charged by the Company

The Company has laid down appropriate internal principles and procedure in determining interest rates, processing fees and other charges. The Company has adopted an interest rate model taking into account relevant factors such as, cost of funds, margin and risk premium, etc. and has determined the rate of interest to be charged for loans and advances which is in line with regulatory guide lines. The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of customers shall be communicated explicitly in the sanction letter.