Bharuwa Financial Services private limited”BFSPL” is a dynamic Non-Banking Financial Company (NBFC - ICC) poised to make a significant impact in the consumer finance MSE sector, specifically focusing on Personal Loans, Vehicle Loans, Housing Loans, and loans to the Micro Sector. BFSPL is dedicated to promoting women empowerment, fostering employment generation, and uplifting the socio-economic status of the underprivileged population. The organization's mission aligns closely with the United Nations Sustainable Development Goals (SDGs), particularly those related to poverty alleviation, gender equality, and economic growth.
BFSPL recognizes the importance of addressing the financial needs of the entire socio-economic spectrum, with a strategic focus on the bottom of the pyramid, the missing middle segment, and half of the pyramid. By catering to these underserved segments, BFSPL aims to contribute substantially to financial inclusion and bridge the gap in access to credit facilities for those who need it most.
Bharuwa Financial Services is committed to conducting its business with the highest level of integrity and fairness. This Fair Practice Code (FPC) is framed in accordance with the guidelines issued by the Reserve Bank of India (RBI) and is aimed at ensuring fair and transparent lending practices.
The primary objectives of the Fair Practice Code are to:
Promote fair and transparent practices in the
company’s dealings with customers. Ensure that customers are treated with dignity
and respect. Provide customers with clear information about
the terms and conditions of the products and services offered. Encourage responsible lending and prevent
unethical practices. Bharuwa Financial Services private limited “ BFSPL” commits to the following key principles in its dealings with customers:
a. Transparency: Provide clear and concise information about our products and services, including terms conditions and fees.
b. Fair Treatment: Treat all customers with dignity and respect, irrespective of their background or financial status.
c. Privacy and Confidentiality: Safeguard customer information and ensure its confidentiality. Use customer information only for legitimate business purposes.
The Company Shall Clearly communicate the
eligibility criteria and documents requirements for loan applications. The communication to
the borrower shall be in the language as understood by the borrower. The KYC Guidelines of RBI shall be complied
with. Due diligence shall be carried out to ensure the repayment capacity of the borrowers,
The Company shall acknowledge receipt of all
loan applications and at the time frame within which loan applications will be disposed off
shall also be indicated in the acknowledgement.
The Loan Applications shall be processed
promptly as per Turnaround time of the respective scheme and inform customers of the status
within a reasonable time frame.
Provide reasons in writing/e-mail/electronic
mode for rejecting a loan application, if applicable.
The Company shall convey in writing to the
borrower by means of sanction letter along with detailed Terms Sheet conveying the amount of
loan sanctioned, annualised rate of interest and method of application of interest,
Insurance premium, processing fee etc. and obtain acceptance of Terms & Condition from the
borrower. BFSPL, shall furnish a copy of the loan
agreement as understood by the borrower along with a copy each of all enclosures quoted in
the loan agreement to all the borrowers at the time of sanction / disbursement of loans.
Ensure a fair and transparent appraisal
process.
Disburse loans only after obtaining the
customer's consent and after explaining the terms and conditions.
Disclose all relevant information about the
loan agreement to the customer.
Communicate the applicable interest rates,
processing fees, and charges transparently. Ensure that the methods used for calculating
interest are fair and disclosed to the customer. The quantum and reason for penal charges
shall be clearly disclosed to the customers in the loan agreement and Key Fact Statement
(KFS). Whenever reminders for non-compliance of material terms and conditions of loan are sent to borrowers, the penal charges shall be communicated. Further, any instance of levy of penal charges and the reason therefor shall also be communicated.
BFSPL shall establish an effective grievance
redressal mechanism.by providing for the Toll- Free Number / Email / address of Grievance
Redressal Officer. BFSPL shall also provide the telephone no. of the Grievance Redressal
Officer. The name of Officer shall also be displayed at BFSPL website. The borrower is free to take up her
grievance through the Toll-Free number/ Email / Letter to Grievance Redressal Cell at
Company’s Head Office, which shall resolve the grievance within 30 (thirty) working days.
Undertake initiatives to educate customers
about financial products and services.
Provide information about responsible
borrowing and financial management. “ BFSPL” shall adhere to all relevant laws, regulations, and guidelines issued by regulatory authorities, especially the Reserve Bank of India.