1. Preamble
This Fair Practices Code is aligned with RBI NBFC regulations and digital lending directions and applies to loan products offered through NeoMoney.
2. Applicability and Disclosure
- The code will be publicly displayed.
- Roles of associated partners will be disclosed.
- Customer communication will use clear and understandable language.
3. Loan Application and Processing
- Application forms clearly list required information and documents.
- KFS is shared before acceptance, including APR and all charges.
- Agreement and repayment schedule are provided during sanction/disbursement.
4. Loan Appraisal, Sanction and Terms
- Credit appraisal is based on fair and relevant parameters.
- No automatic limit increase without explicit consent.
- All pricing is transparently disclosed.
5. Disbursement and Pre-Disbursement Transparency
- Disbursement only to borrower bank account.
- KFS and repayment schedule are shared digitally.
- Cooling-off period is provided for loan exit per policy.
6. Data Protection, Privacy and Consent
- Data collection is based on informed consent.
- Borrowers can request consent withdrawal where applicable.
- Only required permissions/data are collected for services.
7. Repayment, Prepayment, Charges and Recovery
- Repayment schedules are shared before agreement execution.
- No hidden charges.
- Recovery follows ethical, non-coercive practices.
8. Grievance Redressal Mechanism
Borrowers can raise complaints through support channels and escalate as per the grievance policy if unresolved.
9. Transparency and Website Disclosure
Product features, fees, APR methodology, and policy links are disclosed on the website for customer awareness.
10. Review and Amendment
This code is reviewed periodically and updated in line with regulatory changes.
11. Commitment to Responsible Lending
- Ethical and transparent practices.
- Full disclosure before loan acceptance.
- No coercive recovery practices.
- Protection of borrower privacy and data.