InCred Financial Services Limited (Formerly known as Visu Leasing & Finance Private Limited) (‘IFSL’ or ‘the Company’) is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI). The Company has framed and adopted the Fair Practices Code (“the Code”) which sets the fair practice standards while dealing with individual customers. The Code has been prepared based on the Guidelines issued by the RBI.
e) To foster confidence in housing finance system.
The Reserve Bank has prescribed the Directions on Fair Practices Code applicable to Non-Banking Financial Companies (NBFCs). The Directions, inter alia, cover general principles on adequate disclosures on the terms and conditions of a loan, collections/ recovery mechanism, protection of customer’s rights, changes in terms & conditions, Grievance Redressal etc.
The Code shall apply to all employees of the Company and other persons authorized to represent it in the course of its business.
The Company will not discriminate between its customers on the basis of gender, physical ability, race or religion. The Company will also not discriminate visually impaired or physically challenged applicants on the ground of disability in extending products, services, facilities, etc. However, this does not preclude the Company from instituting or participating in schemes framed for different sections of the society.
All required communications by the Company to the borrower will be in the language as understood by the borrower (English or Vernacular language).
a) Loan application forms will include the relevant information which affects the interest of the borrower so that informed decision could be taken by the borrower. The loan application form will also indicate the documents required to be submitted with the application form.
b) Receipt of completed application forms will be duly acknowledged by the Company and will also indicate the approximate time frame within which the customer can expect to hear from the Company regarding his/ her loan application.
d) After the execution of the loan agreement, all the borrowers will be furnished a copy of the loan agreement along with a copy each of all enclosures quoted in the loan agreement.
d) All underlying securities shall be released, as per the request of the borrower, after the full repayment of the loan and all other charges in connection with the loan in terms of the loan agreement is complete and subject to exercise of any right of set off, for which a notice shall be given to the borrower with full details.
a) The Company may share details of the loan and repayment track record of its borrowers to the Credit Information Companies as per the regulatory directions/ guidelines or the Company’s internal policies.
iii) The customer has not made proposal following our formal demand for repayment of dues.
c) At the same time, the Company representatives will explain to the customers the role of the CICs and the effect the information they provide can have on customer’s ability to get credit.
d) The Company will give information about the customer’s account to the CICs if the customer has given his/her permission to do so OR the statutory/ regulatory requirements prescribe so.
e) The Company will provide relevant information given to the CICs if demanded by the customer.
a) The Company may provide such information to its group/associate entities or companies for which it has obtained consent/ permission from its customer under loan application/ sanction letter/ loan agreement.
vi) The Company will not use customer’s personal information for marketing purposes unless the customer specifically authorizes us to do so.
d) The Company will comply with the extant regulatory provisions with respect to prepayment of loans by its borrowers.
e) We will ensure that the staff is adequately trained to deal with the customers in appropriate manner.
Customers are requested to necessarily provide necessary loan details i.e. Loan Account Number, Details of Feedback/ Suggestion/ Complaint and valid Contact Information including phone no. & e-mail ID while lodging communicating with the Company.
The Company shall endeavor to address/respond to all queries/grievances within reasonable time and keep the customer in informed about the status of their complaints. Each customer query/ complaint being unique in nature, may take up to 4 weeks for complete resolution after investigation.
a) To ensure that the customers are not charged excessive interest rates and charges on loans and advances by the Company, the Board of Directors of the Company has adopted a Policy on Interest Rate Model and Policies & Procedures on Determining Interest Rates, which has been put up on the Company's website for the benefit of its customers.
b) The information regarding the Interest Rate Model of the Company will be also disclosed in the application form and sanction letter.
f) The procedure for sale / auction of the property.