RBI Registered NBFC
IBL Finance Private Limited (‘IBL’ 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.
OBJECTIVES OF THE FAIR PRACTICES CODE
The Code has been adopted:
  1. A) To promote good and fair practices by setting minimum standards in dealing with customers;
  2. B) To increase transparency so that the customers can have better understanding of what they can reasonably expect of the services;
  3. C) To encourage market forces through competition, to achieve higher operating standards;
  4. D) To promote a fair and cordial relationship between customers and the Company;
BACKGROUND
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.
APPLICABILITY
The Code shall apply to all employees of the Company and other persons authorized torepresent it in the course of its business.
NON-DISCRIMINATION POLICY
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.
LANGUAGE OF THE COMMUNICATION
All required communications by the Company to the borrower will be in the language as understood by the borrower (English or Vernacular language).
APPLICATIONS FOR LOANS AND THEIR PROCESSING
  1. 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.
  2. 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.
LOAN APPRAISAL AND TERMS AND CONDITIONS
  1. A) All loan applications will be assessed as per the Company’s internal credit policies and appraisal process;
  2. B) Upon approval of the loan a sanction letter indicating the amount of loan sanctioned, the applicable annualised rate of interest rate method of application of the same along with other important terms and conditions will be conveyed in writing to the borrower;
  3. C) The Company will mention the penal interest charged for the late payment in bold in the loan agreement. A suitable provision in this regard shall be incorporated in the loan agreement;
  4. 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.
DISBURSEMENT OF LOANS INCLUDING CHANGES IN TERMS AND CONDITIONS
  1. A) Any changes in the terms and conditions (which are adverse to the borrower) including rate of interest rate, service charges, prepayment charges, repayment/ disbursement schedule etc. shall be informed to the borrower in writing;
  2. B) Changes in interest rates and other charges (which are adverse to the borrower) shall be with prospective effect only;
  3. C) Decision to recall any loan shall be done in accordance with the terms and conditions of the loan agreement;
  4. 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.
PRIVACY AND CONFIDENTIALITY
All Personal Information of the borrowers shall be treated as Private and Confidential, and shall be guided by the following principles & policies. We shall not reveal Information or data relating to borrower accounts, whether provided by the customers or otherwise, to anyone, including our affiliates other than in the following exceptional cases:
  1. If the information is to be given by law.If the information is to be given by law.
  2. If there is a duty towards the public to reveal the information.
  3. If our interests require us to give the Information (for example, to prevent fraud) but it shall not be used as a reason for giving information about the borrower or borrower’s accounts (including customer came & address) to anyone else for marketing purposes.
  4. If the borrower asks us to reveal the information, or with the borrower’s permission.
  5. If we are asked to give a reference about a borrower, we shall obtain his / her written permission before giving it.
  6. The borrower shall be informed the extent of his / her rights under the existing legal framework for accessing the personal records that we hold about him / her.
  7. We shall not use borrower’s personal information for marketing purposes by anyone including ourselves unless the customer specifically authorizes us to do so.
GENERAL PROVISIONS
  1. A) The Company shall refrain from interference with the business of the borrowers except under the terms and conditions of the loan agreement (unless new information, not disclosed earlier, by the borrower has come to the notice of the Company);
  2. B) Where the borrower insists on transferring the loan, the consent or otherwise the objection if any, would be conveyed within 21 days from the date of receipt of such request of the borrower. Such transfer will be as per the terms and conditions of the loan in consonance with law;
  3. C) For recovery of loan, the Company will not resort to undue harassment and will follow procedures adopted internally by the Company within the applicable legal framework;
  4. D) The Company will comply with the extant regulatory provisions with respect to prepayment of loans by its borrowers.
  5. E) We will ensure that the staff is adequately trained to deal with the customers in appropriate manner.
GRIEVANCE REDRESSAL MECHANISM
As a customer, if you have any feedback/ suggestions or grievances with respect to the services offered by IBL Finance Private Limited (hereinafter referred to as ‘the Company’), you may please write to the Company’s Customer Service Department through any of the following channels:
  • Call At :- +91 93281 16200
  • Email – info@iblfinance.in
  • Website – www.iblfinance.in
  • You may write a letter at the address
    6025, World Trade Centre, Nr. Udhna Darwaja,
    Ring Road, Surat, Gujrat
    395002  
  1.  How a complaint should be made:
    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.
  2. When to expect a reply
    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.
  3. Whom to approach for redressal
    Customers are requested to first raise their concerns through any of channels mentioned above. In case of delayed or no response from the respective channel within the specified timelines, such complaint may be escalated to the Grievance Redressal Officer of the Company whose details are as given below:
    NameGrievance Redressal Officer 
    Email IDinfo@iblfinance.in
    Address6025, World Trade Centre, Nr. Udhna Darwaja, Ring Road, Surat, Gujrat 395002 
    Tel+91 93281 16200 
  4. Escalation to the Reserve Bank of India
    If the Customer does not receive any response from the Company within 4 weeks or is dissatisfied with the response received, he/ she may approach the Reserve Bank of India at the following address:

    The General Manager,
    Department of Non-Banking Supervision,
    Reserve Bank of India,
    Near Gandhi Bridge,
    Ahmedabad- 380 014.
    Tel: 079-2754 3057/ 5651
    E-mail:  

POLICY FOR DETERMINING INTEREST RATES
  1. 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.
  2. B) The information regarding the Interest Rate Model of the Company will be also disclosed in the application form and sanction letter.
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