Billionloans Financial Services (“Company” or “Billionloans”) has formulated this Fair Practices Code (“the Code”
or “Code”) to guide its interactions with its customers, and it shall be
updated from time to time. Billionloans shall adopt all the best practices
and make appropriate modifications as necessary to this Code to conform to
the standards so prescribed. This Code is approved by the Board of
Directors and shall be published on the Company’s website.
2. Purpose
The purpose of Fair Practices Code for Billionloans is:
To make available to all eligible qualified applicants, without
discrimination on the basis of race, caste, colour, religion, sex,
marital status, age or handicap all financial products, either directly
or through subsidiaries and / or associates.
To offer assistance, encouragement and service to all its clients in a
fair, equitable and consistent manner.
To act fairly and reasonably in all dealingswith its customers by
ensuring that:
Its products, services, procedures and
practices meet the commitments and standards in this Code.
Its products and services meet relevant
laws and regulations in letter and spirit as applicable.
Its dealings with its customers rest on
ethical principles of honesty, integrity and transparency.
3. Applicability of the Code
This Fair Practices Code shall apply to the following categories of products
and services offered by the Company (currently offered or which will be
introduced at a future date).
Loans and credit facilities of all types, as permissible under extant regulations and laws.
The Code shall be applicable to the above irrespective of whether the same
is provided physically, over the internet or by any other
method whatsoever, existing or futuristic.
4. Key Commitments
The key commitments which the Company promises to follow in its dealings
with its customers are:
The Company shall make every attempt to ensure
that its customers have a trouble-free experience in dealing with it;
but in the case of errors, the Company shall deal with the same quickly
and sympathetically.
Mistakes shall be corrected quickly.
Complaints shall be handled quickly.
In case a customer is not satisfied with
the way a complaint is handled, the Company shall guide the
customer on how to take the complaint forward.
The Company shall reverse any charges
including interest applied to a customer’s account due to an
error or oversight on its part.
The Company shall guide its customers in
choosing products and services which meets his / her requirements.
Before the customer relationship is
established, the Company shall:
Give the customer information
explaining the key features of the services and products
the customer has shown interest in.
Give information on accounts,
products and services which will suit the
customer’s needs.
Clearly state the information
that the Company requires to collect from the customer
to fulfil its ‘Know Your Customer’ norms and to comply
with legal and regulatory requirements in force from
time to time.
Request for additional
information about the customer and his / her family to
build a database; but this information will be furnished
by the customer only if she / he wishes to do so.
The Company shall provide information on
the various channels that can be used to access its products and
services.
The Company shall guide its customers
on their rights and responsibilities specific to the mode of
operation under which the product is taken.
The Company shall ensure that all advertising
and promotional materialis clear, fair reasonable and not misleading.
The Company shall ensure that its staff are
adequately trained to deal with the customers in an appropriate manner
for/ during the loan recovery and shall not resort to harassment viz.,
persistently bothering the borrowers at odd hours, using coercive
methods for recovery of loan, etc.In this regard, the Company shall
ensure that its employees and agents appointed by it comply with Code
of Conduct applicable to their respective job description.
Billionloans shall not reveal any information
relatingto the customers to any third party without the consent of the
customers except in the following circumstances:
If the Company has to provide the
information by statutory or regulatory laws.
If there is a duty to the public to
reveal this information or in public interest (e.g. fraud
prevention).
If customer has given consent /
concurrence to provide/ share such information to its group /
associate / entities or companies or external entities for
providing other products or services.
5. Fair Practices for Loan Sanction & Disbursal
The terms of the sanction of a loan shall be communicated
to the borrower in a language understood by the borrower including, where necessary,
in the primary vernacular language of the state in which the loan is disbursed.
The Company’s sanction letter shall contain the amount
of loan sanctioned along with the terms and conditions including annualised rate of interest,
penal charges and when these will be applicable.
Penalty for non-compliance of material terms and conditions of the loan
agreement by the borrower shall be treated as ‘penal charges’ and shall not be levied in the form
of ‘penal interest’ that is added to the rate of interest charged.
The Company 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 borrowers
at the time of disbursal of the facility.
The Company shall give notice to the borrower in a language understood
by the borrower of any change in the terms and conditions including disbursal schedule,
interest rates, service charges, prepayment charges etc.
Any changes in interest rates and charges shall be effected only
prospectively and not retrospectively.
6. Grievance Redressal Mechanism
The Company has adopted this Grievance Redressal Mechanism to ensure that
customer grievances are addressed promptly and effectively. Below are the
steps which the customer needs to take for resolving his/ her grievances:
Registration of
complaints/ grievances – As a first step, the customers shall
lodge their grievances/ complaints by sending an email to
grievancecell@billionloans.com. The Company shall examine the complaint
and shall respond to the customer in writing/ email/ phone within 7
working days, from the date of receipt of the complaint. The company
shall also provide suitable justification in case the complaint
resolution requires more than the time stipulated above.
Addressing or
handling of complaints – In case the customers are not
satisfied with the response received, or in case where the customers
have not received any response within 7 working days, then they shall
reach out to the Grievance Redressal Officer of the company as mentioned
below:
Calls will be taken between 10.00 am to 5.00 pm on all working
days and at the time of making such calls, clients need to
provide details such as Customer ID, etc.
Email id
yallappa@billionloans.com
All the branches shall have a suggestion and
complaint box in their premises where the clients can share their
grievances.
Escalation of
complaints - If any complaint/dispute is not redressed within a period of
30 (thirty) days, or is rejected wholly or partly by Billionloans and the customer
is not satisfied with the reply, then the customer can lodge a complaint over the
Complaint Management System (CMS) portal under the Reserve Bank-Integrated Ombudsman
Scheme (RB-IOS) using the link
https://cms.rbi.org.in
or send a physical complaint to “Centralised Receipt and Processing Centre,
4th Floor, Reserve Bank of India, Sector-17, Central Vista, Chandigarh - 160017”.
7. Review of the Code
The Board of Billionloans will periodically review its compliance to this
Fair Practices Code, in light of change in regulatory compliance and
business reasons. The developments/ changes, if any shall be communicated to
the customers and relevant stakeholders as and when necessary.