Our commitment to ethical lending practices and customer protection
As per RBI Guidelines DNBR (PD) CC.No.054/03.10.119/2015-16
FMEC International Financial Services Limited ("the Company") is a non-deposit taking Non-Banking Finance Company registered with Reserve Bank of India ("RBI"). The company is presently in the business of providing different types of loans which includes Personal Loans etc., to its various customers.
The Company has put in place the Fair Practices Code ("FPC") as per the guidelines issued by Reserve Bank of India for all Non-Banking Financial Companies (NBFCs) vide RBI circular RBI/2015-16/16 DNBR (PD) CC.No.054/03.10.119/2015-16 dated July 1, 2015.
The FPC sets out the principles for fair practices, transparency & adequate disclosures while dealing with its customers and for its stakeholders.
Our fundamental promises to our customers
Meeting the commitments and standards specified in the Code for products and services
Ensuring products and services meet relevant laws and regulations
Dealings based on ethical principles of integrity and transparency
Help customers understand how company's product work by explaining their financial implications.
Correcting mistakes promptly and sympathetically
Handling customer complaints efficiently
Guiding customers on escalation procedures if not satisfied
Publicize the Code, put it on website and have copies available for customer on request.
The Company shall help its customer choose products and services, which meet their needs and give them clear information explaining the key features of the services and products they are interested in.
Inform customers about the documents and information the Company needs from them to establish customer's true identity and address and, other documents to comply with legal and regulatory requirements via-a`-vis extent "Know Your Customer" guidelines.
Our digital lending platform - ClickMyLoan
The company has a lending platform "ClickMyLoan" which is a mobile and web-based platform and a cutting-edge Fintech product which has been developed and designed to make individual's personal financing needs easier and faster.
Quick and secure account creation
Complete online application
Automated verification
Direct to bank account
Our customers can avail loan facility from us via Website and IOS/Android based mobile application anytime, anywhere and the entire process starting from the registration – to - Loan Application - to - Application Processing - to - Loan disbursement directly to the bank account of the user, is completely online.
All communications to the borrower shall be English or in the vernacular language or a language as understood by the borrower.
The loan application forms include necessary information for meaningful comparison with other NBFCs and indicate required documents.
Written acknowledgement for complete applications, with processing within reasonable time frames and notification for rejected applications.
The Company will convey in the form of SMS/mail to the borrower in English or the vernacular language or a language as understood by the borrower, the amount of loan sanctioned along with the terms and conditions including annualised rate of interest and method of application thereof and keeps the acceptance of these terms and conditions by the borrower on its record.
The Company will give notice to the borrower in English or in the vernacular language or a language as understood by the borrower of any change in the terms and conditions including disbursement schedule, interest rates, service charges, etc. Changes in interest rates and charges are effected only prospectively.
Decision to recall / accelerate payment or performance under the agreement will be in accordance with the loan agreement.
The borrower shall enter into an agreement containing all standard and specific terms and conditions with Company, execute the requisite documents, before seeking disbursement.
Transparent factors determining interest rates
The average yields and the rate of interest under each product is decided from time to time, giving due consideration to the following factors:
Cost of borrowings, incidental costs, average tenure, market liquidity and refinancing avenues
Business operating costs and shareholders' expectations for market-competitive returns
Inherent credit and default risk in business, particularly trends with customer segments
Stability in earnings, financial position, repayment track record, credit reports, and verification results
Industry trends and offerings by competition
Risk categorization of borrowers based on comprehensive assessment
The Company will refrain from interference in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan agreement (unless new information, not earlier disclosed by the borrower, has come to the notice of the Company).
In the matter of recovery of loans, the Company will not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of physical intimidation for recovery of loans, etc. Staff are adequately trained to deal with customers appropriately.
The Company shall charge either zero or reasonable foreclosure charges/ pre-payment penalties on term loans sanctioned to individual borrowers on case to base basis.
Our commitment to resolving customer concerns
The company shall set up a board of directors approved grievance redressal forum within the organisation comprising Business Heads, and Heads of Operations to resolve disputes. This forum will ensure that all the disputes arising out of the decisions of the Company's functionaries are heard and disposed of at least at the next higher level.
There will be a periodical review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management. A consolidated report of such reviews will be submitted to the Board at regular intervals as prescribed by board of directors.
Contact for resolution of complaints
Name:
Mr. Aman Kumar
Email:
help@clickmyloan.com
This Fair Practices Code is published on our website for the information of various stakeholders.
