Fair Practices Code – Zen Lefin Private Limited

Introduction

Pursuant to RBI vide Circular DNBS.CC.PD.No.266/03.10.01/2010-11 dated March 26, 2012 and vide Circular DNBS.CC.PD.No.320/03.10.01/2012-13 dated February 18, 2013 (“Guidelines”), issued to Non-Banking Financial Companies (NBFCs), the Board of Directors have adopted a Fair Practices Code for Zen Lefin Private Limited (“Company”).

The Fair Practices Code, as adopted herein below, is in conformity with the Guidelines on Fair Practices Code for NBFCs as contained in the aforesaid RBI Circular.

The Company's business will be conducted in accordance with prevailing statutory and regulatory requirements, with due focus on efficiency, customer-orientation and corporate governance principles. In addition, the Company will adhere to the Fair Practices Code in its functioning, the key elements of which are as follows:

  • To ensure Fair Practice while dealing with the customers;
  • To enable customers to take informed decisions about our financial products and services; and
  • To ensure customer satisfaction.

  • Loan application forms issued to prospective customers includes necessary information, which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made and the borrower can make an informed decision. Loan application form also clearly indicates documents required to be submitted along with the application form.
  • The Company has system of giving acknowledgement for receipt of all loan applications.

  • In accordance with the company’s appraisal norms, loan application will be considered and loan amount will be approved on merit basis. The Company shall convey in writing to the borrower by means of approval letter or otherwise, the amount of loan approved along with the terms and conditions, including the annualized rate of interest and method of application thereof. Additionally, Penal Interest on late repayment is clearly highlighted in written offer letter and loan agreement. The Company shall keep record of customer’s acceptance of all these terms and conditions.
  • Company shall at the time of sanction / disbursement of the loan, furnish a copy of loan agreements and related enclosures to the customer.

  • The Company shall give notice to all its borrowers of any change in the terms and conditions – including disbursement schedule, interest rates, service charges, prepayment charges etc. The Company shall also ensure that changes in interest rates and charges are effected only prospectively. A suitable provision in this regard is incorporated in the loan agreement.
  • Decision to recall / accelerate payment or performance under the agreement shall also be in consonance with the loan agreement.
  • The Company shall release all securities on repayment of its full dues or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim the Company may have against its borrowers. If such right of set off is to be exercised, the borrower shall be given notice about the same with full particulars about the remaining claims and the conditions under which the Company is entitled to retain the securities till the relevant claim is settled/ paid.

The Company will refrain from interference in the affairs of the customer except for the purposes provided for in the terms and conditions of the loan agreement (unless new information, not earlier disclosed by the customer, has come to the notice of the Company).

The Company will not discriminate loan applications based on grounds of sex, caste and religion.

In case of receipt of request from the borrower for transfer of borrowal account, the consent or otherwise – i.e., objection of the Company, if any – shall be conveyed to the borrower within 21 days from the date of receipt of any request. Such transfer shall be as per transparent contractual terms in consonance with law.

In the matter of recovery of loans, our Company staffs are adequately trained to deal with customers and shall not resort to any harassment – such as persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc.

The policy aims to minimize the instances of customer complaints through proper service delivery and review mechanism and to ensure prompt redressal of customer grievances.

Internal procedures


  • If you want to make a complaint, we will tell you:
    1. How to do so.

    2. Where a complaint can be made.

    3. To whom a complaint can be made.

    4. When to expect a reply.

    5. Whom to approach for redressal.

    6. What to do if you are not satisfied about the outcome.

  • Our staff will help you with any questions you have.

  • We will tell you where to find details of our procedure for handling complaints fairly and quickly.

  • If your complaint has been received in writing, we will make sure to send you an acknowledgement/ a response within a week through letter/mail. If your complaint is relayed over phone at our designated telephone helpdesk or customer service number, we shall provide you a complaint reference number and keep you informed of the progress within a reasonable period of time.

  • After examining the matter, we will send you our final response within 30 days of the receipt of your complaint and will tell you how to take your complaint further if you are still not satisfied.

  • Within 30 days of lodging a complaint with us, if you do not get a satisfactory response from us and you wish to pursue other avenues for redressal of grievances, you may approach the Officer-in-Charge of the regional office of the department of Non-Banking supervision of RBI.

Mode of Complaints

Capital Float aims to provide the best customer service possible and is consistently striving on creating a robust and efficient customer service platform. We at Capital Float aim to delight our customers with our services. Considering customer profile, their literacy level and vulnerability, Capital Float has identified various channels of sourcing customer complaints proactively:

Level 1:

Telephone: You can call us on 1800 419 0999 (toll-free) and log your grievance between 9.30 am to 6.30 pm on week days and 9.30 am to 1:30 pm on Saturdays, excluding government holiday.

Email: You can write to the following email ID as well: myloan@capitalfloat.com

Postal/courier: You can also send your queries through post/courier to Capital Float, Gokaldas Platinum, New no. 3 (Old no. 211), Upper Palace Orchards, Bellary Road, Sadashiva Nagar, Bengaluru - 560080.

Level 2:

If the resolution you receive from the above is not to your satisfaction, please write to our Complaints Management Cell, (Manager – Customer Services) at customerservice@capitalfloat.com

Level 3:

If you are still dissatisfied with the resolution you receive, you may write to our Grievance Redressal Officers, (Vivian P Josey) at head.customercare@capitalfloat.com

Level 4:

If you are still dissatisfied with the resolution you receive from above, you may further write to our Nodal Officers (Gaurav Hinduja) at ceo@capitalfloat.com If the complaint / dispute is not redressed by Capital Float within a period of one month, you may appeal to the Officer-in-Charge of the Regional Office of Department of Non-Banking supervision of RBI – Bangalore.

E-mail – mlmythili@rbi.org.in

Contact: 080-22180382/22277770


The Company has laid down appropriate internal principles and procedure in determining interest rates, processing fees and other charges. The Company has adopted an interest rate model taking into account relevant factors such as, cost of funds, margin and risk premium, etc. and determine the rate of interest to be charged for loans and advances. The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of customers shall be communicated explicitly in the sanction letter.

The Company has a built in re-possession clause in the loan agreement with the customer which is legally enforceable. To ensure more transparency, the terms and conditions of the loan agreement contains provisions regarding:

  • notice period before taking possession;
  • circumstances under which the notice period can be waived;
  • the procedure for taking possession of the security;
  • a provision regarding final chance to be given to the borrower for repayment of loan before the sale/auction of the security;
  • the procedure for giving repossession to the borrower and
  • the procedure for sale / auction of the property.