Fair Practices Code

Pursuant to Reserve Bank of India (RBI) ‘s Circular DNBS (PD) CC NO.80/03.10.042 /2005- 06 of 28 September 2006, issued to Non-Banking Financial Companies (NBFCs), the Board of Directors have adopted a Fair Practices Code (“Code”) for Eight Finance Private Limited (“Eight Finance”) and its property “Kodo”.

The policy as accepted and implemented is in conformity with the Guidelines on Fair Practices Code for NBFC’s as contained in the aforesaid RBI Circular. Eight Finance’s business will be conducted in accordance with prevailing statutory and regulatory requirements, with due focus on efficiency and customer-orientation.

Key Commitments

Eight Finance's key commitments to customers:

  1. Act fairly and reasonably in all their dealings with customers by:
  1. Meeting the commitments and standards specified in the Code, for the products and services which the Eight Finance offers and in the procedures and practices its staff follows;
  2. Making sure that Company's products and services meet relevant laws and regulations;
  3. Eight Finance's dealings with customers will rest on ethical principles of integrity and transparency
  1. Help customers understand how Eight Finance's product work by:

a) Explaining their financial implications

  1. Deal quickly and sympathetically with things that go wrong by:
  1. Correcting mistakes;
  2. Handling customer's complaints;
  3. Telling customers' how to take their complaint forward if they are still not satisfied
  1. Publicize the Code, put it on Eight Finance’s website and have copies available for customer on request.

Application for Credit Facility & Processing

  1. English is the default language in which the Kodo platform, its product, services, terms and conditions and Facility agreement is to be provided.
  2. The Credit Facility application forms of Eight Finance will include necessary information which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFC’s can be made and informed decision can be taken by the borrower. The application form will indicate the documents required to be submitted with the application form.
  3. Eight Finance will have a system of giving acknowledgement for receipt of Credit Facility applications. The time frame within which the application will be disposed of will be indicated in the acknowledgement.

Appraisal of Credit Facility Amount

In accordance with Eight Finance’s appraisal norms, facility application will be considered and the facility amount will be approved after applying internal credit appraisal norms. Eight Finance shall convey to the borrower, the amount of credit facility approved along with the terms and conditions. Additionally, Penal Interest on late repayment is clearly highlighted in facility terms. Eight Finance shall keep a record of customer’s acceptance of all these terms and conditions. Eight Finance shall at the time of sanction of the facility, furnish a copy of facility documents and related enclosures to the customer.

Disbursement of Facility & changes in Terms & Conditions

Eight Finance shall give borrowers adequate information and time of any change in the terms and conditions as already consented to by the borrower - including changes in disbursement schedule, repayment schedule, interest rates, penalty or late fees, etc. Eight Finance will not retrospectively charge any borrower or individual for any change in its business.  

Eight Finance shall release any or all securities as maintained as and when the dues are cleared by borrowers. Upon clearing dues, borrowers may choose to continue or terminate the Facility agreement post changes.

Grievance Redressal Mechanism

  1. Eight Finance has set up a grievance redressal mechanism within the organisation comprising senior executives of the company to resolve disputes. This Forum will ensure that all the disputes arising out of the decisions of the Eight Finance’s functionaries are heard and disposed of at least at the next higher level.
  2. 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.
  3. The following information shall be displayed prominently, for the benefit of the customers, at all branches/ places of Eight Finance, where business is transacted: i. the name and contact details (Telephone / Mobile nos. as also email address) of the Grievance Redressal Officer who can be approached for resolution of complaints against Eight Finance. ii. if the complaint / dispute is not redressed within a period of one month, the customer may appeal to the Officer-in-Charge of the Regional Office of DNBS of RBI under whose jurisdiction the registered office of Eight Finance falls. The public notice will serve the purpose of highlighting to the customers, the grievance redressal mechanism followed by Eight Finance, together with details of the Grievance Redressal Officer and of the Regional Office of the RBI.

General

Eight Finance will not interfere in the business activity of any borrower except as stated in the terms and conditions of the Facility agreement. Eight Finance, however, can and will monitor the usage of its services by borrower for evaluating appraisal and or any other services that may arise out of future business prospects of the company.

Eight Finance will not discriminate between individuals or companies based on religion, gender, orientation, color, caste, etc. Eight Finance also promises to not indulge in any form of harassment for recovery of facility amount from borrowers. Any employee of Eight Finance indulging in such practice can be reported to grievance redressal matrix for internal action which, however, may not be communicated to the borrower.

Validity

This Fair Practices Code is approved by the Board of Eight Finance Private Limited to be effective immediately and holds true until any changes committed at the discretion of the board based either on self-improvisation of processes or any other regulatory framework laid down by governing bodies of NBFC’s.