Instantloanpay

At Instantloanpay, we are committed to maintaining the highest standards of transparency, integrity, and customer service. This Fair Practice Code (FPC) outlines the principles and practices we adhere to while providing financial services, particularly loan products, to our valued customers. This Code is in alignment with the guidelines prescribed by the Reserve Bank of India (RBI) and applies to all our operations, employees, and agents.

1. Objectives

To promote fair and transparent practices in lending.
To ensure that clients are informed about the terms, conditions, and procedures applicable to financial services.
To foster trust and long-term relationships with customers.
To safeguard the interests of customers, especially those who are financially less literate.

2. Non-Discrimination Policy

We ensure that all loan applications are evaluated purely on merit and financial criteria. No customer shall be discriminated against on the basis of race, religion, gender, caste, or physical ability.

3. Loan Application and Processing

All loan application forms include relevant information necessary to assess a customer’s needs and eligibility.
Customers are provided with details regarding the documents required, processing timelines, and applicable fees.
Acknowledgment is provided for each loan application received.
Processing charges, if applicable, are disclosed before the application is submitted.

4. Loan Appraisal and Terms

The loan application is evaluated based on internal credit policies and due diligence procedures.
Once the loan is approved, a Sanction Letter or Loan Agreement is issued, clearly stating the loan amount, interest rate, processing fees, repayment schedule, and any other terms or conditions.
Customers are given adequate time and opportunity to read and understand the terms before signing the agreement.

5. Disbursement of Loans

Loans are disbursed only after the execution of the loan agreement and submission of required documents.
Any changes in terms and conditions (such as interest rate, charges, or repayment schedules) are communicated to the borrower in advance and only applied prospectively.

6. Interest Rate and Other Charges

Interest rates and all other charges (processing fees, prepayment charges, late payment fees, etc.) are clearly communicated and transparently disclosed to the borrower.
A copy of the signed loan agreement is provided to every borrower.
We follow a consistent and non-discriminatory policy for setting interest rates and charges, based on credit risk and loan product.

7. Privacy and Confidentiality

Personal and financial information of customers is kept strictly confidential and is shared only:

With customer consent;
When required by law or regulatory authorities;
With authorized third parties who are contractually bound to maintain data confidentiality.

8.Collection of Dues

WCollection practices are strictly respectful and non-coercive.
Our staff or agents are trained to handle collections with dignity, and without harassment or undue pressure.
Calls or visits for collection are made at reasonable hours, unless otherwise authorized by the customer.
Any disputes or grievances are handled promptly and respectfully.

Fair Practice Code