Fair Practice code
Preamble:
RoverFinance (RoverFinance Limited) is a leading peer-to-peer (P2P) lending marketplace where people borrow and lend money to each other. RoverFinance (RoverFinance Limited) provides an alternative financing model which is 100% online, simple and fast. Given below is the Fair Practice Code developed by RoverFinance (RoverFinance Limited) that it shall extend to its Members.
Scope:
This Code is a voluntary code adopted by RoverFinance (RoverFinance Limited) with the aim to achieve best practices while dealing with its Members and facilitate seamless services to its Users across the RoverFinance (RoverFinance Limited) Platform.
This code is applicable from the date it is placed on LiquiLoan’s (RoverFinance Limited) website or is otherwise publicised through the media. It will be updated from time to time and all Users are advised to appraise themselves of the latest versions.
Definitions
Borrower means any person applying to register as a participant with RoverFinance (RoverFinance Limited) to borrow funds on the RoverFinance (RoverFinance Limited) website.
Lender means any person applying to register as a participant with RoverFinance (RoverFinance Limited) to lend funds to a Borrower through automatic or manual selection.
Loan Agreement means the agreement entered into by the Borrower and the Lender upon finalisation of the loan transaction entered on the RoverFinance (RoverFinance Limited) website.
Member or User means any prospective lender/ borrower who has successfully registered as a participant on RoverFinance’s (RoverFinance Limited) website.
RoverFinance (RoverFinance Limited) means RoverFinance Limited, a company incorporated under the Companies Act, 2013 in India whose registered office is at 2nd Floor, Office No. 203 and 204, Mittal Commercia, Saki Naka, Off Andheri Kurla Road, Andheri (East), Mumbai – 400059.
Terms means the Borrowers' Terms and Conditions and the Lenders’ Terms and Conditions.
Transaction means any loan transaction with Members in which the User will participate through the Website.
User Terms means the terms of use for the Website already accepted by the Members
Website or Platform means www.RoverFinance.com website which is the intermediary providing the services of loan facilitation via the electronic medium to the Borrowers and Lenders.
RoverFinance (RoverFinance Limited) declares and undertakes:-
This Fair Practice Code (FPC) is aimed to provide to all the stake holders, especially Participants effective overview of practices followed by the Company in respect of the financial facilities and services offered by the Company The objectives of the Code are:
- To promote good and fair practices in dealing with participants
- To increase transparency so that the participants can have a better understanding of what they can reasonably expect of the services.
- To strengthen mechanisms for redressal of customer grievances.
Any term used herein but not define shall have same meaning assign as per the Master Directions - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017, updated time to time.
- All communications to the Borrower shall be in English.
- All documentations and terms and conditions, including details on the website such as the privacy policy, User Terms, etc shall be maintained in English.
- Users using translation services while using the Platform will do so at their own peril as RoverFinance (RoverFinance Limited) does not guarantee that the translation provided will be accurate and urges borrowers to view the website in English.
- RoverFinance (RoverFinance Limited) does not have a physical loan application form. RoverFinance (RoverFinance Limited) provides a detailed procedure for registration and the benefits accrued from lending/ borrowing through its Platform in the frequently asked questions which is available on https://www.RoverFinance.in/faq
- A detailed terms and conditions will be provided by RoverFinance (RoverFinance Limited) which is to be accepted by the User during and post the onboarding process on the Website. RoverFinance (RoverFinance Limited) strongly urges Users to obtain appropriate independent professional advice before proceeding to borrow any money using the Website
- An email confirmation shall be provided to the User acknowledging the receipt of the loan application/registration on its website. On demand, Members can have full details of method of application of interest. The Borrower would be informed of the procedure involved in servicing and closure of the loan taken on the Website FAQ.
- RoverFinance (RoverFinance Limited) will provide a time frame for processing the loan application at the time of registration.
B. Loan appraisal and terms/conditions
- RoverFinance (RoverFinance Limited) will send the offer letter via email to the Borrower if his application is approved. The offer letter will lead him to the online Member account that contains the amount of loan, the annualised rate of interest, the payment schedule and the other terms and conditions for disbursement of the loan
- The Borrower shall accept the terms and conditions of the Loan post review of the Terms, which shall be retained by RoverFinance (RoverFinance Limited) until the full repayment of the loan.
- RoverFinance (RoverFinance Limited) shall mention the penal interest charged for late repayment in the Borrower terms and conditions.
D. Loans Sourced over Digital Lending Platforms
Wherever digital lending platforms are engaged by the Company to facilitate lending, the Company shall comply with the following:
- To display on the Company’s website the Names of digital lending platforms engaged as agents.
- Loan Disbursal, Servicing and Repayment - Shall ensure the disbursement of amount shall be made into the account of the borrower except of disbursals covered exclusively under statutory or regulatory mandate. Digital lending platforms engaged as agents shall be directed to disclose upfront to the participants, the Company’s name on whose behalf they are interacting with the participants.
- Immediately after sanction but before execution of the Loan agreement, the sanction communications shall be issued to the borrower on the letter head of the Company.
- Adequate efforts shall be made towards creation of awareness about the grievance redressal mechanism.
- Any changes in the interest rates and charges shall be effected prospectively.
- All Users shall have to meet the eligibility criteria as sanctioned by the Board of Directors of RoverFinance (RoverFinance Limited).
- The Board of Directors of RoverFinance (RoverFinance Limited) shall at all times review the eligibility criteria in consonance with the law as well as determine the pricing of services provided by it as per the market rate.
- The Board of Directors shall formulate rules, which may be amended from time to time, that ensures that the Platform is run in an equitable and non- discriminatory manner.
E. General
- The Company shall not interfere in the affairs of the borrower except for the purposes provided in the Loan Agreement unless new information not earlier disclosed by the borrower has come to the notice of the Company.
- In the event of any new information regarding the Borrower is made available to the Lender, the Lender may disclose the same to Rover Finance. Rover Finance undertakes that when it acts on the same, it shall not in any manner interfere in the functioning of the Borrower during the Transaction and thereafter.
- In the matter of recovery of loans, the Company will always adhere to the relevant directives issued by the Reserve Bank of India. The company will not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc. To avoid rude behavior from the staff of the Company, the Company shall ensure that the staff are adequately trained to deal with the borrowers in an appropriate manner.
- The Borrower will be informed of any actions taken in response to their application or request related to loans within 21 days from the date of receiving the application or request.
- The Company shall not discriminate in extending products and facilities including loan facilities to physically/ visually challenged applicants on grounds of disability.
- RoverFinance (RoverFinance Limited) will not invade the affairs of the Borrower except for the purposes provided in the terms and conditions of the loan agreement.
- In the event of any new information regarding the Borrower is made available to the Lender, the Lender may disclose the same to RoverFinance (RoverFinance Limited). RoverFinance (RoverFinance Limited) undertakes that when it acts on the same, it shall not in any manner interfere in the functioning of the Borrower during the course of the Transaction and thereafter.
- Actions taken for the approval or rejection of loans, and actions taken on request from the Borrower for transfer of borrowed amount to another NBFC/FI, shall be conveyed to the Borrower within 21 days of receipt of application/request. Such transfer shall be effected as per transparent contractual terms in consonance with law.
- RoverFinance (RoverFinance Limited) shall not resort to undue harassment for the recovery of loans, viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans etc.
- LiquiLoan’s (RoverFinance Limited) Board of Directors will lay out appropriate internal principles and procedures in determining interest rates and processing and other charges. RoverFinance (RoverFinance Limited) will ensure that it will endeavour to be transparent in respect of the terms and conditions of the loan effected through its Platform. Any grievance regarding excessive interest rates may be addressed to the Grievance Redressal Officer mentioned on the Website.
- The Board of Directors of RoverFinance (RoverFinance Limited) shall endeavour to adopt 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 Borrowers shall be disclosed to the Borrower in the confirmation email sent to the Borrower after completing the registration process.
- The rates of interest and the approach for gradation of risks shall also be made available on the Website. The information published on the website is be updated whenever there is a change in the rates of interest and RoverFinance (RoverFinance Limited) urges Members to take note of the same.
- The rate of interest adopted by RoverFinance (RoverFinance Limited) are annualised rates so that the Borrower is aware of the exact rates that would be charged to the account.
F. Information Secrecy
- All personal information of the customer would be confidential and would not be disclosed to any third party unless agreed to by the Member. The term 'Third party' excludes all Law enforcement agencies, Credit Information Bureaux, Reserve Bank of India, other banks/ financial and lending institutions.
- Subject to above Para, customer information would be revealed only under the following circumstances;
- If RoverFinance (RoverFinance Limited) is compelled by law
- If it is in the Public Interest to reveal the information
- If the interest of RoverFinance (RoverFinance Limited) requires such disclosure.
I. Review
A periodical review (at least annually) of the compliance of the Fair Practices Code and the functioning of the grievance redressal mechanism shall be carried out by the Company and the report of such reviews shall be submitted to the Committee of the Board / Board.
- RoverFinance (RoverFinance Limited) will have a Grievance Redressal Officer within the organization and would ensure that the Website would contain all the required relevant details, namely
a. Where a complaint can be made
b. How a complaint should be made
c. When to expect a reply
d. Whom to approach for redressal of grievance etc.
- Response to a complaint whether positive or negative or requiring more time for redressal would generally be given within a maximum period of four weeks from the date of receipt of complaint, unless the nature of complaint is such that requires verification of voluminous facts and figures.
- The Company has designated Mr. V. Balamurugan as Nodal Officer for receiving and resolving complaints from customers. The contact details of Nodal Officer are:
Name: Mr. V. Balamurugan
Address: 2nd Floor, Office No. 203 and 204, Mittal Commercia, Saki Naka, Off Andheri Kurla Road, Andheri (East), Mumbai – 400059.
Email: grievances@RoverFinance.com
Telphone: 02247779519
- If the complaint/dispute is not redressed within a period of one month, the participant may appeal to RBI at:
Chief General Manager,
Reserve Bank of India,
Consumer Education and Protection Department,
Central Office,
1st Floor, Amar Building, Perin Nariman Street, Mumbai 400 001
- RoverFinance (RoverFinance Limited) would adequately train the operational staff to give patient hearing to the Borrowers in financial distress and would try to render such help as may be possible in their view.
RBI Disclaimer : Reserve Bank of India does not accept any responsibility for the correctness of any of the statements or representations made or opinions expressed by RoverFinance (RoverFinance Limited), and does not provide any assurance for repayment of the loans lent on it.