Hiranandani Financial Services Private Limited (the Company/ HFS), in pursuance of the Directions issued by Reserve Bank of India for Non-Banking Financial Companies (NBFCs), has adopted the following Code for fair practices while dealing with customers. The Fair Practice Code (FPC) is intended to cover the following areas:
The Company shall not discriminate in extending products and facilities including loan facilities to the physically / visually challenged applicants on the grounds of disability. They shall be treated at par with the other applicants and their application shall be dealt on merit as per the credit process and policy of the Company. All possible assistance will be provided to the applicants with the disability (ies) to enable them to understand, select and avail appropriate product or loan facility.
The Company shall not charge foreclosure charges/ pre-payment penalties on any floating rate term loans sanctioned, for purposes other than business to individual borrowers with or without co-obligant(s). The Foreclosure charges are to be applied as per the regulatory directions issued from time to time.
The implementation of the Fair Practice Code shall be the responsibility of the Company. The Company shall make every effort to ensure that its dealing with borrowers / customers is smooth and hassle free. Any complaint brought to the notice of the Company by a borrower / customer will be handled expeditiously.
The Board of Directors of the Company has laid down the appropriate grievance redressal mechanism within the organization to resolve complaints and grievances. All disputes / complaints arising out of the decisions of the Company’s functionaries would be heard and disposed of at least at the next higher level after it is brought to their notice.
A consolidated report of periodical review with compliance with the Fair Practices Code and functioning of the grievances redressal mechanism at various levels of Management would be submitted to the Board of Directors (or a committee thereof) at regular intervals.
The contact details of the Grievance Redressal Officer (“GRO”) and the local office of RBI (which can be approached, if the complaint / dispute is not resolved within a period of one month) will be displayed at all the branches / places where the Company conducts its business.
Detailed process of grievance redressal and escalation matrix forms part of Grievance Redressal Mechanism which is placed on the website of the Company and shall also be available at the branches and will also be displayed at notice Board.
In case of any grievance, customers can intimate and record their complaints / grievances for a resolution in the manner detailed below:
I. Registration of Complaints:
II. Resolution Process :
III. Escalation Matrix
If a customer is not satisfied with the resolution provided by the Company in the specified period above, the customer can escalate the issue to:
Grievance Redressal Officer & Nodal Officer
Mr. Dheeraj Mittal
Hiranandani Financial Services Private Limited
9th Floor, Sigma Bldg., Technology Street,
Hiranandani Business Park,
Powai, Mumbai- 400076.
Telephone No.: 022 25763789
Email – firstname.lastname@example.org
In case a grievance/complaint is not resolved within a period of 30 Days, the customer may further appeal to:
Department of Non-Banking Supervision,
The Reserve Bank of India, Mumbai Regional Office,
3rd Floor, RBI Building, Opposite Mumbai Central Railway Station,
Byculla, Mumbai – 400 008
Telephone No.: 022 2308 4121
Fax No.: 022 2302 2011
The Reserve Bank of India (RBI) vide its Notification No. DNBS. 204 / CGM (ASR)-2009 dated 2 January 2009 and vide its Guidelines on Fair Practices Code for NBFCs, as amended from time to time (RBI Regulations), has directed all NBFCs to make available the rates of interest and the approach for gradation of risk on web-site of the companies.
In compliance with the requirements of the RBI Regulations mentioned above and the Fair Practices Code adopted by the Company, the Hiranandani Financial Services Private Limited “formerly known as Dobra Finance Private Limited” “Company” has adopted this Interest Rate Policy broadly outlining the Interest Rate Model and the Company’s approach to gradation of risks in its lending business.
The interest rate applicable to each loan account is assessed on a case specific basis, based on evaluation of various factors detailed below:
The risk premium attached with a customer shall be assessed inter-alia based on the following factors:
Appropriate disclosure regarding this Interest Rate Policy shall be made on the Company website.
The Policy shall be reviewed on an annual basis or as mandated by the regulatory requirement.
|Schedule of fees & Charges|
|Processing Fees (non- refundable)||Upto 4% of the loan amount|
|Overdue Installment interest||24 % per annum|
|Instalment bounce charge||Up to Rs.1000/- per bounce|
|Instalment swap charge||Rs. 500/- per instance|
|Instalment due date change fees||Rs.1000/- per instance|
|Document retrieval charges||Nil post loan closure, otherwise Rs.1000/- per retrieval|
|Annual account statement/No dues certificate/Provisional tax certificate||NIL|
|Adhoc statement issuance charges||Rs.500/- per document|
|Preclosure /part prepayment charges||
Fixed-rate loans (Individual & *Non Individual customer):
Floating rate loans:
|Loan cancellation charges||NIL (However Interest would be charged for the interim period between date of loan disbursement and date of loan cancellation and processing fees would be retained)|
|CERSAI Registry/Modification charges||Rs.100/-|
|Stamp duty and other statutory charges||As per applicable Laws|
Present Benchmark Rate "HFSRR" is at 19%