Responsible Lender Practices

The RBI provides a Fair practices Code for NBFCs and similar Financial Institution for implementation. Eg. Ref RBI Circular No. 2012-13/416/DNBS. CC. PD No. 320/03.10.01/2012-13 dated 18th February 2013.

QFI Technologies (the “Company” or the brand “Niro”), even though not an NBFC, voluntarily acknowledges the same and operates in alignment of these principles so laid out in spirit and with its lending partners. It provides information to customers and explains how the Company intends to deal with them on a day-to-day basis.

This policy is intended to apply to all customers including those with any complaints / enquiries as posted on social / any other media and we encourage all customers to reach out to the Platform (the website + App) as required.

1. Objective of the Code

The code has been developed with an objective of:

1. Ensuring fair practices while dealing with customers

   1. By ensuring compliance with the standards laid out in this Code in the products and services offered by the Company and the processes followed

   2. Ensuring the products offered by the Company are in compliance with the relevant laws and regulations

2. Greater transparency enabling customers in having a better understanding of the product and taking informed decisions

   1. Ensuring clear communication regarding the financial implications of the products offered

3. Building customer confidence in the Company

   1. By fair and effective handling of customer complaints

   2. Providing a mechanism for escalations for unresolved issues

2. Applications for loans and their processing:

1. QFI Technologies is in the business of providing technology solutions and services in relation to various digital businesses including those related to finance, risk and credit.

2. The Company partners with consumer internet platforms to market credit products offered by various financial partners to its customers.

3. The Company follows an invite based model for providing loans to the customers. Only those select customers who are eligible will be notified of the product offering. The customers will not be able to directly apply on the Company’s Platform for loans.

4. The Platform will indicate the list of information/ documents required to be submitted by the borrowers in the loan journey.

3. Loan appraisal and terms/ conditions:

1. QFI Technologies will conduct due diligence of the worthiness of the borrower as per norms of the Company before extending credit product offers on behalf of the partner banks, NBFCs or other FI’s.

2. The Company ties up with banks and financial institutions for the supply of capital. The final approval of a loan is left to the discretion of the said banks/ NBFCs/ financial institutions.

3. The Company shall convey the terms and condition of the loan advanced, in writing, which inter-alia includes:

   1. Amount of limit sanctioned;

   2. Rate of discount/ annualized interest Loan Processing Fee

   3. Loan Processing Fee

   4. Tenure

   5. Method of calculation of interest

   6. Due Dates for Payment

4. Charges/ penalties like Late Payment Fee and Bounce Charges will be specified clearly wherever it is charged

5. The Company shall furnish a copy of the loan agreement within 72 working hours of time of disbursement of the loan. The Company shall clearly display the penal interest charged for late repayment wherever it is shown.

6. The customer onboarding process also indicates the documents required to be submitted and / or digital verifications and digital documents required to be submitted along with the Loan application.

7. All written communications, digital or in documents to the borrower shall be in the English and the borrower’s understanding of the documentation is checked. All communications over phone through a customer helpline will be in vernacular language or a language understood by the borrower.

4. Disbursement of loans including changes in terms and conditions:

1. Any changes in Terms and conditions of the loan are a decision of the lender and the company shall communicate the same as per the decisions made by the lender

2. Any change in the agreed-on terms and condition of the loan including any change in the interest charged shall be intimated to the Borrower through a notice in writing which shall be served as per the mode agreed upon with the Borrower in the agreement. Any change in the rate of interest shall be affected only prospectively.

3. Any act of recalling or accelerating the payment / performance under the Agreement shall will be in consonance with the loan agreement.

5. General aspects :

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

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

3. In the matter of recovery of loans, the Company would act as an agent of the lender. The company in the course of recovery would not resort to undue harassment viz., use of illegal methods or physical intimidation etc. The Company shall ensure that its personnel are adequately trained to deal with the customers in an appropriate manner.

6. Grievance Addressal:

1. All concerns raised by the customers shall be discussed with Lenders at regular intervals and the company shall strive to minimize friction in the product life cycle. If concerns are not resolved, customers can raise a complaint to RBI by clicking here.

2. The Company will periodically review the Fair Practises Code and the functioning of the grievance redressal mechanism at various levels of the management. A consolidated report of such reviews/ findings shall be placed before the Board at regular intervals.

3. The Company would display following information on its Platform or the partner platform, where the business is transacted, either separately or included in the Terms & Conditions:

   1. Name of Grievance Redressal Officer and contact details of the office where customers can direct their grievances.

      Name of Grievance Redressal Officer : Sankalp Mathur.

      Contact Details : grievance@niro.money

7. Interest rates and processing and other charges :

1. The rate of interest and other service fee payable for the loan product as charged by the lender shall be disclosed to the borrower or customer in the Platform before loan agreement or in the accompanying schedule of repayment or loan agreement.

2. The information published on the Platform would be updated whenever there is a change in the rates of interest or the schedule of charges as communicated by the lender.

3. The rate of interest would be disclosed so that the borrower is aware of the exact rates that would be charged to the account.

The Company shall abide by this Fair Practices Code in its true spirits and in the manner applicable to the business operations.