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Paras Capfin Co Pvt Ltd, a Non-Banking Finance Company registered with Reserve Bank of India ("RBI") is presently in the business of providing different types of loans which includes Enterprise Group Loans, Individual Loans & Machine Loan. Paras Capfin Co Pvt Ltd ("Paras") has framed and adopted a set of principles for fair practice standards when dealing with customers. As per the RBI directives, we have adopted and will implement these standards in our organization which has been duly approved by Board of Directors of the Company. This Fair Practices Code applies to all categories of products and services offered by Paras.
Paras will convey in writing to the borrower in the vernacular language or a language as understood by the borrower by means of sanction letter or otherwise, the amount of loan sanctioned along with the terms and conditions including annualised rate of interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on its record. The Company will mention the penal interest charged for late repayment in bold in the loan agreement.
Paras will furnish a copy of the loan agreement preferably in the vernacular language as understood by the borrower along with a copy each of all enclosures quoted in the loan agreement to all the borrowers at the time of disbursement of loan.
The Fair Practices Code in English, Hindi & Local language of the state in which Paras is operating will be communicated through the following channels -
Paras will include a built in re-possession clause in the loan agreement with the borrower which must be legally enforceable. To ensure transparency, the terms and conditions of the loan agreement should also contain provisions regarding:
In addition to the general guidelines as above, Paras shall, while lending to individuals against gold jewellery, follow a Board approved policy, containing, inter-alia, the following: