Fair Practice Code

Shiksha Financial Services India Private Limited is a Non Deposit Taking NBFC registered with the Reserve Bank of India. It uses the brand name Shiksha Finance to communicate with its customers.

Applicability

This code shall apply to all employees of the company and other persons authorized to represent it in the course of its business with respect to all products and services. 

Commitment

We are committed to follow fair practices built on dignity, respect, fair treatment, persuasion and courtesy to clients, in all dealings, to meet the standard practices prevalent in the finance industry. We shall

  • provide clear and transparent information to customers in the language of their preference so as to enable them to understand terms and conditions of the products and services offered including the interest rate and service charges.
  • Products and services of the company will meet relevant laws and regulations in both letter and in spirit.
  • The Company will act quickly in correcting mistakes and attending to complaints lodged by its customers.
  • The Company shall not discriminate amongst its prospective/existing customers on the basis of age, race, caste, gender, marital status, religion or disability.
  • A copy of the code will be posted on the Company’s website and in a visible location at each branch office.
  • A copy of the code may be provided on request to any prospective or existing customer.
Disclosure and Transparency

The Company establishes interest rates based on its cost of operations, a risk assessment of the customer profile and the Company’s own cost of debt. It will provide updated information on interest rates, fees and charges through prominently posting notices in branches and through this website

Confidentiality

The Company shall collect personal information that it believes to be relevant and required to understand the customer’s profiles and conduct its business.

The Company shall treat all personal information of customers as private and confidential and shall not divulge any information to a third person unless required by any law or Government authorities or where the sharing of information is permitted by the customer. The Company may give/receive information to/from Credit Bureau about the customer’s financial history after seeking the customer’s consent to share information on his loan with Credit Bureaus.

If company shall avail services of any third party for providing support services, Company shall require that such third parties handle customers’ personal information with the same degree of confidentiality.

Advertising, Marketing and Sales
  • The Company shall ensure that all advertising and promotional material is clear and not misleading.
  • Information about the Company’s other products or promotional offers may be conveyed to customers only with the customer’s consent to receive such information / service.
  • The Company will collect the information required for its loan applications and will verify the same by contacting the customer on the telephone and/or physically visiting the provided addresses, if deemed necessary.
  • The Company will ensure that loans are given basis customer needs and will strive to provide customers with loan amount which that will meet their needs.
  • The Company recognizes our responsibility to provide financial services to clients based upon their needs and repayment capacity.
  • The Company will convey in writing to the borrower by means of sanction letter indicating the amount of loan sanctioned along with all terms and conditions including annualized rate of interest, method of application, EMI Structure, prepayment charges and keep the written acceptance of these terms and conditions by the borrower on its record. n case of rejection of loan sanction/disbursement, the same will be communicated to the borrower in writing.
  • The Company will scrupulously avoid any demeanor that would suggest any kind of threat.
  • The Company shall give notice to the borrower of any change in the Terms and Conditions including disbursement schedule, interest rates, service charges, prepayment charges, other applicable fee/ charges etc. The Company will ensure that changes in interest rates and charges are effected only prospectively.
  • When a person is considered to be a guarantor to a loan, company shall execute a Letter/ Deed of Guarantee stating the terms of liability as guarantor and shall keep him/her informed of any default in the servicing of the loan by the borrower to whom he/she stands as a guarantor.
  • Company shall provide customers with all the information regarding dues and shall endeavour to give sufficient notice for payment of dues. If the customer does not adhere to the loan repayment schedule, a defined process in accordance with the laws of the land and the customer’s contract with the Company will be followed for recovery of dues.
Complaints and Grievances

The Company will strive for customer satisfaction within the framework of law, adopted

policies and procedures. In case of any grievance, the customer may approach the local branch head of the Company. On registering the complaint, the customer should obtain a complaint number and date for future reference.

Company shall endeavor to resolve the complaint within 7 working days of receipt of complaint. In case the response is unsatisfactory or no response is received, the complaint should be escalated by sending a letter referencing the complaint number, branch location, date of original complaint and contact information to its office at Old No.34 New No.16, J Block, 7th Street, Anna Nagar East, Chennai 600102.

The Board of Directors of the Company will periodically review the Company’s response to complaints and grievances.