Fair Practice Code

This Fair Practice Code (“Code”) is adopted by Ready Leasings Pvt. Ltd. (operating the Paisa Daily platform) pursuant to the Reserve Bank of India’s Master Direction on Fair Practices Code for NBFCs. The Code sets out the standards we follow in our dealings with borrowers to ensure fairness, transparency, and accountability.

• All communications to the borrower are in a language understood by the borrower;
• Loan application forms disclose the information and documents required to process the application;
• We provide an acknowledgement for every loan application received and an indicative timeframe for disposal.

Loans are sanctioned after due credit appraisal. The sanction terms, including the annualised rate of interest, processing fees, penal charges, and the method of application, are conveyed to the borrower in writing through a Key Fact Statement (KFS) and the loan agreement, in a language understood by the borrower. The borrower’s acceptance of these terms is kept on record.

Disbursement is made in accordance with the sanctioned terms. Any change in terms and conditions — including disbursement schedule, interest rate, or charges — is notified to the borrower in advance. Changes to interest rates and charges are applied prospectively.

Interest rates are determined based on the cost of funds, risk premium, tenure, and the borrower’s credit and risk profile. The rate of interest is annualised so that borrowers are aware of the exact rate applicable. Interest rates and the approach for gradation of risk are made available to borrowers and are not excessive.

We do not resort to undue harassment in recovery. Recovery is pursued through lawful and non-coercive means. Our staff and authorised recovery agents are trained to deal with borrowers in a courteous manner, contact borrowers only at appropriate times, and respect the dignity and privacy of borrowers.

Information relating to borrowers is kept confidential and is not disclosed to third parties except as permitted by law, with the borrower’s consent, or as required by regulators. See our Privacy Policy.

Any borrower grievance is handled through our Grievance Redressal mechanism. Complaints not resolved within the prescribed time may be escalated to the RBI Ombudsman.

The Board of Directors reviews the compliance of this Fair Practice Code and the functioning of the grievance redressal mechanism at periodic intervals.