Fair Practice Code

1. Introduction

Parika Investments Private Limited ("the Company") is a Non-Banking Financial Company registered with the Reserve Bank of India (RBI). In accordance with the RBI's guidelines on Fair Practices Code for NBFCs, the Company has adopted this Fair Practice Code ("the Code") to promote fair, transparent and ethical dealings with all its customers.

The Code applies to all products and services offered by the Company, whether at the counter, over the phone, or through any other channel, and to all employees and representatives acting on behalf of the Company.

2. Applications for Loans and Their Processing

• All communications to the borrower will be in a language understood by the borrower, or in the vernacular language as applicable.
• Loan application forms will include the necessary information affecting the interest of the borrower, so that a meaningful comparison with the terms of other NBFCs can be made and an informed decision can be taken.
• The loan application form will indicate the documents required to be submitted along with the application form.
• The Company will provide an acknowledgement for receipt of all loan applications and will endeavour to convey its decision within a reasonable time.

3. Loan Appraisal and Terms & Conditions

• The Company will convey in writing to the borrower, by means of a sanction letter or otherwise, the amount of loan sanctioned along with the terms and conditions including the annualised rate of interest and method of application thereof.
• The Company will keep the acceptance of these terms and conditions by the borrower on its record.
• The Company will mention the penal interest / charges for late repayment in bold in the loan agreement.
• The Company will furnish a copy of the loan agreement along with a copy of each enclosure quoted in the loan agreement to all borrowers at the time of sanction / disbursement of loans.

4. Disbursement of Loans, Including Changes in Terms and Conditions

• The Company will give notice to the borrower in the vernacular language, or a language understood by the borrower, of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges, etc.
• The Company will ensure that changes in interest rates and charges are effected only prospectively.
• Any decision to recall / accelerate payment or performance under the agreement will be in consonance with the loan agreement.
• The Company will release all securities on repayment of all dues, subject to any legitimate right or lien for any other claim the Company may have against the borrower.

5. Responsible & Fair Recovery Practices

The Company will not resort to undue harassment in the matter of recovery of loans. The Company will ensure that its staff and recovery agents are adequately trained to deal with customers in an appropriate and non-coercive manner. In particular:

• Customers will be contacted only between 8:00 a.m. and 7:00 p.m., unless the business or occupation of the borrower requires otherwise.
• The Company will respect the privacy and dignity of the customer at all times.
• No misleading, threatening or unlawful means will be used in the recovery process.

6. Grievance Redressal

The Company has laid down an appropriate grievance redressal mechanism to resolve disputes arising out of decisions of its functionaries. Complaints are addressed promptly and fairly. Full details, including the contact for the Grievance Redressal Officer, are available on our Grievance Redressal page.

7. General

• The Company will 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 disclosed earlier by the borrower comes to the notice of the Company.
• In case of receipt of a request for transfer of a borrower's account, the consent or objection of the Company, if any, will be conveyed within 21 days from the date of receipt of the request.
• The Company will not discriminate on grounds of gender, caste or religion in its lending policy and activities.
• This Code will be reviewed and updated periodically and as required to remain aligned with RBI guidelines.