Fair Practice Code for Lenders
InstantRupiya adheres to the Fair Practice Code prescribed by the Reserve Bank of India. This code outlines our commitment to transparency, fairness, and ethical conduct in all customer dealings, ensuring a balanced relationship between lenders and borrowers.
Application Processing Standards
We maintain high standards in processing loan applications:
Application Handling
- All applications acknowledged within 3 days
- Clear documentation requirements provided
- Transparent processing timelines
- Regular updates to applicants
- Rejection reasons communicated clearly
Processing Timelines
- Personal Loans: 24-72 hours
- Business Loans: 3-7 working days
- Loan Against Property: 7-14 days
- Disbursement: 24 hours post-approval
- Digital applications: Faster processing
Verification Process
- KYC verification through authorized agencies
- Credit assessment from approved bureaus
- Income verification from authentic sources
- Residence verification if required
- Employment verification for salaried
Loan Appraisal & Terms
Non-Discriminatory Assessment
Applications evaluated based on merit only
Clear Communication
All terms in simple, understandable language
No Coercion
No forced purchase of insurance or products
Proper Documentation
All agreements in writing with customer copy
Terms Explanation
Key terms explained before signing
Collection Practices
Our collection practices adhere to RBI guidelines:
Customer Rights Protection
Right to Information
Complete disclosure of all terms
Right to Grievance
Robust grievance redressal mechanism
Right to Documents
Copies of all loan documents
Right to Privacy
Confidentiality of personal information
Commitment: InstantRupiya respects and protects all customer rights as per RBI guidelines and applicable laws.
Transparency in Operations
đŗ Interest Rates
Clear disclosure of all rates and charges
đ° Fees & Charges
Complete fee structure upfront
đ Terms & Conditions
All terms in simple language
đ Penal Provisions
Clear penalty structure disclosed
Staff Training & Conduct
We ensure our staff maintains highest ethical standards:
Regular Training
Annual training on Fair Practice Code
Code Implementation
Fair Practice Code displayed at branches
Customer Education
Customers informed about their rights
Ethical Conduct
Zero tolerance for unethical behavior
Monitoring & Review
This Fair Practice Code is regularly monitored and reviewed:
- Quarterly review by Compliance Department
- Annual review by Board of Directors
- Regular updates as per RBI guidelines
- Customer feedback incorporated
- Internal audits for compliance
- External audits as required
Contact for Code Related Issues
For any issues related to Fair Practice Code implementation:
Please contact our Compliance Officer:
compliance@instantrupiya.comFair Practice Code Implementation
Ensuring ethical practices in all customer dealings