Fair Practices Code Policy


This is with reference to the guidelines issued by the Reserve Bank of India on Fair Practice Code for all Non-Banking Financial Companies (NBFCs) vide RBI circular RBI/2015-16/16 DNBR(PD) CC.No.054/03.10.119/2015-16 dated July 1,2015.

This Code is aimed to provide to all the stake holders, including but not limited to the Company’s customers, an effective overview of the practices followed, in respect of the services offered by the Company.

The objective of this Code is,

  • 1. To implement and promote industry standard practices in dealing with customers.
  • 2. To promote a fair relationship between the customer and the Company.
  • 3. To ensure compliance with applicable laws and regulations in matters relating to recovery of loan amount.
  • 4. To create and maintain adequate mechanisms for redressal of customer grievances;

Loan Application

  • The company shall provide the borrower the information, required in relation to the Services, so that the borrower can make a meaningful comparison with the terms and Conditions offered by other NBFCs and make an informed decision.
  • The company shall give an acknowledgement of receipt for all loan applications. The Company shall endeavor to provide the time frame within which loan applications shall be processed.
  • The loan application form shall indicate the documents required to be submitted along with the application form.
  • If any additional details/documents are required, the same shall be reasonably intimated to the borrowers.

Loan Appraisal and Terms& Conditions

  • The Company shall convey in writing to the customer, by means of a sanction letter or any other document, the amount of loan sanctioned along with the terms and conditions Including applicable rate of interest and shall maintain, in its record, the acceptance of these terms and conditions by the customer.>
  • Company shall mention the charges and penal interest charged for late repayment or prepayment in bold in the loan agreement to be executed between the customer and the Company.
  • Upon the execution of the loan agreement, the company shall furnish a copy of the loan agreement along with a copy of all annexure attached to the loan agreement, to the Customer.

Disbursement of loans including changes in terms and conditions

  • The company shall give notice in English, for any change in the terms and conditions- including disbursement schedule, interest rates, service charges, prepayment charges etc. in case the customer has given a declaration in the vernacular language that he/she does not understand English, he/she will be communicated to in the vernacular language.
  • The company shall, in the loan agreement to be executed between the company and the customer, ensure that changes in interest rates and charges are affected only prospectively.
  • Any decision to recall/accelerate payment or performance under the loan agreement shall be inconsonance with the respective loan agreement.
  • The company shall, subject to the respective loan agreement, release all securities pertaining to the loan on receipt of full and final payment of the loan amount, other that any legitimate right or lien, and set-off for any other claim that the company may have against the customer. If such right of set-off s to be exercised, the borrower shall be given notice about the company is entitled to retain the securities until the relevant claim is settled/ paid.

Interest Charged

  • The company has laid down appropriate internal principles and procedures in determining Interest rates and processing and other charges.
  • The company would adopt an interest rate model taking into account relevant factors such as, cost of funds, margin and risk premium, and determine the rate of interest to be charged for loan and advances.
  • The rates of interest and the approach for gradation of risks shall also be made available on the company’s website. The information published in the website or otherwise published should be updated whenever there is a change in the rates of interest.
  • The rate of interest should be an annualized rate so that the customer is aware of rates that would be charged to the account.

Grievances Redressal Mechanism

Grievance Redressal Mechanism of the Platform / Lender:

Borrower can raise their concerns pertaining to the Platform / Lender, EMI schedule, Facility Type,Processing Fee and/ or any other charges or any other concern related to the product to authorised representatives of Unique Auto Finance and Leasing Pvt. Ltd. Borrowers are requested to address all their grievances at the first instance to the Grievance Redressal Officer. The contact details of the Grievance Redressal Officer are: Ms Varsha Ranga. Designation: Grievances officer Address: Unique Auto Finance and Leasing Pvt. Ltd. JE6 Shop No 3, Beriwala bagh, Hari Nagar, New Delhi-110064. Email: grievance@moneyinminutes.in or at mimcare@moneyinminutes.in The Grievance Redressal Officer may be reached on the email provided above anytime between 10:00 to6.30 from Monday to Friday and 10:00 to 14.30 on Saturdays except public holidays. The Grievance Redressal Officer shall endeavour to resolve the grievance within a period of (14) fourteen days from the date of receipt of a grievance.

If the Borrower does not receive a response from the Grievance Redressal Officer within 14 (fourteen) days of making a representation, or if the Borrower is not satisfied with the response received from the Grievance Redressal Officer, the Borrower may reach the Nodal Officer on the email nodal@moneyinminutes.in anytime between 10:00 to 18:30 from Monday to Friday and 10:00 to 14:30 on Saturdays except public holidays or write to the Nodal Officer at the e-mail address below. The details of the Nodal Officer are provided here Mr. Doctor Upadhyay, Designation: Nodal Officer Email: nodal@moneyinminutes.in.

Complaints to Ombudsman In case the Borrower does not receive a response from the Grievance Redressal Official or the Nodal Officer within one month from the date of making a representation to the Lender, or if the Borrower is not satisfied with the response so received, a complaint may be madein accordance with the ' The Ombudsman Scheme for Non-Banking Financial Companies, 2018(Ombudsman Scheme) to the Ombudsman in whose jurisdiction the office of the Lender complained against, is located. A copy of the Ombudsman Scheme is available on the website of The Reserve Bank of India at www.rbi.org.in and also with our Nodal Officer.


  • The company will refrain from interfering in the affairs of the customer except for the purposes provided in the term and condition of the Loan agreement unless new.
  • In the matter of recovery of loan, the company shall follow the usual measures as per the guidelines and existing provisions and would operate within the legal framework and in Compliance with the applicable laws and regulations.
  • The company will not resort to undue harassment, viz., persistently bothering the customer, at odd hours, use of muscle power for recovery of loans etc. In this regard, company shall follow an ethical of conduct for debt collection where in our staff of any person authorized to represent the company in collection of dues are extensively trained.
  • Company’s collection policy is built on courtesy, fair treatment and persuasion. We believe in building customer confidence and a long term relationship with them. Our staff or any person authorized to represent us in collection of dues or/and security repossession will identify himself/herself and interact with our customer in a courteous and polite manner.
  • We will provide our customers with all the information regarding dues and will give sufficient notice for payment of dues. All customers will be contacted ordinary at the place of their choice, in the absence of a specified place at the residence of the customer and if the customer is unavailable at the residence, at the costumer place of business / occupation.
  • We will respect privacy of the customer and all our interactions will be in a civil manner. All assistance will be provided to our customers to resolve differences or disputes in a mutually acceptable manner, if any, regarding the dues.
  • In case of receipt of a request from the borrower for transfer of the borrower account, the consent or otherwise i.e. objection of the Company, if any, shall be conveyed within 21 days from the date of receipt of such request. Such transfer shall be as per transparent contractual terms in consonance with law.
  • The ‘Vernacular Declaration’ shall be taken from all the costumers stating “In case the costumer are unable to understand the contents in English language, we request you to contact us at any of the braches or on the contact details as available on the website.
  • At our branches, we display the name contact details (Telephone / Mobile nos. / Email Address) of the Grievance Redressal officer, Regional Office of the RBI and Grievance Redressal Mechanism followed by us.


The Board of Directors shall conduct a periodical review of the compliance of this Code and the functioning of the Grievances Redressal Mechanism at various levels of management. The Company shall display and maintain this code on its web site, for the information of/to the various stakeholders. The company would also review and refine the Code periodically, as required from time to time, based on its own experience and new guidelines, if any, to be issued by the Reserve Bank of India in this regards.

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