Fair Practices Code

Effective Date: January 2024

This Fair Practices Code ("Code") is adopted by Rent Hatke Private Limited ("RentHatke", "we", "us") in alignment with the guidelines issued by the Reserve Bank of India (RBI) for Lending Service Providers (LSPs) and Non-Banking Financial Companies (NBFCs). This Code governs our conduct in facilitating lending services through our platform.

1. Applications for Loans

• All loan application forms include necessary information affecting the interests of the borrower.
• Information about fees, charges, and penalties is clearly disclosed upfront.
• A Key Fact Statement (KFS) containing all essential loan details is provided before loan sanction.
• Loan applications are acknowledged with an application reference number.

2. Loan Appraisal & Terms

• Loan appraisal is done transparently with clear eligibility criteria communicated to applicants.
• Sanction letter clearly specifies the Annual Percentage Rate (APR), processing fees, EMI amount, and tenure.
• All terms and conditions are explained in a language understood by the borrower (including Hindi and regional languages where applicable).
• Borrowers are given adequate time to review loan terms before signing.

3. Disbursement of Loans

• Loans are disbursed directly to the borrower's bank account or as per agreed purpose (landlord payment).
• Disbursement is done only after the borrower has signed the loan agreement.
• A detailed disbursement schedule and account statement are provided post-disbursement.

4. Post-Disbursement Conduct

• Borrowers receive a welcome letter confirming loan details, EMI schedule, and contact information.
• Changes in loan terms, if any, are communicated with adequate notice.
• Prepayment or foreclosure is allowed as per applicable guidelines without excessive charges.
• A No Objection Certificate (NOC) is issued promptly upon loan closure.

5. Interest Rates & Charges

• Interest rates are communicated clearly in the loan offer and agreement.
• All charges (processing fee, late payment fee, etc.) are disclosed upfront in the KFS.
• Penal charges, if any, are reasonable and communicated beforehand.
• Interest on loans is not compounded more than monthly.

6. Recovery Practices

• Recovery agents, if deployed, are trained and follow a code of conduct.
• No harassment, intimidation, or humiliation of borrowers or their families.
• Recovery calls are made only during reasonable hours (8 AM - 7 PM).
• Borrowers are treated with dignity and respect at all times.

7. Grievance Redressal

• A dedicated grievance redressal mechanism is in place.
• Complaints can be raised via email, dashboard, or phone.
• All complaints are acknowledged within 24 hours and resolved within 15 working days.
• If unresolved, borrowers can escalate to the respective lending partner's grievance officer or RBI.

8. Regulatory Compliance

• We comply with RBI's Digital Lending Guidelines dated September 2, 2022.
• All lending is done through RBI-regulated NBFCs/Banks.
• Customer consent is obtained for data collection and sharing.
• Loan agreements clearly identify the regulated entity providing the loan.

9. Non-Discrimination

We do not discriminate based on gender, religion, caste, or any other factor in loan processing. All applications are evaluated solely based on creditworthiness and eligibility criteria.

10. Contact Information

For any queries related to this Fair Practices Code or to raise a complaint: