Application of the Code

This Fair Practices Code applies to all categories of products and services offered by WePayLoan, whether the products are provided in-person, over the phone, through interactive electronic devices, online, or by any other method.

Key Commitments

Loan application forms will provide necessary information to enable borrowers to make an informed decision. The form will list required documents, disclose risk gradation, interest rates, and include acknowledgments for loan applications.

The company will ensure fair lending practices, non-discrimination, and provide transparency regarding loan terms, loan appraisals, and agreements. Sanction letters will disclose interest rates and conditions, with communications available in vernacular languages.

Loan Disbursement and Changes

Notice will be given for any changes in terms, including disbursement schedules, interest rates, or service charges. Penal interest for late repayments will be clearly stated in the loan agreement.

Securities will be released upon loan repayment, and in the event of repossession, proper notice and procedures will be followed, including a final chance for repayment before any sale or auction of the property.

General Guidelines

The company will refrain from unnecessary interference in borrower affairs and respond to account transfer requests within 21 days. Loan recovery practices will adhere to ethical standards, and foreclosure charges will not be applied to floating rate loans.

Complaints and Grievances

Borrowers can submit complaints to the branch office, zonal office, or escalate to the Grievance Redressal/Nodal Officer, at grievance@wepayloan.com. If unresolved, the borrower may approach the RBI's Department of Non-Banking Supervision.

A review of compliance with the Fair Practices Code will be submitted to the Board regularly. A copy of the loan agreement will be furnished to the borrower at the time of disbursement.