1. INTRODUCTION

Rhino Finance Private Limited is a non-deposit taking Non-Banking Finance Company registered with Reserve Bank of India ("RBI"). The company is presently in the business of providing different types of loans which includes Personal Loans etc., to its various customers. Such credit facilities are extended to "Individual" types of customers.Rhino Finance Private Limited ("the Company") has put in place the Fair Practices Code ("FPC") as per the RBI guidelines and it has been duly approved by the Board of Directors. The FPC sets out the principles for fair practices, transparency & adequate disclosures while dealing with its customers.

The commitments outlined in this FPC adopted by the company are applicable under normal operating environment; however, under situations beyond the control of the Company, it may not be possible for us to fulfil the commitments made thereunder.


2. KEY COMMITMENTS

The Company's key commitments to customers:

a) Act fairly and reasonably in all their dealings with customers by:

  • Meeting the commitments and standards specified in the Code, for the products and services which the Company offers and in the procedures and practices its staff follows;
  • Making sure that Company's products and services meet relevant laws and regulations applicable to it;
  • Company's dealings with customers will rest on ethical principles of integrity and transparency

b) Help customers understand how company's product work by explaining their financial implications

c) Deal quickly and sympathetically with things that go wrong by:

  • Correcting mistakes;
  • Handling customer's complaints;
  • Telling customers' how to take their complaint forward if they are still not satisfied

d) Publicize the Code, put it on Company's website and have copies available for customer on request.


3. INFORMATION

a) The Company shall help its customer choose products and services, which meet their needs and give them clear information explaining the key features of the services and products they are interested in

b) Inform customers about the documents and information the Company needs from them to establish customer's true identity and address and, other documents to comply with legal and regulatory requirements via-a`-vis extent "Know Your Customer" guidelines


4. APPLICATIONS FOR LOAN & THEIR PROCESSING

a) The company has a lending platform "Loancloud" which is a mobile and web-based platform and a cutting-edge Fintech product which has been developed and designed to make individual's personal financing needs easier and faster. Our customers can avail loan facility from us via this android based mobile application anytime, anywhere and the entire process starting from the registration – to - Loan Application - to - Application Processing - to - Loan disbursement directly to the bank account of the user, is completely online

b) All communications to the borrower shall be in the vernacular language or a language as understood by the borrower

c) The loan application forms of the Company include necessary information which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made and informed decision can be taken by the borrower. The loan application form indicates the documents required to be submitted with the application form

d) It issues a written acknowledgement for each application after receipt of the complete information as per the standard application format. Additional information and support documents may occasionally be found necessary in course of processing a customer/borrower application

e) Applications complete in all respects are processed within a reasonable time frame. In case the proposal is not approved by the Company, the borrower is intimated accordingly


6. DISBURSEMENT OF LOANS INCLUDING CHANGES IN TERMS & CONDITIONS

a) The Company will give notice to the borrower in the vernacular language or a language as understood by the borrower of any change in the terms and conditions in disbursement schedule, interest rates, service charges, prepayment charges etc. The Company will also ensure that changes in interest rates and charges are effected only prospectively. A suitable condition in this regard will be incorporated in the loan agreement b) Decision to recall/accelerate payment or performance under the agreement will be in accordance with the loan agreemen

c) The borrower shall enter into an agreement containing all standard and specific terms and conditions with Company, execute the requisite documents, before seeking disbursement


7. INTEREST RATE MODEL & RATE OF INTEREST CHARGES

a) The cost of funds on the borrowings, as well as costs incidental to those borrowings, taking into consideration the average tenure, market liquidity and refinancing avenues etc;

b) Operating cost in our business and maintaining shareholders' expectations for a reasonable, market-competitive rate of return;

c) Inherent credit and default risk in our business, particularly trends with sub-groups/customer segments of the loan portfolio;

d) Risk profile of customer - stability in earnings and employment, financial position, past repayment track record with us or other lenders, external ratings of customers, credit reports, customer relationship, future business potential, results from digital verifications etc

e) Industry trends - offerings by competition

f) Risk categorisation of borrowers