Fair Practices Code & Customer Grievance Redressal Mechanism

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FAIR PRACTICES CODE & CUSTOMER GRIEVANCE REDRESSAL MECHANISM

Applicable to PayStudy – A Platform by PayFX Fintech Solutions Private Limited

Introduction
This Fair Practices Code (“FPC”) is formulated by PayFX Fintech Solutions Private Limited (“the Company”) for its digital loan facilitation platform www.paystudy.in ("PayStudy"), in line with the guidelines issued by the Reserve Bank of India (RBI) for NBFCs and other applicable regulatory provisions. This code ensures fair practices in customer dealings, enhances transparency, and upholds customer rights throughout the loan facilitation process. The Company shall update this policy as required to meet evolving regulatory standards or business needs.

Objectives

  1. To promote fair, ethical, and transparent business practices.
  2. To foster a customer-centric approach in all interactions and services.
  3. To provide customers clear and accurate information about products and services.
  4. To ensure responsible lending practices and protect customer interests.
  5. To build mechanisms for effective grievance redressal.
  6. To enhance market confidence through transparency and accountability.

Applicability
This Code applies to all employees, partners, representatives, and service providers engaged in offering products and services through PayStudy. The principles outlined here remain applicable under all normal operating conditions unless affected by force majeure.

Loan Application & Processing

  1. Language Clarity: All communication shall be in English or a vernacular language understood by the customer.
  2. Comprehensive Application Forms: The loan application form will clearly list the required documentation and provide enough detail to help customers make an informed decision.
  3. Additional Information: If further documentation is needed, customers will be promptly informed.
  4. Acknowledgement of Applications: All applications will receive an acknowledgment with an indicative timeline for processing.

Loan Appraisal & Sanction

  1. Customers will be informed in writing of the loan approval, terms and conditions, interest rates, and repayment schedules.
  2. Acceptance of the sanction letter terms will be duly recorded.
  3. Penal interest or charges for late payments or defaults will be clearly communicated in the loan agreement.
  4. A copy of the signed loan agreement and supporting documents will be provided to the borrower.

Loan Disbursement

  1. Loans will be disbursed only upon execution of the necessary agreements and completion of due diligence.
  2. Any changes in loan terms (interest rate, charges, etc.) will be communicated in advance and applied prospectively.
  3. All securities or documents will be released on full repayment, subject to legitimate rights or liens.
  4. If the Company exercises any right of set-off, the customer will be duly notified with full details.

Collection of Dues

  1. Customers will be given sufficient notice of dues payable.
  2. Collection efforts will be ethical, professional, and non-coercive.
  3. Company staff will be trained to ensure respectful and lawful recovery practices.

Grievance Redressal Mechanism

Filing of Complaints:

  1. Customers can raise grievances by emailing or calling our customer service team. All complaints must include the application number or loan ID.
  2. Anonymous complaints will not be addressed.

Complaint Resolution:

  1. Grievances will be recorded and tracked electronically.
  2. If a delay is anticipated due to document retrieval or verification, customers will be notified along with estimated resolution timelines.

Grievance Redressal Officer (GRO):
The Company has appointed a Grievance Redressal Officer (GRO) to handle unresolved customer concerns.

Contact Details of GRO:
Grievance Officer: Jothi Prakash
Email: jothi.prakash@payfx.co.in
Phone: +91-9659855495
Address: No - 1047A, Z-16, Trichy Road, Ramanathapuram, Coimbatore 641045.
Availability: Monday to Friday, 10 AM to 6 PM
If a complaint is not resolved within 30 days, customers may escalate the matter to the RBI Ombudsman (as applicable).

Confidentiality

  1. All personal data shared with the Company will be treated as private and confidential unless disclosure is:
    • Required by law or regulatory authorities.
    • In the public interest (e.g., fraud prevention).
    • Authorized in writing by the customer.
  2. Customer data may be shared with affiliates or third-party partners only as agreed by the customer or under regulatory directions.

General Provisions

  1. The Company shall not interfere in the customer’s affairs unless contractually obligated or legally required.
  2. No foreclosure or prepayment charges shall be levied on floating rate loans.
  3. Loan transfer requests will be responded to within 21 days.
  4. No undue harassment will be practiced during recovery.
  5. Employees will be regularly trained on customer handling and ethical conduct.

Review and Monitoring
The Board of Directors and the Grievance Redressal Officer will periodically review the implementation of this Code. Reports on grievances, resolutions, and systemic improvements will be submitted for review.

Contact Information
For any queries, customers can contact us at:
Email: care@payfx.co.in
Website: www.paystudy.in
Customer Care: +91-9952477555