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Fair Practice Code

Sampathi Credits Private LimitedLast reviewed 12 December 2025Version 1.1

Guidelines and standards for fair lending practices and borrower protection as per RBI regulations.

Preamble

FriendLoan Technologies Private Limited is a technology company and all loans are processed in its subsidiary Sampathi Credits Private Limited, an NBFC registered under RBI.

This has reference to RBI Circular No. RBI/2015-16/16 DNBR (PD) CC.No.054/03.10.119/2015-16 dated 1st July 2015 wherein the Reserve Bank of India (RBI) has revised the guidelines on Fair Practices Code for NBFCs to implement the same. The Fair Practices Code is in conformity with these Guidelines and it sets the standard for FriendLoan Technologies PRIVATE LIMITED to follow while dealing with borrowers. It provides information to borrowers and explains how the company is expected to deal with them on a day-to-day basis. This policy will be applicable to all offices of the Company including the Head Office and branches located at various places in India. All officers and employees of the Company shall also be bound by this policy.

Objective of the Code

The code has been developed with the objective of:

  • Ensuring and Regulating fair practices while dealing with borrowers
  • Enabling borrowers in having a better understanding of the product and taking informed decisions
  • Building borrowers' confidence in the company
  • Facilitating a continuously growing base of satisfied borrowers while scrupulously avoiding association with borrowers having doubtful credentials or criminal backgrounds
  • Dealing with grievances redressal in a quick and efficient manner and to the satisfaction of the borrowers
  • Having an escalation process in the event of dissatisfaction of the borrowers in handling the complaint(s) raised

Applicability of Fair Practice Code

The Fair Practice Code will be applicable to the following broad areas:

  • Loan application and processing
  • Loan appraisal, sanction, agreement and terms/conditions
  • Loan disbursal
  • Recovery and transfer of loan
  • Settlement of loan
  • General

Loan Application and Processing

The Application Form and appropriate documents of the company for each of these products offered by the company is different depending upon the requirement of each product and will include all information that is required to be submitted by the Borrower. Necessary information will be provided by the company to facilitate the borrower in making a meaningful comparison with similar terms and conditions offered by other non-Banking Finance Companies (NBFCs) and taking an informed decision based on the aforesaid comparison. The company shall issue acknowledgment for receipt of all duly completed loan applications. The company shall indicate the time frame to the prospective borrowers, within which loan proposals will be processed.

Loan Appraisal, Sanction, Agreement, and Terms/Conditions

The company shall convey in writing to the borrower by way of a sanction letter or otherwise, the amount of limit sanctioned along with all the terms and conditions including Annual Percentage Rate and method of application thereof. The company at the time of sanction/disbursement of loans will furnish a copy of the loan agreement to the borrower. Any clause relating to penal interest charged for late repayment will be as specified in bold in the Loan Agreement. The company will give notice in writing to the borrower upon any change in the terms and conditions.

Loan Disbursal

Disbursement of amount of loans sanctioned may be made available to the borrowers on demand subject to completion of all formalities including execution of loan documents.

Recovery and Transfer of Loan

Decision to recall/accelerate payment or performance under the agreement will be in consonance with the respective loan Agreement. In the matter of recovery of loans, the company will not resort to any undue harassment to the borrower viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, rude behaviour of staff etc. In case of receipt of request from the borrower for transfer of borrowal account, the consent or objection of the company will be conveyed within 21 days.

Settlement of Loan

The Company will release all securities to the borrower on receipt of repayment of all dues. No due/objection certificate will be issued to the customer within 15 working days of completion of formalities.

General

The Company will refrain from interference in the affairs of its Borrower except for the purposes provided in the terms and conditions. Training will be imparted to ensure that staff are adequately trained to deal with borrower in an appropriate manner.

Confidentiality

Unless authorized by the borrower, the Company will treat all personal information as private and confidential.

Complaints

The borrower/applicant may report his/her complaint/grievance in writing to the Company's Grievance Officer.

Grievance Redressal Mechanism

Level 1

Customer may register query/complaint to the Grievance Redressal Officer:

  • Name: Rajesh P
  • Corporate office: #Bascon Futura SV IT Park, 12th Floor, New No 10/2, Old No 56L, Venkeanarayana Road, T.Nagar, Chennai – 600017
  • Contact: +91 70102 49180
  • Email: support@friendloan.in

Level 2

If the complaint is not resolved within 15 working days, the customer may complain to the Managing Director at coo@friendloan.in

Level 3

If the complaint is not resolved within 1 month, the customer may appeal to:

General Manager, Reserve Bank of India, Department of Non Banking Supervision, Fort Glacis, Rajaji Salai, Chennai – 600 001 Tel: 044 2539 3406 · Email: dnbschennai@rbi.org.in