Fair Practice Code

Effective Date: 1-April-2026

1. INTRODUCTION

Loanify Finance is a financial service initiative operated by Lonify Takecare Services Association, a Section 8 Microfinance Company registered in Jaipur, Rajasthan.

Loanify Finance is committed to maintaining the highest standards of transparency, fairness, integrity, and ethical conduct while providing financial services to its customers.

This Fair Practice Code (“Code”) outlines the principles followed by Loanify Finance in dealing with customers during:

• Loan application
• Loan evaluation
• Loan approval
• Documentation
• Disbursement
• Repayment
• Recovery
• Customer grievance handling

2. OBJECTIVES OF THE FAIR PRACTICE CODE

• Promote fair and transparent customer dealings.
• Ensure customers understand loan terms before acceptance.
• Provide clear information regarding loan products.
• Maintain ethical customer communication.
• Protect customer information and privacy.
• Provide grievance resolution mechanism.
• Promote responsible borrowing.

3. LOAN APPLICATION PROCESS

Loanify Finance shall ensure customers receive necessary information regarding loan products before accepting a loan.

• Loan amount
• Loan tenure
• Applicable interest/charges
• Repayment schedule
• Customer obligations

4. CUSTOMER INFORMATION AND DOCUMENTATION

Loanify Finance shall collect only information required for:

• Identity verification
• Loan evaluation
• Credit assessment
• Documentation
• Regulatory requirements

5. CREDIT ASSESSMENT AND LOAN APPROVAL

Every loan application shall undergo a fair assessment process.

• Customer profile
• Income assessment
• Employment details
• Bank statement analysis
• Existing liabilities
• Credit bureau information
• Repayment capacity

6. TRANSPARENCY IN LOAN TERMS

• Approved loan amount
• Repayment amount
• Due date
• Applicable charges
• Customer responsibilities

7. DIGITAL AGREEMENT AND CUSTOMER CONSENT

• Electronic acceptance
• eSign
• Digital documentation
• Electronic repayment authorization

8. LOAN DISBURSEMENT

Loan amount shall be disbursed only after completion of verification, acceptance of sanction terms, execution of Loan Agreement and required formalities.

9. RESPONSIBLE LENDING PRACTICES

Loanify Finance encourages responsible borrowing and makes reasonable efforts to assess repayment capacity before approving loans.

10. CUSTOMER COMMUNICATION PRACTICES

• Phone Calls
• SMS
• Email
• WhatsApp
• Written Communication

11. REPAYMENT AND CUSTOMER RESPONSIBILITY

Customers are expected to repay loans according to agreed repayment schedules.

12. COLLECTION AND RECOVERY PRACTICES

Loanify Finance follows ethical and lawful recovery practices.

• Send repayment reminders
• Contact customers for repayment discussions
• Provide repayment assistance
• Initiate recovery procedures if required

13. AUTHORIZED RECOVERY PARTNERS

Authorized recovery partners shall act professionally, follow applicable laws and handle customer interactions respectfully.

14. CUSTOMER PRIVACY AND CONFIDENTIALITY

Customer information shall not be shared with unauthorized persons. Information may only be shared with customer consent, authorized partners or legal requirements.

15. NON-DISCRIMINATION POLICY

Loanify Finance shall not discriminate on the basis of religion, caste, gender, race or physical disability.

16. GRIEVANCE REDRESSAL MECHANISM

Customers may raise complaints related to loan processing, documentation, repayment and customer service.

Grievance Redressal Officer
Loanify Finance
Email: info@loanify.in

Working Hours:
Monday – Saturday
10:00 AM – 7:00 PM

17. REVIEW OF FAIR PRACTICE CODE

Loanify Finance may periodically review and update this Code based on customer feedback, business requirements and applicable legal requirements.

18. CUSTOMER ACKNOWLEDGEMENT

• Customers have understood loan terms.
• Customers will provide accurate information.
• Customers will follow repayment obligations.
• Customers understand their rights and responsibilities.