Loanify Finance
(A unit of Lonify Takecare Services Association)
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
The objective of this Code is to promote responsible lending practices and ensure customers are treated fairly throughout their relationship with Loanify Finance.
2. OBJECTIVES OF THE FAIR PRACTICE CODE
The objectives of this Code are:
- To promote fair and transparent customer dealings.
- To ensure customers understand loan terms before acceptance.
- To provide clear information regarding loan products and obligations.
- To maintain ethical practices in customer communication.
- To protect customer information and privacy.
- To provide an effective grievance resolution mechanism.
- To promote responsible borrowing and repayment practices.
3. LOAN APPLICATION PROCESS
Loanify Finance shall ensure that customers receive necessary information regarding loan products before accepting a loan.
Customers shall be informed about important terms including:
- Loan amount
- Loan tenure
- Applicable interest/charges
- Repayment schedule
- Customer obligations
Loan applications shall be processed based on:
- Information submitted by customer
- Verification results
- Credit evaluation
- Internal eligibility criteria
Submission of an application shall not guarantee approval of a loan.
4. CUSTOMER INFORMATION AND DOCUMENTATION
Loanify Finance shall collect only information required for:
- Identity verification
- Loan evaluation
- Credit assessment
- Documentation
- Regulatory/legal requirements
Customers are responsible for providing true, accurate, and updated information.
Loanify Finance shall maintain confidentiality of customer information and handle personal data as per its Privacy Policy.
5. CREDIT ASSESSMENT AND LOAN APPROVAL
Every loan application shall undergo a fair assessment process.
Evaluation may include:
- Customer profile
- Income assessment
- Employment details
- Bank statement analysis
- Existing liabilities
- Credit bureau information
- Repayment capacity
Loanify Finance reserves the right to approve or reject applications based on its internal credit and risk policies.
Rejection of a loan application does not imply unfair treatment and may occur due to eligibility or risk-related factors.
6. TRANSPARENCY IN LOAN TERMS
Before loan disbursement, Loanify Finance shall communicate important loan terms to customers including:
- Approved loan amount
- Repayment amount
- Due date
- Applicable charges
- Customer responsibilities
Customers shall be required to acknowledge acceptance before proceeding.
Loan agreements shall be provided digitally through authorized channels.
7. DIGITAL AGREEMENT AND CUSTOMER CONSENT
Loanify Finance may use digital processes including:
- Electronic acceptance
- eSign
- Digital documentation
- Electronic repayment authorization
Customers shall be given access to applicable loan documents.
By completing digital acceptance/eSign, customers confirm that they have understood and accepted the loan terms voluntarily.
8. LOAN DISBURSEMENT
Loan amount shall be disbursed only after:
- Completion of verification
- Acceptance of sanction terms
- Execution of Loan Agreement
- Completion of required formalities
Loanify Finance shall ensure timely processing after successful completion of all requirements.
9. RESPONSIBLE LENDING PRACTICES
Loanify Finance encourages responsible borrowing.
The Company shall make reasonable efforts to assess repayment capacity before approving loans.
Customers are encouraged to borrow only amounts they can comfortably repay.
Customers should carefully understand repayment commitments before accepting any loan facility.
10. CUSTOMER COMMUNICATION PRACTICES
Loanify Finance shall communicate with customers in a professional manner.
Communication may be made through:
- Phone calls
- SMS
- Written communication
Communication shall generally relate to:
- Application status
- Verification
- Loan servicing
- Payment reminders
- Customer support
- Important notices
11. REPAYMENT AND CUSTOMER RESPONSIBILITY
Customers are expected to repay loans according to the agreed repayment schedule.
Customers facing repayment difficulties are encouraged to communicate proactively with Loanify Finance.
Loanify Finance may consider available resolution options based on:
- Customer circumstances
- Repayment history
- Internal policies
However, inability to repay does not automatically remove contractual repayment obligations.
12. COLLECTION AND RECOVERY PRACTICES
Loanify Finance believes in ethical and lawful recovery practices.
In case of overdue payments, Loanify Finance may:
- Send repayment reminders
- Contact customers for repayment discussions
- Provide repayment assistance where possible
- Initiate recovery procedures if required
Recovery communication shall be conducted professionally.
Loanify Finance does not support:
- Threatening behaviour
- Abusive language
- Harassment
- Unlawful recovery practices
13. AUTHORIZED RECOVERY PARTNERS
Where required, Loanify Finance may engage authorized recovery partners or legal representatives for recovery of overdue accounts.
Such representatives shall:
- Act professionally
- Follow applicable laws
- Identify themselves appropriately
- Handle customer interactions respectfully
Recovery actions shall be limited to legitimate recovery of outstanding dues.
14. CUSTOMER PRIVACY AND CONFIDENTIALITY
Loanify Finance respects customer privacy.
Customer information shall not be shared with unauthorized persons.
Information may only be shared:
- With customer consent
- For service requirements
- With authorized partners
- For legal/regulatory purposes
- As permitted under applicable law
15. NON-DISCRIMINATION POLICY
Loanify Finance shall not discriminate against customers on the basis of:
- Religion
- Caste
- Gender
- Race
- Physical disability
Loan decisions shall be based on:
- Eligibility
- Credit assessment
- Risk evaluation
- Internal policies
16. GRIEVANCE REDRESSAL MECHANISM
Loanify Finance is committed to resolving customer concerns promptly.
Customers may raise complaints relating to:
- Loan processing
- Documentation
- Repayment
- Customer service
- Other service-related matters
Customers can contact:
Grievance Redressal Officer
Loanify Finance
(A unit of Lonify Takecare Services Association)
Email: info@loanify.in
Working Hours:
Monday – Saturday
10:00 AM – 7:00 PM
Loanify Finance shall make reasonable efforts to review and resolve customer concerns within appropriate timelines.
17. REVIEW OF FAIR PRACTICE CODE
Loanify Finance may periodically review and update this Code based on:
- Business requirements
- Customer feedback
- Operational improvements
- Applicable legal requirements
Updated versions shall be published on the Website.
18. CUSTOMER ACKNOWLEDGEMENT
By availing services from Loanify Finance, customers acknowledge that:
- They have understood the loan terms.
- They will provide accurate information.
- They will follow repayment obligations.
- They understand their rights and responsibilities.
Loanify Finance
(A unit of Lonify Takecare Services Association)
Website: www.loanify.in
Email: info@loanify.in
