Fair Practice Code

ActoLoan is committed to maintaining the highest standards of transparency, fairness, and ethical practices in all our dealings with customers. This Fair Practice Code outlines our commitment to providing fair and transparent loan services while protecting the interests of our customers.

1. Applications for Loans and their Processing

• All loan application forms will 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.
• The loan application form will indicate the documents required to be submitted along with the application form.
• We will provide an acknowledgment for receipt of all loan applications.
• We will process all loan applications in a fair and transparent manner.
• We will convey in writing to the borrower the loan sanction along with the terms and conditions including the annualized rate of interest.

2. Loan Appraisal and Terms/Conditions

• We will conduct a proper assessment of the creditworthiness of the borrower before sanctioning the loan.
• We will convey in writing the loan sanction along with the terms and conditions including the annualized rate of interest and method of application thereof.
• We will keep the acceptance of the terms and conditions by the borrower on record.
• We will give notice to the borrower in writing of any change in the terms and conditions including disbursement schedule, interest rates, service charges, etc.

3. Disbursement of Loans including Changes in Terms and Conditions

• We will ensure timely disbursement of loans sanctioned in conformity with the terms and conditions governing such sanction.
• We will give notice to the borrower in writing of any change in the terms and conditions including disbursement schedule, interest rates, service charges, etc.
• Changes in interest rates and charges will be effected only prospectively. A suitable condition in this regard will be incorporated in the loan agreement.
• We will ensure that the loan agreement contains necessary information regarding the mode of disbursement, repayment schedule, interest rates, and other charges.

4. General

• We will not discriminate on grounds of sex, caste, and religion in the matter of lending.
• We will maintain confidentiality of customer information and will not reveal details to any third party unless required by law or with the express consent of the customer.
• We will ensure that our staff are adequately trained to deal with customers in an appropriate manner.
• We will display the Fair Practice Code on our website and at all our branches/offices.
• We will provide customers with all the information and forms required for making a complaint.

5. Responsibility of Board of Directors

The Board of Directors of ActoLoan has adopted this Code and will ensure that it is implemented in letter and spirit. The Board will also ensure that the Code is reviewed periodically and updated as necessary.

6. Grievance Redressal Mechanism

We have a well-defined grievance redressal mechanism in place. Customers can lodge their complaints through:

• Email: info@actoloan.com
• Phone: 1800 ACTOLOAN
• Address: ActoLoan Customer Service, 85 Ketch Harbour Road Bensal PA 19020

We will acknowledge receipt of complaints within 7 working days and resolve them within 30 days of receipt. If the complaint is not resolved to the satisfaction of the customer, they can approach the Banking Ombudsman.

7. Language and Mode of Communicating Fair Practice Code

This Fair Practice Code is available in English and Hindi. We will make available a copy of this Code to all our customers. The Code is also displayed on our website and at all our branches/offices.

8. Regulatory Compliance

ActoLoan is registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC). We comply with all applicable laws, regulations, and guidelines issued by the RBI and other regulatory authorities.