Fair Practice Code

The Reserve Bank of India (RBI) has issued guidelines on Fair Practices Code for Non-Banking Financial Companies (NBFCs) thereby setting standards for fair business and corporate practices while dealing with their customers. Oricred Finserv Private Limited (“the Company”) hereby furnishes the Fair Practices Code (“the FPC”) based on the guidelines issued by the RBI. The Company shall also make appropriate modifications in the FPC from time to time to confirm to the standards that may be prescribed by RBI from time to time. Considering the nature of business of the Company, it is proposed to establish the following as the Fair Practices Code for the Company’s lending activities.

Based on the current business of the Company, the Fair Practices Code shall apply to the following categories of services offered by the Company.

  • a)  Student Loan
  • b)  Personal Loan
  • c)  Consumer Durable Loan
  • d)  Vehicle Loan

Commitments made in the FPC are applicable under normal operating environment.

Key Objectives

The key objectives of putting in place the FPC are as follows.

    a) To act fairly and reasonably in all the dealings with borrowers by ensuring that:
  • i) The Company’s products, services, procedures and practices will meet the broad requirements and standards in the FPC;
  • ii) The Company’s products and services will be in accordance with relevant laws and regulations as applicable for the time being in force;
  • iii) The Company’s dealings with its borrowers will rest on ethical principles of honesty, integrity and transparency.
    b) The Company will assist its customers in understanding as to what are the broad features of its financial products and services and what are the benefits and risks involved in availing the same by:
  • i) Providing information about the products and services in simple manner;
  • ii) Explaining the financial implications of using the products and services.
    c) The Company will make every attempt to ensure that its customers would have trouble-free experience in dealing with it. However, in case of error of commission and/or omissions, it shall:
  • i) Deal with the errors promptly and effectively
  • ii) Deal with the Grievances redressal in a quick and efficient manner and to the satisfaction of the customers;
  • iii) Promptly handle Complaints;
  • iv) Have Escalation process, in the event of dissatisfaction of the borrower in handling his complaint(s);

Applicability Of Fair Practice Code

The FPC will be applicable to the following broad areas:

  • i. Loan applications and processing thereof
  • ii. Loan appraisal and terms/conditions
  • iii. Disbursement of loans including changes, if any, in terms and condition.
  • iv. Post disbursement supervision/monitoring
  • v. Other general provisions
  • vi. Interest Charged
  • vii. Grievance Redressal Mechanism:

i.  Loan applications and processing thereof

  • Loan Application Forms will be made available to the prospective borrowers on request.
  • Loan documentation set will, inter alia, include the broad features and the terms and conditions governing the loan. This would enable the borrowers to take an informed decision by comparing and analyzing the terms offered by the Company with other lenders in the market. The said Form shall also specify the documents required to be submitted by the borrowers.
  • Loan Application Form may also list out the additional information required from the borrowers and their family members in order to enable the Company to create the database.
  • Loan Application Form shall provide for giving an acknowledgement to the borrowers acknowledging receipt of the same.
  • All the loan applications shall be disposed of within a period of 90 days from the date of receipt of duly completed Loan Application Forms together with the requisite documents and subject to receipt of all documents complying with prevailing rules and regulations by the borrower.
  • All communication with the borrowers shall in the language understood and confirmed by borrowers.

ii. Loan appraisal and terms/conditions

  • The Company shall consider all the loan applications keeping in mind the risk based assessment procedures adopted by it.
  • The Company, before sanctioning the loan, would assess the ability of the borrowers to repay the loan.
  • The grant of the loan shall be communicated to the borrowers in writing or electronically regarding the Loan Sanction . The borrowers shall give their consent in writing or through electronically in token of their acceptance of terms and conditions governing the loan. The Sanction Advice shall contain the broad terms and conditions governing the loan including the annualized rate of interest and method of application thereof.
  • A copy of the loan documents including loan agreement and annexure thereof shall be made available to the borrower.
  • The default interest rate will be mentioned in the loan agreement.

iii. Disbursement of loans including changes in terms and conditions

  • 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.
  • Any change in the terms and conditions, disbursement schedule, interest rate, service charges, prepayment charges, etc. shall be notified to the borrowers in writing.
  • Change in the interest rates and service charges shall be made applicable prospectively. The loan agreement shall contain a specific clause in this regard.

iv. Post Disbursement Supervision

  • The decision, if any, of the Company to recall/accelerate payment or performance of loan shall be in accordance with the terms and conditions of the Loan Agreement.
  • The Company shall give reasonable time to the borrowers before recall the loan or asking for accelerating the payment or performance subject to the terms and conditions contained in the Loan Agreement and other related documents.
  • The collaterals lying with the Company may be released on receipt of full and final repayment of loans subject of course to any legitimate right or lien and set off for any other claim that the Company might have against the borrowers. However, in cases where the borrower has availed facility allowing him to borrow/draw monies within the overall amount sanctioned as and when needed by him, the collateral may be retained by the Company for operational convenience and to protect its interest from potential default by the borrowers.

v. Other General Provisions

  • The Company shall refrain from interfering in the affairs of the borrowers except as provided in the terms and conditions governing the loan as contained in the loan documents (unless new information, not earlier disclosed by the borrower, has come to its notice).
  • The Company shall generally convey its consent within a reasonable period of time to all requests from the borrower to transfer the loan account of a particular borrower to other NBFC, bank or financial institution. Such transfer shall be in accordance with the contractual terms entered into with the borrower and in accordance with the statutes, rules, regulations and guidelines as may be applicable from time to time.
  • The Company shall not discriminate on the grounds of gender, caste or religion in its lending policy and activities.
  • In the case of recovery of loans, the Company shall resort to the usual measures, which are legally and legitimately available to it and as per laid down guidelines and extent provisions and shall operate within the legal framework.
  • The Company shall provide the terms and conditions in respect of its lending activities or services whenever the borrower requests for the same.
  • On request from borrower for closure of his loan account, the request will be executed within 21 days from receipt thereof request subject to clearance of pending dues and completion of all the formalities as prescribed by the Company. In case the request cannot be executed in the time frame stated above due to any reason, the same may be communicated to the borrower.

vi. Interest Charged

The Company has laid down appropriate internal principles and procedures in determining interest rates and processing and other charges. The Company would adopt an interest rate model taking into account relevant factors such as, cost of funds, margin and risk premium, and determine the rate of interest to be charged for loans and advances.

The rate of interest should be an annualised rate so that the customer is aware of the rates that would be charged to the account.

vii. Grievance Redressal Mechanism

The company aims to provide the best customer service and is consistently striving to create a robust and efficient customer service platform. If the customers have any issues or wish to register a complaint, they can follow the following procedure:

Customers are requested to necessarily provide necessary loan details i.e. Loan Account Number, Details of Feedback/ Suggestion/ Complaint and valid Contact Information including phone no. & e-mail ID while lodging communicating with the Company.


Telephone:The customer can call us and log his/her grievances at +91 7077222777

Email:Customers can write to us at the given e-mail ID: grievance@mobicred.in

Alternatively, customers can also write to us at: Oricred Finserv Pvt Ltd, N6/152, IRC Village, Nayapalli, Bhubaneswar-751015 Odisha, India.


If the complaint is not resolved within 15 days, the customer shall complain to the Chairman of the Company Designated at: Oricred Finserv Pvt Ltd, N6/152, IRC Village, Nayapalli, Bhubaneswar-751015 Odisha, India.


If the complaint/dispute is not redressed within a period of one month from the date of its receipt, the customer may appeal to:

The Reserve Bank of India.
Department of Non-Banking Supervision,
Pt. Jawaharlal Nehru Marg, P.B.No. 16,
Bhubaneswar - 751001, Orissa, India
Tel: +91 674 2396702

viii. Force Majeure

The various commitments outlined and made by the Company shall be applicable under the normal operating environment. In the event of any Force Majeure circumstances, the Company may not be able to fulfil the objectives under the FPC to the entire satisfaction of the borrowers, the stakeholders and the public in general.

Company or we shall mean Oricred Finserv Pvt Ltd, a company incorporated under the Companies Act, 2013 having its registered office at N6/152,IRC Village,Nayapalli,Bhubaneswar-751015 Odisha, India.

Customer(s) or you or End-Users shall mean any person who accesses, downloads, uses, views the Platform and the Services.

Loan shall mean the loan that you may apply for through the Platform and which is sanctioned and granted by LENDER, subject to the applicable terms and conditions of the Loan Agreement. Loan Agreement shall mean the loan agreement to be executed between LENDER and the Customer(s) for granting the Loan whether in physical or electronic form as may be applicable from time-to-time.

Online Stores shall mean Windows Store, Android Google Play, iOS App store or any other online store or portal where the App will be made available by the Company to the End-Users, from time to time.

Outstanding Amount(s) shall mean the Loan, interests and charges due and payable by you to LENDER, on respective due date(s).

Platform shall mean the App and the Website collectively.

Services shall mean the services of granting, sanctioning, lending of short term loans, through the Platform by LENDER.

Third Party Platforms shall mean social networking platforms, such as Facebook, LinkedIn and other similar platforms.

User Data shall mean any data, information, documents or materials submitted with the Company prior to or during the use of the Services.

Website shall mean www.mobicred.in managed and operated by the Company for the provision of Services.