Sark ("the Company") has adopted this Fair Practices Code under the directions of the Reserve Bank of India. It sets out how we deal with you from the time you apply until your loan is closed. The code applies to all our loans, whether you apply on JanSamarth, through a partner or with us directly.
1. Loan applications
- Application forms list every document we need, so you can submit everything at once.
- We acknowledge every application and tell you when to expect a decision.
- Communication is in English, Hindi or Odia, whichever you understand.
2. Approval and loan terms
- If we approve your loan, you get a sanction letter and a Key Fact Statement in a language you understand. Together they show the loan amount, the annual interest rate, how interest is calculated, the processing fee, any other charges and the total cost of the loan (annual percentage rate).
- You sign to accept these terms, and we give you a copy of the loan agreement and all its enclosures.
- If we reject your application, we tell you the main reasons in writing.
3. Disbursement and changes in terms
- We give you notice, in a language you understand, of any change to interest rates, charges or the repayment schedule. Changes apply only from the date they come into effect.
- Any decision to recall or accelerate payment follows the loan agreement.
- When you repay the loan in full, we release any documents or security we hold within 30 days, unless there is a legitimate claim we have told you about.
4. General
- We do not interfere in your affairs beyond what the loan agreement allows.
- We do not discriminate on the basis of sex, caste, religion or disability.
- If you miss a payment, any penal charges are disclosed in your Key Fact Statement. They are not added to the interest rate, and are not compounded.
- Recovery staff and agents may not harass you. They may not use abusive language, threaten you, or call at odd hours. They will identify themselves and tell you the purpose of their visit.
- Where we work with lending service providers, we name them on our disclosures page and we remain responsible for how they act on our behalf.
5. Grievance redressal
Our complaints process, the Grievance Redressal Officer's details and the route to the RBI are on thegrievance redressal page.
6. Review
The Board reviews this code and how well it is followed regularly.