Applications for loans and their processing
- All communications to the borrower shall be in English language
- All policies and terms and conditions, including details on the website such as the Privacy Policy, Disclaimer, User Terms, FAQs etc shall be maintained in English.
- All the written communication to borrowers and investors shall be in English through emails.
- Oral communication with borrowers and investors will be in vernacular language or a language as understood by the borrower and investor, to the extent possible.
- The online application of the company will include necessary information which affects the interest of the borrower, so that a meaningful comparison can be made and an informed decision can be taken by the borrower. In addition to the loan application form, details regarding products and services shall be specified on the Platform.
f) The loan application will indicate the documents required to be submitted.
- Borrowers are made aware that information shared by them will be shared with the Peerfintech lenders. In addition, the information about the loan and the loan performance will also be shared with the credit bureaus which may affect their credit score.
- The company has a system of giving acknowledgment for receipt of all applications.
Loan appraisal and terms & condition
- The company will convey in writing to the borrower in an English language by means of sanction letter or otherwise, the amount of loan sanctioned along with the terms and conditions including annualized rate of interest and method of application thereof and keeps the acceptance these terms & conditions by the borrower on its record.
- The company will mention the penal interest charged for late repayment in bold in the loan agreement. Borrower should abide by all the terms & conditions mentioned in the legal agreement signed by them.
- The Company will furnish a copy of the loan agreement in the English language along with a copy each of all enclosures quoted in the loan agreement to all the borrowers at the time of sanction / disbursement of loans.
- A prior confirmation is taken from the lenders to ensure that they understand the risks associated with lending on the platform and that there is no guarantee of return on the principal invested and that there exists a likelihood of loss of entire principal in case of default by a borrower.
Disbursement of loans including changes in terms and conditions
- The Company will give notice to the borrower in the English language of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc.
- Decision to recall / accelerate payment or performance under the agreement will be in consonance with the loan agreement.
- Lendtree shall release all securities of the Borrower only on repayment of all dues by such Borrower, or on realization of the outstanding amount of the Borrower’s availed loan. If such right of set off is to be exercised, the Borrower will be given a notice about the same with full particulars about the remaining claims and conditions under which Lendtree shall be entitled to retain the securities till the relevant claim is settled or paid by the Borrower.
- Lendtree shall issue a No-objection certificate to the Borrower upon closure of loan within 15 (fifteen) working days from the completion of all related formalities
- Not pester borrowers during the course of or after the completion of the deal. This would include not communicating directly for loan recovery, not pestering about additional details in attempt to personally verify borrower’s credentials etc.
- The lenders are responsible for all and any decision that they take to lend through Lendtree and Lendtree does not take any responsibility for default in any borrower.
Fair Practices Code for Lenders
- Read the Lendtree Policy and Terms and Conditions carefully and understand them properly before registering.
- Honor all the commitments under any contract on this platform.
- The platform will not provide any assurance for the recovery of loans. In case of any default from borrowers, lenders will only deal with approved legal advisors and would not resort to any unfair and unethical recovery procedures.
- Lenders will adhere to all applicable laws including income tax and pay appropriate taxes on the income so generated.
- Lenders to understand and anticipate the risks associated with lending on this platform and ensure that there exists a likelihood of loss of entire principal in case of default by a borrower.
Fair Practices Code for Borrowers
- Read the Lendtree Policy and Terms and Conditions carefully and understand them properly before registering.
- Not borrow money from our platform to lend on another platform.
- The information and financial details submitted on our platform are true and correct.
- They will not provide any information which is incorrect or materially impairs the decision of Lendtree to register him / her on the platform.
Fair Practices Code for Lendtree staff
- For KYC and Due diligence purpose, appropriate personal details of all participants registered as lenders or borrowers as per the Company’s policy shall be collected.
- Information of personal nature relating to the participants received by the platform will not be disclosed to any third party without the consent of the participant.
- Lenders are made available with borrower’s details including personal identity, loan details and Lendtree credit score to take informed decision before investing in any borrower.
- Any borrower can be funded by any lender registered on the platform.
- Maximum investment by a lender to a particular borrower is capped to a maximum amount as specified by the regulator or at such a level to ensure more than 1 lender funds each loan; except where the loan is funded by HNI lenders /institutional lenders.
- There is no discrimination in selection of borrowers and lenders. The credit scores arrived at by the platform is based on the financial behavior of a borrower and does not include factors such as gender, race or religion.
- Employees or Directors of Lendtree cannot lend on the platform.
- Our staff and outsourced agencies are adequately trained to deal in an appropriate manner with customers as well as defaulting borrowers. We will not resort to harassment or unethical practice like persistently bothering the borrowers at odd hours, use of coercion for recovery of loans, etc.
- There are mechanisms at various levels of the management to do periodic review of the compliance of the Fair Practices Code and the functioning of the grievances redressal.
Fair Practices Code for Outsourced borrower onboarding staff
- (a) Mis-selling – the onboarding team not do any verbal or written communication that amounts to mis-selling or mis-quoting the loan terms.
- Grievance Redressal – the customer is made aware of the grievance redressal mechanism and escalation matrix.
- Data usage and data privacy – the outsourced agency have a policy in place for usage of customer data and keeping the data private and confidential at all times. The data is not be stored in any local system or external storage devices.
- Solicitation and calling hours – the outsourced agency not to exert undue pressure for soliciting the business nor do persistent calling or calling at odd hours for converting the customers.
Fair Practices Code for Outsourced recovery staff
- Grievance Redressal – the customer is made aware of the grievance redressal mechanism and escalation matrix.
- Data usage and data privacy – the outsourced agency have a policy on place for usage of customer data and keeping the data private and confidential at all times. The data is not be stored in any local system or external storage devices.
- Calling hours – the outsourced staff not to exert undue pressure for getting payments from the borrowers nor do persistent calling or calling at odd hours for converting the customers.
- Humility – the outsourced staff to show utmost humility to the borrowers circumstances and not resort to threatening tone of voice or intrude the privacy of the borrowers or borrower’s family members.
General
- Lendtree shall merely facilitate the transactions contemplated on its Platform as per the terms and conditions of the loan agreement executed between Lendtree, the Investors and the Borrowers.
- In case of receipt of request from the Borrower for transfer of Borrower account, the consent or otherwise, i.e., objection of Lendtree, if any, shall be conveyed to such Borrower within 21 (Twenty one) days from the date of receipt of the Borrowers request. Such transfer will be as per transparent contractual terms in consonance with all the applicable laws.
- In the matter of recovery of loans, the Company will not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc.
- Lenders should honor their commitments and not renege on their loan offers after listing it on our site.
Fair Practice Code on Confidentiality
- Unless authorized by the customer the company will the treat all personal information as private and confidential.
- The company will not reveal transaction details to any other entity including within the group other than the following exceptional cases:
- If the company have to provide information by statutory and regulatory laws.
- If there is a duty to the public to reveal this information.
- If its interest requires us to provide this information (eg. Fraud prevention)
- The company will not use this reason to reveal this information to any other person like group companies for marketing purposes
- If customer has given consent/ concurrence to provide/ share such information to its group /associate / entities or companies to provide other products or services.
- Where the customer asks us to reveal such information to group / associate / entities or companies to provide other products or services.