Fair Practices Code
1. Overview
Nexrise Loans (NL) is a Direct Selling Agent (DSA) and does not directly provide loans.
We partner with Registered NBFCs that fund loans, ensuring customers get access to financial products through a structured and transparent process.
Our Fair Practices Code is based on RBI guidelines, ensuring ethical conduct, clear communication, and responsible financial assistance to customers.
We act as a bridge between borrowers and NBFCs while ensuring transparency, professionalism, and fair dealing.
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2. Customer Rights & Responsibilities
Customer Rights:
The right to receive clear and complete information about loan terms, interest rates, fees, and repayment structures before accepting any loan offer.
The right to fair treatment without discrimination based on gender, caste, religion, or financial background.
The right to have personal and financial information handled confidentially and securely.
The right to access a transparent grievance redressal system in case of any concerns regarding their loan application or experience.
Customer Responsibilities:
Borrowers must review and understand loan terms before accepting offers.
Ensure timely repayment of EMIs as per the agreement with the funding NBFC.
Provide accurate and truthful financial details during the loan application process.
Immediately report any discrepancies or fraudulent activities related to their loan.
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3. Loan Process & Transparency
At Nexrise Loans, we ensure that every loan process is transparent and customer-friendly. The key steps include:
1. Loan Application
Customers submit their loan requests through our online platform or partner branches.
Basic eligibility criteria (income, credit score, etc.) are checked before forwarding the application to an NBFC.
2. Application Review & NBFC Matching
Based on the applicant’s profile, we match them with one of our registered NBFC partners.
Customers receive a detailed breakdown of loan offers, interest rates, processing fees, tenure, and repayment terms.
3. Loan Approval & Documentation
NBFCs conduct creditworthiness checks before approval.
Customers must submit valid KYC documents, income proof, and other necessary paperwork as requested by the NBFC.
4. Loan Disbursement
Once approved, the NBFC directly disburses the funds to the borrower's account.
Customers receive a final loan agreement copy with all terms clearly mentioned.
5. Repayment & Closure
Borrowers are expected to repay their EMIs on time based on the agreed schedule.
Once the loan is fully repaid, the NBFC issues a loan closure certificate.
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4. Data Privacy & Confidentiality
We value customer privacy and ensure that all personal and financial information is handled securely.
Customer details are only shared with our partnered NBFCs for loan evaluation and approval.
Nexrise Loans does not sell, misuse, or disclose customer information to third parties for marketing or non-financial purposes.
We follow strict data protection policies as per RBI guidelines and comply with relevant data security laws.
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5. Grievance Redressal Mechanism
We understand that customers may face concerns or grievances during the loan process. Nexrise Loans provides a structured system for resolving complaints:
Step 1: Contact Customer Support
Customers can contact our support team via phone, email, or online chat for queries regarding their loan process.
We strive to provide first-level resolution within 48 hours.
Step 2: Escalation to Grievance Officer
If a customer is dissatisfied with the initial response, they can escalate the issue to the Grievance Redressal Officer.
The grievance officer will review the case and provide a detailed resolution within 7 working days.
Step 3: Escalation to NBFC Grievance Team
If the issue is related to loan approval, repayment, or disbursement, customers may be directed to the NBFC that processed their loan.
Our team assists customers in escalating concerns to the respective NBFC’s grievance team.
Step 4: RBI Ombudsman Appeal
If a customer is not satisfied with the resolution provided by the NBFC, they have the right to escalate the issue to the RBI Ombudsman for NBFCs.
Customers can file complaints through the Reserve Bank of India’s grievance portal or regional RBI offices.
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6. RBI Compliance & Regulations
Nexrise Loans strictly follows RBI’s Fair Practices Code (FPC) for Direct Selling Agents (DSAs).
We ensure that our partnered NBFCs comply with RBI’s lending regulations, including:
Transparent loan terms
Fair interest rates
No hidden charges
Ethical collection practices
We do not engage in misleading advertising or guarantee loan approvals beyond NBFC policies.
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7. Contact for Queries
Customers can reach out to us for assistance regarding the Fair Practices Code, loan application process, or grievance redressal:
📧 Email: support@nexriseloans.com