Venus Barter Pvt Ltd Fair Practice Code
1. Introduction / Preamble
Venus Barter Private Limited ("the Company") is committed to fair, transparent, and ethical practices in all dealings with its customers/borrowers. This Fair Practices Code ("Code") is formulated in line with the guidelines issued by the Reserve Bank of India under the Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (as amended), and other applicable circulars.
The Code applies to all products/services offered by the Company, especially personal loans through the VMoney platform.
2. Applications for Loans and their Processing
- Loan application forms shall include necessary information affecting the borrower's interest, enabling comparison with other NBFCs.
- All communications to borrowers shall be in a language understood by the borrower (English/Hindi or vernacular as appropriate).
- Acknowledgement shall be provided for all loan applications, indicating the approximate time frame for disposal.
- The Company shall verify KYC documents and assess creditworthiness fairly and promptly.
3. Loan Appraisal and Terms & Conditions
The Company shall convey in writing (via sanction letter/email/SMS/app) the following in simple language:
- Amount sanctioned
- Annualized Rate of Interest (and method of calculation)
- Processing fees / other charges
- Penal charges for late payment (if any)
- Terms & conditions of repayment
- Key Facts Statement (KFS) as per RBI circular dated April 15, 2024 (mandatory for all loans)
No charges shall be levied without prior disclosure.
4. Disbursement of Loans (including changes in terms)
- Disbursement shall be made only after execution of loan agreement and fulfillment of conditions.
- Any change in terms/conditions (including interest rate) shall be informed in advance with the borrower's consent where required.
5. General Principles
- The Company shall not interfere in the borrower's affairs except for enforcing terms & conditions.
- The Company shall refrain from using abusive language, intimidation, or harassment in recovery.
- Recovery shall be conducted as per law and RBI guidelines (no use of muscle power, calls outside permitted hours, etc.).
- Privacy of borrower information shall be maintained (except as required by law).
6. Collection / Recovery Practices
- Recovery agents (if any) shall be properly trained and shall follow RBI guidelines.
- The Company shall provide a 30-day notice before repossession (where applicable).
- Borrowers shall be allowed reasonable time to repay before legal action.
7. Grievance Redressal Mechanism
- Any complaint/grievance shall be acknowledged within 7 days.
- Resolution timeline: Maximum 30 days (or as per RBI norms).
- Escalation matrix:
- First level: Customer Care / Grievance Officer (email/phone mentioned on website)
- Second level: Nodal Officer
- Final level: RBI Ombudsman (if not resolved)
- Contact details shall be displayed on the website, app, and branches.
8. Other Key Commitments
- No prepayment penalty on floating rate personal loans.
- Transparent communication of interest rates, fees, and charges.
- Adoption of responsible lending practices (assessment of repayment capacity, avoiding over-indebtedness).
- The Code shall be displayed on the website (www.venusbarter.com), app, and branches.
- Periodic review and updation by the Board.