Fair Pratice Code

In accordance with the RBI notifications No DNBS (PD) CC No. 286/03.10.042/2012-13 dated July 1, 2012; RBI/2012-13/416 DNBS.CC. PD. No. 320/03.10.01/2012-13 dated February 18, 2013 and updated circular RBI/2015-16/16 DNBR (PD) CC.No.054/03.10.119/2015-16 dated July 1, 2015, Sampark Fin Services Pvt. Ltd. is adopting the following guidelines as prescribed by RBI and approved in the Company’s Board meeting dated 1st June, 2018and reviewed on 11th Jan 2020.

The Company shall adopt all the best practices prescribed by RBI from time to time and shall make appropriate modifications if any necessary to this Code to conform to the standards soprescribed.

A. Applications for loans and their processing

Loan application forms of the Company will include necessary information which are likely to affect the interests of the prospective borrowers, so that a meaningful comparison with the terms and conditions offered by other Non- Banking Financial Companies can be made and an informed decision taken by the prospective borrower

The loan application form shall indicate the documents required to be submitted along with the application form

An acknowledgement shall be provided for all loan applications received. The Company shall adopt an internal time frame for processing all loan applications and will also indicate the approximate time frame within which the loan application will be processed post the submission of completed application form

All communications to the borrower shall be in the vernacular language or a language as understood by the borrower.

B. Loan appraisal and terms/conditions

Loan applications shall be subject to the company’s credit appraisal process

Upon approval of the loan, an agreement/sanction letter indicating the amount of loan sanctioned, rate of interest applicable, method of interest calculation along with other terms and conditions shall be conveyed to the loan applicant in writing. A written acceptance of such terms and conditions will be taken from the borrower

A copy of the loan agreement along with the enclosures will be furnished to all the borrowers

C. Disbursement of loans including changes in terms and conditions

SFSPL shall give notice to the Borrowers, of any changes to the terms and conditions, including disbursement schedule, interest rates, service charges, prepayment charges, etc

Decision to recall/accelerate payment or performance under the agreement shall be in accordance with the terms and conditions of the Loan Agreement

Any changes in the interest rates and other charges shall be effected prospectively other than under circumstances arising from regulatory instructions. Retrospective changes shall as far as possible be avoided and shall be implemented only within the framework define in the Loan Agreements

D. General

SFSPL will refrain from interference in the affairs of its Borrower except for the purposes provided in the terms and conditions of the respective loan agreement (unless new information, not earlier disclosed by the Borrower, which may come to the notice of SFSPL)

In case of receipt of request from the borrower for transfer of borrower account, the consent or otherwise, i.e. objection of SFSPL, if any, shall be conveyed within 21 days from the date of receipt of request. Such transfer shall be in accordance with the contractual terms entered into with the borrower and in consonance with the statutes, rules, regulations and guidelines as will be applicable from time to time.

When it comes to recovery of loan, SFSPL shall follow procedures as laid down in the internal guidelines and provisions and would remain within the legal framework and will avoid using recovery measures during odd hours of the day, undue harassment, use of muscle power for recovery of loans. SFSPL shall ensure that its employees are adequately trained to deal with customers in an appropriate manner


Unless authorized by the customer the Company will 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 the information by statutory or regulatory laws,
  • If there is a duty to the public to reveal this information.
  • If its interest requires us to provide this information (e.g. fraud prevention).

E. Grievance Redressal

The Company shall also lay down the appropriate grievance redressal mechanism within the organization to resolve disputes arising in this regard.For resolution of complaints against the company, clients/public may contact the respective branch offices of the company or may make a call to the toll free no: 1800 3457199 between 9:30 AM and 6.00 PM from Monday to Saturday, or may approach us at the sub section “Grievance Redressal Mechanism” on our website www.samparkfin.in

Grievance Redressal Mechanism
In case the query is not resolved within 15 days clients can contact:

Mr. Ashish Nayak,
Grievance Redressal Officer
Sampark Fin Services Private Limited
Address: HIG 174, Dharma Vihar,
Khandagiri, Bhubaneswar, 751030
Tel:+91-674-2351335, Mobile: 8118062116
Email: ashish@samparkfin.in


I. General:

The Fair Practice Code in vernacular language shall be displayed in SFSPL’s office and branch premises

A statement shall be made in vernacular language and displayed by SFSPL in itsbranch premises and in loan cards articulating their commitment to transparency and fair lending practices

Field staff shall be trained to make necessary enquiries with regard to existing debt of the borrowers

Training if any, offered to the borrowers shall be free of cost. Field staff shall be trained to offer such training and also make the borrowers fully aware of the procedure and systems related to loan/other products

The effective rate of interest charged and the grievance redressal system set up by the SFSPL should be prominently displayed in all its offices and in the literature issued by it (in vernacular language) and on its website.

A declaration that the company will be accountable for preventing inappropriate staff behaviour and timely grievance redressal shall be made in the loan agreement and also in the FPC displayed in its office/branch premises.

The KYC Guidelines of RBI shall be complied with. Due diligence shall be carried out to ensure the repayment capacity of the borrowers.

Adequate steps may be taken to ensure that the procedure for application of loan is not cumbersome and loan disbursements are done as per pre-determined time structure.

II. Disclosures in loan Agreement / loan card:

SFSPL shall have a Board approved, standard form of loan agreement. The loan agreement shall preferably be in vernacular language

In the loan agreement the following shall be disclosed-

  • All the terms and conditions of the loan
  • The pricing of the loan involves only three components viz; the interest charge, the processing charge and the insurance premium (which includes the administrative charges in respect thereof)
  • There will be no penalty charged on delayed payment
  • There will be no Security Deposit / Margin is being collected from the borrower
  • The borrower cannot be a member of more than one SHG / JLG
  • The moratorium between the grant of the loan and the due date of the repayment of the first instalment
  • An assurance that the privacy of borrower data will be respected

The loan card should reflect the following details:

  • The effective rate of interest charged
  • All other terms and conditions attached to the loan
  • Information which adequately identifies the borrower
  • Acknowledgements by the SFSPL of all repayments including instalments received and the final discharge
  • The loan card should prominently mention the grievance redressal system set up by the company and also the name and contact number of the grievance redressal officer
  • Non-credit products issued shall be with full consent of the borrowers and fee structure shall be communicated in the loan card itself
  • All entries in the Loan Card should be in the vernacular language or the language understood by client
III. Non-Coercive Methods of Recovery:

As specified in the Reserve Bank Directions, 2011, recovery should normally be made only at a central designated place. Field staff shall be allowed to make recovery at the place of residence or work of the borrower only if borrower fails to appear at central designated place on two or more successive occasions.

The company shall ensure that a Board approved policy is in place with regard to Code of Conduct by field staff and systems for their recruitment, training and supervision. The Code should lay down minimum qualifications necessary for the field staff and shall have necessary training tools identified for them to deal with the customers. Training to field staff shall include programs to inculcate appropriate behaviour towards borrowers without adopting any abusive or coercive debt collection / recovery practices. Compensation methods for staff should have more emphasis on areas of service and borrower satisfaction than merely the number of loans mobilized and the rate of recovery. Penalties may also be imposed on cases of non-compliance of field staff with the Code of conduct. Generally only employees and not out sourced recovery agents be used for recovery in sensitive areas.

IV. Internal Control System:

As the primary responsibility for compliance with the Directions rest with the NBFC-COMPANYs, SFSPL has made necessary organizational arrangements to assign responsibility for compliance to designated individuals within the company and establish systems of internal control including audit and periodic inspection to ensure the same.

The Company will abide by all guidelines, directives, instructions and advices of Reserve Bank of India as will be in force from time to time. The contents in this document shall be read in conjunction with these guidelines, directives, instructions and advices. The Company will apply better practice so long as such practice does not conflict with or violate Reserve Bank of India regulations.