Reserve Bank of India vide its Circular No. RBI/2015-16/16 DNBR (PD) CC. No. 054/03.10.119/2015-16 dated July 1, 2015 has issued guidelines for all Non-Banking Finance Companies (NBFCs) on Fair Practices Code. Accordingly, following is the Fair Practices Code of Poonawalla Credit Private Limited (Formerly known as Benison Finvest Private Limited)

The objectives of this Code are :

  • To implement and promote industry standard practices in dealing with its customers.
  • To create and maintain adequate mechanisms for redressal of customer grievances.
  • To promote a fair relationship between the customer and the Company.
  • To ensure compliance with applicable laws and regulations in matters relating to recovery of loan amount.

Applications for loans and their processing :

  • The Loan application forms shall include necessary information which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made and informed decision can be taken by the borrower. The loan application form shall indicate the documents required to be submitted with the application form.
  • The Company shall devise a system of giving acknowledgement for receipt of all loan applications through email and/or short message service. The time frame within which loan applications will be disposed of shall also be indicated in the acknowledgement.

Loan appraisal and terms/conditions :

  • The Company shall convey to the borrower in writing whether their loan application is sanctioned or not, the amount of loan sanctioned along with the terms and conditions including annualised rate of interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on its record. The Company shall mention the penal interest that shall be charged for late repayment in the loan agreement.
  • Once the loan agreement is executed between the Company and the borrower, a copy of the same along with all annexures shall be submitted to the borrower.

Disbursement of loans including changes in terms and conditions :

  • The Company shall give notice to the borrower of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc. The Company shall also ensure that changes in interest rates and charges are affected only prospectively. A suitable condition in this regard shall be incorporated in the loan agreement.
  • The clause relating to Penal interest charged for late payment as well as the definition of overdue interest will be highlighted in bold in the loan agreement.
  • Decision to recall / accelerate payment or performance under the agreement shall be in consonance with the loan agreement.
  • The Company shall release all securities on repayment of all dues or on realisation of the outstanding amount of loan, subject to any legitimate right or lien for any other claim the Company may have against the borrower. If such right of set off is to be exercised, the borrower shall be given notice about the same with full particulars about the remaining claims and the conditions under which the Company is entitled to retain the securities till the relevant claim is settled/paid.

Other General Terms and Conditions :

  • The Company shall refrain from interference in the affairs of the borrower, except for the purposes provided in the terms and conditions of the loan agreement (unless new information, not earlier disclosed by the borrower, has come to the notice of the Company).
  • With regard to application of loans, loan appraisal, loan agreements, notice to borrowers, etc all communications to the borrower shall be in vernacular language or in a language as understood by the borrower.
  • The Company shall lay down appropriate internal principles and procedures in determining interest rates, processing and other charges.
  • The rates of interest shall be available on the Company’s website.
  • In the matter of recovery of loans, the Company shall not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc.
  • The Company aims to provide a good customer experience and is consistently striving to create a robust and efficient customer service platform.
  • In case of any issues, customers can call at +91-7447799942 or send an email to grievance.redressal@anydaymoney.com
  • There shall be a periodical review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism by the Management. A consolidated report of such reviews shall be submitted to the Board at regular intervals.

Regulation of Excessive Interest Charged :

  • The Company has laid down appropriate internal principles and procedures in determining interest rates and processing and other charges. The rate of interest to be charged depends much upon the gradation of the risk of borrower viz. the financial strength, business, regulatory environment affecting the business, competition, history of the borrower etc. The rate of interest and total interest amount to be charged over complete tenure of loan will be communicated so that the borrower is aware of the exact interest liability that would be charged to the borrower.


  • Machinery to handle customer complaints/ grievances Customers who wish to provide feedback or send in their complaint may use the following channels between 10:30 am and 6:30 pm, from Monday to Friday (except on national holidays). Customers can call at +91-7447799942 or send an email to grievance.redressal@anydaymoney.com.
  • If the grievances of the borrower is not resolved, the matter can be referred to the Complaints Management Committee of the Company at Poonawalla Credit Private Limited, 16-B/1, Sarosh Bhavan, Dr Ambedkar road, Pune 411001. Any third layer of escalations can be sent to the grievance redressal mechanism in the Company comprising the Board of Directors, who shall endeavour to resolve all disputes within 15 days of receipt of such complaints.
  • If the complaint/dispute is not redressed within a period of one month, the customer may appeal to Officer-in Charge of the Regional Office of Department of Non-Banking Supervision of RBI under whose jurisdiction the Registered Office of the Company falls. The details of DNBS is as given below:
  • Dy. General Manager,
    Department of Non-Banking Supervision DNBS
    3rd floor, RBI Building,
    Opp. Mumbai Central Railway Station,
    Near Maratha Mandir
    Byculla, Mumbai – 400 008