In presence of the revised guidelines on FPC issued by Reserve bank of India to all Non-Banking Finance
companies(NBFCs),NeoGrowth Credit Private Ltd.(“NeoGrowth”),an NBFC, has formulated its FPC which
inter-alia, covers Principles on disclosures on the terms and conditions relating to receipt of loan
applications from the prospective borrowers and processing thereof, sanction, monitoring and recovery of
loans and other financial products being offered by it, the Grievances Redressal Mechanism in place etc.
It is, and shall be the policy of NeoGrowth to make available all financial products offered by the
Company, to eligible applicants, without discrimination on the basis of race, caste, colour, religion,
sex, marital status, age or physical disability etc.
The salient features of FPC are summarised in the following
paragraphs for the information of the public.
  • Application for loans and their processing:
    • Loan application forms are available in English / explained in vernacular language and made
      understood in the vernacular language of the applicant for easy examination/understanding by
      the prospective borrowers. However, before offering any kind of credit facility, NeoGrowth
      assesses the economic viability of the proposal submitted by the client.
    • Loan application of NeoGrowth includes necessary information which is likely to affect the
      interests of the prospective borrower, so that a meaningful comparison with the terms and
      conditions offered by other lenders can be made and an informed decision taken by the
      applicant.
    • The loan application form indicates the documents required to be submitted including those
      required under KYC guidelines of RBI.
    • NeoGrowth provides acknowledgement to the prospective borrower for receipt of loan
      application. The time frame within which loan application will be disposed of is mentioned
      in such acknowledgement.
  • Loan Appraisal and Terms/ Conditions:
    • NeoGrowth conveys in writing to the prospective borrower the fate of the loan application by
      means of sanction letter or otherwise. In the case of sanction of loan, the sanction letter
      contains the amount of loan sanctioned and terms and conditions including annualised rate of
      interest and method of application thereof.
    • The acceptance of the terms and conditions communicated by the borrower is preserved by
      NeoGrowth in its records and a copy of the same is also provided to the borrower.
    • NeoGrowth mentions the rate and time when the penal interest is charged, if any, as per
      Board’s decision for late payment in bold in the sanction letter and loan agreement.
    • NeoGrowth furnishes a copy of the loan agreement along with a copy of each of enclosures
      quoted in the loan agreement to all clients at the time of disbursement of loan.
  • Disbursement of loans including changes in terms and conditions:
    • NeoGrowth gives notice to the borrower in English or in vernacular language / the language
      as understood by the borrower, of any change in the terms and conditions including
      disbursement schedule, interest rates, service charges, prepayment charges etc. Changes in
      interest rates and charges are effective prospectively and a suitable condition in this
      regard is incorporated in the loan agreement.
    • Decision to recall/ accelerate payment or performance under the agreement is in consonance
      with the loan agreement.
    • NeoGrowth shall release all securities upon repayment of all dues or on realisation of the
      outstanding amount of loan subject to any legitimate right or lien for any other claim it
      may have against the borrower. The borrower shall be given due notice with full particulars
      about the outstanding claims and conditions under which the company will be entitled to
      retain the securities/ right of set off is to be exercised.
  • General:
    • NeoGrowth refrains from interfering in the affairs of the borrower except for the purposes
      provided in the terms and conditions of the loan documents, unless new information not
      earlier disclosed deliberately or otherwise by the borrower has come to its notice.
    • In case of receipt of request from the borrower for transfer of a borrower account to other
      NBFC, bank or financial institution, the consent or otherwise of NeoGrowth shall be conveyed
      within 21 days from the date of receipt of such request in writing. 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 may be applicable from time to time.
    • In the matter of recovery of loans, NeoGrowth shall resort only to remedies which are
      legally and legitimately available to it and will not resort to undue harassment viz.
      persistently bothering the borrowers at odd hours, use of muscle power for recovery of
      loans, etc.
    • NeoGrowth has adopted an Interest rate policy taking into account relevant factors such as
      cost of funds, margin, risk premium etc. to determine the rate of interest to be charged on
      annualised basis for loans and advances and same is disclosed to the borrower in the loan
      application form and also disseminated on the website of the company.
  • Grievance Redressal Mechanism:
    • NeoGrowth guides its clients who wish to lodge a complaint and also provide guidance on what
      to do in case the client is unhappy with the outcome.
    • After examining the matter, NeoGrowth sends a response as soon as possible.
    • NeoGrowth designates an officer for the redressal of grievances of the clients, in
      connection with any matter pertaining to business practices, lending decisions, credit
      management and recovery and the same is indicated in the sanction letter. The Contact
      details of the present Grievance Redressal Officer / Nodal Office under Ombudsman Scheme,
      2018 is as below :

      • Mr. Yogesh Nakhwa
      • Grievance Redressal Officer / Nodal Officer,
      • Customer Grievance Redressal Unit
      • NeoGrowth Credit Pvt. Ltd.,
      • 503, Tower 2B, One IndiaBulls Centre,
      • 841, S. B. Marg,
      • Mumbai – 400013
      • Telephone No: +91 22 4921 9999
      • Email Id: yogesh.nakhwa@neogrowth.in
    • If the customer’s complaint / dispute are not redressed by the Grievance Redressal Officer
      within a period of one month, the customer may appeal to the Officer-in-Charge of the
      Regional Office of the Department of Non-Banking Supervision (DNBS) of the Reserve Bank of
      India (RBI), Mumbai under whose jurisdiction the registered office of NeoGrowth falls. The
      name and contact details of the Officer-in-Charge of the Regional Office of the DNBS, RBI
      (also displayed on the website) are provided hereunder:

      • The NBFC Ombudsman,
      • Reserve Bank of India
      • RBI Byculla Office, Building,
      • Opp. Mumbai Central Railway Station,
      • Byculla, Mumbai-400 008
      • STD Code: 022 Telephone No : 23028140
      • Fax No : 23022024
      • Email : nbfcomumbai@rbi.org.in
    • The staff is also sensitised to be careful and courteous while dealing with the clients,
      more particularly, in the case of physically challenged persons and ladies.
  • Periodic Review:
    • The Board of Director of NeoGrowth shall periodically review the compliance of FPC and the functioning of the Grievance Redressal Mechanism and a consolidated report of such reviews is submitted to the Board half yearly for information/further directions ,if any.