At Lark Finserv Private Limited, we are committed to providing responsible lending services to our customers. Our responsible lending policy outlines our principles and practices to ensure fair, transparent, and ethical lending practices while safeguarding the interests of both borrowers and the company.
Transparency and Disclosure
2.1. We will provide clear and easily understandable information about our loan products, including interest rates, fees, charges, and repayment terms, to customers before entering into any loan agreement.
2.2. We will disclose all relevant terms and conditions in a prominent manner on our website, loan agreements, and other communications to ensure transparency.
Borrower Assessment
3.1. We will conduct a comprehensive assessment of the borrower's creditworthiness, income, and financial stability to determine their ability to repay the loan.
3.2. Our assessment process will be unbiased and based on reliable and accurate information to make informed lending decisions.
Responsible Marketing and Advertising
4.1. We will uphold ethical marketing practices, providing accurate and transparent information about our loan products in all promotional materials and communications.
4.2. We will avoid any marketing practices that may mislead or deceive potential borrowers.
Loan Suitability
5.1. We will ensure that the loan products offered to customers are suitable for their financial needs and objectives.
5.2. Our loan officers will explain the features, benefits, and risks associated with each loan product to help customers make well-informed decisions.
Financial Education
6.1. We will offer resources and educational materials to help borrowers make sound financial decisions and improve their financial literacy.
6.2. Our customer support team will be available to assist borrowers in understanding their loan obligations and managing their debts responsibly.
Debt Collection Practices
7.1. Our debt collection practices will be fair, ethical, and compliant with all applicable laws and regulations.
7.2. We will treat borrowers with respect and empathy while providing assistance to those facing financial difficulties.
Compliance with Regulatory Guidelines
8.1. We are committed to complying with all relevant laws and regulations governing lending practices, consumer protection, and data privacy.
8.2. Our policies and procedures will be regularly reviewed and updated to ensure compliance with any changes in regulations.
Data Security and Privacy
9.1. We will maintain strict confidentiality and security of customer data to protect their privacy and sensitive information.
9.2. Customer data will be used only for legitimate purposes related to loan processing and will not be shared with unauthorized parties.
Reporting and Accountability
10.1. We will establish internal mechanisms to monitor and assess the effectiveness of our responsible lending practices.
10.2. We will be accountable for any breaches of our responsible lending policy and take prompt corrective actions as necessary.
Training and Awareness
11.1. We will conduct regular training programs for our staff to ensure they understand and adhere to our responsible lending policy.
11.2. Our employees will be encouraged to raise concerns and report any violations of this policy through appropriate channels