Aphelion Finance Private Limited (hereinafter written as Company) is a Non-Banking Finance Company registered with Reserve Bank of India ("RBI") and is in the business of lending to Individuals/ Companies for their requirements.

With a view to setting out Fair Lending Practices in a transparent manner, the Board of directors in their meeting held on 19th June, 2013 has adopted the following Fair Practice codes of the Company.

Objective Of The Code

  • 1. To ensure that the Company follows and practices fair and transparent dealings with the customers.
  • 2. To ensure that the Company's products are compliant with relevant laws and regulations.
  • 3. To strengthen the grievance redressal mechanism of the Company.


  • The Fair Practices code applies to the following areas:
  • 1. Application and Processing of Loans
  • 2. Loan Appraisal and Terms / Conditions
  • 3. Disbursement of Loans including Changes in Terms and Conditions
  • 4. Loan Pricing
  • 5. Post Disbursement Supervision
  • 6. General
  • 7. Code of Collection of Dues
  • 8. Grievance Redressal

Fair Practices Code In Each Of The Above Area: Expand All Collapse All

1. Application And Processing of Loans:

  • The Loan application forms of the Company will include necessary information that affects the interest of the borrower, so that the borrower can make a meaningful comparison with the terms and conditions offered by other competitors and accordingly make an informed decision.
  • The Company will have a system of giving acknowledgement for receipt of all completed loan applications. The time frame within which loan applications will be disposed of will be indicated in the acknowledgement.
  • If any additional details / documents are required, the borrowers shall be intimated immediately.
  • The loan application form will indicate the documents required to be submitted with the application form.
  • As far as possible, all necessary information will be collected at the first stage of the application process.
  • In case Company deems it necessary to have a second round, or, upon request of the applicant, subsequent round(s) of discussion, Company will seek to do so within a reasonable time frame (not exceeding 10 working days).
  • All loan requests will be disposed of within a period of not more than 15 working days from the date of receipt of duly completed loan applications i.e. after receipt of all the requisite information/papers.
  • In case a customer communicates that he / she does not understand English , all communication with that customer shall be made in the customer’s vernacular language, provided it is an official language of the State in which the customer resides.

2. Loan Appraisal and Terms/Conditions:

  • In accordance with Company's prescribed risk-based assessment procedures, each loan application will be assessed thoroughly and a suitable price will be stipulated based on such risk assessment and Company's prevalent policies, without compromising on due diligence.
  • The Company will communicate the amount of loan sanctioned along with the terms and conditions of the loan, such as annualised rate of interest and method of application thereof, through a sanction letter or otherwise, in writing to the borrower and keep the acceptance of these terms and conditions on its record.
  • The Company will mention the penal interest charged for late repayment in bold in the loan agreement.
  • The Company will furnish a copy of the loan agreement in English along with a copy each of all enclosures quoted in the loan agreement to all the borrowers at the time of sanction / disbursement of loans.
  • Any communication through electronic mail / any other form of communication shall be equally valid.
  • A copy of such terms and conditions shall be made available to the borrowers in English language. In case all the terms and conditions are captured in the loan agreement shared with the customer, a sanction letter need not be issued to the customer.

3. Disbursement of Loans Including Changes In Terms and Conditions:

  • Any change in the terms and conditions, including disbursement schedule, interest rates, service charges and prepayment charges etc. will be informed individually to the borrower in case of account specific changes, and by means of a public notice on a notice board at the branches of the Company / on the Company's website / through Print and or other Media in case of general changes, from time to time.
  • Changes in EMI / Interest Rates and Service Charges will be put into effect within a considerable time frame. A suitable condition in this regard will be incorporated in the loan agreement. Consequent to such changes, the borrower will be advised if any supplemental deed / document is to be executed. Further availability of facility will be subject to the execution of such deeds or documents
  • Any decision to recall / accelerate payment or performance under the agreement will be in consonance with the loan agreement.

4. Loan Pricing:

  • The rate of interest and the approach for gradations of risk and rationale for charging different rates of interest will be communicated explicitly in the sanction letter.
  • The rates of interest and the approach for gradation of risks will also be made available on the Company’s website The information published in the website or otherwise published will be updated whenever there is a change in the rates of interest.
  • The rate of interest mentioned will be annualized rates so that the borrowers are aware of the exact rates that will be charged to the account.

5. Post Disbursement Supervision:

  • Post disbursement supervision, with respect to loans, will be constructive, with a view to taking care of any genuine difficulties that a current borrower or future applicant might face.
  • Before enforcing a decision to recall/accelerate payment or performance under the agreement, the Company will give reasonable notice to the borrower and this will be in consonance with the loan agreement.

6. General:

  • The Company will refrain from interfering in the affairs of the borrower, except for what is provided in the terms and conditions of the sanction documents (unless new information, not disclosed previously by the customer / applicant comes to the notice of the Company as a lender). However this does not affect the Company's right of recovery under Law or appointment of nominee directors, wherever provided for.
  • In case of recovery, Company will operate as per laid down guidelines and extant provisions within the legal framework and follow prevalent industry practices.
  • In case of request for transfer of borrower accounts, either from the borrower or from a Company/Financial Institution, the Company's consent or objection will be conveyed within 21 working days from the date of receipt of request. Such transfer shall be as per transparent contractual terms in consonance with law.
  • The Company will not resort to undue / unfair harassment or views of muscle power for the collection of loans. In case a recovery agency is appointed, the agreement with the agency will include this clause. Company staff involved in recovery will be adequately trained in this regard.

7. Code for Collection of Dues:

  • The code will apply to the Company and its collection agents / team for the purpose of collection and recovery of dues. The dignity of and respect for the customer/borrower will be central to Company's debt collection policy. Company's debt collection policy will be premised on courtesy, fair treatment and persuasion. The Company will not normally follow policies that are unduly coercive in collection of dues.
  • The customer / borrower will be contacted at the business and/or residential address provided to the Company or by any other medium of communication including e-mail, SMS, WhatsApp, and phone calls. However, the borrower may also be contacted at any such place the Company feels the borrower has shifted to / or will be available. The borrower’s privacy will be respected as far as practicable.
  • Identity and authority of the person representing the Company will be made known to the customer / borrower when the borrower is contacted.
  • The borrower will be provided with the information regarding dues and necessary notice will be given for enabling discharge of dues.
  • During any visit to the borrower for collection of dues, decency and decorum will be maintained.
  • Inappropriate occasions such as bereavement in the family or other calamities will be avoided for making calls/visits to collect dues.
  • Demeanour that would suggest criminal intimidation or threat of violence will be avoided unless instances of provocation exist.

8. Grievance Redressal:

We aim to provide excellent customer service. However, if you did face any difficulty during or after the disbursal of your loan, you may use any of the following options to get in touch with us:

  • STEP 1 - To register your complaint, you may call us at +91 93211 93211 and speak with one of our customer care representatives.
  • STEP 2 - You may also write to us at either of the two email IDs given below:
  • STEP 3 - You may also directly contact our Customer Care Executive – Akanksha Salvi, Aphelion Finance Pvt. Ltd., 2nd Floor, B Wing, Bhagyashree Building, Dr. BR Ambedkar Road, Mulund (W), Mumbai - 400080

The Company has a Grievance Redressal Mechanism implemented across the organization, working under an apex level team at the Corporate Office to resolve disputes arising out of violation of this code.

All disputes arising out of the decisions of the functionaries in relation to the products and services shall be heard and disposed off at least at the next higher level.

Therefore, the following 'Grievances Redressal Mechanism' is put in place.

# Decision Level Redressal Level
1 Functionaries below the level of Assistant Manager Assistant Manager / HOD
2 Assistant Manager / HOD Managing Director
3 Managing Director Grievance Redressal Committee
  • The Grievance Redressal Committee (the team) will consist of the following officials:
    • Chairman of the Company
    • MD of the Company
    • Head of Finance
  • The quorum of the team shall be two (2).
  • The complaint should contain name and address of the borrower making the complaint, contact number, name of the Branch and the loan Account No. date of occurrence of the incidence, brief narration of the complaint, with sequence of events and relief's sought, if any.
  • Responses to complaint whether positive, negative or requiring more time for redressal will be given within 21 days from the date of complaint unless the nature of complaint is such that it requires verification of voluminous facts and figures or it requires further clarification from regulators / concerned administrative authorities (e.g. GST etc.) .
  • The team shall quarterly report to the Board of Directors on the status of outstanding grievances. The team shall also place before the Board the review of compliance of FPC and the functioning of the Grievance Redressal Mechanism.

9. Complaints:

In case of any complaint/grievance, the primary responsibility for redressal will remain with the next higher Authority as mentioned in the table. The borrower will inform in writing about their grievance to the Redressal level mentioned above. The Team Officials shall immediately take up the matter for redressal.

10. Redressal:

  • All complaints received will require to be reported to Grievance Redressal Team with a gist of complaints and the name of the employee accountable for it within 1 day from date of receipt. Steps for redressal of the grievance to the satisfaction of the complainant will also be proposed.
  • The Grievance Redressal Team will redress and resolve the grievance/dispute, within a maximum period of 7 working days.

11. Review:

  • A periodical review of the Fair Practices Code and the functioning of the grievance redressal mechanism at various levels of management will be undertaken by the Company. The Company shall abide by this Fair Practices Code following the spirit of the Code and in a manner that may be applicable to its business.
  • The Company shall make available the above Fair Practices Code on its website for the information of various stakeholders. The Company will also review and refine the Code, as may be required periodically based on its own experience and fresh guidelines, if any, to be issued by the Reserve Bank of India in this regard.