Fair Practice Code​


The Reserve Bank of India (RBI) has issued guidelines on Fair Practices Code for Non- Banking Financial Companies (NBFCs) as amended from time to time thereby setting standards for fair business and corporate practices while dealing with their customers. Jalan Chemical Industries Private Limited (“the Company” or “JCIPL”) hereby furnishes the Fair Practices Code (“the FPC”) based on the guidelines issued

by RBI. This sets minimum Fair Practice standards for the Company to follow when dealing with customers. The Company shall also make appropriate modifications in the FPC to conform to the standards that may be prescribed by RBI from time to time.


This Fair Practices Code applies to the following categories of products and services offered by us (currently offered or which may be introduced at a future date)

Loan and other products in the nature of financial assets.

Third Party products offered through a Company`s Agent, Partner or Outsourced Service Provider.

The FPC is applicable to the above irrespective of whether the same is provided physically, over the phone,

on the internet or by any other method whatsoever, existing or futuristic.


The code has been developed with an objective:

  • To promote good, fair and trust-worthy practices by setting minimum standards in dealing with customers.
  • To enable greater transparency for customers in having a better understanding of the product, taking informed decisions and reasonably expect of the services.
  • To ensure compliance with legal norms in matters relating to recovery of advances.
  • To ensure building customer confidence in the Company.
  • To promote a fair and cordial relationship between customer and the Company.
  • To strengthen mechanisms for redressal of customer grievances


The customers will be made aware of the required documents at the time of application of loan. However, the Company may, depending on the credit underwriting requirements require other documents from the customers, as it may deem fit.

All Loan Agreement shall contain detailed information relating to the terms and conditions governing the Loan and other relevant information affecting the interest of our valuable customers.

The contents of loan documents will be in English as the language is understood by all our borrowers which further ensures that the customer understands the terms and conditions governing the Loan.

Sanction letter 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.

Wherever applicable, the Company shall follow the system of issuing acknowledgements for receipt of all loan applications. The Company will consider all the documents submitted and the information provided, verify the credit worthiness of the customer and evaluate the proposal at its sole discretion. As a matter of policy and customer service, loan applications are sanctioned / rejected immediately.

The completed loan agreement shall indicate the loan amount to be disbursed, information which affects the interest of the borrower, the amount of interest applicable, processing fee (if any), dates of interest payments due, loan tenure etc.


JCIPL shall convey in writing to the borrower in English language as understood by the borrower by means of sanction letter or otherwise, the amount of loan sanctioned along with the terms and conditions including amount of interest, overdue interest, tenure of loan, commencement date, etc and method of

application thereof and shall keep the acceptance of these terms and conditions by the borrower on its record. 

The Company shall furnish a copy of the loan agreement 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.

Company shall mention the penal interest charged for late repayment in bold in the loan agreement.


At JCIPL we shall value openness and transparency in the system. Company shall keep the customers informed in English language as understood by the borrower, in the event of any modification in terms and conditions, repayment schedule, interest rates, security, and other changes material to customer’s

relation with JCIPL. Any changes in interest rates and charges shall be effected only prospectively and would be given favourable notice.


  1. Non-Interference: 

Company or any of the employee of the Company shall not interfere in the affairs of the borrower except as provided under the circumstances mentioned in the agreement.

If any new information or findings not previously disclosed by the borrower comes to the notice of JCIPL, the above restriction shall not apply.

  1. Recovery Process: 

If any recovery proceedings need to be initiated, these shall be conducted in accordance with the rights provided under the Agreement and in accordance with legally accepted norms. JCIPL staff or any person authorized to represent the Company in collection of dues shall identify himself / herself . The Company or authorised representative shall provide the customers with all the information regarding overdue. The staff shall be adequately trained to deal with the customers in an appropriate manner.

  1. Foreclosure charges/ Pre-payment penalties on floating rate term loans:

As a measure of customer protection and also in order to bring in uniformity with regard to prepayment of various loans by borrowers of the Company, Company shall not charge foreclosure charges/ prepayment penalties on all floating rate term loans sanctioned to individual borrowers, if any


Unless authorized by the borrower, the Company will treat all his personal information as private and confidential. The Company may not reveal transaction details of the borrowers to any other persons except under following circumstances:

  • If the Company is required to provide the information to any statutory or regulatory body or bodies.
  • If arising out of a duty to the public to reveal the information.
  • If it is in the interest of the borrowers to provide such information (e.g. fraud prevention);
  • If the borrower has authorised the Company to provide such information to its group / associate / entities or companies or any such person/ entity as specifically agreed upon.


JCIPL shall explain the requirements of KYC guidelines to its customers and inform them about the documents required for establishing the identity of the customer before loan sanctioning, account opening and operation.

JCIPL would obtain only such information to meet with company’s KYC, Anti-Money Laundering or any other statutory requirements. In case any additional information is asked for, it will be sought separately and shall specify the objective of obtaining such additional information.


The various commitments outlined and made by the Company shall be applicable under the normal operating environment. In the event of any Force Majeure circumstances, the Company may not be able to fulfil the objectives under the FPC to the entire satisfaction of the borrowers, the stakeholders and the public in general.


Board of Directors shall oversee the implementation of the code and shall review its functioning periodically.

Contact us

27 AB Royd Street, Kolkata- 700016,

Telephone- 033 66452400

Nodal Officer

Name: Mr. Rajesh Jain

Email: [email protected]

Address: 27AB Royd Street, Kolkata – 700016

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