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The Non-Banking Financial Companies (NBFC) have rapidly emerged as an important segment as alternative lenders to provide finance. NBFCs have recognized as important financial intermediaries particularly for the small-scale and retail sectors with the growing importance assigned to financial inclusion[1]. In this article know about Claim Management by NBFC for the Collection of Loan,
Non-Banking Financial Companies are a heterogeneous group of financial institutions. They offer facilities like equipment lease finance, hire purchase finance, personal loans, vehicle financing, working capital loans, housing loans, loans against shares and investment, etc.
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NBFCs offer the range of product and services which includes loans and advances, credit facilities, saving and investment plans, acquisition of shares, stock, bonds hire-purchase, insurance business or chit business and money transfer service.
In addition to above private education funding, retirement planning, underwriting stocks and shares, trading in money markets, TFCs (Term Finance Certificate) and other obligations.
Every NBFC shall have appropriate grievance redressal mechanism within the organization. Such mechanism resolve disputes between the company and its customers and the mechanism should ensure that all disputes arising out of the decisions of lending institutions’ functionaries.
NBFC shall have the code of practice which they should be adhered to. Fair code practice aims to handle any dispute. NBFC lending loan shall adhere to following disclosures:
In the matter of recovery of loans, the NBFCs should not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc. As complaints from customers also include rude behaviour from the staff of the companies. NBFCs shall effectively be trained to staff to deal with the customers in an appropriate manner.
Read our article:Loan Mela’s for NBFCs; Govt. Attempts to Boost Liquidity
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