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Fair Practices Code and Guidelines

Centurion Financial - Fair Practices Code Policy

This Fair Practice Code is aimed to provide to all the stake holders, especially customers effective overview of practices followed by the company in respect of the financial facilities and services offered by the company to its customers. This Fair Practice Code has been revised taking into account the new guidelines on “Fair Practice Code for NBFCs” issued by RBI on February 18, 2013.

The objectives of the Code are:

  • To promote good practices and ensure good practices in dealing with customers;
  • To promote a fair relationship between the customer and company;
  • To ensure compliance with legal norms in matters relating to recovery of advances;
  • To strengthen mechanisms for redressal of customer grievances;

Applications for Loans and their Processing

  • Loan application forms issued by the Company shall include necessary information, which affects the interest of the borrower so that he/she can do a meaningful comparison with the terms and conditions offered by other Loan Companies and an informed decision can be taken by the borrower.
  • The Company shall devise a system of giving acknowledgement for receipt of all loan applications. The time frame within which loan applications shall be disposed of shall also be indicated in the acknowledgement.
  • The loan application form shall indicate the documents required to be submitted along with the application form.
  • If any additional details/ documents are required, the same shall be intimated to the borrowers immediately.

Loan Appraisal and Terms & Conditions

  • The Company shall conduct a due diligence on the credit worthiness of the borrower, which will be an important parameter for taking decision on processing of the application. The assessment would be in line with the Company’s internal policies, norms and procedures in respect thereof.
  • The Company upon approval of the loan shall convey the applicant through an agreement cum sanction letter or otherwise indicating the amount of loan, annualized rate of interest applicable, along with the terms and conditions.
  • The Company shall obtain an acceptance from the borrower of the loan terms and maintain a record of such acceptance.
  • The Company shall furnish a copy of the loan agreement as understood by the borrowers along with a copy of all the enclosures quoted in the loan agreement to the borrowers.

Disbursement of loans including changes in terms and conditions:

  • The Company shall give notice to all its borrowers of any change in the terms and conditions - including disbursement schedule, interest rates, service charges, prepayment charges etc. The Company shall also ensure that changes in interest rates and charges are effected only prospectively. Any changes to the above charges shall be made available at our branches.
  • The Company has mentioned the penal interest charged for the late payment in bold in the agreement. A suitable provision in this regard shall be incorporated in the loan agreement.
  • Any decision to recall/accelerate payment or performance under the loan agreement shall be inconsonance with the Loan Agreement.
  • All securities pertaining to the loan would be released on receipt of full and final payment of the loans, subject to any legitimate right or lien, and set-off for any other claim that Centurion Financial may have against the borrowers. If such right of set-off is to be exercised, the borrower shall be given notice about the same, with full particulars about the remaining claims and the conditions under which Centurion Financial is entitled to retain the securities until the relevant claim is settled / paid.

Interest Charged:

  • To ensure that there the Customers are not charged excessive interest rate and charges on loans and advances by the company, the company has adopted a Policy for determining Interest Rates, Processing and Other Charges “Interest Rate Policy” and the same has been put up on company’s branches
  • The Company had laid down appropriate internal principles and procedures in determining interest rates and processing and other charges.
  • The Company would adopt an interest rate model taking into account relevant factors such as, cost of funds, margin and risk premium, etc. and determine the rate of interest to be charged for loans and advances.


The Company will make a re-possession clause in the contract/loan agreement with the borrower that would be legally enforceable. To ensure transparency, the terms and conditions of the contract/loan agreement will include provisions regarding:

  • Notice period before taking possession;
  • Circumstances under which the notice period can be waived;
  • The procedure for taking possession of the security;
  • A provision regarding final chance to be given to the borrower for repayment of loan before the sale / auction of the asset.
  • The procedure for giving repossession to the borrower and
  • The procedure for sale / auction of the property.

Grievance Redressal Mechanism

The company aims to provide best customer service and is consistently striving on creating a robust and efficient customer service platform. If the customers have any issues or wish to register a complaint, they can reach us at any of the following:

  • Telephone: The customer can call us and log his grievances at +91-93281 16700
  • SMS: The customer can also message 'Contact Me' at +91-93281 16700.
  • Email:Customers can write at the given e mail ID
  • Alternatively, customers can also write to us at: Centurion Financial 117-118,Royal Keddar Plaza , Ved Road , Surat - 395004


  • The Company shall not interfere in the affairs of the borrower except for the purposes provided in the Loan Agreement unless new information not earlier disclosed by the borrower has come to the notice of the Company.
  • In the matter of recovery of loans, Centurion Financial shall follow the usual measures as per the laid down guidelines and existing provisions and would operate within the legal framework and in compliance with the applicable laws and regulations.
  • The Company would not resort to undue harassment, viz., persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans etc. In this regard, Centurion Financial has an established code of conduct for debt collection wherein our staff or any person authorized to represent the Company in collection of dues are extensively trained.
  • Centurion Financial’s collection policy is built on courtesy, fair treatment and persuasion. We believe in customer confidence and long-term relationship. Our staff or any person authorized to represent us in collection of dues or/and security repossession will identify himself/herself and interact with our customers in a courteous manner.
  • We will provide our customers with all the information regarding dues and will give sufficient notice for payment of dues. All customers will be contacted ordinarily at the place of their choice, in the absence of a specified place at the residence of the customer and if the customer is unavailable at the residence, at the customer's place of business/occupation.
  • We will respect privacy of the customer and all our interactions will be in a civil manner. All assistance will be provided to our customers to resolve differences or disputes in a mutually acceptable manner, if any, regarding the dues.
  • In case of receipt of a request from the borrower for transfer of the borrowal account, the consent or otherwise i.e. objection of the Company, if any, shall be conveyed within 21 days from the date of receipt of such request. Such transfer shall be as per transparent contractual terms in consonance with law.
  • The 'Vernacular Declaration' shall be taken from all the customers stating “In case you are unable to understand the contents in English Language, we request you to contact us at any of the branches.
  • At our branches, we display the name and contact details (Telephone / Mobile nos. / Email Address) of the Grievance Redressal Officer, Regional Office of the RBI and Grievance Redressal Mechanism followed by us.


A periodical review of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management would be undertaken by the Company. The Company shall abide by this Fair Practices Code following the spirit of the Code and in the manner it may be applicable to its business.

The Company shall put the above Fair Practices Code outlined hereinabove on its web site, for the information of various stakeholders. The Company would 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.


What information do we collect?

We collect information from you when you register on our site, place an order, subscribe to our newsletter, respond to a survey, fill out a form.

When ordering or registering on our site, as appropriate, you may be asked to enter your: name, e-mail address, mailing address, phone number

What do we use your information for?

Any of the information we collect from you may be used in one of the following ways:

To personalize your experience

(your information helps us to better respond to your individual needs)

To improve our website

(we continually strive to improve our website offerings based on the information and feedback we receive from you)

To improve customer service

(your information helps us to more effectively respond to your customer service requests and support needs)

To process transactions

Your information, whether public or private, will not be sold, exchanged, transferred, or given to any other company for any reason whatsoever, without your consent, other than for the express purpose of delivering the purchased product or service requested.

To administer a contest, promotion, survey or other site feature

To send periodic email.

The email address you provide may be used to send you information, respond to inquiries, and/or other requests or questions.

How do we protect your information?

We implement a variety of security measures to maintain the safety of your personal information when you enter, submit, or access your personal information.

Do we disclose any information to outside parties?

We do not sell, trade, or otherwise transfer to outside parties your personally identifiable information. This does not include trusted third parties who assist us in operating our website, conducting our business, or servicing you, so long as those parties agree to keep this information confidential. We may also release your information when we believe release is appropriate to comply with the law, enforce our site policies, or protect ours or others rights, property, or safety. However, non-personally identifiable visitor information may be provided to other parties for marketing, advertising, or other uses.

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