Certificate of Registration No. B.14.02344 dated 3rd July 2003

FAIR PRACTICE CODE

MANIKARAN CREDIT AND LEASING COMPANY PRIVATE LIMITED
Certificate of Registration No. B.14.02344 dated 3rd July 2003

All parts of this Code apply to all products and services offered by the Company – over the phone, in person, or through digital platforms.

1. Introduction
   Manikaran Credit and Leasing Company Private Limited (“the Company”) is a Non-Deposit Taking Non-Banking Financial Company (Base Layer) registered with the Reserve Bank of India under Section 45-IA of the RBI Act, 1934. The Company is engaged in providing Vehicle Loans, Personal Loans, Business Loans, Loan Against Property, and Small Ticket Personal Loans.

This Code aligns with:
– Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 [RBI/DoR/2023-24/106 | DoR.FIN.REC.No.45/03.10.119/2023-24]; and
– Guidelines on Fair Practices Code for NBFCs [RBI/2011-12/470 DNBS.CC.PD.No.266/03.10.01/2011-12], as amended from time to time.

The Code ensures:
A. Fair and transparent dealings with customers.
B. Equitable treatment and disclosure.
C. Compliance with applicable regulatory standards.
D. A structured grievance redressal mechanism.

2. Loan Application and Processing
   a. All borrower communications will be conducted in English, Hindi, or vernacular language understood by the borrower.
   b. Application forms shall include all required information, documentation list, and indicative timeframes.
   c. Acknowledgement of each loan application shall be provided with an expected processing timeline.
3. Loan Appraisal, Sanction, and Key Facts Statement (KFS)
   a. The borrower will be informed in writing about the loan amount, tenure, interest rate, and repayment schedule.
   b. A Key Facts Statement (KFS) will be issued detailing interest rate, processing fee, charges, and repayment schedule.
   c. Borrowers shall receive a copy of the loan agreement and all enclosures at the time of sanction/disbursement.
4. Penal Charges in Loan Accounts
   a. The Company does not charge any penal interest on delayed payments.
   b. Certain fixed administrative penal charges may apply (e.g., cheque/NACH bounce). These are clearly disclosed in the KFS and loan agreement.
   c. The Company has formulated a separate “Penal Charges Policy” displayed on its website for transparency.
5. Disbursement and Changes in Terms
   a. Any changes in terms (including interest or repayment schedule) shall be communicated to borrowers in advance.
   b. Loan recall or acceleration shall comply with contract terms.
   c. Securities, where applicable, will be released within 30 days post full repayment.
6. Loan Account Closure and Property Document Release
   Applicable only for secured loans (Vehicle Loans, Loan Against Policy).
   a. All security documents will be released within 30 days of full repayment.
   b. In case of borrower demise, documents will be handed to legal heirs as per Company procedure.
   c. Delays shall be communicated in writing with reasons.
7. Regulation of Interest Rates

Processing Charges: 0%-10% (depending on product and risk profile, as mentioned in agreement)

The Company follows a transparent interest rate model based on cost of funds, risk profile, and tenure. No hidden or penal interest is charged.

8. Repossession of Financed Vehicles Policy
   For Vehicle Loans only, the agreement will specify:
   – Notice period before repossession.
   – Waiver conditions for notice.
   – Procedure for repossession, resale, and borrower’s final repayment opportunity.
   – Borrower rights and communication protocols.

9.Late Payment interest on delayed payments will be levied on compounding basis, as permitted under the Reserve Bank of India’s Master Direction – Non-Banking Financial Company – Scale Based Regulation (SBR) Directions, 2023 [RBI/DoR/2023-24/106 | DoR.FIN.REC.No.45/03.10.119/2023-24, dated 19th October 2023], and as amended from time to time. Such compounding of interest on overdue amounts will be applied in a transparent manner, duly disclosed to the borrower in the loan agreement and Key Facts Statement (KFS).

10. Collection and Recovery Practices
    a. All recovery staff and agents are trained for professional, non-coercive conduct.
    b. No harassment, abusive language, or late-hour visits are permitted.
    c. Collections will follow the internal Collection Policy approved by the Board.
11. Grievance Redressal Mechanism
    The Company has appointed a Nodal Officer & Grievance Redressal Officer:

Mr. Ramandeep Singh
Email: raman@manikarancredit.com
Contact: +91 9811160006

Customers can submit written complaints at:
B-46/1, Naraina Industrial Area, Phase II, New Delhi – 110027
or via email.

Unresolved complaints may be escalated to the Reserve Bank of India under the Reserve Bank – Integrated Ombudsman Scheme, 2021.

12. Review of Code
    This Code shall be reviewed periodically by the Board of Directors to ensure ongoing compliance with RBI guidelines and operational relevance.

Updated and Revised by the Board of Directors on 30 sept 2025
Effective from 1 Oct 2025