Interest Rate Policy

Credknow Solutions Private Limited

1. Purpose

This Interest Rate Policy outlines the guiding principles adopted by Credknow Solutions Private Limited ("Credknow") in facilitating loan products to customers in partnership with regulated financial institutions. While Credknow does not directly lend or determine rates independently, it ensures transparency and fairness in the communication of interest rates associated with its Loan Facilitation Services.

2. Scope

  • All loan facilitation activities undertaken by Credknow with its lending partners.
  • All categories of borrowers availing loans through Credknow’s platform or services.
  • Disclosures, communications, and customer interactions related to interest rates.

3. Key Principles

  • Transparency: Interest rates will be clearly disclosed before finalizing any loan arrangement, including APR, fees, and other charges.
  • Non-Discrimination: Rates will not be influenced by bias; they are determined based on risk criteria.
  • Client Understanding: Terms will be explained in clear language to ensure comprehension.

4. Factors Determining Interest Rates

  • Borrower’s credit profile and repayment history.
  • Loan amount and tenure.
  • Type of credit product (e.g., secured, unsecured, education loan).
  • Risk assessment results based on Credknow’s credit evaluation framework.
  • Market conditions and partner institution’s lending rate policies.

5. Disclosures to Clients

Credknow will facilitate written and digital disclosures to clients, including:

  • Rate of interest (fixed or floating).
  • Tenure and amortization schedule.
  • Processing or administrative charges.
  • Penalties for late payment or early closure.
  • Terms of pre-payment or foreclosure.
  • Other applicable terms as per lending partner.

6. Review and Monitoring

Credknow will periodically review interest rate structures of its partner NBFCs to ensure competitiveness and fairness.

7. Complaints and Grievance Redressal

If clients have concerns related to interest rates or charges, they may contact [ENTER EMAIL] for assistance. If unsatisfied, the issue can be escalated to the compliance officer or the grievance officer of the lending partner.

8. Policy Review

This Interest Rate Policy will be reviewed annually or when there are material changes in partner practices, regulatory mandates, or business strategy.

Conclusion

Credknow is committed to facilitating fair and transparent loan services. While interest rates are ultimately determined by lending partners, Credknow ensures its borrowers are well-informed and able to make sound financial decisions with full awareness of associated costs.