Grievance Redressal Policy

Loaney has implemented the appropriate grievance redressal mechanism formulated under the Reserve Bank of India’s (RBI’) Recommendations of the Working group on Digital Lending – Implementation dated 10 August 2022 to address any issues that may arise. This method ensures that any concerns regarding the acts of Loaney's officials are heard and addressed at the next higher level.

The effectiveness of the grievance redressal mechanisms at various levels of management shall also be frequently reviewed by the Board of Directors. At regular intervals or as may be required from time to time, the Board of Directors may receive a consolidated report of such reviews (including the quantity and nature of the complaints received, the quantity of complaints resolved and pending, and finally the quantity of complaints in which service deficiencies are discovered). Additionally, the Board may be provided with any additional material to get a complete picture of the role played by Loaney's business operations and grievance redressal system.

Customers who want to file a complaint shall get help from Loaney, who will also give advice on what to do if they are dissatisfied with the resolution. Following an investigation, Loaney will respond as soon as possible. If the client is unsatisfied, Loaney will also offer advice on how to pursue the complaint.

An appointed Grievance Redressal Officer, who would oversee the Grievance Redressal Mechanism in consultation with senior management officials, would be responsible for resolving complaints from customers, including borrowers, regarding any matter pertaining to business practises, credit management, and recovery. The grievance resolution officer's name and contact information should be listed on the Website and App.

GRIEVANCE REDRESSAL PROCEDURE

In case the Customer does not receive a response within the number of days specified below for each level or if the customer is dissatisfied with the output/response received from the Company, the Customer may escalate the complaint to the next level as indicated below:

Level 1: Loaney’s Customer Support Team

1. In case of any query/grievance, the Customer may contact support@loaney.in.
   When communicating with the customer support team, borrowers are urged to include all pertinent loan information, including the Loan Account Number (as stated in the loan agreement), details of the complaint, and their current contact information, including the phone number and email address they registered with the company when they applied for the loan.
2. The Customer Support Team shall Endeavour to send an acknowledgment to the Customer within 2 (two) working days of the receipt of complaint/query/grievance. The Customer Support Team shall also strive to provide the Customer with a suitable response/resolution on the complaint/query/grievance within 10 (Ten) working days.
3. In case the Customer is not satisfied with the resolution/response provided by the branch team/s in due course, the Customer may escalate his complaint in the following manner.

Level 2: Loaney’s Nodal Officer

In case the Customer is not satisfied with the resolution/response provided by the customer support in due course, then such Customer may contact Loaney’s Nodal Officer, the details whereof are set out below:

Ferrymill Financial Technology Private Limited (Loaney)

Nodal Officer: Sweta Singh

Contact details:

Email id: complaints@loaney.in

Contact number: 7411973668

Address: Cowrks, RMZ infinity, Ground floor, No.3, Old Madras Road, Bennigana Halli Bangalore-560016

The Nodal Grievance Redressal Officer commits to responding to the complaint within 15 (fifteen) working days of the complaint's receipt post-investigation.

Level 3: Apollo’s Nodal Officer

Loaney is a platform where various lenders disburses loan to you. Apollo Finvest (India) Limited is our lending partner. In case the Customer is not satisfied with the resolution/response provided by Loaney’s Nodal Officer. The Customer may further contact Apollo’s Nodal’s Officer at the co-ordinates set out below:

Apollo Finvest (India) Limited

Nodal Officer: Prachi Jain

Contact details:

Email: grievanceredressal@apollofinvest.com

Landline: 022-62231667/68

Mobile Number: +91 7715 912289

Level 4: RBI

If the complaint/query/grievance is not redressed within a period of 1 (one) month or if the Customer is still not satisfied with the response received from the Apollo’s Nodal Officer, the complainant/Customer may file an online complaint on sachet.rbi.org.in