Tapstart Capital Private Limited (here in after referred to as “Tapstart’ or ‘the Company’ or ‘we’ or ‘us’) is an RBI registered Non-systemically important Non-deposit taking Non-banking Financial company (NBFC-ND-NSI). It provides credit facilities to underserved middle and low income segment customers catering to different needs, including personal loans, credit lines, medical loans, education loans, consumer electronic loans, consumer lifestyle loans and two-wheeler loans.
The Reserve Bank of India (RBI) has advised Boards of NBFCs to lay out appropriate internal principles and procedures in determining interest rates, processing and other charges. Considering the above, the following internal guiding principles and interest rate model are laid out by Tapstart. This interest rate policy has been framed in line with the Company’s objectives and the guidelines outlined in the RBI Master Direction - Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 and updated from time to time.
The policy has been duly approved by the Company’s Board of directors and is suitably and periodically reviewed.
The policy has been framed with the purpose to enable customers to know and understand the methodology for determining the lending rates charged to them and for the Company to maintain transparency in this regard at all times.
The rate of interest under each product charged to different customers is decided from time to time, based on the following parameters:
The annualised rate of interest charged to borrowers at the time of sanctioning loans shall be within the range as below:
|Sr.No.||Loan products||Range of interest rate*|
|1.||Short term Personal Loan||upto 36%|
|2.||Educations Loan||0% to 36%|
|3.||Consumer Durable Loan||0% to 36%|
|4.||Credit Line||upto 36%|
*Based on the Risk Profile of the Borrower
The abovementioned range shall be reviewed periodically or as and when required by the Board of Directors, keeping in view regulatory guidelines / directives, intensity of competition in the market, net interest margin target, etc.
The charges currently levied on the customer include:
In exceptional cases, the rate may fall outside the above mentioned range basis the credit assessment of the borrower
Claims for refund or waiver of the afore mentioned charges or penal interest will be at the sole discretion of the Company.
This Interest Rate policy will be displayed on the Company’s website in accordance with the requirement of the RBI guidelines.
The Board of directors shall periodically review the policy or on a need-basis i.e. in the event of change in regulatory framework or for business or operational need. Such updates/changes to the policy will be communicated to the relevant staff/relevant stakeholders.