eCarWorld Fair Practice Code


The Reserve Bank of India (RBI) has issued guidelines on Fair Practices Code for Non- Banking Financial Companies (NBFCs) engaged in Peer to Peer lending thereby setting standards for fair business and corporate practices while dealing with their customersand the manner in which peer to peer lending shall be carried out, As mandated by the RBI, the Company likes to clarify that Reserve Bank of India does not accept any responsibility for the correctness of any of the statements or representations made or opinions expressed by the NBFC-P2P, and does not provide any assurance for repayment of the loans lent on it. ECW Consultants Private Limited (“the Company”) hereby furnishes the Fair Practices Code (“the FPC”) based on the guidelines issued by RBI for the management of its crowd lending platform (Platform). The Company aims to achieve synchronization of the best practices in the Industry for all the customers of its Platform. The Company shall also make appropriate modifications in the Fair Practice Code from time to time to confirm to the standards that might be prescribed by RBI from time to time. Considering the nature of business of the Company, it is proposed to establish the following as the Fair Practices Code for the Company’s activities in the Platform.

  • A. To provide in a professional manner, efficient, courteous, diligent services in hosting a peer to peer lending platform.
  • B. To be impartial and neutral in connecting Lenders and Borrowers.
  • C. Not to discriminate on the basis of religion, caste, sex, descent or any of them.
  • D. To be fair and honest in publishing of offers for borrowing and lending.
  • E. To provide customers with accurate and timely disclosure of terms, costs, rights in the services provided by the Platform.
  • F. To attempt in good faith to resolve any disputes or differences with lenders and borrowers by setting up complaint redressal cells within the organization.
  • G. To comply with all the regulatory requirements in good faith.
  • H. To spread general awareness about potential risks in peer to peer lending platform and encourage customers to take the best course on their own.
Based on the current business of the Company and the services undertaken in the Platform, the Fair Practices Code shall apply to the following operations in the Platform
  • a) Registration and admission of borrowers and lenders
  • b) Recovery of Loans
  • c) Storage of Information
  • c) Storage of Information

The Lenders and Borrowers shall be informed about the inherent risk in connected with peer to peer lending.

  • a) The Lender or Borrower who wishes to be registered with the Platformshall be duly scrutinized by the Platform before providing access to the services of the Platform. The Platform may require additional documents/information are required from the Lender and Borrower and, same shall be communicated to them immediately.
  • b) The Borrower and Lender shall be provided access only after due scrutiny and checks in accordance with such criterion as fixed by the Company. Thereafter the Lender and the Borrower shall be providedaccess to the Platform.
  • c) The Lender shall be given access to all the details and information regarding Vehicle and type of financing requested by the Borrower.
  • d) All commercial terms regarding the Vehicle and the amount requested shall be provided in bold letters and shall be ascertainable.
  • e) The Lender and the Borrower would be explained the processes involved till sanction and disbursement of investment and would be informed of timeframe within which all the processes will be completed ordinarily through the Platform.
  • f) The Lender and Borrower would be informed of the names and phone numbers of branches and the persons whom he can contact for the purpose of loan to suit his needs.
  • g) The Customer would be informed the procedure involved in servicing and closure of the lending and borrowing undertaken by them respectively.

In the matter of recovery of loans, the Company shall not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power forrecovery of loans etc.The staff of the Company shall be adequately trained to deal with the customers in an appropriate manner so as to ensure proper behavior.The Company will call delinquent customers between 10:00 am to 6:00 pmunless special circumstances of the borrower’s business require to call them otherwise outside the hours mentioned.

In the circumstances that the Borrower has defaulted the payment of the Lending Amount, the shall inform the Lender within three weeks from the date of default.The Platform shall provide sufficient warning to the Borrower before activating the Vehicle Inhibitor installed on the Vehicle.The Platform would sympathetically reckon cases of Borrowers or Lenders financial distress.Borrowers would be encouraged to inform about their financial distress as soon as possible.The Platform would adequately train the operational staff to give patient hearing to the Borrowers in financial distress and would try to render such help as may be possible in their view.

  • a. All personal information of the customer would be confidential and would not be disclosed to any third party unless agreed to by customer. The term “Third party” shall not include all Law enforcement agencies, Credit Rating Agencies, Reserve Bank of India, other banks/ financial and lending institutions.
  • b. Subject to above Para, customer information would be revealed only under the following circumstances.

    i. If our Bank is compelled by law.

    ii. If it is in the Public Interest to reveal the information.

    iii. If the interest of the Platform require disclosure.

Customers who wish to provide feedback or send in their complaint may use the following channels between 10:00 am and 6:00 pm, from Monday to Saturday and on Working Saturdays (1st and 3rd Saturdays in a month exempting national holidays).Call our Grievance Redressal for compliant/ support personnel Helpline on +91 7066122226 and speak to grievance support personnel (or) Email us at

We assure a response to emails received through this channel within a maximum of 5 working days.If the complaint/dispute is not redressed within a period of one month, the customer may appeal to Officer-in-Charge of the Regional Office of Department of Non-Banking Supervision of RBI under whose jurisdiction the Registered Office of falls.More details in the table below.

Level 1 Greivance Redressal Executive Mr. Aslam Kadambot Mobile No.: +91 7066122226 E-mail: 5 working days from the date of receipt.
Level 2 Reserve Bank of India Customer Education and Protection Department, RBI If not redressed within 30 days from the date of complain.
C/O, Shri Ashok Narain Chief General Manager Consumer Education and Protection Department Reserve Bank of India 1st Floor, Amar Building Sir P.M. Road, Mumbai - 400 001 Phone: 22630483 Fax: 22631744