SERVICES  

• INDIVIDUAL
  LOANS

  
  1. Drivers who desire to own or operate their own pre-owned including commercial passenger, multi utility vehicles, and 3-wheelers
  2. Target demographic is 18-59
  3. Vehicle is the collateral against loan
  4. Loan amount averages to about 0.5 million INR
  5. LTV averages 75% of the asset value and 36 month tenure
  6. Yield of 18-22%

• TOP-UP
  LOANS

  

  Mechanical or operational issues with the vehicles over the course of usage.

  Tide over any sudden financial requirements supplementary loans for contingencies such as tire purchase engine replacement, personal emergency.

  Criteria

  1. Existing customer good repayment track record of at least 12 months
  2. Loan size is about 50,000 INR and repayment is set at 12 months
  3. Yield is 25-30%

• VEHICLE
  SERVICES

  
  1. Sister concern of WitFin started in 2015 to provide services such as buying selling and refurbishment.
  2. Ensures that high-quality assets and realistic valuation of the vehicle at the time of funding are assured.
  3. Provides WitFin with a ready customer database for lending & facilitates liquidation of assets.
  4. Ensures customer stickiness by helping the driver upgrade to a newer model.

• LIFE & GENERAL
  INSURANCE

  
  1. Customer insured in case of natural death or accident through a credit-linked life insurance product during the life of the loan.
  2. Facilitate general insurance and insurance claims and renewal processes with RTOs (Regional Transport Offices)

• LOAD PLACEMENT
  SERVICES

  
  1. 'Logistics Market in India 2015-2020' study by market researcher Novonous – Indian logistics industry estimated to be at $300 billion, with a CAGR of 12.17 percent by 2022
  2. To tap into this tremendous demand, drivers need have access to business. Which is, quite simply, the problem
  3. Load placement market is dominated by intermediaries like booking agents and brokers, leading to inefficient and underutilization of trucks
  4. But it's not just truck drivers who need access to business--Clients/companies that need access to good logistics. High quality vehicles with trustworthy and reliable transporters are hard to find on the other end of the spectrum
  5. WitFin provides database of drivers and facilitates business opportunities via its fleet management capabilities, creating further stickiness for the customer
  6. Customers with excellent repayment track records with opportunities for load placement
  7. Given the fragmented nature of both the demand and the market, this is an extremely scalable model

• FINANCIAL
  LITERACY

  

  WItFin, in partnership with Accion, a global nonprofit dedicated to building a financial exclusive world, has implemented a financial awareness program which primarily provides financial education and training to build capacity of low income households to better use financial products as well as enhance livelihoods.

  Beyond Credit

  The Company recognizes that to achieve economic security and self-reliance, its clients require a full suite of financial services, including insurance, savings facilities, and financial literacy training. Via Accion, WitFin conducts a financial education program to enhance participants’ financial management skills and business skills. WitFin recognises the importance of having an independent organisation conduct financial education, as the Company encourages clients to value this training in and of itself towards building the capacity for prudent use of financial services. The programmes also facilitate access to appropriate products, recognising that training without product uptake and usage tends to diminish the effectiveness of the same.

  FAIR PRACTICE  

We strongly value fair practice standards when dealing with individual borrowers and to serve as a part of best practice.

• GENERAL
  PRACTICES

  
  1. It is, and shall be, WitFin's policy to make loan products available to all qualified applicants without discrimination on the basis of race, caste, colour, religion, sex, marital status or handicap. Our policy is to treat all the borrowers consistently and fairly. Our employees will offer assistance, encouragement and service in a fair, equitable and consistent manner. We will also communicate our Fair Practices Code to our borrowers by placing it on the notice board at all the branches.
  2. We shall ensure that charges / fees are appropriately informed to the borrower. Terms and conditions pertaining to the facility will be conveyed to the prospective borrowers
  3. Commit that disputes arising out of the lending decisions will be appropriately resolved by a grievance redressal mechanism
  4. Fair lending practices shall apply across all aspects of our operations including marketing, loan origination, processing, servicing and collection activities
  5. Our commitment to Fair Practice Code would be demonstrated in terms of employee accountability, monitoring and auditing programs, training and technology
  6. Board of Directors is responsible for establishing practices designed to ensure that our operations reflect our strong commitment to fair lending and that all employees are aware of that commitment
  7. This Fair Practices Code applies to the all categories of products and services offered by us (currently offered or which may be introduced at a future date)
  8. The Fair Practices Code is applicable to the above irrespective of whether the same is provided at the branch, over the phone, on the Internet or by any other method we may be currently using or may introduce at a future date

• LENDING
  PRACTICES

  

  Applications for loans and their processing

  1. Ensure that communication to the borrower is in a vernacular language
  2. Include in loan application forms, necessary information that affects the interest of the client, so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made and an informed decision can be taken by them
  3. Devise acknowledgement of receipt mechanism for all loan applications. WitFin will make its best effort to convey its decision to the applicant within a reasonable time frame after the loan application is completed. (A form is considered complete once all information has been duly received and filled in, and required documents have been submitted and found acceptable)
  4. Adequate steps to ensure that the procedure for application of loan is not cumbersome
  5. Loan Application form will clearly state the information that the company requires to obtain from the customer to fulfill KYC norms and to comply with legal and regulatory requirements

• LOAN APPRAISALS &
  TERMS/CONDITIONS

  
  1. Convey in writing to the borrower in the vernacular language as understood by them, by means of sanction letter or otherwise, the amount of loan sanctioned along with the terms and conditions including the annualised rate of interest and method of application thereof for all products / services offered; and to keep the acceptance of these terms and conditions by the borrower on record
  2. Mention penal interest charged for late repayment in bold in the loan agreement and furnish Customer a copy of the loan agreement or enclosures quoted in the loan agreement at the time of sanction
  3. Conduct proper due diligence as per the internal credit policy, to assess the need and repayment capacity of the borrower before making a loan and only give loan amounts commensurate with ability to repay

  Disbursement of loans including changes in terms and conditions

  1. Provide a copy of the loan agreement and all enclosures to borrowers in vernacular language at the time of disbursement, and ensure that the borrower has adequate time to study the same
  2. Provide notice of change in terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc.
  3. Ensure that changes in interest rates and charges are affected only prospectively. A suitable condition in this regard will be incorporated in the loan agreement
  4. Decision to recall/accelerate payment or performance under the agreement will be in accordance with the loan agreement
  5. Release all securities on repayment of all dues or on realisation of the outstanding amount of loan subject to any legitimate right or lien for any other claims
  6. If such right of set off is to be exercised, the Customer shall be given notice about the same with full particulars about the remaining claims and the conditions under which WitFin is entitled to retain the securities till the relevant claim is settled/paid

  Clarification regarding Repossession

  The Company shall have a built in re-possession clause in the contract/loan agreement which must be legally enforceable. To ensure transparency, the terms and conditions of the contract/loan agreement should also contain provisions regarding:

  1. Notice period before taking possession
  2. Circumstances under which the notice period can be waived
  3. Procedure for taking possession of the security
  4. Provision regarding final chance to be given to the borrower for repayment of loan before the sale/auction of the property
  5. Procedure for giving repossession to the borrower and
  6. Sale / auction of the property. A copy of such terms and conditions must be made available to the borrowers in terms of circular wherein it was stated that the Company may invariably furnish a copy of the loan agreement along with a copy each of all enclosures quoted in the loan agreement to all the borrowers at the time of sanction / disbursement of loans, which may form a key component of such contracts/loan agreements

• CLIENT
  PRIVACY

  

  WitFin will keep personal client information strictly confidential. Client information may be disclosed to a third party subject to the following conditions:

  1. Client has been informed about such disclosure and permission has been obtained in writing
  2. The party in question has been authorized by the client to obtain client information from WitFin
  3. It is legally required to do so
  4. This practice is customary amongst financial institutions and available for a close group on reciprocal basis (such as a credit bureau)

• OTHERS
   

  
  1. The Company would not interfere in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan agreement (unless new information not earlier disclosed by the borrower has come to the notice of the lender)
  2. In case of receipt of request for transfer of borrower account, the consent or objection will be conveyed within 21 days from the date of receipt of request. Such transfer shall be as per transparent contractual terms in consonance with law
  3. The Company would not discriminate on any grounds of caste, religion and sex in the matter of lending
  4. In the matter of recovery of loans, the Company will strictly observe due process of law