Governance Policy
Ensuring Ethical Practices and Transparent Operations for Sustainable Growth
Fair Practices Code
The Fair Practices Code has been carefully reviewed and approved by the Board of Directors of Vagmi Capital Services Private Limited. This policy has been formulated in strict compliance with the Guidelines on Fair Practices Code for Non-Banking Financial Companies (NBFCs) as outlined by the Reserve Bank of India (RBI). The relevant directives are encapsulated in Chapter VII of the RBI Master Direction (Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023) under notification RBI/ DoR /2023-24/106 DoR.FIN.REC.No.45/03.10.119/2023-24, dated October 19, 2023 (updated as on November 10, 2023).
The Fair Practices Code is not a static document; it is subject to periodic review by the Board of Directors to incorporate changes in regulatory requirements, operational practices, and feedback from stakeholders. This proactive approach ensures that the policy remains relevant and aligned with the evolving financial ecosystem.
By adhering to these principles, Vagmi Capital Services Private Limited reaffirms its commitment to ethical practices, regulatory compliance, and customer satisfaction, thereby fostering trust and credibility in the vehicle finance sector.
Schedule of Charges
This document provides a transparent and detailed overview of all applicable fees and charges associated with our services. It is designed to offer complete clarity, ensuring customers have a thorough understanding of the financial commitments involved. The document features a structured presentation of costs, categorized by service type, making it easy to locate and comprehend the charges relevant to your specific needs.
The Schedule of Charges serves as a comprehensive guide that includes:
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Processing Fees: Clearly specified rates applicable during loan application and approval stages.
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Interest Rates: Details on fixed and variable interest structures, including conditions for rate revisions.
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Late Payment Penalties: Explicit information on charges levied for delayed payments to help customers manage repayment schedules effectively.
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Foreclosure and Prepayment Fees: Transparent policies for early loan closure or partial repayments, ensuring no hidden costs.
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Miscellaneous Charges: Any other applicable fees, such as documentation or legal charges, are detailed for full transparency.
The objective of this Schedule of Charges is to foster trust and confidence by making all costs upfront, comprehensible, and devoid of ambiguity. Vagmi Capital is committed to maintaining a transparent fee structure, aligned with industry best practices and regulatory norms, to ensure a seamless and trustworthy experience for all our customers.
Rate of Interest
This document provides a transparent overview of rates of interests associated with our services. This document is a comprehensive guide intended to ensure that all rates are upfront and understandable.