This is a summary of the Fair Practices Code of the lender, Salora Capital Limited, and of the RBI's digital lending directions as they apply to loans on PaySalaryLoan. The lender's own board-approved documents apply in full: its Fair Practices Code, its Interest Rate Policy, its Schedule of Penal Charges and its Refund and Cancellation Policy.
1. Transparency
- A Key Fact Statement with APR is shared before you sign.
- All charges are disclosed upfront. Charges not in the KFS cannot be levied. There is no fee to apply.
- The loan agreement and sanction letter are emailed to you on disbursal.
2. Disbursal and repayment
- Loans are disbursed only to your own verified bank account, and repaid directly to the lender. No pass-through accounts.
- You can exit within the 3-day cooling-off period without penalty.
- No prepayment or foreclosure charges.
3. Recovery conduct
- Reminders and calls only between 8:00 am and 7:00 pm.
- No abusive language, threats, intimidation or public shaming.
- No contact with your family, friends, references or employer to pressure you.
- Details of any recovery agent are shared with you in advance.
4. Data
- No access to your phone's contacts, SMS, media, files or call logs.
- Data is collected only with explicit consent, for a stated purpose, and stored in India.
5. Non-discrimination
No application is declined, and no term varied, on the ground of disability. Alternative formats of our documents and assisted application are available on request — just ask, and we will help.
6. Grievances
See the grievance ladder: customer support, the Grievance Redressal Officer, the lender, and the RBI Integrated Ombudsman if a complaint is not resolved within 30 days.