1. Introduction
This Interest Rate Policy (“Policy”) is formulated by Vector Finance Private Limited (“the Company”), a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI). The Policy outlines the principles and methodology adopted for determining interest rates, other charges, and the annualized cost of loans offered through the Vectorblink digital lending application and website (vectorblink.com).
2. Key Principles
Vector Finance Private Limited follows the below principles while setting and charging interest:
- Transparency – All interest rates and charges are communicated upfront in the Key Fact Statement (KFS) before loan disbursal.
- Non-discrimination – No discrimination in interest rates based on race, religion, caste, or other prohibited factors.
- Reasonableness – Rates are set based on objective credit risk assessment and remain within fair and reasonable limits.
- RBI Compliance – All lending practices adhere to RBI’s digital lending and fair practices regulations.
3. Methodology for Determination of Interest Rates
Interest rates are determined based on several credit and operational parameters, including but not limited to:
3.1 Borrower-Specific Parameters
- Credit score and credit history
- Loan amount and tenure
- Repayment behavior in past loans
- Employment profile and income stability
- Risk category of the borrower
3.2 Product-Specific Parameters
- Type of loan product
- Duration/tenure of loan
- Secured or unsecured nature of the loan
3.3 Market & Operational Factors
- Cost of funds
- Operational expenses
- Risk premium for the borrower segment
- Prevailing market conditions
4. Annual Percentage Rate (APR)
Borrowers are provided with the APR (Annual Percentage Rate) representing the total annualized cost of the loan, including interest and all other charges permitted by RBI. APR will always be shown clearly in the Key Fact Statement (KFS) before the borrower accepts the loan.
5. Interest Rate Range
Indicative interest rate range:
- Minimum APR: 10% per annum
- Maximum APR: 36% per annum
6. Other Fees and Charges
All charges are disclosed transparently in the KFS. These may include:
- Processing fees
- Convenience fees
- Late payment / penal charges
- Bounce charges / mandate failure charges
- Statutory taxes
7. Penal Charges for Late Payment
- Penal charges apply only when repayment is delayed.
- They are flat charges and not penal interest.
- Penal charges do not compound.
8. Communication to Borrowers
Loan terms are communicated via:
- Key Fact Statement
- Loan Agreement
- Vectorblink App & Website
- Notifications (Email/SMS)
9. Review and Revision of Policy
The Company periodically reviews this policy as per regulatory requirements.
10. Grievance Redressal Mechanism
Grievance Redressal Officer:
Name: Priyanshu Gupta
Address: ASO 502, 5th floor, south block, Astra Towers, Action Area IIC, Newtown, New Town, West Bengal 700161
Email: grievance@vectorfinance.com
Contact: 1800 889 1002
Working Hours: Mon–Sat, 10:00 am–7:00 pm IST
11. Contact Information
Registered Office: K 7/110, Ground floor, Kalinga Vihar, Ghatikia BDA Plotted Scheme, P.S. Khandagiri, Bhubaneswar, Odisha 751029
Website: vectorblink.com
Email: customercare@vectorfinance.in
Contact: 1800 889 1002
Working Hours: Mon–Fri, 9:00 AM – 6:00 PM IST
Company: Vector Finance Private Limited