Responsible Finance Forum

Swadhaar's Policy on Collection of Overdues from Delinquent Clients and Other Recovery Policies

Source:  The Smart Campaign

Swadhaar FinServe Pvt. Ltd. (SFPL) is an Indian Non Banking Financial Company serving the states of Maharashtra and Gujarat. Based in Mumbai, SFPL serves Western India’s urban poor, striving to increase their access to financial services so that they may increase their economic capacity and develop a more secure financial future. SFPL currently offers two loan products: a joint-liability group loan targeting economically active women, and an individual business loan targeting both male and female micro entrepreneurs. In March 2010, SFPL had 27,391 active clients and a portfolio of 195.64 mm Indian Rupees (US$ 4.34 million).

SFPL was selected as a winner for this call for tools because their submission meets the Smart Campaign’s evaluation criteria for Principle Three: Appropriate Collection Practices. SFPL’s collection policy includes a code of conduct for collection that outlines acceptable and unacceptable behavior for members of staff or any person authorized to represent the MFI in collections. SFPL’s policies are compatible with the Smart Campaign’s appropriate collection practices and clearly instruct staff and agents involved in collections to treat customers with dignity, even when they fail to meet their contractual obligations. The policies are backed by procedures that include clear, detailed steps and timeframes for collections. Finally, they do not conflict with the other five principles of the Smart Campaign.

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