Our Company declares and undertakes
- To provide professional, efficient, courteous, diligent and speedy services in the matter of retail lending.
- Not to discriminate on the basis of religion, caste, sex, descent or any of them.
- To be fair and honest in advertisement and marketing of loan products.
- To provide customers with accurate and timely disclosure of terms, costs, rights and liabilities as regards loan transactions.
- If sought, to provide such assistance or advise to customers applying for loans.
- To attempt in good faith to resolve any disputes or differences with customers by setting up complaint resolution process within the organizations.
- To comply with all the regulatory requirements in good faith.
- To spread general awareness about potential risks in contracting loans and encourage customers to take independent financial advice and not act only on representation from the company.
1. Applications for loans and their processing
- A prospective customer would be given all the necessary information adequately explaining the range of loan products available with our Company to suit his needs.
- On exercise of choice, the customer would be given the relevant information about the loan product of his choice. All information about the fees/charges, if any payable for processing, the amount of such fees refundable in the case of non acceptance of application, pre-payment options and any other matter which affects the interests of the borrower. This information will enable the applicants to have a meaningful comparison with similar provisions of other NBFCs and thereafter to take an informed decision.
- The customer would be explained the processes involved till sanction and disbursement of loan and would be notified of timeframe within which all the processes will be completed ordinarily in our Company.
- The customer would be informed of the names and phone numbers of the persons whom he can contact for the purpose of loan to suit his needs.
- The customer would be informed of the names and phone numbers of the persons whom he can contact for the purpose of loan to suit his needs.
- The customer would be informed the procedure involved in servicing and closure of the loan taken.
Acknowledgement for receipt of all loan applications
All loan applications will be acknowledged in the form of a term sheet.
- The loan applications will be verified and disposed off within a period of four months from the date of receipt of term sheet duly signed by the customer
- The borrowers seeking loan, shall be conveyed in writing the rejections, if any, within a month of receipt of completed application.
2. Loan appraisal and terms/conditions
- The Company shall conduct a due diligence on the credit worthiness of the applicants, which will be an important parameter for taking a decision on the application. Mere offering of security with substantial margin will not be the sole consideration for sanctioning loans
- The Company shall make proper and prompt assessment of credit applications.
- When sanctioned, the company shall convey to the applicant the details of credit limit/s sanctioned along with the terms and conditions thereof and shall obtain the latter’s acceptance of the terms and conditions.
TERMS & CONDITIONS:
- The sanction order shall contain the terms and conditions and other caveats and/or references thereof, governing credit facilities given by the Company.
A copy of the loan agreement along with a copy each of all enclosures quoted in the loan agreement shall be furnished to the borrower. The loan agreement contains the clause on the annualized rate of interest. The interest is linked to the Company’s Floating Prime Lending Rate. The content of interest in the rentals of the lease are also linked to the company’s Prime Lending Rate and are communicated to the customer in the form of lease conversion sheet separately for different tranches.
3. Disbursement of loans including changes in terms and conditions
- The Company shall disburse the loans sanctioned as soon as the applicants submit documents/ papers/details/ securities are in conformity with the terms and conditions governing such sanction.
- The Company will ensure timely disbursement of loan sanctioned in conformity with the terms and conditions governing such sanction. The Company will give notice of any change in the terms and conditions including interest rates and the charges will be effected only prospectively and the loan agreements will have a condition to this effect.
4. Post disbursement supervision
- The Company shall carry out post disbursement supervision of all the credit limits sanctioned by it to ensure that the funds extended by it are safe and are deployed as per the terms of sanctions. However, it shall strive to address any ”lender-related” genuine difficulty that the borrower may face.
- If the company decides to recall/accelerate payment or performance under the agreement or to seek additional securities, it shall give notice to borrowers, as specified in the loan agreement or a reasonable period, if no such condition exists in the loan agreement.
- The company shall release all securities on receiving payment of loan or realization of loan subject to any legitimate right or lien for any other claim it may have against borrowers. If such right to set off is exercised, borrowers shall be given notice about the same with full particulars about the remaining claims and the documents under which the company is entitled to retain the securities till the relevant claim is settled/paid.
5. General
- The company will not interfere in the affairs of the borrower except for the purposes provided in the terms and conditions of sanction of the loan (unless new information, not earlier disclosed by the borrower, has come to the notice of the lender).
- In case of receipt of request for transfer of borrower account, either from the borrower or from another lender, which proposes intends to take over the account, the consent or otherwise i.e. objection of the Company, if any, depending upon case to case basis, shall be should be conveyed to the customer and the other lender within 21 days from the date of receipt of request. Such transfer shall be as per transparent contractual terms in consonance with law.
- In the matter of recovery of loans, the company will not resort to harassment.
- The company will not discriminate on grounds of sex, caste and religion.
6. Grievance Redressal Cell
It shall at all times be the endeavor of the Company to redress the complaints of the customers at the earliest and in the best possible way and provide the customer with the best services.
The Relationship manager will act as a first point contact for the customer wherein he can make his complaint in writing.
In the event of non-disposal of complaint by the designated Relationship manager the same would be escalated to the Business head, who would take steps to resolve the same expeditiously.
All complaints would be ordinarily responded/resolved Response to a complaint whether positive or negative or requiring more time for redressal would be given within a maximum period of four weeks from the date of complaint. Exceptional cases of resolution may extend beyond 4 weeks if the process involves, unless the nature of complaint is such that it requires verification of voluminous facts and figures. Our Company has a Grievance Redressal Cell/Department/Centre within the organization.