Fair Trade Practices
The Company's business would be conducted in accordance with prevailing statutory and regulatory requirements, with due focus on efficiency, customer-orientation and corporate governance principles. In addition, the Company would adhere to the Fair Practices Code in its functioning, the key elements of which are as follows:
Applications for Loans and their Processing
- All communication to the borrower shall be in the vernacular language or a language as understood by the borrower.
- The loan application forms for the product offered by our Company will include necessary information, which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made and facilitates the borrower to take an informed decision based on the aforesaid comparison. The loan application form may also indicate the list of documents required to be submitted by the Borrowers along with the application form.
- Our Company has a mechanism of giving an acknowledgement for receipt of Application form to its Borrower for availing loans. We would inform the Borrower about its decision within 21 working days from the date of receipt of all the required information in full.
Loan Appraisal and Terms/Conditions
Our Company shall convey in writing to the Borrower by means of sanction/approval letter or otherwise, the amount of loan approved - along with the terms and conditions, including the annualized rate of interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on our Company record. Any clause relating to penal interest charged for late payment will be specified in bold in the loan agreement. Our Company at the time of sanction / disbursements of loans will furnish a copy of loan agreement to the borrower.
Disbursement of Loans including Changes in Terms and Conditions
- The Company will give notice through its published website or as appropriate if specific to a customer, to all its borrowers of any change in the terms and conditions of the sanction. The Company will also ensure that changes in interest rates and charges are effected only prospectively.
- Decision to recall / accelerate payment or performance under the Agreement will be in consonance with the respective loan agreement.
- The Company will release all securities of its Borrowers only on repayment of its full dues or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim the Company may have against its borrowers. If such right of set off is to be exercised, the borrower will be given notice about the same with full particulars about the remaining claims and the conditions under which our Company will be entitled to retain the securities till the relevant claim is settled/paid by the Borrower.
General
- Our Company will refrain from interference in the affairs of the Borrower except for the purposes provided for in the terms and conditions of the respective loan agreement (unless new information, not earlier disclosed by the borrower, which may come to the notice of our Company).
- In case of receipt of request from the borrower for transfer of Borrowal account, the consent or otherwise - i.e. objection of our Company, if any, is generally conveyed to such borrower within 21 working days from the date of receipt of any request. Such transfer will be as per transparent contractual terms in consonance with all the applicable law.
- In the matter of recovery of outstanding dues of its Borrower, our Company does not resort to undue harassment - such as persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans/dues, etc. Training will be imparted to ensure that staff is adequately trained to deal with customers in an appropriate manner.
