FAIR PRACTICES CODE
- Loan application forms and the enclosed literature will include all the necessary information which affects the interest of the borrower. The borrower shall be informed about the list of documents required to be submitted with the application form.
- The Company will inform the borrower time frame within which loan applications will be disposed of with the acknowledgement.
- A borrower will be issued a sanction letter containing, the loan amount sanctioned along with all terms and conditions including rate of interest, EMI structure, prepayment charges, wherever applicable.
- Company shall furnish a copy of the loan agreement along with a copy of all enclosures quoted in the loan agreement to a borrower at the time of sanction/ disbursement of a loan.
- Company will inform about rejection of Loan Application to the customer.
- Disbursement of loans including changes in terms and conditions.
- As far as possible, the Company will provide disbursement schedule to the borrower and make disbursements in accordance with the disbursement schedule given in the Loan Agreement/ Sanction Letter.
- The Company will inform of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges, other applicable fee/ charges etc. to the borrower. The changes in interest rates and charges will be from a prospective date.
- If the change in the interest rates and charges are not acceptable to the customer, he/she may within 60 days and without notice close his/ her account or switch it without having to pay any extra charges or interest.
- The loan can be recalled or borrower can be asked for accelerated payment only as per the loan agreement. The Company may ask for additional securities, in consonance with the loan agreement.
- Company will release all securities on repayment of all dues or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim against the borrower. Any right of set off will be exercised after the borrower has been given notice about the same with full particulars about the remaining claims and the conditions under which the Company is entitled to retain the securities till the relevant claim is settled/paid.
2. PRIVACY AND CONFIDENTIALITY
All personal information of present and past customers shall be treated as private and confidential. Company shall not reveal information or data relating to customer accounts, whether provided by the customers or otherwise, to anyone, other than in the following exceptional cases:
- If the information is to be given by law.
- If there is a duty towards the public to reveal the information.
- If Company’s interests require them to give the information to prevent fraud etc. Customer’s information shall not be given to anyone for marketing purposes except with his/her permission.
3. CREDIT REFERENCE AGENCY
- A customer at the time of opening of an account will be informed when the Company may pass his/ her account details to credit reference agencies.
- Such information will be given if:
- The customer has fallen behind with his/ her payments;
- The amount owed is not in dispute; and the customer has not made any satisfactory proposals for repaying his/ her debt, following Company’s formal demand.
- A copy of the information given to the credit reference agencies shall be provided by the Company to a customer, if so demanded.
4. COLLECTION OF DUES
- The Company will in case of non-adherence to repayment schedule, take all the actions in accordance with the laws of the land for recovery of dues, A notice will be sent and/or a personal visits will be made by Company officials in case and all legal recourse including repossession of security will be taken as per SARFAESI Act, 2002.
- The Company officials/ or any person authorized to represent the Company in collection of dues or / and security repossession will identify himself / herself and will display the authority letter issued by the Company. On request, they shall display his / her identity card issued by the Company or under authority of the Company.
- The Company shall provide customers with all the information regarding dues and on case to case basis give sufficient notice for payment of dues.
5. COMPLAINTS AND GRIEVANCES
- All complaints of the customer shall be acknowledged. The acknowledgement will contain the name & designation of the official who will deal with the grievance.
- Efforts will be made to resolve all the complaints within seven days.
- The Complaint redressal mechanism is displayed on Company’s website and on the Notice Boards of every branch.
- Designated officer in charge of the Complaint redressal is also mentioned on Company’s website and on the Notice Boards of every branch.
- Complaint box is also available at each branch.
A guarantor to a loan will be informed about;
- His/her liability as guarantor;
- The amount of liability he/she will be committing him/herself to the Company;
- Circumstances in which the Company will call on him/her to pay up his/her liability;
- When the Company has recourse to his/ her other monies in the Company if he/she fails to pay up as a guarantor;
- Whether his/her liabilities as a guarantor are limited to a specific quantum or are they unlimited; and
- Time and circumstances in which his/her liabilities as a guarantor will be discharged as also the manner in which the Company will notify him/her about this.
7. SCHEDULE OF CHARGES
The schedule of charges is displayed on the website of the Company.
- Company will ensure that all advertising and promotional material is clear, and not misleading.
- Company will ensure that in any advertisements in any media and promotional literature that draws attention to a service or product and includes a reference to an interest rate, it shall indicate other fees and charges with full details of the relevant terms and conditions which will be available on request.
- Company will provide information on interest rates, common fees and charges through putting up notices in its branches, through telephone or help-lines on the Company’s website and through designated staff/ help desk.
- Company will ensure that the Direct Sales Agents (DSAs) and Recovery Agents of the Company shall handle customer’s personal information with confidentiality and security.
- Company will communicate to customers various features of its products or promotional offers in respect of products/ services through mails or by registering for the same on the website, after their consent to receive such information/ service.
- DSAs whose services are availed to market products/ services which amongst other matters will follow company’s code of conduct when they approach the customer for selling products personally or through phone.
- In the event of receipt of any complaint from the customer about company’s representative/ courier or DSA that has engaged in any improper conduct or acted in violation of Company’s Code, Company will initiate investigation under the charge of designated officer.
- The Company will verify details of a customer mentioned in the loan application through its officials/authorized agency by contacting him/her at his/her residence and/ or on business telephone numbers and / or physically visiting his/her residence and/or business addresses.
- The Company seek cooperation from customers to investigate a transaction on the customer’s account and with the police/ other investigative agencies, if needed.
- If the customer acts fraudulently, he/she will be responsible for all losses on his/her account and that if the customer acts without reasonable care and this causes losses, the customer may be responsible for the same.
- All communication/information shall be in Hindi or English. If need be, local vernacular language shall be used
- All requests for transfer of a loan account, either from the borrower or from a bank/financial institution, shall be dealt with in the normal course as per the existing policies of the Company.
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