The Company offers various products
including vehicle finance, personal
loans, finance against securities,
corporate finance and loan against
property.
Application forms for each of the
product offered by the Company would be
different depending on the requirement
for information for each product. All
necessary information required for the
borrowers are available in the relevant
application forms. Besides the various
documents that need to be submitted with
the application form are also provided
in the application forms. The
information would include information
about the fees/charges, if any, payable
for processing, the amount of such fees
that might be refundable in the case of
non acceptance of application,
pre-payment options and any other matter
which affects the interest of the
borrower, so that a meaningful
comparison with that of other
competitors can be made and informed
decision can be taken by the borrowers.
The Company would give an
acknowledgement for receipt of all loan
applications. The normal time frame
within which loan applications complete
in all respects will be disposed of
would be indicated in the
acknowledgement of such applications.
The company would verify the loan
applications within a reasonable period
of time. If additional details /
documents are required, it would
intimate the customers immediately.
Loan appraisal and terms/conditions
The Company would ensure that there is
proper assessment of credit application
made by borrowers. The assessment would
be in line with the Company's credit
policies and procedures.
The Company would convey in writing to
the borrower the amount of loan
sanctioned along with the terms and
conditions including annualised rate of
interest and method of application
thereof and keep the acceptance of these
terms and conditions by the borrower on
its record. 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 at the time of
disbursement of the Loan.
The Company would ensure timely
disbursement of loans sanctioned
in conformity with the terms and
conditions governing such
sanction. It would give notice
of any change in the terms and
conditions including
disbursement schedule, interest
rates, service charges,
prepayment charges etc. It would
also ensure that changes in
interest rates and charges are
effected only prospectively.
The Company would carry out
post-disbursement supervision in
accordance with normal business
practice, the terms of sanction, and
the guidelines issued by the Reserve
Bank of India from time to time.
The Company would carry out any
decision to recall / accelerate
payment or performance under the
agreement only in consonance with
the loan agreement.
The Company would release all
securities on repayment of all dues
or on realisation of the outstanding
amount of loan subject to any
legitimate right or lien for any
other claim the Company may have
against borrower with prior notice
to the customers. The notice will
provide full particulars about the
remaining claims and the provisions
under which the Company is entitled
to retain the securities till the
relevant claim is settled/paid.
The Company would not cause
interference in the day-to-day
affairs of the borrowers except for
what is provided in the terms and
conditions of the loan sanction
documents (unless new information,
not earlier disclosed by the
borrower, has come to the notice of
the Company).
The Company would not discriminate
on grounds of sex, caste and
religion in the matter of lending.
However, this does not preclude the
Company from participating in
credit-linked schemes framed for
weaker sections of the society.
In the matter of recovery of loans,
the Company would adopt legally
valid processes and not resort to
undue harassment or use of force
viz. persistently bothering the
borrowers at odd hours, use of
muscle power for recovery of loans,
etc.
In case of receipt of request for
transfer of borrowal account, either
from the borrower or from a
bank/financial institution, which
proposes to take- over the account,
the consent or otherwise i.e.,
objection of the Company, if any,
would be conveyed within 21 days
from the date of receipt of request.
Disputes arising out of decisions of
the Company’s functionaries would be
disposed of at the next higher level
within the Department concerned.
A review of compliance of the Fair
Practices Code and the functioning
of the grievance redressal mechanism
would be done by the Management
regularly and a consolidated report
of such reviews will be submitted to
the Board of directors once in 6
months.
It is noted that the customers of
the Company are entitled under the
Company’s Whistleblower policy, to
bring to the notice of the
designated ombudsman any act of any
employee/agent of the Company that
is in contravention of the said
whistleblower policy.
