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| FAIR PRACTICE CODE – COMPLIANT TO THE RBI CIRCULAR
OCT-2006 |
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| Applications for Loan & their processing |
- New loan application form designed by HO to be implemented in phases on or before 1st April, 2007. This new loan application form would have provision to communicate list of documents required to customer
- The loan application form duly signed by MMFSL executive with company’s official stamp & inward date/time has to be discharged for a credit decision within 10 working days from the date mentioned in the acknowledgement (Client’s Copy) of the loan application
- Offer letter to be issued to all borrowers whose loan have been sanctioned after due diligence.
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| Loan Appraisal and Terms & Conditions |
- The new offer letter designed from HO to be implemented in phases on or before 1st April, 2007 . This new offer letter would convey the amount financed, the rate of interest (both flat as well as annualized IRR). This would be prepared in triplicate, One copy of the same would be handed over to customer and one copy will be retained in the customer’s file after due acceptance by the borrower.
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Disbursement of Loans, including changes in terms & conditions |
- Any change in terms of Conditions like change in interest rate, tenure, all charges/fees would be communicated to the borrower in writing by RPAD.
- Any decision to recall, accelerate payment would be communicated to the borrower in writing as per the terms of the agreement.
- NOC to be issued on recovery of all dues. Collateral, if any, will be released along with the NOC. Any collateral taken to guarantee the performance of contract will be duly acknowledged and kept in safe custody. Cross holding of securities will be duly communicated in writing vide RPAD giving reference of balance exposure in other contracts.
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| General |
- Company will take recourse / actions only through legally permissible remedies as per the terms & conditions of loan agreement entered into with the borrower.
- Only written request from customers for transfer of liabilities will be evaluated by the company and written confirmation / rejection will be intimated to the customer within 21 days of after due diligence.
- Any agency to whom various activities are outsourced/entrusted will have to be short listed and empanelled as per the company policies issued from time to time.
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| Loan Appraisal and Terms & Conditions |
A Grievances Redressal Cell will be constituted at HO. All customer grievances letters received at HO (or) Branch / Region will be logged / tracked and a suitable communication/decision will be sent to customer within 21days from receipt of the written grievances under intimation to branch /region. MIS would be presented to the Board for review and policy guidelines.
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