Application for Loan & their processing
Loan Appraisal and Terms & Conditions
Disbursement of Loans, including changes in terms & conditions
Grievance Redressal Mechanism
In case of any complaint / grievance, the customer can make his complaint through any of the following modes :
In case customer chooses to log his complaint through either of website and email, an email / sms will be sent to the customer, acknowledging his complaint and also informing about his complaint number and expected time of resolution.
These complaints will be received by a Nodal Customer Care Executive (through a complaint tracking module) at our Head Office in Mumbai. These complaints would be then referred to respective location and function for resolution.
In case customer chooses to log his complaint at the branch he would be requested to give complaint in writing, In case customer is not able to write then, the branch accountant will fill his details filled in a complaint sheet and provide him his unique complaint number, with expected time of resolution. These complaints will be regularly monitored by Nodal Customer Care executive to ensure effective resolution and escalation.
The company will not only ensure that all the complaints received are recorded and resolved, but also ensure effective monitoring / escalation mechanism to the senior levels responsible so as to ensure that none of the complaints remain unresolved.
All disputes arising out of the decisions of branches in relation to the products and services shall be heard and disposed off at least at the next higher level. Therefore, the following 'Grievances Redressal Mechanism' is put in place
|Complaint Level||Redressal Level|
|Branch Level||Territory Level|
|Territory Level||Regional Level|
|Regional Level||Zonal Level|
|Zonal Level||Head Office Level|
Post resolution of the complaint, the customer will get a mail / sms confirming the resolution of the complaint. At this point customer has to confirm whether the complaint has been resolved to his satisfaction or not. The complaint will be deemed closed if customer does not respond to mail / SMS.
At all branches of the company, prominent display boards will be put up informing them, about the Grievance Redressal Officer [including the name and contact details (Telephone / Mobile nos. and also e-mail address) (Branch Accountant) responsible for logging and resolving at the branch. Also detailed information (including contact details) will be mentioned on how to escalate the matter, in case customer finds resolution inadequate. If the complaint / dispute is not redressed within a period of one month, the customer may appeal to:-
|Sr.No||Centre||Centre Address of the Office of NBFC Ombudsman||Area of Operation|
|1.||Chennai||C/o Reserve Bank of India Fort Glacis, Chennai 600 001 STD Code: 044 Tel No. 25395964 Fax No. 25395488 Email: [email protected]||Tamil Nadu, Andaman and Nicobar Islands, Karnataka, Andhra Pradesh, Telangana, Kerala, Union Territory of Lakshadweep and Union Territory of Puducherry|
|2.||Mumbai||C/o Reserve Bank of India, RBI Byculla Office Building, Opp. Mumbai Central Railway Station, Byculla, Mumbai-400 008 STD Code: 022 Tel No. 2300 1280 Fax No. 23022024 Email: [email protected]||Maharashtra, Goa, Gujarat, Madhya Pradesh, Chhattisgarh, Union Territories of Dadra and Nagar Haveli, Daman and Diu|
|3.||New Delhi||C/o Reserve Bank of India Sansad Marg, New Delhi - 110001 STD Code: 011 Tel. No. 23724856 Fax No. 23725218-19 Email: [email protected]||Delhi, Uttar Pradesh, Uttarakhand, Haryana, Punjab, Union Territory of Chandigarh Himachal Pradesh, and Rajasthan and State of Jammu and Kashmir|
|4.||Kolkata||C/o Reserve Bank of India 15, Netaji Subhash Road, Kolkata-700001 STD Code: 033 Tel. No. 22304982 Fax No. 22305899 Email: [email protected]||West Bengal, Sikkim, Odisha, Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, Bihar and Jharkhand|
The customer complaint process and grievance redressal policy will be reviewed at regular intervals.
Complaints about excessive interest charged by NBFCs
The Company charges interest only as per the terms of the contract. The terms of the contract are clearly mentioned in the sanction letter as well as the loan agreement and any delay in payment of installments as per the repayment schedule will attract penal interest at the rate of 3% per month from the due date till the date of payment of the installment. This rate of interest is fixed to act as a deterrent to the customer in delaying the payment of the installment.
Regulation of excessive interest rates charged by NBFCs
Please refer our Policy on 'Interest rate and gradation of risk'
Repossession of vehicles financed
The Company adopts due legal process as detailed below for repossession of vehicles financed. The clause which is incorporated in the loan agreement has been reproduced below.
“Consequences upon event of default:
Upon occurrence of any event of default and any time thereafter, the Lender shall without prejudice to its rights in law, be entitled to take custody of hypothecated Asset on notice, to declare all sums due and to become due hereunder for the full term of agreement including foreclosure charges calculated at the rate of 3 % on the Principal outstanding, along with other dues including unpaid instalments , Service taxes , late charges etc as due and payable by giving 10 days notice and upon such demand if the Borrower fails to make the said payment in full within 10 days thereof, Lender shall have the right to do any or all of the following :
However, in the event of the Lender apprehending that the Borrower is likely to put the Asset for illegal use or deteriorating the condition of the Asset or concealing or disposing to any third party, jeopardizing the security of the Lender and also the prospects of recovery of Loan, under such circumstances Lender shall take custody of Asset without any notice period .
It is agreed and understood by the Borrower (s) that the right of the Lender to recover the amount payable and/or repayable or reimbursable to the satisfaction of the Lender shall survive any such Cancellation of Loan and/or termination of the Agreement as the case may be . The Lender shall be entitled to take all or any of the steps to recover the dues payable by the Borrower and shall have unqualified right to disclose or publish Borrower’s default in such manner and through such medium as the Lender may in its absolute discretion may deem fit.”
For illustration purpose only
Total Amount Payable