- All communications to the borrower shall be in vernacular language or in a language as understood by the borrower.
- The Company will take recourse / actions only through legally permissible remedies as per the terms & conditions of loan agreement entered into with the borrower.
- The Company shall refrain from interference in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan agreement (unless information, not earlier disclosed by the borrower, has been noticed).
- In case of receipt of request from the borrower for transfer of borrowal account, the consent or otherwise i.e. objection of the Company, if any, shall be conveyed within 21 days from the date of receipt of request. Such transfer shall be as per transparent contractual terms in consonance with law.
- 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.
- The Company has an exclusive recovery team who are specialized in handling collection activity in a professional manner by adopting a due legal process as per the law of the land. Since it is a specialized function, the quality is addressed at the recruitment level itself.
- In the matter of recovery of loans, the Company shall not resort to any harassment – such as persistently bothering the borrowers at odd hours (before 8:00 a.m. and after 7:00 Page 6 of 8 p.m.), use of muscle power for recovery of loans, etc. Further, the employee/agents will be adequately trained to deal with the customers in an appropriate manner
- The Company has adopted an interest rate model taking into account relevant factors such as, cost of funds, margin and risk premium, etc. to determine the rate of interest to be charged for loans and advances and ensuring that the interest rate is not excessive. The Company shall, at the time of disbursal, ensure that the interest rate on loan and advances are in strict adherence to the interest rate model adopted by the Company. The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of borrowers will be disclosed to the borrower in Application Form, Offer letter and on the website of the Company.
- The Company will not charge foreclosure charges/ pre-payment penalties on any floating rate term loan sanctioned for purposes other than business to individual borrowers, with or without co-obligant(s).
- All loan application will be given an acknowledgment with a time frame within which it will be disposed.
- No Objection Certificate, wherever applicable would be issued within 15 working days subject to the availability of the customer.
- For all loans, wherever applicable, charge would be released within 30 working days from the date of closure/settlement of the loan account.
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