2. Application of the Code:
This code shall apply to all employees of the company and other persons authorized to represent it in the course of its business with respect to all products and services.
Company will adhere to this code to act fairly and reasonably in all dealings with customers, by ensuring that:
- The company shall meet the commitments and standards in this Code for the products and services it offers and in the procedures and practices their staff follows.
- Products and services of the company will meet relevant laws and regulations in both letter and in spirit.
- The company will act quickly in correcting the mistakes and attend to complaints lodged by its customers in light of objective of this code.
- Company will not discriminate in any manner between genders, castes, religions or disability while dealing with the customers visiting/approaching for services from us. However the restrictions, if any, as mentioned in the loan products, shall continue to apply.
Disclosure and Transparency:
Our company believes in complete disclosures and transparency in dealing with our customers. We shall provide all relevant information which may have a bearing on the transactions between the Company and the customers including but not limited to the interest rates, common fees and charges through all possible means including:
- Putting up notices in branches;
- Providing tariff schedule as and when requested.
- Through the company’s website
- Through designated staff
The Company will collect personal information that it believes to be relevant and required to understand the profiles of the customer and conduct its business. The Company will keep all personal information of customers as private and confidential and will not disclose any information to a third person unless required by any law or Government authorities including Regulators or Credit agencies or where the sharing of information is permitted by the customer. If company shall avail services of any third party for providing support services, Company shall require that such third parties handle customers’ personal information with the same degree of confidentiality.
Applications for loans and their processing
- The loan agreement discloses the rate of interest charged from customer as also the other charges pertaining to the loan like processing fee, cheque bounce charges etc.
- Acknowledgement will be given for receipt of all loan applications.
- The Company would verify the loan applications within a reasonable period of time
- Normally all particulars required for processing the Loan Application will be collected by the Company at the time of application. In case it needs any additional information, the customer will be informed to provide the same.
- The Company will convey in writing to the borrower by means of sanction letter or otherwise, the amount of loan sanctioned along with all terms and conditions including annualized rate of interest, method of application, EMI Structure, prepayment charges, if any and keep the written acceptance of these terms and conditions by the borrower on its record.
- Borrower shall be entitled to a copy of the Loan Agreement along with a copy each of all enclosures quoted in the Loan Agreement at the time of sanction / disbursement of loans.
Rejection of Loan Application:
In case of rejection of loan sanction/disbursement, the decision will be communicated to the borrower in writing. The reason for rejection in the opinion of the Company after due consideration, which has led to rejection of the loan applications would also be communicated in writing. In case the proposal does not meet the internal product parameters of the Company, the borrower would be intimated accordingly.
Decision to Recall or Acceleration of repayment of loan amount:
Before taking a decision to recall/accelerate payment or performance under the agreement or seeking additional securities, the Company shall give notice to the borrower(s) in consonance with the Loan Agreement.
Requests for Foreclosure of Loan Account:
Company at its discretion shall process requests for transfer of a loan account, either from the borrower or from a bank/financial institution, in the normal course.
Changes in the Terms and Conditions
The Company shall give notice to the borrower of any change in the Terms and Conditions including disbursement schedule, interest rates, service charges, prepayment charges, other applicable fee/ charges etc. The Company will ensure that changes in interest rates and charges are effected only prospectively. If such change is to the disadvantage of the customer, he/she may within 60 days and without notice close his / her account or switch it.
Closure of Loan Account and release of Securities/Documents:
The Company shall 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 that the Company may have against borrower. If such right of set off is to be exercised, the borrower shall be 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.
Privacy and Confidentiality
All personal information of customers shall be treated as private and confidential [even when the customers are no longer customers], and shall be guided by the following principles and policies. Company shall not reveal information or data relating to customer accounts, whether provided by the customers or otherwise, to anyone, including other companies/entities in their group, other than in the following exceptional cases:
- If the information is to be given by law or by the direction of the regulator/s.
- If there is a duty towards the public to reveal the information.
- If the company’s interests require them to give the information (for example, to prevent fraud) but the same will not be used as a reason for giving information about customer or customer accounts (including customer name and address) to anyone else.
- If the customer asks the company to reveal the information, or with the customer’s permission.
- If the company is asked to give a reference about customers, with his / her written permission.
- The customer shall be informed the extent of his / her rights under the existing legal framework for accessing the personal records that holds about him /her.
- The company will not use customer’s personal information for marketing purposes by anyone unless the customer specifically authorizes to do so.