Fair Practices Code


Application for loans and their processing:

The Company will issue a numbered application form to all applicants who request the same. The application form will:

  1. Seek information that is material to credit appraisal.
  2. Provide a list of documents that the applicant will have to submit along with the application
  3. Acknowledge any non-refundable fees paid along with the application

Acknowledgement for Loan application:

The Company will issue written acknowledgement for each loan application in the prescribed format immediately on receipt of the application. Time frame within which loan applications will be processed would be indicated in the acknowledgement of such applications.

All valid and complete applications received with minimum documents and meeting minimum credit criteria shall be logged into the loan origination system. The application serial number which is part of the acknowledgement can be used to correspond with the Company.


Detailed appraisal of proposals cleared in principle and sanctioned/ rejected:

The Company would verify the loan applications within a reasonable period of time. If additional details / Documents are required; it would intimate the applicant immediately.

In case the application is rejected, the Company will convey in writing, the main reason / reasons which, in the opinion of the Company after due consideration, have led to rejection of the loan applications.


Loan appraisals and terms /conditions:

Interest Rate and other Charges

Recovery of Loans

The Company would not resort to undue harassment for recovery of loans. The employees of the company who contact customers for collections / recoveries will act as per the code of the conduct of the Company. The Company shall ensure that the staff are adequately trained to deal with the customers in an appropriate manner.


Loan against gold Jewellery

Repossession of Security

The Company has a built in re-possession clause in the contract/loan agreement with the borrower. The Loan agreement shall cover the following points:


GRIEVANCE REDRESSAL PROCESS

The quick and effective handling of complaints as well as prompt corrective & preventive actions to improve processes are essential to provide excellent customer service to all segments of customers. To achieve this, the Company shall strive to maintain the following turnaround time frames for responding / resolution of the customer complaints:

# Nature of Complaint Time Period
1 Loan agreements and loan related Within Thirty Days
2 Waiver/ Refunds Within Thirty Days
3 Prepayment & closure documents Within Thirty Days
4 Others Within Thirty Days

The grievance redressal process as below, shall be displayed at the branches / places where the business of the Company is transacted, for the benefit of their customers: