FAIR PRACTICE CODE
Anand Rathi Global Finance Ltd (ARGFL, the company), in pursuance of the directions issued by Reserve Bank of India for Non-Banking Financial Companies (NBFC’s) vide circular - DNBS (PD) CC No. 80 / 03.10.042 / 2005-06, dated September 28, 2006, detailing standards for fair business and corporate practices while dealing with their customers (as modified, amended and updated from time to time, the "FPC"). Revised Guidelines issued by RBI vide circular DNBS.CC.PD.No. 266 / 03.10.01 / 2011-12 dated 26th March 2012 have been incorporated:
1. Non Discrimination Policy:
ARGFL will not discriminate between its customers on the basis of gender, physical ability, race or religion.
2. Applications for loans and their processing:
a) The official language for all communications with in the Company or with third parties shall be English
b) All communications to the borrower shall be in English or in vernacular language / the language as understood and confirmed by the borrower
c) All relevant information pertaining to the loan will be made available in the relevant loan application form(s), including the necessary loan information and documents required to be submitted together with the duly completed application form
d) Receipt of completed applications forms will be duly acknowledged.Applicants are required to insist for an acknowledgement in this regard.The acknowledgement would also indicate the approximate timeframe within which the applicant should contact the company at its registered office to ascertain the status of the loan application
3. Loan appraisal and terms/conditions:
a) Loan applications shall be assessed in accordance with the company’s credit appraisal process.
b) Upon approval of the loan, the company shall convey in writing to the borrower in English or in vernacular language or the language as understood by the borrower an agreement/sanction letter indicating the amount of loan sanctioned, annualised rate of interest applicable, including method of application thereof, along with the terms and conditions, shall be conveyed to the loan applicant in writing. A written acceptance of such terms and conditions shall be retained by the company.
c) The company shall mention the penal interest charged for late repayment in bold in the loan agreement/sanction letter.
4. Disbursement of loans including changes in terms and conditions:
a) Any changes in the terms and conditions, adverse to the borrower, including interest rates, service charges, prepayment charges etc. shall be informed to the client in writing in English or in vernacular language or the language as understood by the borrower
b) For any account specific charges, the changes will be communicated in writing to the borrower.
c) Changes in interest rates and other charges shall be effective prospectively.
d) Decision to recall any loan shall be done in accordance with the terms and conditions of the loan agreement.
e) All securities pertaining to the loan would be released on receipt of full and final payment of the loans, subject to any legitimate right or lien, and set-off for any other claim that the company may have against the borrowers. 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 until the relevant claim is settled /paid.
5. Credit Reference Agencies:
a) When a person applies for a loan product, we may pass on such details, for purposes of credit reporting, verification and risk management, as may be required. We will exchange information about our customers with reputable reference sources and clearing house services.
b) We may give information to such credit reference agencies about the loans taken from us, your repayment track record and other appropriate details to build your credit profile.
c) We may provide such credit reference agencies information about day to day running of your account as per the consent provided by you in our loan agreement terms.
d) We may provide such information to our group/associate entities or companies when we have tie up arrangements for providing other financial products, provided we have your permission, through consent obtained as apart of our terms and conditions.
6. Customer Protection:
We will treat all our customer’s personal information as private and confidential and will not reveal details of customers dealings with us to a third party unless authorized customer.Unless authorized by customer, we will not reveal transaction details to any other entity including other than the following exceptional cases:
a) If we have to give the information by law.
b) If there is a duty towards the public to reveal the information.
c) If our interest requires us to provide this information (eg fraud prevention) to Banks/Financial Institutions/Our Group or Associate Companies.
7. General Provisions:
a) ARGFL shall refrain from interference with the business of the borrowers except under the terms and conditions of the loan agreement (unless new information, not disclosed earlier, by the borrower has come to the notice of ARGFL).
b) Where the borrower insists on transferring the loan the consent or otherwise the objection if any, would be conveyed within 21 days from the date of receipt of such request of the borrower.
c) For recovery of loan, ARGFL shall follow procedures as laid down in the internal guidelines and provisions and would remain within the legal framework. ARGFL and its representatives shall not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc. ARGFL shall ensure there is no rude behavior from its staff towards customers for which staff will be adequately trained to deal with the customers in an appropriate manner.
8. Interest Rate Policy:
a) While fixing the rate of interest on loans, the company will take into consideration the cost of funds, margin and risk premium.
b) A borrower is communicated the annualised rate percentage in the sanction letter while communicating the approval of a loan.
c) The decision to give a loan and the rate of interest thereon are carefully assessed on a case by case basis based on multiple factors which may include the borrower's cash flows (past, current and projected), borrower's other financial commitments, the borrower's credit record, the security for the loan as represented by underlying assets or other financial guarantees etc.
d) Such information is gathered based on information provided by the borrower, credit reports and market intelligence
e) Company would charge interest by adding his Basic Lending Rate and risk premium on various category clients.
f) The Company shall be entitled to charge interest at more than one rate of interest, if the loan facility or any part thereof is secured against different types of secured asset applicable to the relevant facility or if the loan is granted under different schedules of terms or company has to bear direct expenses to secure the client.
g) Basic Lending Rate is subject to change and would intimate clients as when such change occurs.
9. Grievance Redressal:
a) In case of any complaint/grievance, the borrowers may contact through any of the following channels: Phone, mail, contact address.
b) The Company shall provide for periodical review of the compliance of this Fair Practice Code and the functioning of the grievance redressal mechanism at various levels of management.
c) ARGFL has appointed a Grievance Redressal Officer who can be approached by the public for resolution of complaints against the Company.
Grievances Redressal Officer : Mr. Sunil R Dhoot
Telephone: 022 4001 3890
Fax: 022 4001 3770
Visit us on: www.rathi.com
Post: 4th Floor, Silver Metropolis, Jai Coach Compound Opp Bimbisar Nagar, Goregaon (E). Mumbai -400 063.
d) After examining the matter, it will be our endeavour to provide the borrower/applicant with our final or other response, within a period of two (2) weeks and within a maximum period of six (6) weeks from receipt of such complaint/grievance.
a) The Company reserves the right to amend /alter /modify the codes as mentioned herein above and provide updates from time to time, not affecting/sacrificing the underlining spirit of the code.
b) The Company shall periodically review the compliance of this Code and the functioning of the grievance redressal mechanism at various levels of management.
INTEREST RATE POLICY
Please refer to our Policy on charging interest to our clients:
|Client Risk Profile||Interest Range (p.a.)|
Telephone: +91 22 4001 3890
Write to Grievance Redressal Officer Mr. Sunil Dhoot at 4th Floor, Silver Metropolis, Jai Coach Compound, Bimbisar Nagar, Goregaon (E), Mumbai – 400 063, India
FEES & SERVICE CHARGES
Following charges would be recovered from the clients based upon charge schedules prevailing the time:
|Documents Charges||Rs. 500 + service tax applicable|
|Cheque Dishonour Charges||Rs. 500 (+ Applicable Service tax) per cheque|
|Penal Charges||As prescribed and agreed terms|
Service Tax and other Government taxes, levies, etc as per the prevailing rates appliacable, as per terms agreed
We may however need to disclose your personal data from time to time to credit agencies/bureau, if we are required by a Court Order, by Government Officials, by Law Enforcement Officials or by other legal processes or where it becomes necessary to do so to protect the rights or property of ARGFL and/or its group companies to enable processing of transactions or communications with you.
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"Reserve Bank of India does not accept any responsibility or guarantee about the present position as to the financial soundness of the Company or the correctness of any of the statements or representations made or opinions expressed by the Company and for discharge of liability by the Company."