1. IMPORTANT DECLARATIONS
Our Bank declares and undertakes.
(a) To provide professional, efficient, courteous, diligent and speedy services in the matter of lending.
(b) Not to discriminate on the basis of religion, caste, sex, descent or any of them (except participation in credit-linked schemes framed for weaker sections of the society like Women Entrepreneur Scheme etc.)
(c) To be fair and honest in advertisement and marketing of Loan Products.
(d) To provide customers with accurate and timely disclosure of terms, costs, rights and liabilities as regards loan transactions.
(e) If sought, to provide such assistance or advise to customers applying for loans.
(f) To attempt in good faith to resolve any disputes or differences with customers by the complaint redressal cells within the Bank.
(g) To comply with all the regulatory requirements in good faith.
(h) To spread general awareness about potential risks in contracting loans and encourage customers to take independent financial advice and not act only on representation from banks.
2. FAIR PRACTICES
(a) A Prospective customer would be given all the necessary information adequately explaining the range of loan products available with our Bank to suit his needs.
(b) On exercise of choice, the customer would be given the relevant information about the loan product of his choice.
(c) The Customer would be explained the processes involved till sanction and disbursement of loan and would be notified of timeframe within which all the processes will be completed ordinarily at our bank.
(d) The Customer would be informed of the names and phone numbers of branches (or the persons) whom he can contact for the purpose of loan to suit his needs.
(e) The Customer would be informed the procedure involved in servicing and closure of the loan taken.
Interest Rates for different loan products would be made available through and in any one or all of the following media, namely:
(a) In our Bank’s Web site
(b) Through display in the branches
(c) Through other media from time to time
Revision in Interest Rates
(a) Our Bank would notify immediately or as soon as possible any revision in the existing interest rates and make them available to the customers
(b) Interest Rate revisions to the existing customers would be notified within a reasonable period.
Default Interest / Penal Interest
Our Bank would notify clearly about the default interest / penal interest rates to the prospective customers.
(a) Our Bank would notify details of all charges payable by the customers in relation to their loan account.
(b) Our Bank would make available for the benefit of prospective customers all the details relating to charges to all loan applicants of all categories of loans irrespective of amount of loan sought by the borrower.
(c) Any revision in charges would be notified in advance and would be made available in the media.
(d) Our bank would clearly specify the charges to be recoverable from the Borrower for interest and charges, wherever necessary and get a mandate for debiting the said account along with the documentation.
Terms and Conditions for Lending (As per RBI)
(a) Our Bank would ordinarily give an acknowledgement of receipt of loan application and if demanded by the customer, a copy of the application form duly acknowledged would also be given, as soon as the customer chooses to buy a retail product or service of his choice. In respect of loan applications all loan applicants of all categories of loans irrespective of amount of loan sought by the borrower, the acknowledgement will indicate the timeframe for disposal of such applications.
(b) Immediately after the decision to sanction the loan, our Bank would show draft of the documents that the customer is required to execute and would explain, if demanded by the customer, the relevant terms and conditions for sanction and disbursement of loan. The bank would obtain the customers’ acceptance / guarantor’s acceptance of these terms and conditions on record by way of an acceptance signature in the copy of sanction advice / ticket issued to the customer.
(c) Loan Application Forms, Draft documents, Sanction letter, Declarations or such other papers to be signed by a customer would comprehensively contain all the terms and conditions relating to the product or service of his choice.
(d) Wherever possible, reasons for rejection of loan would be conveyed to the customers.
(e) If the borrower desires to have the copies of the executed loan documents, bank upon written request would deliver the copies of duly executed documents after due verification by the branch lawyer, against the borrowers’ written acknowledgement, at their cost.