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The following documents are
required to be submitted with the application for loan.
PROOF OF IDENTITY
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In case of individual, any one of the following
documents may
be furnished.
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Xerox of Pan
Card issued by the Income Tax Department.
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Xerox of Passport
issued by the Regional Passport Authority
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Any other photo identity card issued by the
Government
authority mentioning the address.
In case of
Corporate body, xerox of the following three
Documents should be furnished.
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Certificate of
Incorporation
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Certificate of
commencement of Business
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Trade Licence
Duly
attested xerox of latest Income Tax Return and
for Corporate bodies 3 years audited Balance Sheet,
alongwith proof of filing the documents with the
Registrar of Companies and Income Tax
authorities.
All Loan
Applications will be acknowledged by the Company.
LOAN APPRAISAL AND TERMS/CONDITIONS
Promptly
on receipt of the
loan application duly filled in along with the required
documents, the disbursing authority in the company will
appraise the proposal.
The loan application should be approved or rejected
after appraisal by the disbursing authority and the
decision will be communicated in writing containing the
following information to the applicant within a
fortnight of making the application :
a)
Terms and condition of Sanction.
b)
Annualised rate of interest
and method of calculation.
DISBURSEMENT
OF LOANS INCLUDING CHANGES IN TERMS
AND
CONDITIONS
Loan will be disbursed within a week of sanction on
fulfilment of company's requirement. The terms and
conditions on which the disbursement is made
including the disbursement schedule will remain
valid till the loan is repaid by the borrower in full.
In case it is intended to change the disbursement
schedule, that should be done by mutual consent and the
same rule will apply in the matter of interest rate,
service charge, prepayment charges etc. In case of any
changes, the same will be applicable only prospectively.
This will be incorporated in the loan agreement.
The Loan
Agreement should consist of
the condition under
which the company will recall the loan or insist
on acceleration of payment
or performance under the agreement.
The
security will be released by the company on repayment of
all dues or on realisation of the outstanding amount of
loan. However, this is subject to legitimate right of
lien for any other claim, that the company may have
against the borrower. The borrower will be issued notice
of such set off and the claim
of the company remaining thereafter. The company
will also intimate the borrower the conditions under
which the company is entitled to retain the security
till the relevant claim is settled/paid.
GENERAL
The
company would refrain from interference in the affairs
of the borrower except for the purposes provided in the
terms and conditions of the Loan Agreement or any
modifications thereto as may be mutually agreed upon.
In case
of receipt of request from the borrower for transfer of
account, the matter will be discussed and decision in
this connection will be taken by the disbursing
authority authorised by the Board of Directors which
will be communicated to the borrower within 21
days from the date of receipt of the request..
The
company will resort to only legal means for recovery of
a loan
In case
the borrower has any grievance, the disbursing authority
should settle the same by negotiation. If need be, the
matter may be referred to the Managing Director for
disposal.
The Board
of Directors will review the prescribed Fair Practices
Code at least once in six months.
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