Product: To provide secured/ unsecured loans to individuals for meeting any financial need/ purposes.
Eligible customer: Personal loans will be extended to any salaried or self-employed people who can furnish required data regarding their earning statements.
Purposes: The loan will be granted for meeting any personal purposes including consumption needs.
While personal guarantee of another person may not be insisted upon in the case of fully secured loans at the discretion of the sanctioning authority, guarantee of a third party drawing the same or higher salary and having the same or higher take home pay or any other person acceptable to the Company may be insisted in the case of unsecured personal loans granted to salaried individuals.
Loans will be granted to individuals only after the Company is satisfied about the credit worthiness, integrity, local standing and repayment capacity of each borrower.
As a general rule, unsecured personal loan will not be granted to any person who does not have regular verifiable income.
Nomenclature and tenure of the loan: The loan will be sanctioned as a Demand Loan, repayable on demand. The Company may, at the request of the borrower, allow repayment in convenient instalments or equated monthly instalments.
Quantum of finance: The quantum of finance will be decided mainly on the basis of the borrowers repaying capacity and the value of security provided.
Interest and charges including penal interest: Interest rates will be fixed on the basis of risk assessment, cost of funds, cost of operations etc. and may differ for different schemes and different categories of borrowers. Processing charges as decided from time to time will be recovered.
Documentation: Salary certificate for salaried persons and IT returns for the last 3 years for others and any other additional documents as per the decisions of sanctioning authority will be insisted upon.
Demand Promissory Note/ Agreement, ACH mandate, undertaking from borrowers for deducting instalments from salary. Ceiling on net take home pay will be fixed in the case of salaried people to ensure prompt repayment.
The Company will be free to modify the terms and conditions of the loan scheme anytime without giving any notice, which will be made applicable prospectively. The Company may stipulate fulfilment of certain minimum criteria like age, net salary, total years of service, years of service left, owning a house etc depending upon the risk profile of the person and will have the right to reject any application for nonfulfillment of any of the criteria or without assigning any reason.
Personal Loans to individuals other than salaried persons: Considering the opportunities available for lending to the above segment, instruments available to measure and mitigate risks, lending to non-salaried segment also can be made. CIBIL score and data scrub on our existing customers by reputed credit information agencies like CRIF High Marks may be used to identify potential customers in this segment with excellent track record and very low/ low credit risk profile. Prospective customers identified by Fintech companies through their digital marketing platform can also be considered for financing subject to fulfilment of the eligibility criteria stipulated by the Company for granting unsecured loans.