SHORT TITLE, EXTENT AND COMMENCEMENT
This Code may be called the Intec Fair Practices Code.
It shall extend to all sections of the Company dealing directly or indirectly with customers in relation to any and all kinds of activities involving credit and finance, in any makeover.
OBJECTIVES OF FAIR PRACTICES CODE
- To ensure transparency in the Company’s dealings with its Customers.
- To ensure compliance with legal norms in matters relating to recovery of advances.
- To strengthen mechanisms for Reddressal of customer grievances.
For the purpose of the Code, the words Application Form shall mean an application in the prescribed format of the Company to be duly filled-in and submitted to the Company by a prospective Customer furnishing all information and particulars required therein in their true and original forms seeking grant of a Facility from the Company on certain specified terms and conditions as may be stipulated by the Company at its sole discretion.
Company shall mean any and all offices of IntecCapital Limited, Facilities shall mean and cover any and all types of financing and asset providing arrangements of different nature and modes like loan, hire purchase, finance lease, operating lease etc. under different financing schemes and policies of the Company as prevailing from time to time and Other words and expressions used and not defined in the Codes herein shall have, unless the context otherwise requires, the meaning respectively assigned to them in the relevant Agreement signed / to be signed and executed by the Customer for availment of a Facility sanctioned to him by the Company.
INTEC FAIR PRACTICES CODE
I. APPLICATIONS FOR FACILITIES AND THEIR PROCESSING:
- All communications to the borrower shall be in English or the language as understood by the borrower.
- Facility application forms shall include necessary information which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made and informed decision can be taken by the borrower. Documents required to be submitted with the application form shall be mentioned in the form.
- Acknowledgement receipt of all facility applications to be issued with indicative time frame for disposal.
II.FACILITY APPRAISAL AND TERMS/CONDITIONS:
- The company will convey in writing to the borrower in English or the language as understood by the borrower by means of sanction letter or otherwise, the amount of facility sanctioned along with terms and conditions including annualized rate of interest and method of application thereof.
- A copy of the facility agreement as understood by the borrower along with a copy each of all enclosures quoted in the facility agreement shall be furnished to all the borrowers at the time of sanction / disbursement of facilities.
III. DISBURSEMENT AND CHANGES IN TERMS AND CONDITIONS:
- Notice to the borrower of any change in the terms and conditions including disbursement schedule, interest rates, processing charges, prepayment charges, etc shall be furnished in English or the language as understood by the borrower. Any changes in interest rates and charges are affected only prospectively. A suitable condition in this regard shall be incorporated in the facility agreement.
- Decision to recall / accelerate payment or performance under the agreement shall be in consonance with the facility agreement.
- The Company shall release all securities on repayment of all dues or on realization of the outstanding amount of the facility subject to any legitimate right or lien for any other claim may have against borrower. 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 till the relevant claim is settled/paid.
- The Company shall refrain from interference in the affairs of the borrower except for the purposes provided in the terms and conditions of the facility agreement (unless new information, not earlier disclosed by the borrower, has come to the notice of the Company).
- In case of receipt of request from the borrower for transfer of borrowal account, the consent or otherwise i.e. objection of the Company, if any, the Company shall convey within 21 days from the date of receipt of request. Such transfer shall be as per transparent contractual terms in consonance with law.
- In the matter of recovery of facilities, the Company shall not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of facility, etc. The staffs are adequately trained to deal with the customers in an appropriate manner.
V. GRIEVANCE REDDRESSAL MECHANISM:
- The Company has laid down the appropriate grievance Reddressal mechanism within the organization to resolve disputes arising in this regard. Such a mechanism ensures that all disputes arising out of the decisions of the functionaries are heard and disposed of at least at the next higher level.
- The Board shall periodically review the compliance of the Fair Practices Code and the functioning of the grievances Reddressal mechanism at various levels of management.
- Response to a complaint would be given within a maximum period of one month from the date of complaint, unless the nature of complaint requires verification of voluminous facts and figures.
- Contact details of Grievance Redressal Officer:.
GRIEVANCE REDRESSAL OFFICER
Mr. Puhup Srivastava
T +91-11-4652 2200 / 300, Extn. 285
[Pl. Note: The contact numbers have been allocated exclusively to the Grievance Redressal Officer. Calls will be taken between 10.00 am to 5.00 pm on all working days (except Saturday and Sunday) and at the time of making such calls, customer need to provide details such as customer ID and branch name]
708, Manjusha Building, 57, Nehru Place, New Delhi-110019
The Company shall displayat all its branches / places where business is transactedtheabove details of Grievance Redressal Officerviz. contact details (Telephone / Mobile nos. as also email address) who can be approached by the public for resolution of complaints against the company.
If the complaint/dispute is not redressed within a period of one month, the customer may appeal to the Officer- in Charge as per the below mentionedcontact details :
OFFICER- IN CHARGE
Department of Non-Banking Supervision
VI. REGULATION OF INTEREST TO BE CHARGED FROM THE
The Company has laid out appropriate internal principles and procedures in determining interest rates and processing and other charges.
The Company has adopted an interest rate model taking into account relevant factors such as, cost of funds, margin and risk premium, etc and determined the rate of interest to be charged for facilities and advances. The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of borrowers is followed in the Company.
Internal Credit Rating Model has been adopted for gradation of risks which is considered to determine the rates of interest.
The rate of interest to be charged to the account will also be mentioned in annualized form.
The Board of Directors of the Company shall review the Code and its implementation from time to time.