Fair Practice Code
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Fair Practice Code
- Without exception, all messages sent to the borrower will be in the indigenous language or a language you understand.
- Loan application forms will contain all the information needed to evaluate the potential risk and possible rewards of a loan application, enabling the applicant to make a fair comparison of offers made by other Financial Services Companies. The loan application form includes the documents required by the application.
- The Company will grant acknowledgment toward the conclusion of all loan application submissions with a clearly defined timeframe within which a preliminary decision will be made regarding the complete loan application.
- The Company will issue a sanction letter that stipulates the sanctioned amount, the monthly payments to be made, and the method of use for the borrowed funds.
- The Company will inform the borrower of any late-interest penalties in the loan’s terms.
- The Company will provide the loan agreement and a copy of each one of its enclosures to every customer at the time of loan disbursement.
- The notice will usually be provided to the client in the borrower’s native language, as indicated by the individual signing the loan. Changes in interest rates and caseloads will be treated as to be prospective in the loan agreement.
- The provider’s decision to accelerate the settlement per the terms of the loan agreement is under the intention of the loan.
- The Company will release all securities and repay any outstanding loan or all the expenses by bank transfer unless the Company has an interest in any other claim against the borrower. Suppose it transpires that the buyer wants to cancel the contract to be set free of the remaining claims. In that case, he will be notified of relevant information concerning those and the consequences in which the firm can retain the salient securities until the claim is settled is paid.
- The Company will ensure that all possible interest rates, processing, and other charges on loans and advances are per its internal principles and procedures. When making disbursements, the Company will monitor the interest rate and other charges, if any, on loans and advances to comply with its internal principles and procedures.
- The Company must provide the official form and formally in the sanction letter the rate of interest, the approach for gradation of risk, and the rationale for charging different interest rates in different categories of borrowers.
- The Company will keep the customers informed regarding changes in the premium for individuals managed by the organization.
- The interest rate will be adjusted yearly to accurately reflect the original rate charged to the account.