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Fair Practices Code


Pursuant to the Notification issued by the Reserve Bank of India by its Circulation No.RBI/2006-07/138 DNBS(PD) CC No.80/03.10.042/2005-06 Dated 28th September, 2006, India Lease Development Limited (ILD) (referred to as the "Company") has formulated this Fair Practices Code to lay down the following procedures/practices in dealing with the business transactions. This Code shall come into effect immediately.
1
Sanctioning of Proposals of Assets Financing
a.
Standardised Application Forms depending on the segment to which the hirer/lessee belongs shall include necessary information for arriving at a meaningful comparison with the terms and conditions offered by other NBFCs. On the basis of said information, decision can be taken by the hirer/lessee. The Loan Application Form will Indicate the documents which are required to be submitted with the Application Form.
b.
The Company would give acknowledgement for receipt of all applications for financing of assets. The time frame within which applications shall be disposed of shall not be exceeding one week and the same will be indicated in the acknowledgement.
c.
In accordance with the company's policy, each application will be processed and assessed. Suitable margin and the guarantee required to be given by the guarantor will be stipulated based on each proposal and amount of finance involved therein. However, the proposal will not be compromised on due diligence.
d.
In case of rejection of application, the same would be conveyed in writing alongwith the main reasons which led to rejection of the application.
e.
The company shall convey in writing to the Hirer/Lessee by means of a sanction letter, the amount of finance to be made alongwith the terms and conditions including annualized rate of interest and method of application thereof. The company shall keep the acceptance of these terms and conditions by the hirer/lessee on its record.
2
Sanctioning and Finalizing the Proposal
a.
The Company shall give notice to the Hirer/Lessee of any change in the terms and conditions including disbursement schedule, finance charges, service charges, prepayment charges etc. The company shall ensure that changes in finance charges and any other charges are effected in accordance with the Hire Purchase/Lease Agreement.
b.
Any decision to prepay the instalment/finalization of the total agreed amount shall be in consonance with the Hire Purchase/Lease Agreement. However, performance of the Hirer/Lessee in finalizing the deal will always be looked into and based on the same, rebate, if any, will be arrived at.
c.
The company shall release all securities on repayment of all dues or on realization of the outstanding amount of agreed amount, subject to any legitimate right or lien for any other claim the company may have against the hirer/lessee. If such right of set off is to be exercised, the Hirer/Lessee 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.
3
General
a.
The company shall refrain from interference in the affairs of the hirer/lessee except for the purposes provided in the terms and conditions of the Hire Purchase/Lease Agreement (unless new information , not earlier disclosed by the borrower, has come to the notice of the Company)
b.
In case of receipt of request from the Hirer/Lessee for transfer of account, the consent or otherwise i.e. the company's objection, if any, shall be conveyed within 21 days from the date of receipt of request. Such transfer shall be as per transparent contractual terms in consonance with law.
c.
In the matter of recovery of dues, consistent with its policy over the years, the company shall resort to practice which is permissible under the law.
4
Grievances, if any, in connection with the Code shall be addressed to
Sh. M.K. Madan
Director
India Lease Development Limited
MGF House, 4/17 B, Asaf Ali Road,
New Delhi - 110002
by letter with copy marked to
Sh. Arun Mitter
Director
India Lease Development Limited
MGF House, 4/17 B, Asaf Ali Road,
New Delhi - 110002
email - info@indialease.com

 

 
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