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Fair
Lending Practices Code
Scope
:
1(a) FAIR LENDING PRACTICES CODE
(FLPC for short) is a voluntary code adopted
by our Bank, which aims to achieve synchronization
of best practices while dealing with Customers
in India. It aims to provide valuable inputs
to Customers and facilitates effective
interaction of customers with the Bank.
Extent :
1(b) FLPC would be applicable in
the Bank from the date it is placed in the
Bank's web site or is otherwise publicised
through the media. FLPC contains
8 important declarations from us, the spirit
of which pervades the entire FLPC
provisions.
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Important declarations : |
The
Bank declares and undertakes
-
To provide in a professional manner, efficient,
courteous, diligent and speedy services
in the matter of retail lending.
- Not
to discriminate on the basis of religion,
caste, sex, descent or any of them.
- To
be fair and honest in advertisement and
marketing of Loan Products.
- To
provide customers with accurate and timely
disclosure of terms, costs, rights and
liabilities as regards loan transactions.
- If
sought, to provide such assistance or
advice to customers in contracting loans.
- To
attempt in good faith to resolve any disputes
or differences with customers by setting
up complaint redressal cells within the
organisation.
- To
comply with all the regulatory requirements
in good faith.
- To
spread general awareness about potential
risks in contracting loans and encourage
customers to take independent financial
advice and not act only on representations
from banks.
3.1
Product Information :
- A
prospective customer would be given all
the necessary information adequately explaining
the range of loan products available with
the Bank to suit his/her needs.
- On
exercise of choice, the customer would
be given the relevant information about
the loan product of choice.
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The Customer would be explained the processes
involved till sanction and disbursement
of loan and would be informed of time-frame
within which all the processes will be
completed ordinarily at our Bank.
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The Customer would be informed of the
names and phone numbers of branches and
the persons whom he can contact for the
purpose of loan to suit his needs.
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The Customer would be informed the procedure
involved in servicing and closure of the
loan taken.
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