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Pursuant to the Notification issued by the Reserve Bank of
India by its Circular No.RBI/2006-07/138 DNBS (PD) CC No.80/03.10.042/2005-06
dated 28th September 2006, Upsurge Investment & Finance
Ltd. (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 on 1st November 2006.
i) Applications for loans and their processing
(a) Loan Application Forms 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. The loan application form indicates the documents
required to be submitted with the application form.
(b) The Company would give acknowledgement for receipt of
all loan applications. The time frame within which loan applications
shall be disposed of is also indicated in the acknowledgement.
(ii) Loan appraisal and terms/conditions
The Company shall convey in writing to the borrower by means
of sanction letter, the amount of loan sanctioned along with
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 borrower
on its record. The Company shall also communicate to the borrower
if the loan is rejected.
(iii) Disbursement of loans including changes in terms
and conditions
(a) The Company shall give notice to the borrower of any
change in the terms and conditions. The Company shall ensure
that changes in interest rates and charges are effected only
prospectively. The Loan Agreement contains necessary provisions
to this effect.
(b) Decision to recall / accelerate payment or performance
under the agreement shall be in consonance with the loan agreement.
(c) The Company shall release all securities on repayment
of all dues or on realization of the outstanding amount of
loan, subject to any legitimate right or lien for any other
claim the Company may have against the 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.
(iv) General
(a) The Company shall refrain from interference in the affairs
of the borrower except for the purposes provided in the terms
and conditions of the loan 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 borrower for transfer
of borrowal 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 loans, consistent with its
policy over the years, the company shall not resort to undue
harassment viz. persistently bothering the borrowers at odd
hours, use of muscle power for recovery of loans, etc.
(v) Please feel free to contact at the below mentioned details, in case of any queries pertaining to the fair practice code.
Ms. SWATI DHOUNDIYAL
(Company Secretary & Compliance officer)
Upsurge Investment & Finance Ltd.
Office No. 303, Morya Landmark- I,
Opp Infinity Mall, Off New Link Road,
Andheri (West), Mumbai - 400053 INDIA.
Tele: +91-22-67425441
Fax: +91-2267425440
Email: info@upsurgeinvestment.com
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