Citicorp Finance (India) Limited. Fair Practice Code

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1 Citicorp Finance (India) Limited Fair Practice Code Citicorp Finance (India) Limited (hereafter CFIL ) in pursuance of the directions issued by the RBI, vide its communication, RBI/ /16 DNBR (PD) CC.No.054/ / dated July 1, 2015 mandating guidelines for fair practices code for Non-Banking Financial Companies (NBFCs), has formally adopted the guidelines for all its customer dealings. CFIL is a registered NBFC engaged in the business of financing of commercial vehicles / construction equipment and granting Advances against Financial Assets (AAFA) for personal or business use. While fairness in all customer dealings is duly incorporated in CFIL processes and operational procedures, the Code is formally being documented under the broad areas suggested by the RBI. 1. Applications for loans & their processing 2. Loans appraisal and terms / conditions 3. Disbursement of loans, including changes in terms & conditions 4. General provisions 5. Responsibility of Board of Directors 6. Grievance Redressal officer 7. Language and mode of communicating Fair practice code 8. Regulation of excessive interest charged by NBFCs 9. Complaints about excessive interest rate charged by NBFCs 10. Clarifications regarding repossession of vehicles financed by NBFCs 1. Applications for loans and their processing (a) All relevant information pertaining to the loan has been made available in the loan application form(s) including the necessary loan information and documents required, to be submitted by the customer together with the duly completed application form. The information provided in the Loan application form comprises of: Minimum and maximum effective rate of interest across categories of loans Disclosure of charges Statement that "the interest rate charged by the company incorporate risk premium as considered reasonable and justified having regard to the internal rating of the borrowers, the presence or absence of security & the value, together with other factors including borrowers income, loan size, previous credit history, bureau information, etc. Statement that "Risk gradation is determined based on Risk associated with the type of loan, value of security or collateral, tenor of the loan & quantum of loan. Statement that Citi is committed to offer competitive rates which are well in line with market and competitor s offering. (b) Indicative list of documents required have been disclosed in the application form. The customers are requested to furnish self-attested copies of the following documents along with the application form (at least 3 documents are required): 1. Voter ID 2. Pan Card/ Form Aadhar Card 4. Driver s License 5. Passport 6. Bank Passbook 7. Utility Bills - Electricity/Telephone Bill (postpaid) 8. Partnership deed (wherever applicable) 1 / 6

2 (c) In case of commercial loans- The key terms & conditions of loan are communicated to the borrower in a vernacular language as understood by him. In case of Advance Against Financial Assets- Vernacular declaration is included in the application form. (d) Receipt of completed applications forms will be duly acknowledged. For this purpose, all application forms contain a perforated section on the acknowledgement, which is provided to each applicant. Applicants are requested to insist for an acknowledgement in this regard. The acknowledgement indicates the approximate timeframe of 15 days from the date of receipt of all necessary documents in which the loan will be processed on best effort basis. 2. Loan appraisal and terms / conditions a) Loan applications are assessed in accordance with CFIL s credit appraisal (risk based) process and program applicable. b) Upon approval of the loan, a comprehensive agreement / a sanction letter indicating the amount of loan sanctioned, rate of interest applicable, along with the terms and conditions, is executed and the copy of the same is subsequently sent to the borrower. c) CFIL explains all main terms & conditions of the loan agreement i.e. loan amount, interest rate, installment structure, tenor and other relevant terms on the CFIL s rights in the event of default to the borrower in a separate document in English and / or in the local vernacular language or in a language as understood by the borrower and acknowledgement is obtained from the borrower post sanction of the loan and at the time of executing a loan agreement. d) Penal interest charged for late repayment is mentioned in BOLD in the Loan Agreement in annexure - Schedule III attached to and forming part of the loan cum hypothecation agreement describing particulars of the amount payable. 3. Disbursement of loans, including changes in terms and conditions a) Post disbursement of loan a repayment schedule containing details of the loan, rate of interest, tenor, installment structure and other applicable charges is sent to the borrower. b) Awareness calling is done by the independent centralized unit for ABF products in order to reaffirm the details of the loan. The information which is again provided to the borrower includes the loan number, EMI amount, loan tenor and EMI due date. Awareness calling is done through recorded lines and records of the call are maintained. c) Commercial vehicles / construction equipment finance are term loans with fixed rate of interest followed by monthly payments through EMIs. Further, the details with respect to change in other terms and conditions are stated in the clause under the head- "Notice for changes in the terms" of the loan agreement. The changes as and when done in the rate of interest, charges, etc shall be available at the branches and will be available on our website. However, in case the change is only limited to an individual contract/loan and is not applicable to all customers then the same shall be intimated in form of a letter / on the registered address or /SMS/Call on the registered number. In case of Advances against Financial Assets (AAFA) term loan are offered at a fixed rate of interest and rate of interest can change over a period of time. Any rate change is communicated to the customer in advance. The interest is paid on quarterly basis and no fixed EMI is to be paid by the customer A copy of the loan agreement is sent to the borrower post loan booking/authorization Events of default under which the loan may be recalled or payment accelerated are provided in detail in the Loan agreement under the specific section. 2 / 6

3 d) All securities pertaining to the loan would be released on receipt of full and final payment of the loans, subject to any legitimate right or lien, and set-off for any other claim that CFIL may have against the borrowers. If such right of set-off is to be exercised, the borrower shall be given prior notice about the same, with full particulars about the remaining claims and the conditions under which CFIL is entitled to retain the securities until the relevant claim is settled/ paid. 4. General Conditions a) CFIL refrains from interference in the affairs of the borrower, except for the purposes provided in the terms and conditions of the loan sanction documents (unless new information, not earlier disclosed by the borrower, has come to the notice of CFIL). b) In case of receipt of a written request from the borrower for transfer of the account (assignment of the loan) the consent or objection is duly conveyed within 21days. For Consumer loans as per the Company's practice, in no instance is a refusal to close the account ever made to the customer For commercial loans in case of any request based NOC from the Borrower, the same is issued or the reason of objection is shared with the borrower. c) In the matter of recovery of loans, CFIL follows the measures as per the laid down code of conduct for debt collection and the regulatory guidelines in this regard. 5. Responsibility of Board of Directors The Board of CFIL has laid down the appropriate grievance Redressal mechanism within the organization to resolve disputes arising in this regard. Different escalation levels have been put in place to ensure a robust complaint handling process such that the complaints are disposed of at least at the next higher level in case the borrower is dissatisfied with the resolution provided. 6. Grievance Redressal officer The details with respect to the name and contact details of the Grievance Redressal Officer (GRO) and Officer-in-Charge of the Regional Office of Department of Non-Banking Supervision (DNBS) of RBI are provided below. At CFIL, we aim to provide our customers with the best Customer Service and have consistently invested in infrastructure, people, processes and training to set up a robust and efficient customer service platform. Following is the grievance mechanism for Commercial Loans and AAFA advances: Contact us: The borrower can contact CFIL officer at the nearest branch in case of any query/problem or grievance. The borrower can also call us at our centralized helpline toll free no Timing: Monday - Friday (10.00 AM PM). Escalation of complaints: First Level If the borrower is not satisfied with the response received from the respective branch, he/she may contact or write to Regional/Zonal Managers at our following regional offices. These offices would be operational between am to pm on Monday to Friday. North New Delhi Citicorp Finance (India) Limited 3, local Shopping Complex (LSC), Ground Floor, Near Madangir, Pushp Vihar, Near Birla Vidya Niketan, New Delhi West Mumbai Citicorp Finance India Ltd. C/o Citibank N.A, 5th Floor, Bldg-B7, Nirlon Knowledge Park, Off Western Express Highway Goregaon Mumbai East Kolkata Citicorp Finance India Ltd. BNCCI House. 23,R.N. Mukherjee Road Kolkata South Hyderabad Citicorp Finance India Ltd. C/o Citibank N.A. Lower Ground Floor, Queen s Plaza, SP Road, Hyderabad / 6

4 Escalation of complaints: Second Level If the borrower is not satisfied with the response at the first level, he or she may raise the issue with Grievance Redressal Officer whose address and contact details are as furnished below. Rohan Pinto Citicorp Finance (India) Limited. 5th Floor, B-7, Nirlon Knowledge Park, Nirlon Compound, Off Western Express Highway, Goregaon (E), Mumbai CFIL shall endeavor to respond to each complaint within one month from the date of receipt of the complaint. Escalation of complaints: Third Level If the complaint/dispute is not addressed within one month then the borrower may appeal to: The Officer-in-Charge Reserve Bank of India Non Banking Supervision Department Mumbai Regional Office 3rd Floor, Dr. A.B. Nair Road, Mumbai Central Station ( Next to Maratha Mandir Theatre) Byculla, Mumbai Following is the grievance mechanism for Consumer Loans: Service Request - Getting in touch Following are the detailed levels through which we address customer grievances for consumer loans. Level 1 Call Us Dedicated telephone numbers have been provided where borrower can call and log any grievances at (Toll Free-MTNL, BSNL Airtel, Reliance, TATA, Idea, Vodafone & Aircel users) or at Fax You can also communicate grievances if any through Facsimile at the given number: / 6

5 Send us an You can write at the given ID: Website You can also contact us through our official website: Write to us You can also write to us at: Customer service and Quality, Citicorp Finance (India) Limited, 3 LSC, Pushp Vihar, New Delhi Level 2 Escalation of complaints - To Customer Service Head If you are not satisfied with the response received from the above access channels, you may send an to Head Customer Care at headcustomercare@citi.com or write to the Customer Service Head at Customer service and Quality, Citicorp Finance (India) Limited, 3 LSC, Pushp Vihar, New Delhi , explaining the details of the issue concerned. Level 3 Escalation of complaints - To Grievance Redressal Officer If you are not satisfied with the response received from Head Customer Care and wish to raise the issue with a Senior Officer within the Company, you may escalate your concerns to Grievance Redressal Officer, whom we have appointed to examine customer issues and provide an impartial resolution. The Grievance Redressal Officer, Mr. Abhishek Kumar can be contacted in the following ways. Contact No: / Address: Citicorp Finance India limited Grievance Redressal Officer Customer service and Quality, Citicorp Finance (India) Limited, 3 LSC, Pushp Vihar, New Delhi GRODESK@citi.com Level 4 Escalation of complaints - To Managing Director If you are not satisfied with the response received or have not got any response in 7 working days from us, you can escalate your concern to the Managing Director: managingdirector.cfi@citi.com Level 5 Escalation to RBI In case the complaint / dispute is not redressed within a period of one month, you may appeal to the Officer-in-Charge of the Regional Office of DNBS of RBI. The address is given below: The Officer-in-Charge Reserve Bank of India Non Banking Supervision Department Mumbai Regional Office 3rd Floor, Dr. A.B. Nair Road, Mumbai Central Station ( Next to Maratha Mandir Theatre) Byculla, Mumbai Language and mode of communicating Fair Practices Code Code has been placed in vernacular languages on the website of CFIL 5 / 6

6 8. Regulation and Complaints of excessive interest charged by NBFCs a) CFIL board has adopted an interest rate model/pricing determination policy taking into account relevant factors such as, cost of funds, margin and risk premium, etc and determines the rate of interest to be charged for loans and advances. b) The rates of interest and the approach for gradation of risks are available on the CFIL website. c) 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 disclosed to the borrower in the application form. d) Rate of interest mentioned in the application form is the annualized rate of interest so that the borrower is aware of the exact rates that would be charged to the account. 9. Clarification regarding repossession of vehicles financed by NBFCs All the contract / loan agreement of CFIL contain following provisions regarding repossession of vehicles: a) Notice period before taking possession, b) Circumstances under which the notice period can be waived, c) The procedure for taking possession of the collateral, d) A provision regarding final chance to be given to the borrower for repayment of loan before the sale / auction of the property, e) The procedure for giving possession back to the borrower and f) The procedure for sale / auction of the property. 6 / 6

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