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Fair Lending Practices Code

3.2 Interest Rates

3.2.1 Interest Rates for different loan products would be made available through and in any one or all of the following media, namely :

a. In the Bank's Web site
b. Over phone, if Tele Banking services are provided
c. Through prominent display in the branches and all other delivery points
d. Through other media, from time to time.

3.2.2 Customers would be entitled to receive periodic updates on the interest rates applicable to their accounts.

3.2.3 On demand, Customers can have full details of method of application of interest.

3.3 Revision in Interest Rates :
  1. The Bank would notify immediately or as soon as possible any revision in the existing interest rates and make them available to the customers in the media listed in Para 3.2.1.
  2. Interest Rate revisions to the existing customers would be notified within 3 working days from the date of change.
3.4 Default Interest / Penal Interest :

a) The Bank would notify clearly about the default interest / penal interest rates to the prospective customers.

3.5 Charges :
  1. The Bank would notify details of all charges payable by the customers in relation to their loan account.
  2. The Bank would make available for the benefit of prospective customers all the details relating to charges generally in respect of their retail products in the media specified in Para 3.2.1.
  3. Any revision in charges would be notified in advance and would also be made available in the media as listed in Para 3.2.1.
  4. Our Bank would clearly specify the charge account for interest and charges, wherever necessary and get a mandate for debiting the said charge account along with the documentation.
  5. Our Bank would clearly specify in the loan application or in the form of an attachment to the loan application the amount of fees/charges, if any, payable for processing and the amount of such fees refundable in case of non-acceptance of the loan application.
  6. Our Bank would clearly specify in the loan application or in the form of an attachment to the loan application the pre payment option of the loan, if sanctioned, and the penalty/charges payable by the customer for exercising pre payment option.
3.6 Terms and Conditions for Lending :
  1. The Bank would ordinarily give an acknowledgement of receipt of loan request and if demanded by the customer, a copy of the application form duly acknowledged would also be given, as soon as the customer chooses to buy a product or service of his choice.
  2. Immediately after the decision to sanction the loan, the Bank would show draft of the documents that the customer is required to execute and would explain, if demanded by the customer, the relevant terms and conditions for sanction and disbursement of loan.
  3. Loan Application forms, Draft documents or such other papers to be signed by a customer shall comprehensively contain all the terms and conditions relating to the product or service of his choice.
  4. Reasons for rejection of the loan application would be conveyed to the customers.
  5. Before disbursement of loan and on immediate execution of the loan documents, the Bank shall deliver a copy of the documents to the customers.

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