As per the RBI Notification No DNBR (PD) CC.No.054/03.10.119/2015-16 dated July 01, 2015, we are subject to follow the below guidelines which is provided by RBI in their notification and the guidelines will be amended from time to time based on the revised RBI notification.
All type of communication from Real Touch Finance Limited (RTF) to the borrower shall be in the vernacular language or a language as understood by the borrower. RTF Loan application form includes 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. RTF loan application form may indicate the documents required to be submitted along with the application form. RTF will provide the acknowledgement slip for all the loan applications received. RTF has internal time frame for processing all loan applications. Post submitting the application form along with the necessary documents, the approx. time frame will be indicated within which the loan application will be processed.
Decision made on the loan applications is subject to RTF internal credit policy. Based on the loan approval, Sanction Letter and Loan Agreement by mentioning the Sanction Loan Amount, Interest Rate and Penal Interest along with the related terms and conditions shall be conveyed to the borrower in writing. Accepted sanction letter and loan agreement along with the other terms and conditions will be taken from the borrower and a copy will be provided to the borrower.
In case of any changes including schedule, interest rates, service charges, prepayment charges, etc., during the loan duration, RTF will communicate to the borrowers. RTF also ensures that changes are effected prospectively based on the regulatory instructions. RTF also incorporate such variations in the loan agreement. Decision to recall/accelerate payment or performance under the agreement should be in consonance with the loan agreement.
RTF will release all securities based on repayment of all dues or on realization of the outstanding loan amount subject to any legitimate right or lien for any other claim RTF may have against 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 RTF is entitled to retain the securities till the relevant claim is settled/paid.
RTF will refrain from interference in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan agreement (unless any new information, not earlier disclosed by the borrower, has been noticed by RTF).
In case of receipt of request from the borrower for transfer of borrowal account, the consent or otherwise i.e. objection of the RTF, if any, should be conveyed within 21 days from the date of receipt of request.
For recovery of loan, RTF shall follow the procedures as per the RBI guidelines and provisions and would remain within the legal framework. RTF also ensures that the staffs are adequately trained to deal with the customers in an appropriate manner.
*Compliance with respect to all aspects of the Fair Practices Code shall be reviewed by the Board annually.