The acceptance of these terms and conditions are to be recorded by obtaining the signature of the borrower.
i) The Company shall make available loan application forms in local language to all prospective customers free of cost at the Registered Office of the Company , Documents to be submitted alongwith application are One passport size photo and Proof of Identity and Residence. An acknowledgement for receipt of duly completed loan application forms will be given to the customer in all cases.
ii) The Company shall disclose all relevant information relating to a loan such as eligible loan amount, interest rate, charges, penal interest etc. before sanction of the loan to enable the customer to take an informed decision. The Customer / will be provided, the detailed terms and conditions of the loan, before sanction.
iii) The Company shall ensure that a loan sanction letter is given to the customer containing all the terms and conditions governing the loan facility in the local language or other language understood by the customer. The loan sanction letter will also mention the loan amount, loan account number, interest rate, Penal charges, loan processing fees etc