Loans and Advances Abridged Fair Practice Code of Credit Suisse Finance (India) Private Limited
Credit Suisse Finance (India) Private Limited ("CS Finance" or the "Company") is a private limited company incorporated under the provisions of the Companies Act, 1956 and is a non-deposit taking systemically important non-banking financial company registered with the Reserve Bank of India vide certificate of registration number B-13.01951 dated 26 October 2009.
It is, and shall be the policy of CS Finance to make available all financial products offered by the Company, to eligible qualified applicants, without discrimination on the basis of race, caste, color, religion, sex, marital status, age or handicap, directly or through subsidiaries and/or associates.
CS Finance's policy is to treat all the clients consistently and fairly. CS Finance shall adopt all the best practices prescribed by RBI from time to time and shall make appropriate modifications, if any, necessary to this policy to conform to the standards so prescribed. The employees/representatives of CS Finance will offer assistance, encouragement and service in a fair, equitable and consistent manner. CS Finance will also communicate its Fair Practices Code (FPC) to its clients by uploading the FPC on its web-site.
Additional guidelines on fair practices mandated by RBI vide notification dated March 26, 2012, for NBFC-MFI and for NBFCs engaged in lending against collateral of gold jewellery are not applicable to CS Finance, since it does not engage in such activities.
The board of directors and the management team of CS Finance are responsible for implementing the FPC, and also to ensure that its operations reflect its strong commitment to all the stakeholders for offering in a fair and equitable manner, the various financial services and products including lending as CS Finance may provide from time to time and that all CS Finance employees/representatives shall be aware of this commitment.
- Before offering any kind of fund based or non-fund based non-banking facility, CS Finance will assess the ability of the client (prospective borrower) to repay. Before the client relationship is established, CS Finance will obtain a written confirmation from the client/borrower about their understanding of the English language and acceptance of English as the preferred language for all correspondence with CS Finance. Written confirmation will be taken once either as a separate letter or as part of account opening form or as a declaration in the loan agreement / transaction documents. In the event the client insists on usage of a vernacular language for correspondence, CS Finance will evaluate its ability to honour the request before establishing the relationship with the client.
- Loan application of CS Finance will include necessary information which are likely to affect the interests of the prospective borrower, so that a meaningful comparison with the terms and conditions offered by other non-banking finance companies can be made and an informed decision taken by the prospective borrower.
- The loan application form shall indicate the documents required to be submitted along with the application form.
- CS Finance shall provide to the prospective borrower an acknowledgement for receipt of all loan applications. The time frame within which loan applications will be disposed of will be mentioned in such acknowledgement.
- CS Finance shall convey in writing to the prospective borrower the fate of the loan application by means of sanction letter / facility letter / loan agreement or otherwise. In the case of sanction of loan, the sanction letter shall contain the terms and conditions including annualised rate of interest and method of application thereof.
- The acceptance of the terms and conditions communicated by the borrower shall be preserved by CS Finance in its records and a copy of the same shall be provided to the borrower upon his/her/its request.
- CS Finance will invariably furnish a copy of the loan agreement alongwith a copy of each of enclosures quoted in the loan agreement to all clients at the time of sanction/disbursement of loan.
- CS Finance shall release all securities upon repayment of all dues or on realisation of the outstanding amount of loan subject to any legitimate right or lien for any other claim it may have against the borrower. The borrower shall be given due notice with full particulars about the outstanding claims in case such right of set off is to be exercised.
- CS Finance will refrain from interfering in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan documents, unless new information not earlier disclosed deliberately or otherwise by the borrower has come to its notice.
- The rate of interest is determined by CS Finance on the basis of various factors including but not limited to cost of funds, matching tenure cost, internal rating, internal returns threshold, regulatory policies/ environment, inherent credit and default risk in the product and the clients, nature and value of primary and collateral securities, haircut margin, carrying cost, operating cost, etc. CS Finance adopts discrete interest rate model / policy whereby the rate of interest for each disbursement would be evaluated independently giving due consideration to any or a combination of a few or all factors listed.
- In case of receipt of request from the borrower for transfer of a borrower account to other NBFC, bank or financial institution, the consent or otherwise of CS Finance shall be conveyed within 21 days from the date of receipt of such request in writing. Such transfer shall be in accordance with the contractual terms entered into with the borrower and in consonance with the statutes, rules, regulations and guidelines as may be applicable from time to time.
- In the matter of recovery of loans, CS Finance shall resort only to remedies which are legally and legitimately available to it and will not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc.
- CS Finance will guide clients who wish to lodge a complaint and also provide guidance on what to do in case the client is unhappy with the outcome.
- After examining the matter, CS Finance will send a response as soon as possible;
- CS Finance will also guide a client on how to escalate the matter if the client is not satisfied;
- CS Finance shall designate an officer for the redressal of grievances of the clients including the borrowers, in connection with any matter pertaining to business practices, lending decisions, credit management and recovery. The name and contact details of the designated officer is as under:
9th Floor, Ceejay House, Plot F, Shivsagar Estate
Dr. Annie Besant Road, Worli, Mumbai – 400 018, India
+91 22 6777 3619
+91 22 6777 3710
- If the complaint / dispute is not redressed within a period of one month, the customer may appeal to Officer-in-Charge of the Reserve Bank of India at:
Department of Supervision, Reserve Bank of India,
World Trade Centre, Cuffe Parade,
Mumbai - 400005
The various commitments outlined and made by CS Finance are applicable under the normal operating environment. In the event of Force Majeure, CS Finance will not be able to fulfil the commitments under the FPC to the entire satisfaction of the client(s), the other stake holders, and the public in general.