Bazaari Finance's commitment to ethical lending practices
Applications for Loans and Processing
Bazaari Finance would have loan application forms for all its loan and advances.
Bazaari Finance would verify the loan applications within a reasonable period of time. If additional details / documents are required, it would intimate the borrowers immediately.
In the case of all borrowers seeking loans seeks an explanation for rejection in writing, Bazaari Finance would convey, the main reason/reasons which, in the opinion of Bazaari Finance after due consideration, have led to rejection of the loan applications.
Loan Appraisal and Terms/Conditions
Bazaari Finance would ensure that there is proper assessment of credit application made by borrowers. The assessment would be in line with Bazaari Finance's credit policies & procedures and relevant regulatory guidelines.
Bazaari Finance would convey to the borrower the credit limit along with the terms and conditions thereof and obtain the borrower's acceptance of these terms and conditions, given with his full knowledge on record.
A copy of the loan agreement along with a copy each of all enclosures quoted in the loan agreement may be furnished to the borrower if asked for.
The sanction letter or the loan agreement would stipulate if the credit facilities are solely at the discretion of Bazaari Finance. Further Bazaari Finance does not have an obligation to meet additional requirements of the borrowers on account of growth in business etc. without proper review of credit limits. Any increase/additional limits/changes in facilities requested by the customer would be considered by Bazaari Finance based on its internal policies and assessment and Bazaari Finance is not under any obligation to accede to the specific request of the borrower.
Disbursement and Terms Changes
• Bazaari Finance would ensure timely disbursement of loans sanctioned in conformity with the terms and conditions governing such sanction. It would give notice of any change in the terms and conditions including interest rates, service charges etc.
Post Disbursement Supervision
Bazaari Finance reserves the right to accelerate the loan upon delay in payment of EMI.
Bazaari Finance would release all securities on receiving payment of loan or realisation of loan subject to any legitimate right or lien for any other claim that it may have against borrowers. If such right of set off is to be exercised, borrowers shall be given notice about the same with full particulars about the remaining claims and the provisions under which Bazaari Finance is entitled to retain the securities till the relevant claim is settled/paid.
General Policies
Bazaari Finance would refrain from interference in the day-to-day affairs of the borrowers except for what is 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 Bazaari Finance). This however does not imply that Bazaari Finance's right of recovery and enforcement of security under law as well as appointment of nominee directors, where required, is affected by this commitment.
Bazaari Finance would not discriminate on grounds of sex, caste and religion in the matter of lending. However, this does not preclude Bazaari Finance from participating in credit-linked schemes framed for weaker sections of society.
In the matter of recovery of loans, Bazaari Finance would not resort to undue harassment or use of force.
In case of receipt of request for transfer of borrowal account, either from the borrower or from a company/financial institution, which proposes to take- over the account, the consent or otherwise i.e., objection of Bazaari Finance, if any, would be conveyed within 21 days from the date of receipt of request.