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In the loan application form, the bank shall provide comprehensive information, including information about fees and charges. These charges could be payable for processing, and the amount of such fees refundable in case of non-acceptance of the application, prepayment options, and other matters that affect the interest of the borrowers. This applies to all categories of loans, irrespective of the amount of loan.

  • The bank shall provide acknowledgement for receipt of all loan applications, indicating the time frame within which the application will be disposed of.
  • The bank shall verify the loan application, and if additional details/documents are required, then those will be sought from the applicant.
  • The bank will be expected to process the application without delay for all categories of loans and irrespective of any threshold limits. If the application is turned down, the bank will convey in writing to the applicant the reasons for rejection within one month.
  • The sanctioning authority is expected to ensure proper assessment of the credit application according to the bank's existing instructions and credit policy. The availability of adequate margin and security will not substitute due diligence on the customer's creditworthiness.
  • All the terms and conditions and other caveats will be duly communicated by an authorised official of the bank to the customer in writing.
  • The acceptance of the customer will be obtained on the sanction letter with the customer's signature under the caption "I/WE ACCEPT ALL THE TERMS AND CONDITIONS WHICH HAVE BEEN READ AND UNDERSTOOD BY ME/US".
  • A copy of the loan agreement along with all the enclosures quoted in the loan agreement, will be furnished to the customer at the time of issue of the sanction letter.
  • The sanction letter/loan agreement will clearly state that the credit facilities will be extended solely at the discretion of the bank and that drawings under the following circumstances will be solely at the discretion of the bank.
  • Drawings beyond the drawing power/sanctioned limits.
  • Honouring of cheques issued for a purpose other than specifically stipulated in the sanction.
  • Drawings in an account once it is classified as NPA.
  • No drawings will be allowed in case of non-compliance with the terms and conditions by the borrower.
  • Meeting further requirements of the borrower on account of growth in business will be subject to proper review of the credit limits.
  • The disbursement will be done immediately on compliance of all the terms and conditions of the sanction by the borrower and the branches need not refer to the sanctioning authority for disbursement.
  • Any changes in the terms and conditions of the sanction, such as interest and charges, will be notified to the borrower before effecting the changes.
  • Any changes in interest rate and charges will be effected only prospectively after giving due notice to the borrower.
  • The post-disbursement supervision, such as submission of periodical reports and periodic inspection, will be stipulated at the time of issue of the sanction letter. The sanction letter would also mention whether the bank or the borrower will bear the cost of inspection.
  • The bank will issue notices to the borrowers in advance in case the bank decides to recall the advance, accelerate the payment, accelerate the performance under the loan agreement, or seek additional securities.
  • The bank shall release all securities on receiving payment of the loan. However, the bank may decide to exercise the right to set off any legitimate right or lien for any other claim against the borrower. In case the bank decides to retain the security, the borrower will be notified about the remaining claims and the documents under which the bank is entitled to retain the security till the relevant claim is paid/settled.
  • The bank will not interfere in the affairs of the borrowers except where provided for in the terms and conditions of the loan sanction documents, such as periodic inspection, scrutiny of books of accounts, verification of stocks and book debts, and scrutiny of QIS statements.
  • In case any information not disclosed earlier by the borrower has come to the notice of the bank, it will have the right to elicit the necessary information from the borrower and initiate action to protect its interest.
  • While the bank may participate in credit-linked schemes framed for weaker sections of society, it shall not discriminate on grounds of sex, caste, and religion in lending.
  • In the matter of recovery of loans, the bank shall not resort to undue harassment, such as persistently bothering the borrowers at odd hours and use of muscle power.
  • In the case of receipt of the request for transfer of a borrowal account, either from the borrower or from other banks/FIs (financial institutions) that propose to take over the loan, the bank's consent or objection, if any, shall be conveyed within 21 days from the date of receipt of the request.
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