ALTERNATIVE INVESTMENTS AND CREDITS LIMITED
FAIR PRACTICES CODE
1) The company shall include in the loan application forms necessary information which affects the interest of the borrower, for a meaningful comparison with the terms and conditions offered by other NBFCs.

2) The loan application form shall always indicate the documents required to be submitted with the application form.

3) The company shall always give acknowledgement for receipt of all loan applications.

4) The company shall indicate in the acknowledgement the time frame within which loan application will be disposed of.

5) The company shall convey the amount of loan sanctioned along with the terms and conditions including funding charges and method of application thereof and keep the acceptance of these terms and conditions by the borrower on its record in the sanction letter.

6) The company shall give notice to the borrower of any change in the terms and conditions including disbursement schedule, funding charges, service charges, prepayment charges etc.

7) The company shall ensure that changes in funding charges and any other charges are effected only prospectively.

8) The company‘s decision to recall/ accelerate payment or performance under the agreement shall always be in consonance with the loan agreement.

9) The company shall release all securities on repayment of all dues or on realization of the outstanding amount of loan. However if the company has any legitimate right or lien for any other claim, it shall be set-off against the other claims. If such right of set off is exercised by the company, the borrower shall be given notice about the same with full particulars about the remaining claims and the conditions under which the company is entitled to retain the securities till the relevant claim is settled/paid.

10) The company shall not interfere in the affairs of the borrower except for the purpose provided in the terms and conditions of the loan agreement(unless new information ,not earlier disclosed by the borrower ,has come to the notice of the lender)

11) In case of receipt of any request for transfer of borrowal account, the company will convey it’s reply within 21 days from the date of receipt of request.

12) In the matter of recovery of loans, the company shall not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc. If the matter is not resolved by persuasion, legal recourse shall be resorted to.

13) The company shall set-up a grievance redressal committee and the role of the committee would be
a) to hear the disputes arising out of the lending institutions functionaries and resolve the disputes at the next higher level.
b) periodical review of the compliance of the Fair Practices Code.

14) The company’s Grievances redressal committee shall function at various levels of management.

15) A consolidated report of reviews mentioned in point no. 13 and 14 shall be submitted to the Board once every quarter.