Fair Practice Code

Basic Guidelines and Frame work for lending to MFIs engaged in micro finance activities adopted pursuant to FAIR PRACTICES CODE put in place by Ananya Finance for Inclusive Growth Pvt. Ltd.  


1. Loan funds will be provided to those NGOs, Cooperatives, Micro finance institutions engaged in micro finance and providing loans to the poor.

 
2. All the prospective borrowers need to provide their application in complete as per format provided along with legal constitution documents. The Know Your Customer Guidelines shall be fully followed. 


3. Every single loan application will be reviewed, processed and presented to Loan Committee.


4. Every loan will be provided with sanction letter with all the terms and conditions stated and disbursement will be done only on acceptance the terms by the borrower.


5. The company will acknowledge receipt of all loans and will complete the process of sanction or rejection within a period of 6 weeks.

 
6. All loan products will be reducing balance method on daily balances and confirmation of balances and statement of accounts will be provided periodically. 


7. Any security or guarantee received at the time of sanction and disbursement will be released only on completion of the loan and the company will acknowledge fully the guarantee and security received, registered. 


8. Any pre closure of loan will be done within 21 days from the date of receipt of application. 


9. Any change in the terms and conditions of the loan, including interest, prepayments, loan tenure, loan processing charges, service fee etc. will be duly intimated to the existing customers with adequate notice and will be implemented prospectively only. 


10. The Company will seek periodic information about the loan portfolio and utilization of the funds provided to the customers, besides, if agreed upon, to appoint a director or observer in the Board Meetings, besides regular review. However, the company will not interfere into the policy decisions and day to day affairs of the borrowers. 


11. All recovery of loans will be made with respect and dignity, through legal course available and no physical force will be applied. 


12. The company has appointed Mr. Gaurav Gupta, Managing Director, to whom the borrowers can apply for redressal of their grievances in the implementation of the above policy.