FAIR PRACTICE CODE

With a view to regulating the credit system and making practices followed by Non Banking Finance Companies transparent and customer-friendly, Reserve Bank of India, in exercise of the powers conferred under Section 45L of the RBI Act, 1934 (Act 2 of 1934), have prescribed broad guidelines on fair practices that are to be framed by the NBFCs with the approval of the Board of Directors and implemented across the network. In accordance with the directives of Reserve Bank of India, the Company has, with the approval of its Board, framed the following fair practices code. In pursuance to the Notification issued by the Reserve Bank of India vide Circular No. RBI/2006-07/138 DNBS (PD) CC No. 80/ 03.10.042/ 2005-06 dated the 28 th September 2006, RBI/2011-12/470 DNBS.CC.PD.No.266 /03.10.01/2011-12 March 26, 2012 and RBI/2012-13/416 DNBS.CC.PD.No.320/03.10.01/2012-13. Ecomark General Finance and Leasing Limited (referred to as the “Company”) has formulated this Fair Practices Code to lay down the following procedures and practices in dealing with the business transactions.

(I) Applications for loans and their processing
  • a) With a view to enabling the customers to take informed decisions, the application forms for loan will be in vernacular language and would contain all the required information for meaningful comparison of the terms and conditions offered by other NBFCs, which may affect his/her interests. The list of documents to be submitted with the application form would be specified and the applications submitted along with the prescribed documents would be duly processed

  • b) We have implemented adequate steps to ensure KYC guidelines as per RBI and our Gold loans are granted by following policies

    • Proper assaying procedures for all jewellery
    • Adequate system to satisfy ownership of the jewellery
    • Jewellery is properly insured and kept under safe custody.
    • The auction procedures are disclosed in the loan agreement and highly transparent with adequate prior notice to the borrower with date of the auction, finally, the same shall be announced to the public by issue of advertisements in two news papers.
    • Gold pledged will be auctioned only through auctioneers approved by the Board of Directors.
    • Systems and procedures will be put in place dealing with fraud including separation of duties of mobilization, execution and approval.
  • c) All the applications for loans received by the Company would be acknowledged by means of a receipt, which will invariably carry the time frame within which the loan application would be disposed of.

  • d) All communications to the borrower shall be either in the vernacular language or in a language as understood by the borrower.

(II) Loan appraisal and terms and conditions
  • a) The Company shall convey in writing in vernacular language to the borrowers by means of sanction letter or otherwise the amount of loan sanctioned along with the terms and conditions including annualized rate of interest, method of application thereof and the applicable penal interest. The Company shall keep the acceptance of these terms and conditions by the borrowers on its record. Cases of rejection would also be notified to the prospective borrower (s) promptly.

  • b) A copy of the loan agreement in the vernacular language as understood by the borrower along with a copy each of all enclosures quoted in the loan agreement to all the borrowers at the time of sanction / disbursement of loans.

(III) Disbursement of loans including changes in terms and conditions
  • a) The Company shall give notice to the borrower in the vernacular language of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc. The Company shall also ensure that changes in interest rates and charges are effected only prospectively. A suitable clause to this effect shall be incorporated in the loan agreements.

  • b) Decision to recall and/or accelerate payment or performance under the agreement shall be in consonance with the loan agreement.

  • c) The Company shall release all securities on repayment of dues or on realization of the outstanding amount of loan, subject to any legitimate right or lien for any other claim the Company may have against the borrower. If such right of set off is exercised, 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.

(IV) Grievance Redressal Mechanism
  • a) The Company shall endeavor to prevent, avoid and minimize complaints / grievances from Public/Customers.

    b) The Company shall ensure that all its employees are properly trained and shall demonstrate courtesy to all Customers/public.

  • c) The name and contact details of the Grievance Redressal Officer is as below:

    • K V Sushi,
      Managing Director,
      Room No.52, II Floor,
      Therattil J Antony Memorial Municipal Building,
      Round South, Thrissur, Kerala
      Pin 680 001
      Phone No. +91 8693011234 Email : info@ecomarkfinlet.com

  • d) In case of any dispute/compliant, the public/Customer can approach the Grievance Redressel Officer who shall hear and dispose of the dispute within one month from the date of receipt of the compliant.

  • e) In the event of non-disposal of the dispute/compliant within one month, the customer/public shall appeal to The Officer-in-Charge, Department of Non-Banking Supervision, Bakery Junction. PB No.6507, Thiruvananthapuram, Kerala. Pin 695033 . Ph. No. 0471 2338818, Email:dnbsthiro@rbi.org.in

  • f) A consolidated report of such grievances would be submitted to the Board at quarterly intervals.

(V)Internal principles governing the interest rates:
  • The interest charges to be levied on loans will be governed by following internal principles.

  • In the case of Gold Loans, the company lends varying amounts per gram of the gold (LTV) depending upon the market value and the purity of the gold. As per the risk assessment of the company a higher LTV is a riskier than a lower LTV. Accordingly, lower LTV attracts lower rate of interest and higher LTV attracts higher interest rate. Further, remittance of interest per month is optional for the customers.

  • Cost of funds: Interest on loans will be levied as a mark up on the current cost of funds. The current cost of funds for this purpose means the incremental cost of borrowing of the relevant month including the processing fee and intermediation fee and all incidental expenses.

  • The interest rates charged by the Company shall always be expressed in simple rates as per the policy of the Company from time to time.

  • The administrative charges to be levied shall form part of loan documents with the due acknowledgement of customer by countersigning the same. The Company may levy interest on the basis of 360 days in a year because on an average 80% of the customers prematurely settle their loan before one year which is the maximum period of loan extended by the Company. Any other charges and levies may be done by informing the customer with his due acknowledgement.

(VI) General
  • a) The Company shall refrain from interference in the affairs of the borrower except for the purposes 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 Company.)

  • b) In case of receipt of request from the borrower for transfer of borrowal account, the consent or otherwise i.e. the Company's objection, if any, shall be conveyed within 21 days from the date of receipt of the request. Such transfer shall be as per transparent contractual terms in consonance with law.

  • c) In the matter of recovery of loans, consistent with its policy over the years, 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. The company shall ensure that the staff are adequately trained to deal with the customers in an appropriate manner.

TERMS & CONDITIONS

These terms and conditions apply to the Customer who uses this Online Payment Services for repayment of Loan or any other charges to ECOMARK. Kindly read these terms and conditions carefully. By authorizing a payment to through the online payment service (“the service”), it would be treated as a deemed acceptance to these terms and conditions. ECOMARK reserves all the rights to amend these terms and conditions at any time without giving prior notice. It is the responsibility of the Customer to read the terms and conditions before using the Service

KEY TERMS:

The following is a summary of the key terms of this service:

  • 1. Payment(s) through this Service may only be made with a Debit card (Master / Visa / RuPay / Maestro), Net-Banking, Google Pay & UPI (Unified Payments Interface)
  • 2. Before using this Service, it is recommended that the Customer shall make necessary enquiry about the charges or fees payable against the Debit card / Net – banking, Google Pay & UPI
  • 3. The Debit card, Net-Banking, Google Pay & UPI information supplied at the time of using the service is processed by the payment gateway of the service provider and is not supplied to ECOMARK. It is the sole responsibility of the Customer to ensure that the information entered in the relevant fields is correct. It is recommended that you take and retain a copy of the Transaction Acknowledgement for record-keeping purposes, which might assist in resolution of any disputes that may arise out or usage of the serviceI
  • 4. The Customer agrees, understands and confirms that his/ her personal data including without limitation details relating to Debit card / Net – banking / Google Pay & UPI transmitted over the Internet Payment Gateway may be susceptible to misuse, hacking, theft and/ or fraud and that ECOMARK or the Payment Service Provider(s) have no control over such matters.
  • 5. The service is provided using a Payment Gateway Service Provider through a secure website/app. However, neither the payment gateway service provider nor the ECOMARK gives any assurance, that the information so provided online by the Customer is secured or may be read or intercepted by a third party. ECOMARK does not accept or assume any liability in the event of such unauthorized interception, hacking or other unauthorized access to information provided by a Customer of the service.
  • 6. ECOMARK and/or the Payment Service Providers shall not be liable for any inaccuracy, error or delay in, or omission of (a) any data, information or message, or (b) the transmission or delivery of any such data, information or message; or (c) any loss or damage arising from or occasioned by any such inaccuracy, error, delay or omission, non-performance or interruption in any such data, information or message. Under no circumstances shall ECOMARK and/or the Payment Service Providers, its employees, directors, and its third party agents involved in processing, delivering or managing the Services, be liable for any direct, indirect, incidental, special or consequential damages, or any damages whatsoever, including punitive or exemplary arising out of or in any way connected with the provision of or any inadequacy or deficiency in the provision of the Services or resulting from unauthorized access or alteration of transmissions of data or arising from suspension or termination of the Service.
  • 7. The Customer agrees that ECOMARK or any of its employees will not be held liable for any loss or damages arising from the use of Internet Payment Gateway, or reliance upon the information contained on the Website, or any failure to comply with these Terms and Conditions where such failure is due to circumstance beyond ECOMARK’s reasonable control.
PRIVACY POLICY:
  • 1. The information provided by the user related to payments using debit card or Net-Banking is not accessed or stored by ECOMARK on this app/website
  • 2. If payment is made by means of a card that you do not personally own, the permission of the card owner must always be obtained to make payments using the card. In using the system you confirm that you have such permission.
  • 3. No Warranty: The information and materials contained in this site including, graphics, links or other items are provided as on “As Is” and “As Available” basis by ECOMARK which is organized and tries to provide information accurately and expressly disclaims liability for error or omission in this information and materials. No warranty of any kind, implied, express or statutory shall be given by ECOMARK shall not be limited to the warranty of fitness for a particular purpose and freedom from computer virus is given in conjunction with the information and materials.
  • 4. Limitation of Liability: In no event, ECOMARK will be liable for any damage direct or indirect losses or expenses arising in connection with site or use thereof inability to use by any person delay of operation or transaction, computer virus etc
  • 5. The Customer authorizes ECOMARK to exchange, share, part with all information related to the details and transaction history of the Customers to its Affiliates / Subsidiaries / banks / financial institutions / credit bureaus / agencies/participation in any telecommunication or electronic clearing network as may be required by law, customary practice, credit reporting, statistical analysis and credit scoring, verification or risk management and shall not hold ECOMARK liable for use or disclosure of
SECURITY:

All payment details which are entered through this Payment Gateway are encrypted. The site is secure and uses 128-bit encryption to offer secure communications by encrypting all data to and from the site. ECOMARK shall not be liable for any failure by the Customer making payment to properly protect data from being seen on their screen by other persons or otherwise obtained by such other persons, during the Online Payment processor or in respect of any omission to provide accurate information in the Course of the Online Payment Process.

NON - BINDING

Please note that this privacy policy does not create any contractual or other legal rights in or on behalf of any party, nor is it intended to do so.

PROHIBITED ACTIONS

While using this Site/ app, you agree not to, by any means (including hacking, cracking or defacing any portion of the Site) indulge in illegal or unauthorized activities including the following:

  • Restrict or inhibit any authorized user from using this Site/app
  • Use the app/Site for unlawful purposes
  • Harvest or collect information about App/Site users without their express consent
  • "Frame" or "mirror" any part of the App/Site without our prior authorization
  • Engage in spamming or flooding
  • Transmit any software or other materials that contain any virus, time bomb, or other harmful or disruptive component
  • Remove any copyright, trademark or other proprietary rights notices contained in the App/Site
  • Use any device, application or process to retrieve, index, “data mine” or in any way reproduce or circumvent the navigational structure or presentation of the App/Site
TRANSACTION CHARGES

The transaction charges will be borne by ECOMARK

VARIATIONS TO THE TERMS AND CONDITIONS

ECOMARK reserves the right to vary these Terms and Conditions from time to time and the current version will be that published on website. We reserve the right to decline the acceptance of an online payment if your account is in default for any reason. ECOMARK may also make additions/deletions/alterations to the services offered, at its sole discretion. ECOMARK reserves the right to withdraw the service at any time at its discretion. ECOMARK retains the right to change the terms and conditions for Online Payments, without any prior notice.