ECL Finance Limited (the Company), in pursuance of the directions issued by Reserve
Bank of India for Non-Banking Financial Companies (NBFC’s), has adopted the following code for fair practices while dealing with customers. The Fair Practice Code (FPC) is intended to cover the following areas:

• Applications for loans and their processing
• Loan appraisal and terms/conditions
• Disbursement of loans, including changes in terms and conditions
• General provisions and
• Grievance redressal mechanism

Applications for loans and their processing:

• All relevant information pertaining to the loan will be made available in the relevant loan application form(s), including the necessary loan information and documents required to be submitted together with the duly completed application form.
• Receipt of completed applications forms will be duly acknowledged.Applicants are required to insist for an acknowledgement in this regard.
• The acknowledgement would also indicate the approximate timeframe within which the applicant should contact the company at its registered office to ascertain the status of the loan application.

Loan appraisal and terms/conditions

• Loan applications shall be assessed in accordance with the company’s credit appraisal process.
• Upon approval of the loan, an agreement/sanction letter indicating the amount of loan sanctioned, annualised rate of interest applicable, including method of application thereof, along with the terms and conditions, shall be conveyed to the loan applicant in writing. A written acceptance of such terms and conditions shall be retained by the company.

Disbursement of loans, including changes in terms and conditions

• Any changes to the terms and conditions, including disbursement schedule, interest rates, service charges, prepayment charges, etc., shall be informed individually to the borrowers in case of account specific changes, and in case of others, the same shall be available at the registered office / corporate office of the Company.
• Changes in the interest rates and charges shall be effected prospectively.
• Decision to recall / accelerate payment or performance under the agreement shall be in accordance with the terms and conditions duly acknowledged by the borrower.
• All securities pertaining to the loan would be released on receipt of full and final payment of the loans, subject to any legitimate right or lien, and set-off for any other claim that the company may have against the borrowers. If such right of set-off is to be 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 until the relevant claim is settled /paid.

4. General provisions

• 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 sanction documents (unless new information, not earlier disclosed by the borrower, has come to the notice of the Company).
• In case of receipt of request from the borrower for transfer of borrowal account, the consent or otherwise, i.e. objection of the Company, if any, shall be conveyed within 21 days from the date of receipt of request.
• In the matter of recovery of loans, the Company shall not resort to undue harassment and would operate within the legal framework.

5. Grievance Redressal
In case of any complaint/grievance, the applicant/borrowers may contact our Registered Office through any of the following three channels :

• Telephone: 022 – 22864400, 022 - 22864390
• Fax: 022 – 22864253, to the attention of Mr. Ravi Bubna (Whole-time Director)
• Mail: ECL Finance Ltd, 14th Floor, Express Towers, Nariman Point, Mumbai - 400021

After examining the matter, it will be our endeavour to provide the borrower/applicant with our final or other response, within a period of two (2) weeks and within a maximum period of six (6) weeks from receipt of such complaint/grievance.

This code shall be effective from October 14, 2006. The Company shall provide for periodical review of the compliance of this Fair Practice Code and the functioning of the grievance redressal mechanism at various levels of management.