Policies

• The Company will convey in writing to the borrower in the vernacular language or a language as understood by the borrower by means of sanction letter or otherwise, the amount of loan sanctioned along with the terms and conditions including annualised rate of interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on its record.
• The Company will mention the penal interest charged for late repayment in bold in the loan agreement.
• The Company will furnish a copy of the loan agreement preferably 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.

• The Company will give notice to the borrower in the vernacular language or a language as understood by the borrower of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc. The Company should also ensure that changes in interest rates and charges are effected only prospectively. A suitable condition in this regard should be incorporated in the loan agreement.
• Decision to recall / accelerate payment or performance under the agreement will be in consonance with the loan agreement.
• The Company will release all securities on repayment of all dues or on realisation of the outstanding amount of loan subject to any legitimate right or lien for any other claim the Company may have against borrower. If such right of set off is to be exercised, the borrower will 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.

• The Company will 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).
• 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, will be conveyed within 21 days from the date of receipt of request. Such transfer shall be as per transparent contractual terms in consonance with law.
• In the matter of recovery of loans, the Company will not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc. To avoid rude behavior from the staff of the Company, the Company shall ensure that the staff are adequately trained to deal with the customers in an appropriate manner.

• The Board of Directors will adopt an interest rate model for determining the rate of interest to be charged on loans and advances, processing and other charges taking into account relevant factors such as, cost of funds, margin and risk premium, etc. The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of borrowers shall be disclosed to the borrower or customer in the application form and communicated explicitly in the sanction letter.
• The rates of interest and the approach for gradation of risks shall also be made available on the web-site of the Company. The information published in the website or otherwise published should be updated whenever there is a change in the rates of interest.
• The rate of interest should be annualised rates so that the borrower is aware of the exact rates that would be charged to the account.

The company aims to provide best customer service and is consistently striving on creating a robust and efficient customer service platform. If the customers have any issues or wish to register a complaint, they can reach us at any of the following:

STEP 1: The customer can call us and log his grievances at: +91 040 6650 5000.

STEP 2: Customers can also write their grievances at e mail ID: grievance@isfc.in

STEP 3: Customers can also write to:Mr Ankur Aggarwal,

Chief Operating Officer,

Indian School Finance Company Pvt Ltd,

8-2-269/2/52, Plot No 52, Sagar Society, Road No. 2,Banjara Hills, Hyderabad - 500034.

A periodical review of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management would be undertaken by the Company. The Company shall abide by this Fair Practices Code following the spirit of the Code and in the manner it may be applicable to its business.

The Company shall put the above Fair Practices Code outlined hereinabove on its web site, for the information of various stakeholders. The Company would also review and refine the Code, as may be required periodically –based on its own experience and fresh guidelines, if any, to be issued by the Reserve Bank of India in this regard.

• Besides normal interest, ISFC may collect penal interest / late payment charges for any delay or default in making payments of any dues. These penal interest / late payment charges for different products or facilities would be decided by ISFC from time to time.
• No claims for refund or waiver of such charges/ penal interest / additional interest would normally be entertained by ISFC and it is the sole discretion of ISFC to deal with such requests if any.

• All processing / documentation and other charges recovered are expressly stated in the Loan documents. They vary based on the loan product, exposure limit, customer segment, geographical location and generally represent the cost incurred in rendering the services to the customers. The practices followed by other competitors in the market would also be taken into consideration while deciding the charges.

The interest rate models, benchmark prime lending rate (BPLR) and other charges applicable shall be reviewed by the board periodically.