I. APPLICABILITY

These Terms & Conditions are applicable to all marketing and promotional material (Content) issued by GFL in any form and media, physical or digital or any other platform. This shall be considered a General Disclaimer for all the Content.

Please read the Terms and Conditions (“Terms”) provided below carefully as they will govern conduct, rights, responsibility, and obligations of a User with regard to the website of Godrej Finance Limited (“GFL”).

II. INTRODUCTION

Godrej Finance Limited is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI) and engaged in the business of providing finance solutions to eligible applicants. For acquainting prospective borrowers about its brand, products, and offerings GFL has issued various types and kinds of material on its website.

III. RBI DISCLAIMER

“Godrej Finance Limited” is having a valid Certificate of Registration (Without permission to accept Public Deposits) dated 03rd December 2021 issued by the Reserve Bank of India. However, the Reserve Bank of India does not accept any responsibility or guarantee about the present position as to the financial soundness of the Company or for the correctness of any statements or representations made or opinions expressed by the Company and for repayment of deposits/discharge of liabilities by GFL.

IV. DEFINITIONS

Contents mean and include any material, information, advisory, calculators, FAQs, data or graphs, money market movements, interactive media, marketing material, news items, texts, graphics, links etc., whether belonging to GFL or to its associates, partners and other group entities, which is available either directly or through marketing or Promotional Material of GFL, displayed, hosted on the Website or on any other website or available in print / digital, audio, video or any other media anywhere.

Consumer/User refers to the person (s) who is/are viewing/exposed to the Content through any media form or manner. In the document all references to “You”, “Us”, “Me”, “We” and “I” shall be to Consumer/User.

Website shall refer to any website on which Content is being displayed/hosted.

V. DECLARATION & USE OF CONTENT

• I have willingly and with my consent agreed to visit this Website.

• I/We understand that GFL uses a third party offering for Website and GFL does not represent them or assures their service or any performance standard and in case of any dispute we would have to approach them with no recourse to GFL

• I/We understand that the financial products / services provided through Website on acceptance will lead creation of financial liability towards GFL.

• I/We agree and understand that GFL may collect information provided by me/ us during visit to Website and I/ We shall not dispute this retention.

• I/We agree and declare that we shall keep all details, documents and media or any other information related to the Website as confidential and will take prior permission from GFL before sharing it with any third party

• The user acknowledges that in order to fully access the Website he would require an active internet connection which can be Wi-Fi or the Local Area Network (LAN) connection. GHF does not assume any responsibility/liability if the User is not able to go through the Website due to absence/ insufficiency of the required internet connection.

• GFL will not be concerned with any dispute between the user and the Internet Service Provider and/or any third party providing the internet connection or any other services responsible for running the website and will not be a party to same.

• The User shall be responsible for obtaining and maintaining all computer hardware and other equipment needed for access to this Website.

VI. DECLARATION FOR MARKETING MATERIAL

• I/We understand that hosting of any residential / non-residential Project details / any other product offering or branding in Website is not endorsement of it by GFL and its responsibility of the User to ascertain its details and its selection is on risk and judgement of User.

• Content shall not be regarded as an offer, solicitation, invitation, advice or recommendation to buy/sell financial products of GFL or any of its group entities.

• Content is designed for informative purposes only. The User is advised to go through Finance Documents before taking any product or service from GFL.

• Decision to offer any Product to Consumer shall be solely of GFL.

• Periodicity of any offer shall be decided by the GFL, and any offer declared may be closed without further notice.

• The User acknowledges that all rates, charges and fees quoted / stated for various financial products and schemes and interest rates cited as examples of rates which may be in effect from time to time are indicative rates only and are subject to change at any time at the sole discretion of GFL and its group entities as the case may be, and applicable Indian laws. These charges, fees and rates may change depending upon the assessment made by GFL in individual cases upon receiving necessary information and documents.

• You are advised to verify any information / details regarding any project or site including RERA details from the official sources.

• GFL shall be liable and responsible only for the Content which it has issued in its name and in event, the logo, branding name or any other determinative or identifier related to GFL is used by any other entity, with or without GFL permission, for any purpose including for offering any loan through any partnership or otherwise, the Consumer is advised to review the veracity of claim before making any decision. No liability and responsibility shall accrue to GFL.

• Any Content which conflicts with any provision of law or regulation shall be considered to be null and void ab initio

• Adjectives are to be understood in a broader term and not literally. Easy to understand language has been used for delivery of messages and difficult / industry parlance has been avoided. In case of doubt, please contact branch or contact centre.

VII. INTELLECTUAL PROPERTY

The Content belongs to GFL and cannot be used by Consumer in any manner without prior express written permission of GFL. Hosting of Content on a public forum does not dilute the ownership of GFL.

VIII. NO REPRESENTATION OR WARRANTY 

No information sent to any User through the Content shall constitute any representation, warranty by GFL regarding creditworthiness, financial performance or prospects, solvency, of any User or any other legal entity.

GFL may at any time update, remove, replace, edit, alter any information in whole or in part forming part of Content & shall not be held responsible for any matters arising out of said.

In the event, the Website contains links to other Websites of affiliate or group company of GFL, the content, products, services offered on such linked websites, or any quality of the products/services are not endorsed, verified, or monitored by GFL.

IX. DAMAGES & LIMITATION OF LIABILITY

In no event shall GFL, its Directors, employees or its affiliates be liable for any direct, indirect punitive, incidental, special, consequential damages of any nature whatsoever arising or connected with use or performance of Website including but not limited to any loss, damage, expense arising from any defect, error, omission, interruption, fault, mistake or inaccuracy.

X. AMENDMENT

GFL reserves the right to change the information provided on or via Content, at any time and without notice. GFL shall not be held responsible for all or any actions that may subsequently result in any loss, damage and or liability on account of such change in the information on this Content.

XI. GOVERNING LAW

The Website and terms and conditions shall be governed by and construed in accordance with applicable laws of India. All disputes arising out of or in connection with these terms and conditions shall be submitted to the exclusive jurisdiction of the Courts of Mumbai. 

Please read the Terms and Conditions provided below carefully as they will govern the “Instant Sanction” & “Digital Journey” which an User will have with Godrej Finance Limited (“GFL”) or ("Company")

Definitions

Acceptance is acceptance to any type of terms & conditions which are applicable to usage of the Digital Journey. For application form and sanction letter or offering of any kind which is made to the User by the Company through any of the mode (a) OTP, (b) email acceptance, (c) e-sign or (d) any other mode introduced by Company.

Agents, all co-applicant/s and main applicant/s are agents of each other and capable of providing consent / take any other action on their behalf.

Co-Applicant is an applicant whose name comes post Main Applicant in the order of applicants. However, the order of name does not impact either the liability or responsibility of the User. A co-applicant will act as an agent of main applicant. There may be multiple co-applicants. Main applicant and co-applicants are together referred to as applicants. Acceptance by the Applicant shall be deemed acceptance by the Co-Applicant(s)

Content means and includes any material, information, advisory, calculators, FAQs, data, or graphs, money market movements, interactive media, marketing material, news items, texts, graphics, links etc, whether or not belonging to GFL, which is available hosted, displayed either directly or through a link or pathway on Website.

Digital Journey is a process hosted on digital media, which may or may not have support of (a) in-person Company employee / representative, (b) tele-support by GFL employee / representative or (c) co-browsing chat bot, through which GFL allows User to participate in its Risk Qualification Process wherein he may be offered to opt for different loan products / other products by GFL subject to User qualifying to the internal policies of GFL. In the event, User qualifies, a Sanction Letter shall be shared with them, however, acceptance of Sanction Letter is the sole decision of User.

Digital Journey: Digital Journey together with Instant Sanction is referred to as Digital Journey.

E-Sign is an IT enabled facility provided with the help of independent Telecom Companies which is one of the facilities used by the User to give their acceptance to the Company.

Godrej Finance Limited is a Non Banking Financial Company (NBFC) registered with Reserve Bank of India. It may be referred to as either GFL or Company interchangeably.

Instant Sanction is a process which may or may not have support of (a) in-person GFL employee / representative / agent, (b) tele-support by GFL employee / representative or (c) co-browsing chat bot, wherein GFL will convey to the User sanctioned amount which will be an in-principle non-binding sanction on either party basis the limited information shared by the customer and qualifies him to participate further in Digital Journey / normal loan process leading to full appraisal of his credit eligibility.

Main Applicant is the applicant whose name comes first in the order of applicants. However, the order of name does not impact either the liability or responsibility of the User. A main applicant will act as an agent of co-applicant. Main applicant and co-applicants are together referred to as applicants.

OTP or One Time Password is a SMS based confirmation facility provided with the help of independent Telecom Companies which is one of the facilities used by the User to give their acceptance to the Company.

Risk Qualification Process is the internal credit process of the company which is proprietary to the Company which is to be decided solely by the company.

Sanction Letter is a document containing terms and conditions specific to the grant of loan amount to the User.

User refers to the Main Applicant who is submitting its Co-Applicant(s) personal information with its/his/their own consent to GFL for the purpose of participating in Instant Sanction & Digital Journey and who shall be bound by the Terms and Conditions mentioned herein. All the applicants working either individually or together for going through Instant Sanction or Digital Journey will be referred collectively as User. In the document all reference to “You”, “Us”, “Me”, “We” and “I” shall be to User.

Introduction

This is a binding arrangement between you, the user, and GFL, establishing the terms and conditions under which the Digital Journey may be undertaken by the User. By accessing, through any means and media this Digital Journey, you agree to be bound irrevocably by these terms and conditions. In the event of any conflict between the terms and conditions of specific products or services and terms and conditions of Digital Journey, the conditions specific to such products or services shall prevail.

User Declaration

I declare that I having willingly and with my consent agreed to be part of the “Digital Experience” and that I will share all the particulars and information as is required in this Digital Experience in truthful, accurate and complete manner and understand that they shall form the basis of any decision bythe Company to consider me for grant of any loan / credit facility / other offering which GFL may decide to grant me.

I / we declare that in event an application is applied by multiple users then consent by Main applicant to use the information shall be deemed to be consent by all.

• KYC checks and / or KYC processes such as Video KYC, Aadhar offline verification or any other approved KYC mechanism
• Obtaining credit history from Credit Information Companies
• Obtaining / conducting credit verification checks
• Accessing my Bank records
• Verifying my contact details
• Employment verification
• Accessing and procuring data from databases maintained by statutory or other authorities constituted by law
• Authentication / verification of documents submitted by me or which comes into possession of company during Risk Qualification Process or
• Any other details submitted during the journey, and
• Any other check which GFL may deem fit and necessary

I/We hereby are aware and declare that in event information including but not limited to as produced below is required from any third-party website whether regulatory or otherwise for completion of the Digital Journey process, the Company may access data of the User through such third-party website. However, the Company shall not be liable for any data,information displayed or shared or acts, deeds of such third party or information provided by the Users.

I /we understand that hosting of any Content, project details/any other product offering or branding on Website is not endorsement of it by GFL and its responsibility of the User to ascertain its details and its selection is on risk and judgement of User.

I / we understand that we may have to use any third party offering during this Digital Journey process and GFL does not represent them or assures their service or any performance standard and in case of any dispute we would have to approach them with no recourse to GFL.

I / we understand that the financial products / services provided through Digital Journey on acceptance will lead creation of financial liability towards GFL.

I/We confirm that in event we approach Company through a third party such as a DSA/Connector/ Digital Agent (“Agents”), we authorize such Agents to provide our information to the Company and/or keep track of the Application and/or perform such acts related to the Application on our behalf. We declare that sharing our information with such Agents shall be deemed that we have provided consent to them to share it onwards with Company for processing of loan application.We are aware that the Company may based on such consent provided to Agent proceed to verify, evaluate Application or eligibility of the Applicants.

I/We agree and understand that GFL reserves its right to retain the documents / information provided by me/ us even in case I / we do not qualify under the Risk Qualification Process and I/ We shall not dispute this retention.

I/We agree and declare that we shall keep all details, documents and media or any other information related to the Digital Journey process as confidential and will take prior permission from GFL before sharing it with any third party.

The user acknowledges that in order to fully access the Digital Journey he would require an active internet connection which can be Wi-Fi or the Local Area Network (LAN) connection. GFL does not assume any responsibility/liability if the User is not able to go through the Digital Journey due to absence/ insufficiency of the required internet connection.

GFL will not be concerned with any dispute between the user and the Internet Service Provider and/or any third party providing the internet connection or any other services responsible to run the website and will not be a party to same.

The User acknowledges that all rates, charges and fees quoted / stated for various financial products and schemes and interest rates cited as examples of rates which may be in effect from time to time are indicative rates only and are subject to change at any time at the sole discretion of GFL and its group entities as the case may be, and applicable Indian laws. These charges, fees and rates may change depending upon the assessment made by GFL in individual cases upon receiving necessary information and documents.

I/We understand that the Company may undertake account ownership verification including but not limited to fraud prevention, verifying identity, credit decisions and for money laundering prevention or for such other matters as may be required in relation to providing a loan facility.

The user shall be responsible in obtaining and maintaining all computer hardware and other equipment needed for access to and use this Digital Journey.

I / We agree that the Digital Journey shall be governed by the rules, guidelines, directives etc. issued by the Reserve Bank of India (RBI) or any other competent authority.

Consent for providing information

By providing your personal details and consenting to these Terms, you have consented to the Company or its Agents as the case may be to fetch your credit information from any of the four Credit Information Companies- Credit Information Bureau (India) Ltd, Equifax Credit Information Services Pvt. Ltd, Experian Credit Information Co. of India Pvt. Ltd, and CRIF High Mark Credit Information Services Pvt. Ltd. (collectively known as “CICs”).

You understand that in order to process, verify your application, you have authorized the Company or Agents, to obtain your Credit Information from CIC.

Use of Information and Materials

You are advised to exercise due caution and/or seek independent advice before availing any facility or entering into any financial obligation based on the Content you will come across in Digital Journey. The Content which you will receive in Digital Journey or other terms are provided on an “as is”, “as available” basis and are protected by copyright. You cannot distribute the Content to others without the express written consent of GFL. You cannot copy, download, publish, distribute or reproduce any of the Content which you will receive in Digital Journey in any form without prior permission of GFL.

The Content which you will receive in Digital Journey should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell investments, securities or any other instrument or financial products / schemes of GFL, or any of its group entities. Use of the products or services described on Digital Journey may not be permitted in some countries however, for more clarity, please check, with your local regulator or authority before requesting further information on such products/ services. Products and Services are available only at the discretion of GFL and its group entities, subject to the individual contractual terms and conditions of products and services on which they are offered and such products and services may be withdrawn or amended at any time without notice. The full range of products or services may not be available in all locations.

The user acknowledges and declares that Third parties assistance, by both User and GFL, may be required for using the Digital Journey and GFL does not provide any assurance or warranty for the standard or continuance of their service.

Account ownership verification

The Company/affiliatesmay perform anaccount ownership verification on the User either by itself or appointing a third party/ies to confirm the following:

1. The User/s bank account exists

2. To verify account holder’s name & other details

3. The bank account is open to accept credits.

4. The bank account is neither frozen nor closed.

The Company shall further collect and validate the Bank Account information provided by the User. The User authorizes the Company to satisfy itself as to the ownership of such Bank Account information by performing a validation, through the transfer of a small amount into the users’ bank account, or any other mechanism available, including requiring the user to provide a valid bank statement for verifying validity of the bank account. However, the User agrees and understands that the burden to provide genuine bank account details lies with the User and the User should necessarily be a bank account holder in the bank account information provided by them.

No Representation or Warranty

No information sent to any user through this Digital Journey shall constitute any representation or warranty by GFL regarding the credit-worthiness, financial performance or prospects, solvency, or viability of any company or other legal entity or the business carried on by such entity.

All information on this website is being provided under the condition and understanding that the same is not being interpreted or relied on as legal, accounting, tax, financial, investment or other professional advice, or as advice on specific facts or matters. GFL may at any time (without being obliged to do so) update, edit, alter and or remove any information in whole or in part that may be available on this Digital Journey process and shall not be held responsible for all or any actions that may subsequently result in any loss, damage and or liability. Nothing contained herein is to be construed as a recommendation to use any product or process, and GFL makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. The User is expected to keep abreast of any changes made in this website and the information available on it on a regular basis and GFL and its group entities undertake no responsibility about advising the user/clients about any such changes.

GFL makes no warranties as to the confidentiality or security of the information or messages whether personal or otherwise received through Digital Journey unless otherwise specified expressly and bound through applicable law.

Though GFL will endeavour to ensure that information contained on this Digital Journey Process is obtained from sources which, it considers, are reliable, GFL and its subsidiaries do not warrant such information’s completeness or accuracy.

Though reasonable efforts are maintained by GFL to ensure that Digital Journey process is free from all viruses no representation is being made that it is free from all defects and User is accessing it at his own risk.

Limitation of Liability

GFL, its directors and employees accept no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential, punitive, or exemplary loss, damage or expenses) from your use of this Digital Journey process, howsoever arising, and including any loss, damage or expense arising from, but not limited to, any defect, error, omission, interruption, imperfection, fault, mistake or inaccuracy, its Contents or associated services, or due to any inaccessibility of this Digital Journey process or any part thereof or any contents or associated services even if the Users are advised of the possibility of such damages, losses or expenses.

Acceptance

As part of Digital Journey Process the user may be asked to sign the documents such as Application form, Sanction letter etc with the aid of OTP, E-sign facility, email acceptance or any other which will lead to acceptance of the terms and is equal to the acceptance of documents in written form. Users may be asked to input their aadhar number for e-sign and share OTP for e-sign. The company does not store the AADHAR number or OTP. A copy of the signed document will be shared with the User for his record.

As Co-applicant (s) and Main applicant (s) are agents of each other and capable of providing consent / take other action on behalf of them, consent through any of the mode by any of them will be deemed as consent/acceptance by all.

Intellectual Property Rights

All rights relating to this Digital Journey process as well as its functionalities are the exclusive property of Godrej Finance Limited (particularly including but not limited to copyrights, trademarks, source code, patents as well as any other intellectual property right). All the information provided on or via this Digital Journey process (including all texts, graphics, design or logos) shall be the intellectual property of GFL and/ or its group entities. You agree not to copy, forward, download or share content without obtaining the necessary rights or permissions to do so. You also agree not to abuse the use of this Digital Journey Process.

In the event any content on the Digital Journey process or any intellectual property of GFL are copied / used by the user for any profit or non-profit venture then the User shall be liable to pay for damages as set out by GFL.

Linked Websites

This Digital Journey Process may contain links to other websites of affiliate companies or group entities of GFL. This Digital Journey Process may also contains links to external websites, having further linked websites, controlled or offered by third parties (Non-Affiliates of GFL), in order to help you find relevant websites, services and/or products which may be of interest to you, quickly and easily. The contents displayed or products / services offered on such linked websites or any quality of the products/ services are not endorsed, verified or monitored by GFL. GFL is also not responsible for the owners or operators of such external links or websites or for any products or services they supply or for the contents of their websites and do not give or enter into any conditions, warranties, express or implied; or other terms or representations in relation to any of these or accept any liability in relation to any of these (including any liability arising out of any claim that the content of any external websites to which this website includes a link infringes the intellectual property rights of any third party).

RBI Disclaimer

“Godrej Finance Limited (“GFL”) is having a valid Certificate of Registration (Without Permission to accept Public Deposits) dated 18.03.1998 issued by the Reserve Bank of India. However, the Reserve Bank of India does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits / discharge of the liabilities by GFL”.

Governing Law

This website and the terms and conditions shall be governed by and construed in accordance with all applicable laws of India, unless stated otherwise. All disputes arising out of or in connection with these terms and conditions or use of this website shall be submitted to the exclusive jurisdiction of the courts of Mumbai. The Laws of India shall apply.

Legal Proceedings

You confirm that you have/had no insolvency proceedings against you nor have you ever been adjudicated insolvent by any court or other authority.

Amendments

GFL reserves the right to change the information provided on or via this Digital Journey Process, including these terms and conditions or to charge for its services, at any time and without notice. It is recommended that you periodically review the information provided on or via this Digital Journey Process, including these terms and conditions, periodically for changes. GFL shall not be held responsible for all or any actions that may subsequently result in any loss, damage and or liability on account of such change in the information on this website.

Suspension and cancellation

GFL can at any time, without the need to give a reason, notice or compensation, suspend your ability to use this Digital Journey process. The suspension or cancellation of the licence to use this Digital Journey process will mean that you will no longer have any access to your data, without you having any recourse against GFL or any of its subsidiaries or its affiliates.

Accuracy and correctness of Information

You confirm that any information provided by you or any details shared for the Digital Journey process are correct and you undertake to pass on any modifications to GFL. You shall indemnify and hold GFL harmless against any loss, damage or costs suffered / incurred by GFL as a result erroneous information supplied by you or your authorized Users. Specifically, you are responsible for the confidentiality of any codes, OTP and passwords or any other credentials allowing you to use this Digital Journey process, or browsing through any other third party website or sources and such acts done while accessing the Digital Journey Process whether through a third-party Service Provider/DSA, Connector/ Digital Agent and access to your information as well as this use and this access by any third party, whether or not they are authorised by you. The Company shall not be liable for any acts undertaken in reference to sharing, accessing or providing information.

Communication

You agree that GFL or its group entities or their employees or agents may share all information and details as provided by you in your application in relation to your existing loans and/ or repayment history to any third party including but not limited to its group companies, service providers, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies etc. for customer verification, personalization of products and services, credit rating, data enrichment, marketing or promotion of the products or services of Godrej Finance Limited or its group entities or of any other service provider.

You agree that you consent to receiving any other information through telephone / e-mail / SMS / WhatsApp or any other electronic / digital medium for marketing purposes from any GFL / its group entities or other service provider even though your name appears in the National Customer Preference Registry (Do Not Disturb Registry). You expressly agree that any such calls/SMS/e-mails/WhatsApp messages or electronic/ digital messages will not cause any inconvenience to you or your family members.

You expressly and irrevocably consent that for any claim against the service providers, GFL or its group entities shall not be liable and your claim on this account shall be against the service providers and/or tele-callers. You agree to the use of WhatsApp or other electronic/ digital media for communication or sharing of information or documents or for sending notices, agree to abide by the terms and conditions of such applications and agree to the risks associated with such applications or sharing of information or issuance of notices through them. Further, you agree that any acceptance of terms & conditions by you through / e-mail/ SMS/WhatsApp or any other electronic/ digital medium will be binding on you.

For Dairy Farm Loan, Kindly refer here.

*An amount of INR 10,000/- will be applied towards IMD Fees (non-refundable) from the Processing Fees paid.

**In event the documents are not collected on or before the date as intimated by the Company, an additional holding fee of Rs.1000/- per month will be charged upto a maximum amount of Rs.25,000/- along with the Document retrieval charges.

1. For Semi-fixed pre-payment charges to be levied as per prevailing rate at time of closing.

2. Refund of Fee: No refund of fee shall be allowed in any case at any point of time.

3. Annual Maintenance Charge (AMC) is levied on Sanction Limit/Withdrawal Limit irrespective of utilization on the date of levy of such charges on advance/accrual basis, at the discretion of GFL. AMC and LUC are non-refundable/non-reversable.

4. Please note : In addition to the above fee and charges, GST, any cess & other taxes, levies etc. prescribed by the Government of India or respective state will also be charged. Further the above fee and charges are subject to change and will be at the sole discretion of GFL.

5. The Company has adopted an interest rate model based on cost of funds, cost of operations, various risks associated with the loan & security etc. An additional spread, based on the overall risk perceived, is factored in the pricing, which is function of income, credit history, credit information, profile of the borrower, internal assessment of the Company etc. Accordingly, the applicable rate of interest may be different for different customers’ loan exposures.

Godrej Finance Limited has the following Prime Lending Rates:

The Service Request Turn Around Time (“TAT”) which shall be followed in case of receipt of service request is as below:

* TAT to be calculated from the date when complete information with respect to service request has been provided

* Company shall update/rectify credit information within 21 days and in case the delay is attributable to the Company, Company shall compensate Customer as per extant guidelines.

List of Documents considered valid for verifying identity and proof of address of prospective customers

Any customer having a grievance/ complaint/ feedback with respect to the product and services offered by the Company may write to the Company’s Customer Service Department through any of the following channels:

The Company shall ensure timely redressal of complaints of all customers including physically / visually challenged customers.

The GRM will also deal with the issues relating to services provided by the outsourced agency.

*- For accurate and timely resolution, customers are requested to provide all the necessary details like the Customer Information Number (CIF), Loan Account Number (LAN), details of the feedback, suggestions, complaint and valid contact Information including phone number & e-mail ID while first contacting the Company.

Click here to view form in Marathi, Hindi, Telugu, Tamil, Gujarati, Kannada

• Reserve Bank - Integrated Ombudsman Scheme, 2021

• Salient Features of Ombudsman Scheme - English, Hindi, Gujarati, Telugu, Tamil, Kannada, Marathi

• Complaint lodging portal of the Ombudsman: https://cms.rbi.org.in

Background

Godrej Finance Limited (“GFL” or “the Company”), as a Non-Banking Financial Company, is required to comply with the ‘Guidelines on Fair Practices Code’ issued by the Reserve Bank of India (“RBI”) under Chapter VII Master Direction – Reserve Bank of India (Non-Banking as updated from time to time. Accordingly, it is proposed to adopt Fair Practice Code with the approval of the Board.

Objectives

• To promote good and fair practices by setting minimum standards in dealing with customers,

• To increase transparency so that the customer can have a better understanding of what he/she can reasonably expect of the services,

• To promote a fair and cordial relationship between customer and the Company.

Adherence to Fair Practice Code in Loan Process

Company shall ensure that all communications to the borrower are made either in the vernacular language or a language as understood by the borrower.

Loan Application

• Loan application forms should include necessary information which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made and informed decision can be taken by the borrower,
• The loan application form will indicate the documents required to be submitted with the application form,
• The Company has a system of giving acknowledgement for receipt of all loan applications.
• Preferably, the time frame within which loan applications will be disposed of should also be indicated in the acknowledgement.

Loan appraisal, terms/conditions

The Company will

Interest charged by Company

Penal Charges in Loan Accounts

Disbursement of loans including changes in terms and conditions

Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans

Company shall ensure that at the time of sanction, borrower is informed about possible rate change and Borrower shall be provided with following options at the time of reset of interest rate:

a) Enhancement in EMI or

b) Elongation of tenor or

c) Combination of both options

d) Switch over to a Fixed Interest Rate

e) Prepay, either in part or in full, at any point during the tenor of the loa

The Borrower shall be allowed to switch interest rates any number of times during the tenor of the loan. Conversion / Switch / Prepayment Charges shall be applicable as per Schedule of Charges.

The Company shall ensure that the elongation of tenor in case of floating rate loan does not result in negative amortisation.

Company shall communicate details prescribed in the guidelines to Borrower on quarterly basis.

Release of Movable / Immovable Property Documents

Company shall release all the original movable / immovable property documents and remove charges registered with registry within a period of 30 days after full repayment/ settlement of the loan account.

Company shall provide option to Borrower collect property documents from Home Branch or any other branch as per Borrower’s preference

The timeline and place of return of original movable/immovable property documents shall be mentioned in the loan sanction letters issued on or after the effective date.

In order to address the contingent event of demise of the sole borrower or joint borrowers, Company has a well laid out procedure for return of original movable/immovable property documents to the legal heirs. Such procedure is displayed on the website of the Company along with other similar policies and procedures for customer information.

In case of delay in releasing of original movable/immovable property documents or failing to file charge satisfaction form with relevant registry beyond 30 days after full repayment/ settlement of loan, the Company shall communicate to the borrower reasons for such delay. In case where the delay is attributable to the NBFC, it shall compensate the borrower as per extant regulations.

In case of loss/damage to original movable/immovable property documents, either in part or in full, Company shall assist the borrower in obtaining duplicate/certified copies of the movable/immovable property documents and shall bear the associated costs, in addition to paying compensation as extant regulations.

General Guidelines

Responsibility of Board of Directors

a)     The Board of Directors of Company have laid down a Grievance Redressal mechanism within the organization to resolve complaints and grievances which is enunciated in the Grievance Redressal Policy for the Organization.

b)     This mechanism ensures that all disputes arising out of the decisions of Company’ functionaries are heard and disposed of at least at the next higher level.

c)      The Board of Directors of shall conduct an annual review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management.

Complaints and Grievance Redressal

Guidelines for complaint and grievance redressal are contained in Grievance Redressal Policy of the Company which is approved by the Board of Directors of Company.

Language and mode of communicating Fair Practice Code

Fair Practice Code is being disseminated through company website in vernacular language or a language understood by Borrower, for the information of various stakeholders.

Loan facilities to the physically/visually challenged by the Company

Company shall not discriminate in extending products and facilities including loan facilities to physically/visually challenged applicants on grounds of disability. All branches of the company shall render all possible assistance to such persons for availing of various business facilities.

The Company shall include a suitable module containing the rights of persons with disabilities guaranteed to them by the law and international conventions, in all the training programmes conducted for their employees at all levels.

Further, the Company is ensuring redressal of grievances of persons with disabilities under the Grievance Redressal Mechanism already set up by them.

Privacy and Confidentiality

All Personal Information of the borrowers both present and past shall be treated as Private and Confidential and shall be guided by the following principles & policies. The Company shall not reveal information or data relating to borrower accounts, whether provided by the customers or otherwise, to anyone, including our affiliates other than in the following exceptional cases:

Company shall not use customer’s personal information for marketing purposes by anyone including Company, unless the customer specifically authorizes to do so

Loans sourced over Digital Lending Platforms(DLP)

Company is not currently extending loans through Digital Lending Platforms. However, in event a partnership is undertaken by the Company where its loans are extended through DLP either to source borrowers and/ or to recover dues, Company shall comply with the instructions contained in circular on ‘Guidelines on Digital Lending’ dated September 02, 2022 and Guidelines on Default Loss Guarantee (DLG) in Digital Lending dated June 8, 2023, as amended from time to time and follow the following instructions:

• Names of digital lending platforms engaged as agents shall be disclosed on the website of Company,
• Digital lending platforms engaged as agents shall be directed to disclose upfront to the customer, the name of the Company on whose behalf they are interacting with him,
• Immediately after sanction but before execution of the loan agreement, the sanction letter shall be issued to the borrower on the letter head of the Company,
• A copy of the loan agreement along with a copy each of all enclosures quoted in the loan agreement shall be furnished to all borrowers at the time of sanction/ disbursement of loans,
• Effective oversight and monitoring shall be ensured over the digital lending platforms engaged by Company,
• Company shall also update its grievance redressal mechanism and include Digital Lending Platform under it.

Key Facts Statement (KFS) for Loans & Advances

• Key Facts of a loan agreement between the Company /a group of Companies and a borrower shall mean as legally significant and deterministic facts that satisfy basic information required to assist the borrower in taking an informed financial decision.
  Key Facts Statement (KFS) is a statement of key facts of a loan agreement, in simple and easier to understand language, provided to the borrower in a standardized format as detailed under RBI Circular on Key Facts Statement (KFS) for Loans & Advances dated April 15, 2024 as amended form time to time.
• The Company will provide a KFS to all prospective borrowers along with Sanction Letter to help them take an informed view before executing the loan contract. The KFS will be written in a language understood by such borrowers. Contents of KFS will be explained to the borrower and an acknowledgement shall be obtained that he/she has understood the same.
• The KFS will contain Loan number (unique proposal number) and shall have a validity period of at least three working days for loans having tenor of seven days or more, and a validity period of one working day for loans having tenor of less than seven days.
  Validity period refers to the period available to the borrower, after being provided the KFS by the Company, to agree to the terms of the loan. The Company shall be bound by the terms of the loan indicated in the KFS, if agreed to by the borrower during the validity period.
• Annual Percentage Rate (APR) is the annual cost of credit to the borrower which includes interest rate and all other charges associated with the credit facility which will be provided to the Borrower in KFS.
• There are no charges recovered from the borrowers by the Company on behalf of third-party service providers on an actual basis, such as insurance charges, legal charges etc..
• Any fees, charges, etc. which are not mentioned in the KFS, will not be charged by the Company to the borrower at any stage during the term of the loan, without explicit consent of the borrower.
• The KFS shall also be included as a summary box to be exhibited as part of the loan agreement.

Review of the Code

• The Code shall be reviewed Annually by the Board of Directors.
• Board of Directors can at any time modify or amend, either the whole or any part of Policy
• Compliance confirmation with Fair Practice Code shall be provided on Annual basis to the Board of Directors,
• Half-Yearly report on grievance redressal mechanism be put to the Board of Directors

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Procedure for return of property documents to legal heir(s) in event of demise of Customer

1. Background

As per RBI guidelines, Company releases the original property documents received from customer(s) and removes charge registered with CERSAI within 30 days of full repayment/ settlement of the loan. Company also has in place a process for return of original property documents to the customer(s) and to the legal heir(s) in case of demise of customer(s).

2. Procedure:

1. Information on Demise: The legal heir(s) shall be required to inform the Company about the demise of the customer(s). Legal heir(s) may contact the Company’s Customer Service Department through any of the following channels:

    

   • Visit nearest branch or
   • Call us on 022-68815555 or
   • Email to customercare@godrejcapital.com

2. Company may reach out to legal heir(s) for continuance / full repayment/ settlement of the loan. In case the customer opts for full repayment/ settlement of the loan, process for closure of the loan and release of property papers post closure shall be initiated.

3. Submission of Documents: The legal heir(s) are required to submit documents such as Death certificate, KYC document of all the legal heir, SMC (Surviving Member Certificate) or other applicable document. These documents shall establish the legal right of the heir(s) to the demised customer’s property.

4. Verification by Company: Company will verify these documents and the identity of the legal heir(s).

5. Retrieval of Documents and Intimation to Legal heir(s): Upon successful verification, the company shall retrieve the document from storage and inform details to the legal heir(s) for handover at the branch of the Company.

6. Removal of CERSAI Charge & Handover of Property Documents: Once the verification is complete, the Company shall remove CERSAI charge and release the property documents to the legal heir(s). Legal heir(s) shall visit the Branch along with documents prescribed by the Company for handover of property documents. In case there are more than one legal heir(s), all of legal heirs have to be present for document handover or shall provide a written consent & NOC and a call confirmation shall be carried out by Company at the time of document handover.

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