Beware of fraud! It has come to our notice that some unscrupulous people, who are neither affiliated with Aditya Birla Capital Ltd nor Aditya Birla Housing Finance Limited are cheating people of their money by promising loans at an unrealistic interest rate via fake marketing banners/ websites, etc. by misusing our name, brand and/or logo. Please keep caution.
Fair Practices Code
4 Loans
4.1 (i) Applications for loans and their processing
  1. The 'Application Form / appropriate documents' of ABHFL for each of the products offered by the Company is different depending upon the requirement of each product and will include all information that is required to be submitted by the Borrower. Necessary information will be provided by ABHFL to facilitate the Borrower in making a meaningful comparison with similar terms and conditions offered by other HFC's and taking an informed decision based on the aforesaid comparison.
  2. The 'Application Form/ appropriate documents' of ABHFL may also indicate the list of documents required to be submitted by the Borrowers along with the Application form.
  3. ABHFL has a mechanism of giving an acknowledgement for receipt of Application form to its Borrower for availing loans. ABFL would inform the Borrower about its decision within reasonable period of time from the date of receipt of all the required information in full.
(ii) Loan appraisal and terms and conditions
  1. Normally all particulars required for processing the loan application will be collected by us at the time of application. However, in case we need any additional information we will contact the Customers immediately.
  2. We will convey the customer in writing by means of sanction letter or otherwise, the amount of loan sanctioned along with all terms and conditions including annualized rate of interest, method of application, EMI Structure, prepayment charges and keep the written acceptance of these terms and conditions by the borrower on its record.
  3. We will invariably furnish a copy of the loan document along with a copy each of all enclosures quoted in the loan document to every borrower at the time of sanction / disbursement of loans.
(iii) Communication of rejection of loan application

We shall communicate in writing to the customer whose application has been rejected stating the reason(s) for rejection of their application.

(iv) Disbursement of loans including changes in terms and conditions
  1. Disbursement would be made in accordance with the disbursement request made by Customers as per their requirements subject to standard terms and conditions mentioned in the Sanction letter / loan documents.
  2. We would give our Customers the notice of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges, other applicable fee/ charges etc. We would also ensure that changes in interest rates and charges are effected only prospectively. A suitable condition in this regard has been incorporated in the loan documents.
  3. If such change is to Customers disadvantage, they may within 60 days and without notice close their account or switch it without having to pay any extra charges or interest.
  4. Decision to recall / accelerate payment or performance under the loan document or seeking additional securities, would be in consonance with the loan documents.
  5. We would release all securities on repayment of all due or on realisation of the outstanding amount of loan subject to any legitimate right or lien for any other claim we may have against Customers. If such right of set off is to be exercised, the Customers/borrowers will be given notice about the same with full particulars about the remaining claims and the conditions under which we are entitled to retain the securities till the relevant claim is settled / paid.
4.2 Guarantee

When one is considering being a guarantor to a loan, we will inform them about:

  1. liability as guarantor;
  2. the amount of liability that one will be committing to us;
  3. circumstances in which we will call on guarantor to pay up their liability;
  4. whether ABHFL has recourse to their other monies if they fail to pay up as a guarantor;
  5. whether their liabilities as a guarantor is limited to a specific quantum or are they unlimited;
  6. time and circumstances in which their liabilities as a guarantor will be discharged; and we will keep them informed of any material adverse change in the known financial position of the borrower to whom they stand as a guarantor.
  7. In case the guarantor refuses to comply with the demand made by the creditor /lender, despite having sufficient means to make payment of the dues, such guarantor would also be treated as a wilful defaulter.
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