Swayam is spreading Financial literacy, Financial Inclusion, Skill building and is providing hassle free banking facilities like small loans, insurance products to the economically backward people either directly or through correspondent banking channel, in a transparent manner.
Fair Practice Code
The Company is operating under Section 25 of the Companies Act. However, voluntarily it is practicing the fair practice code of RBI for NBFCs. It is also a member of the self regulatory body Sa-Dhan.
1. Applications for loans and their processing
a) Loan application forms of the company include necessary information, so that a meaningful comparison with the terms and conditions offered by other similar organization can be made and an informed decision taken by the prospective borrower. The loan application form shall indicate the documents required to be submitted along with the application form.
b) The Company would give acknowledgement for the receipt of all loan applications.
2.. Loan Appraisal and terms / conditions
a) The sanction letter shall contain the terms and conditions including annualized rate of interest and method of application thereof. The acceptance of the terms and conditions communicated by the borrower shall be preserved by the company in its records.
b) Acceptance of these terms and conditions by the borrower shall be kept on record.
3. Disbursement of loans including changes in terms and conditions
a) The company shall give notice to the borrower of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc. The company shall ensure that changes in interest rates and other charges are effected only prospectively. The loan agreement shall contain a specific clause to this effect.
b) Decision to recall / accelerate payment or performance under the agreement should be in consonance with loan agreement.
a) ) The company will refrain from interfering 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 deliberately or otherwise by the borrower, has come to its notice.
b) In the matter of recovery of loans, the company shall resort only to remedies which are legally and legitimately available to it and will avoid using recovery measures during odd hours of the day.
5. Grievance Redressal Mechanism
a) In case of any complaint / grievance, the borrowers may contact through any of the following channels:
Name of the Officer: Dr. D V Prajapati
Cell No. : 8156008077