NOMINATION & REMUNERATION POLICY
POLICY AGAINST SEXUAL HARASSMENT
POLICY FOR PRESERVATION OF DOCUMENTS
INTERNAL GUIDELINES ON CORPORATE GOVERNANCE
ENTERPRISE RISK MANAGEMENT POLICY
POLICY FOR DETERMINATION OF MATERIALITY
POLICY FOR EVALUATION OF PERFORMANCE OF BOARD OF DIRECTORS
POLICY FOR FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
POLICY TO PROMOTE DIVERSITY OF BOARD OF DIRECTORS
POLICY ON RELATED PARTY TRANSACTIONS
POLICY ON APPOINTMENT OF STATUTORY AUDITOR
Interest rate being charged is based on various factors like cost of funds, margin, risk premium, un-allocable expenses among other things. As far as risk premium is concerned, it will be based on variables like Profile, underlying security, tenure, other terms and conditions etc.
Asset Liability Committee (ALCO) has been authorised by Board for the purpose of laying out appropriate internal principles and procedures in determining interest rates and other charges. ALCO comprises of Head of the organization along with relevant head of the departments. ALCO has product pricing as one of the responsibilities among other things authorised by Board.
The Board of Directors of the Company or a Committee drawing power from the Board, while fixing interest rates shall be guided by this document on Interest Rate Determination. In addition to basic cost elements, the Board or the Committee shall be guided by the market conditions and various rules and regulations, if any, prescribed by the Reserve Bank of India or such other competent authority from time to time.
Interest charged for various products / Schemes shall have the following components:
1 Base Rate
3. Penalty Charges
1 Cost of Funds
2 Overhead Cost
3 Return on Capital Employed
THE RESERVE BANK - INTEGRATED OMBUDSMAN SCHEME, 2021
Levy of foreclosure charges/pre-payment penalty on Floating Rate Loans by NBFCs
Release of Movable / Immovable Property Documents on Repayment/ Settlement of Personal Loans
Salient Features NBFC Ombudsman Scheme - English
Salient Features NBFC Ombudsman Scheme - Gujarati
Salient Features NBFC Ombudsman Scheme - Hindi
Salient Features NBFC Ombudsman Scheme - Kannad
Salient Features NBFC Ombudsman Scheme - Marathi
Mr. Ashutosh Khajuria, Nominee Director, ceased to be a member of the Board on account of the completion of his term of office as Nominee Director w.e.f. April 30, 2024.
Mr. P.R. Seshadri, Independent Director( In the capacity of Additional Director), resigned from the Board of Directors of the company w.e.f 22nd August, 2023.
Mr. Sumit Kakkar, Nominee Director, resigned from the Board of Directors of the Company w.e.f. 13th March, 2020
Mr. Dilip Sadarangani, Independent Director, retired from the Board of Directors of the company w.e.f 8th September 2019
Mr. Ganesh Sankaran, Nominee Director, resigned from the Board of Directors of the company w.e.f 15th February 2019
Mr. Rajagopalan Santhanam, Nominee Director, resigned from the Board of Directors of the company w.e.f 20th December 2018
Mr. Suresh Kumar, Independent Director, resigned from the Board of Directors of the company w.e.f 19th June 2017.
Mr. Ujwal Thakar, Independent Director, resigned from the Board of Directors of the company w.e.f 5th August 2016.
Charges: | |||
Nature of Charges | LAP/Home Loans/MSE LAP | PL | BL |
Processing fees details | upto 3% + applicable taxes on the total loan amount subject to minimum Rs. 7500/- + applicable taxes (Non Refundable) | upto 3% + applicable taxes on the total loan amount (Non Refundable) | upto 3% + applicable taxes on the total loan amount (Non Refundable) |
Full Prepayment Charges (For fixed rate loans, floating rate loan to non-Individual Borrowers and individual borrowers for business purpose) | 4% + applicable taxes on the loan outstanding loan amount. Prepayment charges shall be applicable on all payments, other than EMI made towards principal sum in the last 12 months from intended date of prepayment | 4% + applicable taxes on the loan outstanding loan amount | 4% + applicable taxes on the loan outstanding loan amount |
Part Prepayment Charges (for fixed rate loans and floating rate loans to non individual borrowers and Individual Borrowers) | 1% + applicable taxes if more than three part prepayments are made during the year subject to a) Each Part prepayment amount must be equal to minimum two EMI's b) 4% part prepayment charge + applicable taxes for part prepayments in case part payment >25% of loan outstanding at beginning of financial year. | Part Payment not allowed | Part Payment not allowed |
Cheque Bounces Charges | Rs. 750 plus applicable taxes | ||
Overdue Interest / Over Instalment charges / Late payment charges / Penal Interest / Additional Interest | 3% per month | ||
Repayment Instrument /Cheque Swap Charges | Rs. 500 plus applicable taxes | ||
Loan Statement Charges (Nil for 1st statement every half yearly) | Rs. 500 plus applicable taxes | ||
NOC Issuance Charges (Nil for first NOC ) | Rs. 500 plus applicable taxes | ||
Document retrieval charges (per advice) | Rs. 500 plus applicable taxes | Not applicable | Not applicable |
Loan cancellation charges | Rs. 2000 plus applicable taxes plus interest charges from the date of disbursement till the date of cancellation | Rs. 1000 plus applicable taxes plus interest charges from the date of disbursement till the date of cancellation | Rs. 1000 plus applicable taxes plus interest charges from the date of disbursement till the date of cancellation |
Switch charges (for change in the ROI / Rate Type / Margin) | 1% of the outstanding loan amount plus applicable taxes | ||
Any other charges | As per actuals or as decided by the management from time to time | ||
Note: | |||
Above charges shall apply, unless specifically communicated by the Company otherwise at the time of sanction. Charges are subject to change and shall be updated on Company's website |
INTIMATION REGARDING UPDATED POLICY ON PENAL CHARGES
Information of an important update regarding policy change on penal charges, in accordance with the guidelines laid down by Reserve Bank of India (RBI).
(a) RBI vide its Circular No. RBI/2023-24/53 dated August 18, 2023 on “Fair Lending Practice - Penal Charges in Loan Accounts”, has advised financial institutions that penalty, if charged, for non-compliance with material terms and conditions of the loan contract shall be treated as penal charges and not be levied in the form of penal interest that is added to the rate of interest charged on the loans/advances. RBI has further advised that there shall be no capitalization of penal charges i.e. no further interest shall be computed on such penal charges.
(b) In light of the foregoing, the provisions of the Loan Application relating to:
Penal Charges represents charges over and above normal interest rates/ fees, levied for default/breach by borrower in complying with the terms on which Loan was disbursed. Upon levy of such Penal Charges, the Borrower shall pay the said Penal Charges along with applicable Goods and Service Tax (GST), if any, other taxes (of any description whatsoever) and charges which may be payable pursuant to applicable laws, from time to time, in relation to your Loan.
Further, there will be no capitalization of penal charges in your loan account i.e. no further interest computed on such penal charges.
(c) The aforesaid penal charges are being imposed primarily to act as deterrent against breach/ default of the Loan and is intended to inculcate a sense of financial discipline and discourage Borrower from defaulting on his/her obligations as specified in Terms & Conditions of the Loan Application.
(d) The aforementioned guidelines are effective from April 01, 2024 and applicable for all fresh loans which are executed from April 01, 2024. In case of existing Loan, the switchover to new penal charges regime shall be ensured on next review or renewal date or before June 30, 2024, whichever is earlier. These guidelines will operate in conjunction with the other Fedbank Financial Services policies on pricing and customer disclosures.
Annexure A
Penal Charges Rate:
Penal Charges in the event of default / delay in payment / repayment of any part of the loan amount on the due date. | 1% per month inclusive of GST on the overdue / defaulted amount over and above the applicable interest rate. |
Anil Kothuri-MD & CEO
C.V.Ganesh- Chief Financial Officer
Rajaraman Sundaresan - Company Secretary & Compliance officer
Company has 2 Selling and Servicing Agents, which are as follows:
1. New Opportunity Consultancy Private Limited (NOCPL)
2. Svasti Microfinance Private Limited
Note: Si Creva is not a Sales & Servicing Agent for Fedfina effective 5th August 2023.
DEBENTURE TRUSTEE OF FEDBANK FINANCIAL SERVICES LIMITED.
For Secured Non convertible Debentures & Subordinate debt – Non Convertible Debentures
IDBI Trusteeship Services Limited |
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Address: |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra |
Email: |
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Tel: |
02240807000 |
For Principal Protected Market Linked Debentures -- Non Convertible Debentures
Beacon Trusteeship |
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Address: |
4C & D Siddhivinayak Chambers, Gandhi Nagar, Opp MIG Cricket Club Bandra (East), Mumbai 400 051 |
Email: |
compliance1@beacontrustee.co.in |
Tel: |
022-26558759 |
Customer Education Literature on SMA/NPA
In case you are an Investor and need any information or data, write to |
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Name: |
Mr. S. Rajaraman |
Address: |
Fedbank Financial Services Limited |
Email: |
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Tel: |
+91 022 68520601 |
Kindly mention your Name, PAN, DP ID and Client ID when you write to us. |
Link Intime India Private Limited |
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Address: |
C 101, 247 Park, Lal Bahadur Shastri Marg , Vikhroli (West), Mumbai - 400 083, Maharashtra |
SEBI registration no |
INR000004058 |
Email: |
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Tel: |
02249186200 |