Collection and Recovery Policy

This collection and recovery policy adopts reasonable and lawful measures to recover dues from overdue and defaulting Borrower Users of Agiwal Finance Private Limited (Formally known as Surmit Investments Private Limited) (“NBFC”).

Definitions

1)   “Default” is considered to have occurred when an asset is classified as non-performing asset (‘NPA’).

2)   “Overdue” means and includes any amount due to the NBFC under any credit facility if it is not paid on the due date fixed by the NBFC.

3)   “Borrower Users” mean and include the users who have borrowed money from the NBFC.

4)   “Personnel” means and includes the staff (either of the NBFC or engaged through the LSPs) engaged in the recovery and collection process. 

Collection Mechanism

The Collections & Recovery policy of the NBFC is built around dignity and respect to customers. The NBFC will not follow policies that are unduly coercive in collection of dues. The policy is built on courtesy, fair treatment and persuasion. The NBFC believes in following fair practices with regard to collection of dues and thereby fostering customer confidence and long-term relationship. 

The Collection practices of the NBFC, that it may initiate on its own or through LSPs are:

1.    Giving due prior notice to the Borrower Users: While written communications, telephonic reminders or visits by NBFCs representatives to the borrowers place or residence will be used as loan follow up measures, NBFC will not initiate any legal or other recovery measures without giving due notice in writing.

2.    Contacting Borrowers: The NBFC may inter alia contact the Borrower Users, either on its own or through LSPs in case of payment delays and collection and monitoring of the Loan or Credit Facility granted to Borrower Users as may be required.

3.    The NBFC shall engage in recovery from Borrower Users, either on its own or through LSPs, the Loan or Credit Facility granted such as by way of electronic mail reminders, mobile text message reminders, telephone reminders, and personnel visits.

4.    Credit or deposit will only be made in an account designated by NBFC for collections (“Repayment Account”), all the monies that may be collectable/receivable by the NBFC.

5.    The NBFC shall take necessary actions for recovery of Loan or Credit Facility which have been delayed, including the collection of fresh cheques, NACH/ECS and collection via Payment Links, either on its own or through a LSP.

6.    The NBFC shall maintain centralised and separate records of each Loan or Credit Facility granted to Borrower Users in separate digital files, including payment details and keep proper books of account for the said Loan or Credit Facility.

7.    The NBFC shall ensure that the Personnel engaged in collection activities, is adequately trained to deal with customer issues.

8.    The NBFC shall ensure that the Personnel engaged in collection activities do not resort to undue harassment and adhere to the code of conduct defined by the NBFC. For this purpose, the NBFC has laid out certain guidelines to contact the Borrower Users:

• The customer would be contacted ordinarily at the place of his / her choice and in the absence of any specified place, at the place of his / her residence and if unavailable at his / her residence, at the place of business / occupation.
• Identity and authority of persons authorised to represent the NBFC for follow up and recovery of dues would be made known to the borrowers at the first instance.
• The NBFC would respect the privacy of its borrowers.
• The NBFC is committed to ensure that all written and verbal communication with its borrowers will be in simple business language and that the NBFC will adopt civil manners for interaction with borrowers.
• Borrower's request to avoid calls at a particular time or at a particular place would be honoured as far as possible.
• Inappropriate occasions such as bereavement in the family or such other calamitous occasions will be avoided for making calls / visits to collect dues.
• The Collections shall always be in adherence with all RBI mandates including but not limited to the Fair Practices Code and Outsourcing Guidelines.

9.    Upon the expiry of the grace period specified in the communication to the Borrower users, the NBFC may initiate legal proceedings for the non-repayment by Borrower Users.

10.     If Borrower Users want to raise grievances regarding collection practices, they may reach out to the grievance redressal officer as specified here:

Grievance Redressal Officer: Ms. Minakshi Bansal

E-mail:  minakshi@agimoneey.com

Address:  Agiwal Finance Private Limited, 506, 5th Floor, World Trade Centre, Barakhamba Lane, Connaught Place, New Delhi - 110001

In case you are not satisfied with the resolution provided by the Grievance Redressal Officer, then escalation can be made to the Nodal Officer.

Nodal Officer: Mr. Deepak Rawat

E-mail: admin@agiwalfinance.com

Address:  Agiwal Finance Private Limited 506, 5th Floor, World Trade Centre, Barakhamba Lane, Connaught Place, New Delhi - 110001