The Company shall disclose all relevant information relating to a loan / product such as eligible loan amount, interest rate, charges, penal/overdue interest, interest calculation metodology, rebate on interest etc. before sanction of the loan to enable the customer / prospective customer to take an informed decision. The Customer / prospective customer will also be provided, on request, the detailed terms and conditions of the loan before sanction.

The Company shall ensure that a loan sanction letter (pawn ticket) is given to the customer containing all the terms and conditions governing the loan facility in the local language or other language understood by the customer. The loan sanction letter (pawn ticket) will also mention the loan amount, loan account number, interest rate, charges, loan processing fees etc. The loan sanction letter (pawn ticket) which will bear the signature of the authorized official of the company will also serve as a receipt for the security (gold) pledged at the branch by the customer.

The Company shall not in the normal course make any changes / modifications in the terms and conditions of the loan, including rate of interest, which could adversely affect the customer financially or otherwise. In abnormal circumstances when such changes / modifications are inevitable, keeping in view the new circumstances, adequate and proper notice shall be given to the customer about any such change/modification.

The Company shall not deliberately promote a product with any ulterior / selfish motives or contrary to the customer requirements or expectations as disclosed by the customer. The Company will ensure that its personnel engaged in marketing and operations are suitably trained and instructed so as to preclude selling of its products by misrepresentation to the customer / prospective customer.

The Company will not indulge in profiteering by charging usurious rates of interest on loans or take undue advantage of adverse market conditions. The rates of interest will be based on variables such as cost of funds, risk premium, loan scheme, loan per gram, profit margin etc. and shall be in conformity with the Interest Rate policy of the Company and Regulatory Guidelines from time to time. It shall also, by and large, be in tune with industry practices and benchmarks.

Full and updated information regarding loan schemes, rate of interest, loan per gram, charges etc. will be displayed on the website of the Company and also displayed in the branches. Complete or select information will also be made available through various media channels, posters, brochures, notices, displays etc. based on the decisions of the management of the Company from time to time.

The Company will not, as a matter of fair dealing, normally recall the loan before the initially agreed tenure except in unanticipated or abnormal circumstances where the Company’s interests are adversely affected e.g. when the security value diminishes substantially, when the quality of gold is not found to be acceptable, due to any regulatory / government directives etc. In all such cases proper and reasonable notice shall be given to the customer recalling the loan before expiry of the normal tenure.

The Company will make all possible soft or persuasive efforts to get the customer to repay the dues without resorting to disposal of the security. The Company does not accept nor will it encourage the use any coercive or hard measures to recover its dues from the customer.

The Company will deliver the security (gold) to the customer immediately upon settlement of the loan in the same condition as was at the time of sanction of the loan. In case of any damage caused to the security (gold) due to mishandling by its employees, the Company shall at its cost get the damage repaired or alternately pay reasonable compensation to the customer on a case to case basis. If the security (gold) has signs of damage thereon, before being taken custody of by the Company at the time of sanction of loan, the fact will be briefly incorporated in the sanction letter (pawn ticket).

The Company will exercise only legitimate right of lien over the pledged security or such cash surplus as may arise upon settlement of existing loans at any time. Such right of lien shall arise only if the customer has any other dues, either directly or as guarantor, and will be subject to proper intimation of such right of lien being given to the customer by the Company.

The Company shall issue a signed and, normally, a system generated receipt for all cash payments made by the customer immediately. The Company shall also accept payments vide cheques, demand drafts, electronic transfers etc. subject to the condition that return of the security (gold) will be made only after confirmation of realization.Even though the loan sanction letter (pawn ticket) contains all applicable terms and conditions of the loan the Company shall, nevertheless, endeavour, on a best effort basis, to send advices, reminders etc. regarding due date for payment of interest, principal etc. by letter, courier service, telephone , SMS etc.The Company shall, on demand, provide the customer or his duly authorized representative with a statement of the loan account at any time during the currency of the loan or immediately upon closure. However, the Company may, at its discretion, require payment of reasonable processing charges by the customer for providing statement of account if such demand is made 30 calendar days after closure of the account.

The Company will resort to disposal of security (gold) only as a last resort and that too after adequate and proper notice is served on the customer to repay the dues. Such notice will be as per the terms contained in the sanction letter (pawn ticket) and also in compliance with applicable laws and regulatory guidelines. The disposal of the security (gold) will be taken up through public auction when the customer does not positively respond to the communications sent by the Company to close the loan account along with interest and other charges.

Where the Company proposes to dispose of the security even before the normal tenure of the loan based on the rights conferred on the Company vide loan application and loan sanction letter (pawn ticket) adequate and proper notice will be served on the customer before such action is initiated for recovery of dues.

The Company prefers and encourages customers to take back delivery of the security immediately upon full settlement of all dues. However, should there be exceptional instance of the Customer being unable to take delivery of the security (gold), not attributable to the inability of the Company, after closure of the loan account reasonable safe custody charges may be payable which will be duly advised to the customer or displayed in the branch premises and the Company’s website.

The Company will not interfere in the affairs of the customers except for the purposes mentioned in the terms & conditions of the loan or when constrained to do so due to inadequate or false disclosures made by the borrower at the time of putting through the transactions.

                              The key to success for any organization is to not only to maintain the current customers but also to widen the base by reaching out to other potential customers and providing them impeccable service.

                             At Dhanachakra Leasing & Hire Purchase Co.Pvt Ltd., we train our staff to understand the customer and service them exactly as per their needs. However, and in case of complaints, we provide a quick and effective reddressal.

Objectives of the Policy 

                    The Policy stipulates an effective and suitable mechanism for receiving and addressing complaints from customers with specific emphasis on resolving such complaints fairly and expeditiously regardless of the source of the complaint.  The objectives of the Policy are as follows: 

To treat all customers in a fair and unbiased manner; 

To guide customers who wish to lodge a formal complaint and also provide alternate avenues of grievance escalation in case the customer is discontent/ unhappy with the response or resolution; 

To enlist various modes through which customers can register complaints; 

To create effective processes to respond to customer grievances/complaints; 

To define escalation levels in case customer’s complaint is not addressed at all or is not addressed satisfactorily; and ? To define timelines for closure of complaints.

Principles of the Policy

We have drafted the Grievance Reddressal Policy keeping our customer’s needs in mind.

1)      Fair treatment to the customers at all times

2)       Customer complaints to be dealt with completely, courteously and on priority basis.

3)      Complete information provided to the customers to escalate their complaints, to a higher hierarchal authority

4)      Company will treat all complaints efficiently and fairly

5)      Employees work in good faith and in the interest of the customers

6)      Handling Customer Complaints

Procedure for Raising a Complaint 

If customer has any complaints they can raise their complaints by writing an email or sending a hard copy of the complaint to the Grievance Redressal Cell.

Grievance Redressal Cell

Chief Grievance Redressal Officer

Arun Subhash

Address: Dhanachakra Leasing & Hire Purchase Co. pvt.ltd,Four star building ,market Road,Piravom 686664

E-mail ID: arun@dhanachakra.com

contact no : 859006660

Assistant Grievance Redressal Officer

Bini Ravi

Address: Dhanachakra Leasing & Hire Purchase Co. pvt.ltd,KPC building ,Market Road ,Thodupuzha.

E-mail ID: rm@dhanachakra.com

contact no : 8156970005

The contact details of the Grievance Reddressal cell will be displayed on the Company’s website and at all branch offices.

 The Grievance Reddressal cell will respond to the escalation within 3 days of receiving the complaint and provide a resolution within 7 days.

  Appeal to the NBFC Ombudsman, RBI If the complaint of the Customer is not redressed within 30 days from the lodging of complaint with the Company or if the customer is not satisfied with the response of/ resolution provided by the Company, the customer may appeal to the Office of Ombudsman, RBI as per the details given below

Each customer should provide the following information while raising a complaint through any of the appropriate

1)      Customer’s full name as per the records submitted to the Company;

2)      Customer’s complete correspondence address; 

3)      Loan number in case of a borrower and account number in case of a depositor (wherever applicable);

4)      Registered mobile number / phone number; and  Email ID (if available).

Procedure for Addressing a Complaint

 The customer service team will follow the procedure outlined below to address and resolve complaints received from all the accepted channels under this Policy.

   First call resolution:

For all complaints which can be resolved immediately when raised, the response should be provided as soon as possible, preferably in the same form and on the same channel through which the complaint was received.

 Resolution post-verification:

 For the complaints which must be verified and may need further investigation and / or support from other departments and hence cannot be resolved immediately, the customer should be informed about the expected timelines of closure. For these complaints, tickets should be raised and assigned to the concerned departments on priority.

 During the time it takes to reach a resolution, the relevant department of the Company will be in contact with the complainant at defined intervals / milestones to communicate the progress on resolving the complaint. In case of any delay envisaged in arriving at a resolution, the customer will be duly informed outlining reasons for the delay.

 Once a resolution has been reached, the customer will be provided with all the information pertaining to the resolution of his complaint including all the supporting  documents, preferably in the same form and on the same channel through which the complaint was received.

Timeframe for Addressing and Resolving Complaints

  The turn-around time for addressing and resolving a complaint will depend upon the type and complexity of the grievance.

The timelines for different complaints under this Policy is provided as follows:

 Normal cases (other than the one mentioned below): 7 days of receipt of complaint. Customer complaints relating to interest, EMIs, repossession, penalty and other charges, non-receipt of deposit certificate etc. are some of the types of complaints which will be categorized under this.

 Fraud cases, legal cases and cases which require retrieval of old records and documents: 15 days of receipt of complaint. ? CIBIL-related cases: 15 days of receipt of complaint.  If any complaint needs additional time to reach a resolution, the Company will inform the complainant of the requirement of additional time and the expected timeline for the resolution of the issue.

 Escalation Process

  If the Customer is not satisfied with the resolution or has not received any resolution within a period of 30 days from lodging the complaint, he or she can appeal to the NBFC Ombudsman, RBI as per the ‘THE OMBUDSMAN SCHEME FOR NBFC’

Review of the Policy

  Representatives from all key departments, including customer care, will review the complaints received on a quarterly basis. They shall review the process and suggest changes, if any, required for making the process more effective.

   Further the Policy will also be reviewed by the Board at the first meeting of the Board of Directors of each financial year.