Loan Interest Rate & Loan Policy
EXTRACT OF THE MINUTES OF THE BOARD MEETING OF THE SAVERY TRANSPORT FINANCE LIMITED HELD AT 10.30 A.M ON MONDAY THE 9TH JUNE 2025 AT THE REGISTERED OFFICE AT ‘SPL SRIRAM NIVAS’ 3RD FLOOR, NO:38, VENKATAKRISHNA ROAD, MANDAVELI, CHENNAI-600028.
Review of Policies
The Chairman informed the Board that, in accordance with the Company's governance practices, all operational Policies and Manuals are required to undergo a comprehensive review once annually.
The review for the current year had become due. In line with the existing instructions, the following Manuals / Policies were reviewed. Necessary amendments were incorporated, wherever required, to align with the latest regulatory guidelines, business requirements, and industry standards.
After detailed deliberation, the Board of Directors approved the amended versions of the following Policies, which shall be implemented and followed by the Company for the ensuing financial year:
1. Investment Policy
2. Loan Policy – Policy on Interest and Other Leviable Charges
3. KYC / Anti-Money Laundering (AML) Policy
4. Fair Practice Code
The Board further directed that the updated policies be published on the Company’s website, thereby ensuring transparency and regulatory compliance.
Loan Policy on Interest and other Leviable Charges
I. INTRODUCTION
Savery Transport Finance Limited (STFL) is a Non-Banking Financial Company–Non-Systemically Important Non-Deposit taking Company(NBFC) registered with the Reserve Bank of India.
II. PURPOSE
Keeping in view the good governance and fair practices code prescribed by Reserve Bank of India, the Company decided to adopt the following internal guidelines and procedures in the matter of fixation of interest rate model and the method of levying charges from the customers for its lending business.
III. SCHEME
This Policy is divided into two parts. The First Part deals with the matters relating to interest and the Second Part deals with matters relating to charges being levied from the customer other than the interest.
PART- I
RATE OF INTEREST
Meaning of Rate of Interest
Interest rate shall mean the annualized rate on the credit facilities charged to the borrower by the Company. The interest rate shall not include the following (the exclusion list is indicative in nature and shall not be only limited to the components below)
1) Processing costs
2) Document charges
3) Stamp duty
4) External Costs
5) Penalties, including late penalties
6) Contingent charges
7) Prepayment charges
A. Fixation of Interest
The Company shall be guided by this Policy for determining the interest rates on various loan schemes of the Company. It shall also consider the prevailing market conditions, various rules and regulations prescribed by the RBI or such other competent authority, as applicable, from time to while fixing the interest rates.
The rate of interest is annualised rates so that the borrower is aware of the exact rates that will be charged to the account.
The customer is given a copy of sanction letter which has all loan conditions for transparency. The sanction letter clearly defines the rate of interest, penal rate of interest in case of delays etc.
STFL follows ceiling of Annualised interest rates not exceeding 32% p.a. and processing charges not exceeding 10% on loan amount.
B. Components of Interest leviable
In the case of an account which is serviced regularly and operated without default, the interest charged would have two components viz. Basic Rate and Risk Premium. However, if an account is not serviced regularly and default occurs, the interest leviable in such accounts will have one more component called additional interest. Further, if the customer opts for reschedulement of the entire repayment schedule or pre-closure of the loan post-delivery of the two wheeler, the Company shall charge broken period interest as applicable in such cases.
Each component of the interest is explained below:
1. Basic Rate:
Basic Rate shall be arrived at after considering the following aspect:
a) Cost of Funds: This includes the interest and other related charges payable by the Company on the borrowed funds such as loan from Banks/Financial Institutions, Secured NCD’s, etc.
b) Operating Cost: This includes the employee cost and other administrative and operating overheads of the Company.
c) Gradation of Risk: The nature of risk associated with the loan will always have a bearing on the Basic Rate to be arrived at.
d) Return on Equity: After meeting all the above (a, b and c), a reasonable return on equity is to be ensured in arriving at the base rate.
e) Other Factors: Industry trends / offers from competitors.
Apart from the above, the nature of lending, i.e., unsecured/secured, tenure of lending, margin covering regulatory provisions, if any, industry trends - offerings by competition, etc. shall also be considered to derive the basic rate
2. Risk Premium
While fixing the risk premium, the Company shall take into consideration, the LTV rate applicable to the loan, the frequency of servicing of the loan by the customer, risk perception of the Company based on geographical location, class of customers, etc. Risk profile of customer including the professional qualification, stability in earnings and employment, financial positions, past repayment track record with us or other lenders, external ratings of customers, credit reports, customer relationship, future business potential, etc. shall also be considered.
3. Accural Interest on EMI Default Period
The Repayment schedule is plotted based on the Loan Date, Tenure and EMI Period, and the interest in the scheduled is shown based on the inflow on respective due dates, in the event of default, Interest will be charged on the EMI over from the date of due to the date of realization at the rate of interest rate applicable to the respective loans this will be applicable for all loans disbursed from 1st of April 2024 and the for the existing customers on boarded till 31st March 2024 shall continue the process of additional interest 36% per annum on overdue EMI till 30th June 2024,with effect from 1st July 2024, Process will be shifted to accrual interest on EMI default period for all customers.
4. Broken Period Interest
The Company provides an option to the customer to reschedule the entire repayment schedule by reducing the tenure of the loan and pre-closure of the loan post-delivery before the maturity of the tenure. In such cases, the Company may incur loss of revenue due to the change in the agreed repayment schedule and terms of the loan facility. To cover the said possible loss, the Company may charge additional interest for such broken period of the repayment schedule based on the number of days between due date of last installment and date of initiation of rescheduling/pre-closure. The broken period interest shall be calculated as follows:
Broken Period Interest = Balance Stock * IRR % * No. of Days / 365
C. Rate of Interest
i) Regular Accounts (loan accounts serviced regularly)
The Company intimates the customer, the exact loan amount, rate of interest and Documentation & Processing Fee applicable, at the time of sanction of the loan along with the tenure and amount of monthly installments (EMI). The following would be the broad band of the total amount due from the customer aggregately towards the interest rate and Documentation & Processing Fee in respect of a loan account which is serviced regularly without any default and also dependent on the scheme. This rate is excluding the additional interest leviable in case of default and other charges.
The applicable range of rate of interest is described in point no E along with gradation of risk.
ii) Irregular Accounts
When an account is not serviced regularly i.e., when the EMI is not paid on the due date and the amount is outstanding, resulting in default in repayment of the loan amount, additional amount called additional interest will be levied at the rate 36% per annum compounded on monthly basis on the overdue EMI.
iii) Maximum Rate of Interest Leviable on a loan account
a) Regular Accounts (Ref. (i) above): 28% (Twenty-Eight) per cent per annum subject to the proviso under Clause C (i).
b) Irregular Accounts (Ref (ii) above): 36%(Thirty-Six) per cent per annum on the overdue EMI per month compounded on monthly basis in addition to that as applicable to the Regular Accounts.
D. Procedure/Method of Collection of Interest
i) The rate of interest leviable on each loan account will be communicated to the customer upfront. Accordingly, the rate of interest charged would be specified in the loan sanction letter and loan agreement. Further, whenever notice is issued to the customer for collection of the interest, the rate and amount thereof would be clearly stated in the said notice. The same procedure would be followed in the case of levying additional interest.
ii) The interest being collected is included in the EMI payable by the customer and hence with the payment of each EMI by the customer, the interest applicable will also remain collected.
iii) When an account has turned irregular and the customer makes any payment towards the repayment of his dues to the Company disregarding the amount of EMI, the amount so received would be credited to the loan account in the following order:
a) Charges other than the interest as per Part II of this policy
b) Additional Interest
c) Interest
d) Principal
E. Approach for Gradation of Risk
The rate of interest is arrived at based on the cost of funds, operating cost, nature of risk and return on capital and other factors stated in this policy. Approach for gradations of risk and rationale, the rates of interest for the same product and same tenor availed during the same period by different customers could vary depending upon the combination of various factors such as borrower’s profile including age, number of dependents, residential stability, type of employment and length of service, primary and secondary income, vintage and growth in business (if self-employed), nature and type of collateral security, brand/resale value of the vehicle, past repayment track record, past association with STFL,Loan to Value etc.Such information is collated based on customer input, credit bureau and field inspection by the Company officials. In view of the higher risks associated with the Two-Wheeler, DPN loans shortfall in asset value to cover the dues in case of aforced sale arising from defaults, the interest rate in this type of loan are comparatively high.
The Company shall be charging annualised interest rate on loans and advances extended to customers. The annualised interest shall be communicated explicitly in the Sanction letter. Any revision/change in the interest rate/other charges would be effected prospectively only. The interest shall be amortized with the principal and the monthly due shall be repaid by way of instalments. The company may offer an equated monthly instalment. The company may accept part payment of instalment.
The rate of interest is subject to change as the situation warrants due to market compulsions and change in regulatory norms and is also subject to the discretion of the management on a case to case basis, for reasons which will be noted.
The interest rates proposed for different loans and advances extended by the Company to its borrowers, are given as under:
Lending Rate Range for Vehicle Loan-Fixed Rates(Annualised)
| Products | Interest Type | Interest % | Annualized Rate% | ||
|---|---|---|---|---|---|
| Minimum | Maximum | Minimum | Maximum | ||
| Two-Wheeler – New | Fixed | 12 | 15 | 21 | 27 |
| Two-Wheeler – Used | Fixed | 15 | 18 | 27 | 32 |
| Pronote Loan(DPN) | Fixed | 12 | 18 | 21 | 32 |
- All the rates mentioned are annualized at monthly rests.
- Additional GST and other cess shall be charged as applicable.
PART- II
LEVY OF CHARGES OTHER THAN INTEREST, DOCUMENTATION & PROCESSING FEE AND ADDITIONAL INTEREST
Depending on the nature of the transaction, in addition to the interest and additional interest, the Company may also levy certain charges from the customer. These charges were until now stated as “Other Charges” and now it has been decided to specify each of them as applicable in the communication to the customer and all other related documents whenever and wherever applicable.
A. The following are the charges falling under this category:
Document charges:
The loan amount is approved, the processing/document charges proposed for different loans and advances extended by the Company to its borrowers, are given as under.processing charges not exceeding 10%.
| Loan Amount | Document Charges |
|---|---|
| Upto Rs.15,000/- | 1,500/- |
| From Rs.15,001/- To Rs.20,000/- | 1,700/- |
| From Rs.20,001/- To Rs.30,000/- | 1,800/- |
| From Rs.30,001/- To Rs.40,000/- | 1,900/- |
| From Rs.40,001/- To Rs.50,000/- | 2,000/- |
| Above Rs.50,001/- | 2,200/- |
RTO charges:
To protect the interest of the Company in the vehicle, certain work will have to be done at RTO. Such as name transfer, cancellation of old H.P.endorsement, obtaining fresh endorsement in favour of our Company, etc. by incurring some expenditure. Further, at actuals or Maximum of Rs.2500/- will be recovered from the borrower, who will be informed of this and whose consent will be obtained in writing which will form part of the Hire- Purchase Loan agreement.
Insurance Premium:
Vehicles financed are to be insured covering the value of vehicle in full and company’s hypothecation on the vehicle generally should be noted in the insurance policy.
Charges for Loan Cancellation before Disbursement:
In case the loan amount is approved, but the disbursement has not been made and the customer declines the approved loan due to personal reasons such as health problems, accident, death, financial crisis, vehicle stock not available, etc. the Company would charge 350/- per event.
Charges for deferring the due date of EMI payment:
The Customer may request the Company to change the due date of EMI payment to another date. In such cases, the Company shall charge Rs.350/- as one-time charge. This facility is available for a customer once in his/her tenure of loan.
Rescheduling Charges:
The Company provides an option to the customer to reduce the tenure of the loan facility by rescheduling the entire repayment schedule. In this scenario, the customer has to pay all the pending EMIs and dues, if any or it can be capitalized. If the customer opts so, the Company may charge ₹ 250/- per such event. The Company shall also charge broken period interest in such events, as mentioned in Clause B (4) of the Part I of this Policy.
Pre-Closure Charges:
The customer may pay lump sum amount to close all his/her EMIs, additional interest, charges, etc. and thereby to close the loan account. In such cases, the Company shall charge 4% on the principal amount outstanding as pre-closure charge from the customer. The Company shall also charge broken period interest in such events, as mentioned in Clause B (4) of the Part I of this Policy.
NOC Charges:
The Company shall issue NOC at free of cost for the first instance and shall charge 500/- from the customer thereafter per event.
Cheque/NACH Bounce Charges:
The Company shall charge cheque/NACH bounce charges at actuals per each case.
Repossession Charges:
When the vehicle is to be repossessed, the Company incurs charges for repossessing the same which is recoverable from the customer at actual.
Penal Charges:
This is applicable to the customers who make any default in EMI Payment since the Company has to put extra efforts to collect the same. The company may charge an additional amount of Rs.250/- defaulted EMI as Penal Charges which will be charged from customer who has defaulted on his EMI Payment. This is towards recovery of additional expenses incurred by the company for collecting of the defaulted EMI from the customer. The same shall not be compounded. Penal Charges will be effective on all loans disbursed from 1st of Apr 2024 and the existing customers Collection Charges of Rs.250/- will be continued till 30th Jun 2024 and the same will be replaced with Penal charges with effect from 1st of Jul2024. The existing charges which is already booked shall remain same.
Bank and Postage Charges:
The Company shall charge the bank and postage charges incurred on behalf of the customer, if any, at actual.
Stamp Duty:
The Company shall charge the stamp duty from the customer at actual as applicable and levied by the respective State Governments.
Any Other Charges:
In the event of meeting any other additional expenses by the Company on the account of the customer, the same would be charged to the customer explaining the nature and the amount thereof. Thereupon the same would be payable by the customer.
B. Procedure/Method of levying the charges other than interest and additional interest:
1.The type of the above charges and the amount thereof shall be communicated to the customer through the sanction letter. They may also be specified in the loan agreement. In case they are not pre- fixed, that fact would be stated in the aforesaid documents. In addition to this, as and when such charge becomes due, a communication shall be made to the customer stating the exact amount leviable from him and it would be reflected as such in the loan account.
2.Whenever any payments are received from a defaulting customer towards the repayment of his/her dues to the Company, the amount due on account of this type of charges would be first adjusted out of the amount so received in the order specified vide paragraph D (iii) of the Part I of this Policy.
IV. REVIEW & AMENDMENT OF THE POLICY
Any change in this Policy shall be approved by the Board of Directors of the Company. The Board of Directors shall have the right to review any part of this Policy or the entire Policy at any time, as it deems fit, or from time to time, and the decision of the Board in this respect shall be final and binding.
Part- I
Lending Rate Range for Vehicle Loan-Fixed Rates(IRR)
| Products | Interest Type | Interest % | Annualized Rate% | ||
|---|---|---|---|---|---|
| Minimum | Maximum | Minimum | Maximum | ||
| Two-Wheeler – New | Fixed | 12 | 15 | 21 | 27 |
| Two-Wheeler – Used | Fixed | 15 | 18 | 27 | 32 |
| Pronote Loan(DPN) | Fixed | 12 | 18 | 21 | 32 |
• All the rates mentioned are annualized at monthly rests.
Part- II
Fees and Other Charges
| S. No. | Charges Head | Charges / Ranges |
|---|---|---|
| 1. | Processing/Document Fees | Minimum of Rs. 1500/- to Maximum of Rs.2200/- |
| 2. | Collection Charges | Rs. 250/- |
| 3. | Foreclosure/Prepayment Charges | 4% on the Principal Outstanding |
| 4. | Overdue Charges | 24%p.a - 36%p.a (2%-3% of overdue amount Monthly) |
| 5. | EMI Due Date Change Charges | Rs. 350/- |
| 6. | Rescheduling Charges | Rs. 250/- |
| 7. | Cheque / NACH return Charges | Actuals |
| 8. | Duplicate NOC | Rs. 500/- |
| 9. | Statement of Accounts | Rs. 250/- |
| 10. | Verification Charges | Rs. 250/- |
| 11. | Repossession Charges | Actuals/Minimum Rs. 500/- |
| 12. | Rent for Repossessed Vehicle | Actuals/Minimum Rs. 30/- per day |
| 13. | Postal Charges | Actuals |
| 14. | RTO Charges | Actuals/Maximum of Rs. 2500/- |
| 15. | Insurance Premium | Actuals |
| 16. | Loan Cancellation Charges | Rs. 350/- |
| 17. | Other Charges | As applicable |
| 18. | Default Charges | Additional As applicable |
| 19. | Broken Period Interest | Actuals |
| Loan Structure | ||
|---|---|---|
| 1 | Loan Amount | Rs. 10,000/-(Min) - Rs. 2,00,000/-(Max) |
| 2 | Loan Tenure | 12 Months (Min) - 36 Months (Max) |
FAIR PRACTICE CODE
This fair practice code sets out the minimum practices to be followed by the Company while dealing with the customers. This code is formulated in pursuance of the guidelines issued by the Reserve Bank of India on fair practice code for NBFCs, to ensure better service and provide necessary information to customers to take informed decisions.
I. OBJECTIVES
This code has been developed to:
1. Promote good and fair practices by setting standards in dealing with the customers.
2. To provide the necessary information to the customers, to increase the transparency in the dealings, to appraise them of the services rendered by the Company so that the customers can take informed decision.
3. To promote a fair and cordial relationship with the customers.
4. To encourage market forces through competition, to achieve higher operating and transparency standards.
II. APPLICATIONS FOR LOANS AND THEIR PROCESSING
1. All communications to the borrower shall be in the vernacular language or in a language as understood by the borrower.
2. Loan application forms shall include necessary information which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made and informed decision can be taken by the borrower. The loan application form indicates the documents required to be submitted along with the application form. It shall also specify the charges payable by the borrower for availing of the loan and also during the currency of the loan till its closure.
III. LOAN APPRAISAL AND TERMS/CONDITIONS
1. The Company shall convey in writing to the borrower in the vernacular language or in a language as understood by the borrower, by means of sanction letter, the amount of loan sanctioned along with the terms and conditions including annualized rate of interest, all other charges payable either upfront or during the tenure of the loan till its closure, the method of application thereof and shall keep on record the acceptance of these terms and conditions by the borrower.
2. The loan agreement shall also contain a clause for charging the penal interest, if any, for late repayment in bold.
IV. PENAL CHARGES IN LOAN ACCOUNTS
1. Penalty if charged for non-compliance of material terms and conditions of loan contract by the borrower shall be treated as penal charges and shall not be levied in the form of penal interest that is added to the rate of interest charged on the advances.
2. There shall be no capitalization of penal charges ie no further interest shall be computed on such charges. However, this will not affect the normal procedures for compounding of interest in the loan account.
3. The Company shall amend the Board approved policy to include clauses for penal charges.
4. The quantum of penal charges shall be reasonable and commensurate with the non-compliance of material terms and conditions of loan contract without being discriminatory within a particular loan / product category.
5. The quantum and reason for penal charges shall be clearly disclosed by NBFCs to the customers in the loan agreement.
6. Whenever reminders for non-compliance of material terms and conditions of loan are sent to borrowers, the applicable penal charges shall be communicated. Further, any instance of levy of penal charges and the reason therefor shall also be communicated.
V. DISBURSEMENT OF LOANS INCLUDING CHANGES IN TERMS AND CONDITIONS
1. 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.
2. Any changes in interest rates and charges shall be effected only prospectively. The loan agreement shall contain the necessary provisions in this regard.
3. Decision to recall/accelerate payment or performance under the agreement shall be in consonance with the loan agreement.
4. The Company shall release all securities on repayment of all dues or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim the Company shall have against the borrower. If the right of set off is to be exercised, the borrower shall be given notice about the same with full particulars about the remaining claims and the conditions under the company is entitled to retain the securities till the relevant claim is settled/paid.
VI. RATE OF INTEREST
1. The Company shall frame appropriate internal principles and procedures for determining the interest rates and processing and other charges, if any, and also to ensure that they are not excessive. The Company shall, at the time of disbursal, ensure that the interest rate and other charges, if any, on loan and advances are in strict adherence to above referred internal principles and procedures.
2. The Company shall disclose in the application form and explicitly in the sanction letter, the rate of interest and the approach for gradation of risk and rationale for charging different rate of interest to different categories of borrowers.
3.The rate of interest is annualised rates so that the borrower is aware of the exact rates that will be charged to the account. The customer is given a copy of sanction letter which has all loan conditions for transparency. The sanction letter clearly defines the rate of interest, penal rate of interest in case of delays etc. STFL follows ceiling of Annualised interest rates not exceeding 32% p.a. and processing charges not exceeding 10% on loan amount.
VII. GENERAL
1. The Company shall refrain from interference 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 by the borrower, has come to the notice of the lender).
2. In the matter of recovery of loans, the Company shall not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans.
3. The contract/loan agreement contains an inbuilt re-possession clause which is legally enforceable.
4. The terms and conditions of the contract/loan agreement shall contain provisions regarding:
a. Notice period before taking possession.
b. Circumstances under which the notice period can be waived.
c. The procedure for taking possession of the security.
d. Provision regarding final chance to be given to the borrower for repayment of the loan before the sale/auction of the property.
e. The procedure for giving repossession to the borrower.
f. The procedure for sale/auction of the property.
5. In case of receipt of request from the borrower for transfer of borrowal account, the consent or otherwise i.e. objection of the Company, if any, should be conveyed within 21 days from the date of receipt of request. Such transfer shall be as per transparent contractual terms in consonance with law.
VIII. REPOSSESSION OF SECURITY
1. The Lender has the right to take possession of the Asset by giving 7 days’ notice to the Borrower to clear the dues or to hand over possession of the Asset. Such notice need not be given in the following circumstances:
a. When the Borrower agrees for waiver of such notice
b. When the Borrower has expressed his willingness to surrender the possession of the asset voluntarily
c. When there is reasonable apprehension to the Lender or its officers/agents that such notice may defeat the taking of possession of the Asset due to any foul play or forcible resistance from the part of the Borrower/Guarantor
d. When the Asset remains abandoned by the Borrower for any reason
e. When the Borrower is no more
f. When the Borrower has absconded with a view to prevent the recovery of the dues from him and
g. For any other similar reasons so as to facilitate peaceful taking possession of the Asset by the Lender.
2.The procedure for taking possession of the Asset includes:
a. When the Borrower fails to follow the demand made in the above referred to notice the Lender may approach appropriate forum for an order enabling it to take possession of the Asset by suitable ways either by way of a commissioner or receiver.
b. By asking the customer personally to surrender the vehicle at a place convenient to the Lender and
c. By compelling the Borrower to hand over possession through the authorities so as to prevent the use of the Asset by the Borrower.
3. However, the above two clauses (1 and 2) are not applicable to the cases wherein the Borrower surrenders the asset voluntarily.
4. Provision regarding final chance to be given to the borrower for repayment of the loan before the sale/auction of the property.
5. The Lender is entitled to transfer in any form like sale, rental and conversion for own use etc. the Asset, the possession of which is obtained in any of the ways stated above or otherwise, in connection with the default, in the way convenient to the Lender and appropriate the proceeds thereof towards repayment/dues from the Borrower, when the Borrower and Guarantor fails to follow the notice for repayment of the dues within 7 days in any of the modes of service of such notice at the convenience of the Lender, as a final chance to avoid the transfer under this clause. This right to transfer does not take away the sole discretion of the Lender to return the possession of the asset in appropriate cases.
6. If such sale proceeds are insufficient to discharge the entire dues, Lender shall move further against the Borrower and/or the Guarantor and if the sale proceeds exceeds the due, the balance shall be paid to the Borrower when he claims it. However, the above entitlement is no bar for the Lender to proceed against the Borrower and/or Guarantor directly, sparing the proceedings against the security.
7. The Lender is entitled to recover from the Borrower all types of expenses on full indemnity basis, incurred by or on behalf of the Lender in ascertaining the whereabouts of the asset, taking possession, garaging, insuring, transporting and selling the Asset and also for other legal steps in connection with this Agreement.
IX. CUSTOMER GRIEVANCE
All disputes arising out of the decisions of the functionaries in relation to the products and services shall be heard and disposed off at least at the next higher level. Therefore, the following 'Grievances Redressal Mechanism' is put in place.
If you have any complaint/grievance, Kindly contact:
General Manager
Savery Transport Finance Ltd
Ahuja Towers,3rdFloor,No:42/16,
ThiruVenkataswamy Road(West)
R.S.Puram,Coimbatore-641 002.
Tel:0422-4366937,4366938
Email:shriramtradefin@yahoo.co.in
If you desire to escalate your complaint/grievance to senior level, please write to:
Chief Financial Officer
Savery Transport Finance Ltd
“SPL SriramNivas” 3rd Floor,
No:38, Venkatakrishna Road, Mandaveli,
Chennai-600028.
Tel: 044-42089091,42035338
Email:saveryfinance@yahoo.com, care@savery.co.in
If the complaint/grievance is not redressed within a period of one month, the customer may appeal to:
The General Manager
Department of Non-Banking Supervision
Reserve Bank of India
Chennai Regional Office,
Fort Glacis, RajajiSalai,
Chennai-600 001, India.
Tel: +91 44 25361631
Email: dnbs@rbi.org.in
As per the RBI Integrated Ombudsman Scheme, customer can register a complaint to RBI ombudsman in cms.rbi.org.in if,
1) the complaint was rejected wholly or partly by the Regulated Entity, and the complainant is not satisfied with the reply; or the complainant had not received any reply within 30 days after the Regulated Entity received the complaint; and
2) the complaint is made to the Ombudsman within one year after the complainant has received the reply from the Regulated Entity to the complaint or, where no reply is received, within one year and 30 days from the date of the complaint.
X.REVIEW
A review of the compliance of the Fair Practices Code and the functioning of the Grievance Redressal Mechanism will be carried out by the Board of Directors every year.
