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Fair Practice Code

Amrit Tradelink Private Limited

In accordance with the revised guidelines on Fair Practice Code (FPC) issued by Reserve Bank of India to all Non-Banking Finance Companies (NBFCs), Amrit Tradelink Private Limited ("Amrit Tradelink"), an NBFC, has formulated its FPC which covers principles on disclosures of terms and conditions relating to loan applications from prospective borrowers and their processing, sanction, monitoring and recovery of loans and other financial products being offered, as well as the Grievances Redressal Mechanism. 

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It is, and shall be the policy of Amrit Tradelink to make available all financial products offered by the Company to eligible applicants without discrimination on the basis of race, caste, color, religion, sex, marital status, age or physical disability.

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The salient features of our FPC are summarized in the following paragraphs for public information:

1. Application for Loans and Their Processing

  • Loan application forms are available in English and can be explained in vernacular language for easy understanding by prospective borrowers.

  • Before offering any credit facility, Amrit Tradelink assesses the economic viability of the proposal submitted by the client.

  • Our loan applications include all necessary information likely to affect the interests of prospective borrowers, enabling meaningful comparison with terms and conditions offered by other lenders and facilitating informed decision-making.

  • The loan application form clearly indicates the documents required to be submitted, including those required under KYC guidelines of RBI.

  • Amrit Tradelink provides acknowledgement for receipt of loan applications, stating the time frame within which applications will be processed.

2. Loan Appraisal and Terms/Conditions

  • Amrit Tradelink communicates in writing to prospective borrowers regarding the status of their loan application through a sanction letter or otherwise.

  • In case of loan sanction, the letter contains the amount sanctioned and detailed terms and conditions, including annualized rate of interest and method of application.

  • The acceptance of terms and conditions communicated by the borrower is preserved in our records, with a copy provided to the borrower.

  • Amrit Tradelink clearly mentions in bold in the sanction letter and loan agreement the rate and timing of penal interest charges, if any, for late payments, as per Board decisions.

  • We furnish a copy of the loan agreement along with copies of all enclosures quoted in the agreement to clients at the time of loan disbursement.

3. Disbursement of Loans Including Changes in Terms and Conditions

  • Amrit Tradelink gives notice to borrowers in English or in vernacular language regarding any change in terms and conditions, including disbursement schedule, interest rates, service charges, and prepayment charges.

  • Changes in interest rates and charges are effective prospectively, with suitable conditions incorporated in the loan agreement.

  • Decisions to recall/accelerate payment or performance under the agreement are in consonance with the loan agreement.

  • Amrit Tradelink releases all securities upon repayment of all dues or realization of outstanding loan amounts, subject to any legitimate right or lien for other claims against the borrower. Due notice with full particulars about outstanding claims and conditions is provided when the company retains securities or exercises right of set-off.

4. General

  • Amrit Tradelink refrains from interfering in borrowers' affairs except as provided in loan document terms and conditions, unless new information not previously disclosed is discovered.

  • Upon receiving a request to transfer a borrower account to another NBFC, bank, or financial institution, Amrit Tradelink conveys consent or otherwise within 21 days of receiving the written request, in accordance with contractual terms and applicable regulations.

  • For loan recovery, Amrit Tradelink resorts only to legally and legitimately available remedies, avoiding undue harassment such as persistently bothering borrowers at odd hours or using muscle power.

  • Amrit Tradelink has adopted an Interest Rate Policy considering relevant factors like cost of funds, margin, and risk premium to determine annualized interest rates for loans and advances, disclosed to borrowers in loan applications and on the company website.

5. Grievance Redressal Mechanism

  • Amrit Tradelink guides clients wishing to lodge complaints and provides guidance if clients are unsatisfied with outcomes.

  • After examining matters, we send responses as promptly as possible.

  • Amrit Tradelink designates an officer for client grievance redressal regarding business practices, lending decisions, credit management, and recovery, indicated in sanction letters.

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The contact details of our present Grievance Redressal Office are:

Amrit Tradelink Private Limited

101, Commerce House,
140, N. M. Road,
Fort,
Mumbai - 400001.

Telephone: +91-22-49714411
Email: contact@amrittrade.com 

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If customer complaints/disputes are not resolved by the Grievance Redressal Office within one month, customers may appeal to the Officer-in-Charge of the Regional Office of the Department of Non-Banking Supervision (DNBS) of the Reserve Bank of India (RBI) under whose jurisdiction our registered office falls.

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Contact details of the Officer-in-Charge, DNBS, RBI (also displayed on our website):

Department of Non-Banking Supervision
Mumbai Regional Office
3rd Floor, RBI Building,
Opp. Mumbai Central Railway Station, Near Maratha Mandir,
Byculla, Mumbai – 400 008

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Our staff is sensitized to be careful and courteous when dealing with clients, particularly with physically challenged persons and women.

6. Periodic Review

The Board of Directors of Amrit Tradelink periodically reviews compliance with the FPC and the functioning of the Grievance Redressal Mechanism. A consolidated report of such reviews is submitted to the Board half-yearly for information and further directions, if any.

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