Terms and Condition

Microfinance Terms and Conditions

 

Microfinance rules for personal loans seek to protect not just the lender’s finances but also the borrower’s rights.If there is one type of loan that is popularly availed, it is everyone’s favorite - the personal loan. Versatile and easy to get, personal loans can be used for a variety of purposes and do not need collateral as well. There are multiple Microfinance/Lenders  in the market today offering these loans to individuals at competitive rates but did you know that there are personal loan rules and regulations in India?

Let us explore this below.What exactly are these rules and regulations? How are they mapped out and most importantly what do they cover?

• Use and Security
  One of the biggest benefits of availing of personal loans is the fact that they can be used for a variety of reasons. Unlike auto loans or education loans, personal loans are not bound by a set purpose. Additionally, personal loans do not require collateral or security therefore applicants must be mindful of this and not fall for fraudulent claims

 

• Eligibility Criteria
  The eligibility criteria for personal loans are tailored to ensure that borrowers are in a position to repay the same. Each lender has different eligibility criteria in place. Some of the common factors that determine this are as follows:

 

• Age of the Borrower
  Most Microfinance/Lenders  provide loans to those between the ages of 18 and 55. This is because most individuals within this age group have a set income in hand and are in the position to repay the loan

 

• Credit Scores
  The higher the credit score, the better are your chances of getting a personal loan at low rates of interest 26% P/Y. Most Microfinance/Lenders  require borrowers to have a credit score of over 750  especially for personal loans as there is no collateral required. Those that have low credit scores or a fragmented credit repayment history will have a harder time getting loans as Microfinance/Lenders  are unable to trust their repayment capacity.

It is understood that the duty of a borrower is to repay the loan and to make this process easier and less prone to errors, Microfinance/Lenders  have put forth certain conditions as mentioned above that need to be fulfilled by borrowers if they wish to get the loan.

• KYC (Ragister User)

After verifying the information filled in the form in the application, the credit score will be checked and the loan limit will be available. Orignal Documant Scan and Uploaded such as Aadhaar card, pan card, selfie, and signecher will be considered as evidence in the agreement, which will be used as original documents in the court at the time of legal action for not re-paying the loan. will be considered in use.

The agreement and document computer generated pdf will be valid at the time of legal action. And it will be valid to the customer. For recovery from non-payment of loan on time, travel expenses, regular interest, processing fee, and legal advocate expenses like notice charge, courier charge, etc. All the advocate fees have to be paid by the customer. Our company checks KYC online and offline.Client First time Ragister fees is 354 /- Rs.The registration fee will not be refunded, within the fee, your CIBIL will be checked every 3 months for 1 year, when your CIBIL goes above 750, then your limit will be open.

 

• FD (Fix Diposite)

Our company does not give interest on FD to any employee or branch but the company gives them loan limit. The amount will not be refunded until the employee or branch agreement is completed.

 

• Loan Approve

After the loan is approved, you will be informed by SMS and mail by manually transferring it from our bank's current account. Which gets deposited in your account in 24 hours. In a short time we are changing our system and making fast and safe process.

 

• Other Chargees

All types of chargers are shown to you before taking the loan which the customer can see then after reading the terms conditions sign the agreement and give all the consent. Chargers like Company Processing Fee, CIBIL Information Charge, KYC Verification Charge, Fund Disbursement Charges, Stamp Duty are on the customer which are included in installments. The company offers to transfer full rupees to their bank account. If the customer delays in payment of installments or Ecs gets bounce then bounce charge of 2% will be taken from the bank chargers and the company. Third party chargers to be paid by the company will be borne by the customer. The platform is used. for a fee.Employee Agreemant Chargees Rs.5900/Rs. Legali Agreemant time Pread Of 5 Years. FD Agreemant completed time is 7 to 12 Days.

 

• Hidan Chargees

No Hidan Chargees All Charges Loan Aprovel Time Show After Get Loan. Borower Accept after Loan Disburs in Borower Bank Account

 

• Branch / Emploee

Our company employs each district wise. Employee code or branch code is given to our employees only after giving complete information about the company and all types of training about the loan. If any customer takes loan then full Kyc is done by our employee. In case of non-payment of customer loan, according to RBI rules, the authority to take legal action is also that of the employee or the branch. Our company does not give any salary to the employee but he is given an incentive at every loan. It is given after deducting TDS from the incentive of the employee or branch.

* Subsidy

For subsidy, you need to download the "Singi Finance" application from the Play Store and register yourself before sending the documents.

Student

 

• Paymnt ( EMI Pay )

You can pay the loan installment through online services like cash, upi, card, netbanking. You will see the update within 1 hour in the application itself. And you will also be informed by sms and mail. We are not responsible if we receive no notification.

• Order In  to aid the process of lending in a way that is beneficial to both the borrower as well as Microfinance/Lenders , the MICROFINANCE has put forth certain guidelines that need to be adhere
• All loan application forms must be comprehensive and should include all the necessary information regarding fees and payments. This is to allow borrowers to compare rates with other banks if needed and make informed decisions

• The verification of loan application must be done within a 2 to 4 Days of time and if additional information or documentation is required, borrowers must be contacted immediately without undue delay
• In case loan applications for amounts less than Rs. 2 lakhs are rejected, the reasons for the same must be conveyed in writing.Send mail for information.
• Timely disbursement of loans must be ensured and if there are any changes in terms or conditions, this must be communicated to the borrower
• If Microfinance/Lenders  wish to recall/cancel/request faster repayment, they must provide adequate notice to the borrowers
• Microfinance/Lenders  are not allowed to interfere with the borrower’s life in general unless provided in the terms and conditions of the loan agreement
• Borrowers are not to discriminate based on caste, religion, sex, etc.
• Microfinance/Lenders  are also not allowed to harass the borrower when it comes to the recovery of loans
• Loan Provided for Only Gujarat Ragiser District only
• Write all the information correctly at the time of registration. After the loan is approved, all the chargers should be viewed by the customer. After reading Trams and Conditions we shall have no liability.
• If legal action is taken, the amount that would be due before the court judgment at that time will be deemed to be due.
• There are many more stipulations and guidelines given by the MICROFINANCE all intended to protect the interests of the borrower as well as the lender.

Employee T&C

1. After becoming an employee and taking portal and company training.
2. First of all register from the app.
3. Employee login from web www.singifinance.com
4. To do on the register.
5. Enter mobile number or pin.
6. Check that it will show your name immediately.
7. Call +91 7371999909 the company and ask for the verification code.
8. Your ID and password and employee code will be sent to your mail id within 48 hours.
9. After Login Task Employee Code Paying Fee After Paying Fee Reading Agreement After Understanding All Rules Digital Signing for Employee Code.
10. After your agreement, you can do all the loan related work through the portal as per the training.
11. Download your employee certificate and authority letter
12. After the employee code is activated, if your code is not worked within 30 days, your code will be deactivated.
13. Even if you find any wrongdoing in your code, the code will be closed.
14. Once your agreement is approved, the code will be closed and the amount in your code statement will be transferred to your bank account.
15. Since you give loan to your customer, the company is not responsible.
16. If any of your customers do not pay the loan, then you have to do a legal process within 180 days of late mode. Thereafter the company shall have no liability.
17. You know your customer well and you have his details and you can also see his sibyl and you invest and give loan at your own risk.
18. If you have taken any kind of security from your customer, it will be the responsibility of the employee and it will be the responsibility of the employee to return the security along with the NOC at the time of closing the loan.
19. Before giving loan to any of your customers, it is mandatory for you to make a slab and get approved in the company.
20. You are required to take all the documents of your customer. After giving the loan limit, it will be the responsibility of the employee to make e-Nach and agreement.
21. At the time of legal action, you can submit a written application to the company to ask for the customer's digitally signed agreement. The company will send it to you by courier within 30 days.
22. You can give an application in writing to close your code and the code will be closed in 15 days and the statement balance of your portal will be transferred to your bank account. And if any of your customers have DPD, that amount will be held, so after closing all your loans, give a code closure request.
23. You have the company and your legal agreement, so if the company does not return the invested funds or income to you, you can make a legal claim against the company based on the entry of the invested amount from your bank statement and the agreement.
24. Your and the company's legal agreement is extended to the original employee within 120 days. And it is mandatory to get the employee from the original agreement company.
25. Agreement fee is Rs 2126 which is non-refundable.
26. 1 lakh rupees will be held which will be credited to your account after your agreement is closed (your customer should not have any outstanding loan or DPD)
27. You can give your hold amount through loan to any of your customers but you cannot take it into your bank account.
28. You don't need to do audits, compliances, accounting, the company files.
29. If you are an employee outside Gujarat then you have to get GST number separately. And the cost will be borne by the employee.
30. If you open a branch then you have to do rent agreement in the name of Singi Finance Pvt Ltd.
31. If any of your customers gives you a check at the time of recovery, you have to take the name of Singi Finance Pvt Ltd. The employee cannot take his own name.
32. Employee is required to take loan category vice permission then additional charge of Rs.590 will be charged separately. Default category of loan will be based on his investment.
33. Loan category follows   Personal Loan 1-5 Gold Loan1-5 Use Vehicle Loan1-5 Machinery Loan1-10
34. The employee will be given stipend as a company incentive and will not get salary.
35. The incentive sharing part of the company and the employee will be as follows. And the company reserves the right to change it
36. Sharing Part follows           Company 30%                                      Employee 68%                                      Channel  Partner   02%                                          TDS   05 %

37. Training is given by the company and all kinds of rules are explained.

38. The employee of our company will be given pension after 18 years only if he works as follows.
39. You have to repeat this target in 18 years.
40. Minimum investment should be 20 lakh.
41. You should have given a loan of 15 lakh every month.
42. In year 18, your turnover should be 26 crores (all loans will be counted in turnover)
43. KYC is mandatory in pension plans every year.
44. 12 thousand rupees per month will be given in the pension plan.
45. If the above target time is not completed then the pension will not be received.
46. Even if the target is revised ahead of time, the pension will be available only after 18 years from the register time.
47. Nominee will not get pension.
48. The employee can visit the customer's home for recovery and explain but can't threaten anything.
49. If the employee goes against the rule and the company will take action against the employee and all expenses incurred will have to be borne by the employee.
50. The company gives all the rights to the employee if it is misused or if the service is not provided to the customer then the customer will be transferred to the company. And if this happens repeatedly to the company, the code will be disabled.
51. Once a code is closed, reactivation requires disclosure of the matter from which the code was closed.
52. After the code is closed, the employee cannot do anything, nor can they make any kind of claim against the company. The balance in your account will be transferred to the employee's bank account after the agreement is renewed. (The amount of loan in which there is DPD or the loan is ongoing will be held and after the loan is cleared, that amount will also be given to the employee.)
53. From the customers who will get DPD, after deducting the expenses related to the loan, the amount according to the sharing part will be given to the employee.
54. If any of your customers do not repay the loan, the company will recover the loan expenses from the employee until the loan is repaid.
55. The sharing part will be given after deducting the expenses incurred on the loan, especially the sharing part will be from the interest and processing fee.
56. The company or employee cannot use the security given by the customer while giving the loan. And the loan has to be returned within 10 days of repayment. If not&