Terms & Condition

The Fair Practice Code of Greaves Finance Limited. (GFL) applies to all the products and services, whether provided by across the counter, over the phone, by post, through interactive electronic devices, on the internet or by any other method.

FAIR AND TRANSPARENT DEALINGS WITH BORROWER/S

GFL shall stay committed to act in a fair and transparent manner in all dealings with customers by ensuring that:

LOANS

Applications for loans & their processing

• Loan Application forms would provide necessary Information which affects the interest of the borrower/s, so that a meaningful comparison with the terms and conditions offered by other lenders can be made & informed decision can be taken by the borrower/s. The loan application form shall contain the list of documents required to be submitted with the application form. An acknowledgment of the Loan Application shall be given to the borrower/s on receipt of the Loan Application.
• All Communication to the borrower/s will be in the vernacular language or a language as understood by the borrower/s.

• Normally all particulars required for processing the Loan Application shall be collected at the time of Loan Application. In case any additional information is required, the Borrower/s would be told that he/she would be contacted immediately again.
• GFL shall convey in writing to the borrower/s the amount of loan sanctioned along with the terms & conditions including annualized rate of interest, method of application thereof, EMI Structure, and any other charges if any, and shall keep the written acceptance of all these terms and conditions by the borrower/s in company records.
• Penal interest charged for late repayment would be mentioned in bold in the loan agreement.
• Copy of the loan agreement along with a copy of each of the enclosures quoted in the loan agreement would be provided to every borrower/s at the time of disbursement of the loans.

• Notice would be provided to the borrower/s of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges, other applicable fee/charges etc.
• Any Change in the interest rates and charges shall be effected only prospectively. A suitable condition in this regard shall be incorporated in the loan agreement.
• Before taking a decision to recall / accelerate payment or performance under the Agreement or seeking additional securities, notice would be provided to borrower/s in accordance with the Loan Agreement.
• All Securities would be released on the repayment of all dues or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim that GFL may have against the borrower/s. If such right of set off is to be exercised, the borrower/s shall be given a prior notice about the same with full particulars about the remaining claims & the conditions under which GFL is entitled to retain the securities till the relevant claim is settled / paid.

GUARANTORS

PRIVACY AND CONFIDENTIALITY

All personal information of borrower/s shall be treated as private and confidential and shall at all times be subject to the following principles and policies.

• GFL shall not reveal information or data relating to borrower/s account, whether provided by the borrower/s or otherwise, to anyone, including other companies / entities in our group, other than in the following exceptional cases:

• If the information is required to be given by law.
• If there is a duty towards the public to reveal the information.
• If overall interests require GFL to give the information (for example, to prevent fraud) but it should not be used as a reason for giving information about borrower/s or borrower/s accounts [including borrower/s name and address] to anyone else, including other companies in the group, for marketing purposes.
• If the borrower/s ask GFL to reveal the information, or with the borrower/s permission.

• If GFL are asked to give a reference about borrower/s,GFL shall obtain his / her written permission before giving it.
• The borrower/s shall be informed the extent of his / her rights under the existing legal framework for accessing the personal records that GFL hold about him /her.
• GFL shall only retain the information of the borrower until such time as is required under applicable law. Further, subject to the foregoing, the borrower/s shall have the right to have its information deleted, by a written request to GFL.

COLLECTION OF DUES / RECOVERY

• Whenever loans are given, GFL shall explain to the borrower/s the repayment process by way of amount, tenure and periodicity of repayment. However, if the borrower/s does not adhere to the repayment schedule, a defined process in accordance with the laws of the land shall be followed for recovery of dues. The process will involve reminding the borrower/s by sending him / her notice or by making personal visits and / or repossession of security, if any.
• GFL collection strategy will be built on courtesy, fair treatment and persuasion. GFL will provide borrower/s with all the information regarding dues and shall endeavor to give sufficient notice for payment of dues.
• All the members of the staff or any person authorised to represent GFL in collection and/or security repossession shall be adequately trained to deal with the borrower/s in an appropriate manner and shall follow the guidelines set out below:
• Borrower/s 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 to represent GFL will be made known to the customer at the first instance.
• Borrower/s privacy would be respected.
• Interaction with the borrower/s shall be in a civil manner.
• GFL’s representatives shall contact the Borrower/s between 0700 hrs and 1900 hrs, unless the special circumstances of the customer’s business or occupation require otherwise.
• Customer’s request to avoid calls at a particular time or at a particular place shall be honoured as far as possible.
• Time and number of calls and contents of conversation would be documented.
• All assistance shall be given to resolve disputes or differences regarding dues in a mutually acceptable and in an orderly manner.
• During visits to customer’s place for dues collection, decency and decorum shall be maintained.
• Inappropriate occasions such as bereavement in the family or such other calamitous occasions shall be avoided for making calls/visits to collect dues.

COMPLAINTS AND GRIEVANCES

Internal Procedures

GFL has established the system and procedures for receiving, registering and disposing of complaints and grievances in each of its offices.

The Board of Directors of GFL has laid down the appropriate grievance redressal mechanism within the organization to resolve complaints and grievances. Such mechanism ensures that all disputes arising out of the decisions of the functionaries are heard and disposed of at least at the next higher level.

GFL shall display the Grievance Redressal Procedure prominently at all branches / places where business is transacted for the benefit of their customers.

• • notice period before taking possession;
  • circumstances under which the notice period can be waived;
  • the procedure for taking possession of the security;
  • a provision regarding final chance to be given to the borrower for repayment of loan before the sale / auction of the asset/security;
  • the procedure for giving repossession to the borrower; and
  • the procedure for sale / auction of the asset/security.

  A copy of the above terms and conditions will be made available to the borrower

REPOSSESSION OF VEHICLES

GFL has a built in re-possession clause in the contract/loan agreement with the borrower which is legally enforceable. To ensure transparency, the terms and conditions of the contract/loan agreement also contain provisions regarding:

GENERAL

• GFL shall refrain from interference in the affairs of the borrower except for the purposes in the terms and conditions of the loan agreement (unless information, not earlier disclosed by the borrower, has been noticed).
• GFL will verify the details mentioned by the Borrower/s in the loan application by contacting him / her at his / her Residence & / or on business telephone numbers & / or physically visiting his / her residence & / or business addresses through staff or through Agencies appointed for this purpose, if deemed necessary by GFL
• GFL shall advise the Borrower/s that if the Borrower/s acts fraudulently, he / she will be responsible for all losses on his / her account & that if the Borrower/s acts without reasonable care & this causes losses, the Borrower/s may be held responsible for the same.
• GFL shall not discriminate on grounds of sex, caste & religion in the matter of Lending. However, this does not preclude GFL from instituting or participating in Schemes framed for different Sections of the Society.
• GFL shall process requests for transfer of a loan account, either from the borrower/s or from a bank / financial institution, in the normal course. In case of receipt of request from the borrower/s for transfer of the loan account, the consent or otherwise i.e. objection of GFL if any, shall be conveyed within 21 days from the date of receipt of such request. Such transfer shall be as per the transparent contractual terms entered into with the borrower/s in consonance with law.
• In the matter of recovery of loans, GFL shall not resort to undue harassment viz; persistently bothering the borrowers at odd hours, use muscle power for recovery of loans
• GFL shall ensure that the staff are adequately trained to deal with the customers in an appropriate manner.
• GFL shall ensure that the staff is trained to provide relevant information about the Code and to put the Code into practice.
• The Board of the company shall adopt an interest rate model taking into account relevant factors such as cost of funds, margin and risk premium which will help in determining the rate of interest to be charged for loans and advances. The rate of interest and the approach for gradations of risk and the parameters for charging different rate of interest to different categories of borrower/s shall be disclosed to the borrower/s or customer if required.

Grievance Redressal Procedure

Great services help companies drive the customer acquisition, retention and efficiency which in turn make the company successful. At GFL, the core philosophy being Grievance Redressal has always been customer care, and hence have developed an approach to leave no stone unturned in solving the customer complaints.

A. In case of any query/grievance, the borrower/s may contact the following:

Level 1 Call Centre Team through any of the following channels:

(i) Telephonically at +91 77700 055555

(ii) Writing email at customercare@greavesfinance.com (Kind attention: Customer Service Officer)

GFL shall strive to provide the borrower/s with a suitable response/resolution on his/her complaint/query/grievance within 7 working days.

Level 2

In case the borrower/s is not satisfied with the resolution/response provided by the Call Centre Team or Branch Team/s in due course, then he may further contact the executive at Head Office in the following manner.

Mail: Greaves Finance Limited

Greaves Finance Limited. Unit No: 701, 7th Floor, Tower 3, Equinox Business Park LBS Marg, Kurla West, Mumbai – 400070

Telephone: 022-4171 1700

GFL will make best efforts to solve your complaint/query/grievance at this level.

In case the borrower/s is not satisfied with the resolution/response provided by the executive at Head Office or if the grievance is not resolved within a period of 1 month, the borrower/s may appeal to the Officer-in-Charge of the Regional Office of Department of Supervision of the Reserve Bank of India, under whose jurisdiction, the registered office of GFL falls

SALIENT TERMS AND CONDITIONS

GREAVES FINANCE LIMITED (GFL) is a Non Banking Finance Company engaged in the provision of retail financing

While availing financing from GFL through its Loan Application system, we request you for and permission to use your personal information for the purposes that it has been obtained.

GFL is committed to keep your personal information secure.

This policy outlines the objective of requesting for your personal information and briefly explains process of as to how GFL keeps it secure.

Please note that during the course of your business relationship with GFL, you will be always informed regarding such permissions.

You are requested to carefully read our Privacy Policy and feel free to contact our Grievance Cell in the event of clarifications in respect of our Privacy Policy.

We also request you to review our Privacy Policy from time to time because your use of our products and services implies your acceptance of our prevailing Privacy Policy.

BY ACCEPTING THE GFL PRIVACY POLICY, YOU ARE EXPRESSLY CONSENTING TO THE COMPANY’S COLLECTION, RETENTION, ANALYSIS, USE AND DISCLOSURE OF YOUR PERSONAL INFORMATION IN ACCORDANCE WITH THIS PRIVACY POLICY.

INFORMATION COLLECTED FROM YOU AND ALL OUR CUSTOMERS

To create an account with GFL, you are required to:

(a) provide us with your basic personal information as part of our customer identification process, and

(b) agree with GFL’s User Terms and Conditions and this Privacy Policy, which governs our treatment of your personal information.

We request you, subject to your agreeing to use the Application, to provide certain personal and financial information such as your name, address, date of birth, PAN number, bank statements, pay slips, etc.

We will also collect credit related information that is collected from other sources including Credit Bureaus such as CIBIL and other similar organization(s).

Additionally, we will also collect your social data (from facebook and linkedin) as well as information from your mobile phone, Financial SMS/ SMS logs, contacts, camera, storage, location etc.). The Application might also collect the following types of banking information from you – credit/debit card details such as the first six or the last four digits of your card number, payment wallet information (if you maintain a payment wallet with us), card details for quick purchase where you have selected the preference of letting us store the said information. However, for avoidance of doubt we would like to clarify that we do not store or process information necessary to make online payments such as all the digits of a credit card number/bank account number, CVV numbers, one time PIN numbers and similar payment authentication information. However, do note that such information may be collected, stored and used by the payment gateway service provider you choose to complete your transaction with the GFL. All such information will be subject to and processed in accordance with the payment gateway service provider’s terms and conditions.

The GFL Loan Application system and GFL’s or its affiliates’ website is intended for users of the age of 18 and above only.

Accordingly, we will not knowingly collect or use any personal information from individuals that we believe to be and or are under the age of 18 years. Further, we will delete any information in our database that originates from individuals under the age of 18.

CONSENT FROM CUSTOMERS

FL’s and the third-party tools including Loan Processing Softwares used, shall obtain your consent before collecting personal information for providing services to you.

Personal information for purposes of this Policy means and includes identification information such as your name, contacts, apps, device information, camera, location, calendar, Financial SMS/ SMS logs, and all such other other information as specified in this policy.

All or any personal information so provided will be as and on basis and GFL is not and shall not be responsible for the authenticity and/ or accuracy of the personal information supplied by you. You and only you will be solely responsible for the authenticity and/ or accuracy of the personal information provided by you for the purposes connected with the terms of use which has been agreed by you to avail the services through our Loan Application System

You have the option and right not to provide or not to agree to collection of your personal information.

In such a case that you choose not to agree with this policy, you will not be entitled to use GFL’s services subject to the terms of its use.

You can also anytime withdraw the consent you provided by emailing us at customercare@greavesfinance.com and requesting for termination of the services agreed to be availed by you as per the terms of use.

The information sought and collected by us about you will depend on the products and services we offer. Thus, if you do not allow us to collect all the information we request, we may not be able to deliver all of the services effectively

GFL will limit the collection and use of your information only on a need-to-know basis to deliver better service.

You are additionally authorising GFL to exchange, and or share, and or part with all your information (relating to details and transaction history) to its affiliates/ banks/ financial institutions/ credit bureaus/ agencies/ participation in any telecommunication or electronic clearing network as may be required by law, customary practice, credit reporting, statistical analysis and credit scoring, verification or risk management. and shall not hold GFL liable for use or disclosure of such information.

To,

Greaves Finance Limited.

1. I, [insert name of the customer], hereby confirm and explicitly consent and authorise, Greaves Finance Limited (“GFL”) and all of its duly authorised third party service providers, for the purpose of evaluating my application for e-vehicle loan. (“Purpose”):

• to collect, utilise, process, store, retain, verify, and disclose my personal information, data and sensitive personal data as defined under the Information Technology Act, 2000 and the rules made thereunder, as amended from time to time, as may be required in relation to the Purpose; and
• To access my personal information, data and sensitive personal data, including:

1. KYC
2. Banking details
3. Income Details
4. Employment details
5. Demographic information
6. Contact Details

[insert the list data/ information to be collected from the customer].

2. I fully understand the purpose for which I am providing my consent and authorising GFL and its duly authorised third party service providers, to collect, utilise, process, store, retain, verify, and disclose the aforesaid information.

3. I, further agree to provide access to GFL and its duly authorised third party service providers, to the camera, microphone, location or such other facilities as may be required for the Purpose and verification in relation thereto, from time to time.

4. I confirm that, the information provided by me is true, complete and accurate and hereby agree to notify GFL, as soon as reasonably practicable, in event there is any change or modification in the information provided.

5. I, hereby confirm that this consent has been submitted by me voluntarily and without any coercion from GFL or any of its third party service providers or any other party; and I acknowledge that I have the right to withdraw this consent by written notice to GFL.

6. I acknowledge that GFL and its duly authorised third party service providers shall archive this consent for the purpose of compliance with the applicable law.

Sincerely,

____________________

Signature

Name:[-]

Date: [-]

CONSENT RELATED TO AADHAR

I/We hereby submit voluntarily at my/our own discretion, the physical copy of Aadhaar card/physical e-Aadhaar/masked Aadhaar/offline electronic Aadhaar xml as issued by UIDAI (Aadhaar), to GREAVES FINANCE LIMITED. (“GFL”) for the purpose of establishing my/our identity/address proof and voluntarily give my/our consent in connection with me availing the Financial Facility from GFL and processing instructions for the said purpose and hereby give consent to GFL for verification of my Aadhaar to establish its genuineness through any such acceptable manner stipulated by UIDAI or under any Act or law from time to time. I/We have also been explained that submission of this document is not mandatory. I/we have the option to submit any one of the documents as per the list of Officially Valid Documents (updated by the RBI from time to time). The consent and purpose of collecting Aadhaar has been explained to me/us in local language. GFL has informed me/us that I am/we are required to redact/ blacken out the first eight digits of Aadhaar number so that only last four digits of the Aadhaar number are visible; and in case I/we do not redact/ blacken out the first eight digits of Aadhaar number, I/We authorize GFL to redact/blacken out the Aadhaar number through appropriate means on my/our behalf. In case of E-KYC, I/We consent to recording and storage of the data for the video based customer identification (V-CIP) process. GFL has also informed me that this consent and my Aadhar will be stored with GFL and the consent can be withdrawn by me/us in accordance with the applicable law.

Except to the extent disclosed to GFL in writing, no director or a relative/near relation (as specified by RBI) of a director of a banking company (including GFL or a relative/near relation (as specified by RBI) of a senior officer of GFL (as specified by RBI) is the applicant(s), or a partner of our concern, or of our subsidiary, or our holding company, or a guarantor on my/our behalf, or holds substantial interest in our concern or my/our subsidiary or holding company.

I hereby consent to receiving information from Central KYC Registry through SMS/Email on the above registered number/email address.

In relation to my application, I authorise GFL and/or its agents, to

1. Conduct credit checks, references, enquiries in its sole discretion and share and/or obtain information, records from any third parties, as it may consider necessary and shall not hold GFL (or any of its group companies or its/their agents/representatives) liable for use/sharing of this information.
2. Contact me/us, for providing information about new products, offers, promotions etc. and for receiving feedback or surveys etc. by WhatsApp, and expressly agree to exempt such actions by you or them for the purpose of Do Not Disturb guidelines issued by Telecom Regulatory and Development Authority (TRAI) or any other authority.
3. Contact me / us, for providing information about new products, offers, promotions etc. and for receiving feedback or surveys etc. by way of email, SMS, phone calls or by any other means of communication and expressly agree to exempt such actions by you or them for the purpose of Do Not Disturb guidelines issued by Telecom Regulatory & Development Authority (TRAI) or any other authority.
4. Use the information provided in my application as it may deem fit and proper. GFL is authorised to retain the documents submitted with the application without any liability to return the same to me. I/We agree and understand that GFL reserves the right to reject any application in case I/we do not fit in the policy norms set by GFL.

I would like to avail the benefits of various GFL loan offer schemes or loan promotional activities or any other promotional schemes and hereby authorize GFL, its employees, agents, representatives, and associates to do so.

WHAT IS DONE WITH THE INFORMATION COLLECTED?

GFL uses this information to

• establish identify and assess loan applications
• manage your relationship with us
• contact you
• suitably design our products
• offer our products and services suite
• manage our risks including the risk of fraud
• data analysis in order to improve our business for providing improved consumer experience to you
• comply with country laws and inform you about other products or services we think you might find useful.

GFL Loan Application System uses and discloses your personal information only for

• Fulfilling your requests for products and services offered, subscribed and accepted by you
• Delivering to you any administrative notices, alerts, advice and communications relevant to your use of our services
• Sharing your information with group companies and other relevant third parties as required or to provide similar services to you with various value added services
• Collecting subscription fees for the services provided to you,
• Notifying or contacting you regarding any problem with/ or the expiration of the Loan Application and or regarding its website
• Project planning, troubleshooting problems
• Detecting and protecting against error, fraud and or other criminal activity
• Providing to third- party contractors that provide their services to GFL and are bound by this policy.
• Using in other ways as may be permitted under applicable law.

INFORMATION SECURITY MEASURES

GFL will store and process your personal information on secure Web Services and other cloud servers.

We protect your information through physical, technical, and administrative security measures to reduce the risks of loss, misuse, unauthorized access, disclosure and alteration by using reasonable security practices and procedures as mandated under applicable laws for the information protection

Safeguards used include firewalls and data encryption using SSL, and information access authorization controls to protect your information.

Accordingly, we assume no liability for any disclosure of data due to errors in transmission, unauthorized third party access or other acts of third parties, or acts or omissions beyond our reasonable control.

However, you understand and accept that there is no guarantee that data transmission over the Internet will be completely secure and that any information that you transmit to us is at your own risk.

PHISHING

“Phishing” usually occurs when users of a website are induced by an individual/ entity into divulging sensitive personal data by using fraudulent websites and/ or e-mail addresses.

Thus, In the event that you provide information to a website or respond to an e-mail which does not belong to GFL or is not connected with GFL in any manner, you could be a victim of Phishing.

Please note, GFL does not send e-mails requesting a user for payment information, username or passwords. However, we may verify the user name, password etc. provided by you from time to time.

REVIEW OF AND CHANGES TO PERSONAL INFORMATION

You can request and we shall correct errors in your personal information by emailing us at customercare@greavesfinance.com

In order to obtain a copy of your personal information, for your protection, you will be required to provide proof of your identity

In order to change your personal information or in the event that you no longer want to avail our services, you may correct, update or deactivate your personal information by sending an email to us at customercare@greavesfinance.com

However, any such correction or updation in your personal information will be subject to our verification.

GENERAL TERMS

The accuracy and confidentiality of the information as provided by you is your responsibility. You are also responsible for maintaining the secrecy of your passwords, email address and other account details at all times.

We recommend a strong password that you do not use with other services.

Please make the password complex and difficult for others to guess, and thus, you should use combination of alphabets, numbers and special characters (!, @, #, $ etc.).

Under no circumstances should you disclose your password to anyone or keep any written or other record of the said password which might result in any third party gaining access to your password.

DISCLOSURE

The information you provide may be disclosed by GFL to our agents, employees, subsidiaries and affiliates, or to other third party service providers who require the information for the purposes of operating and maintaining GFL’s platform for the provision of services.

We need to comply with requests and directions of all governmental, law enforcement, or regulatory authorities, which we believe to be in good faith and in accordance with any applicable law.

Such compliance may include providing user information whether it is personally identifiable information or not, to such agency or authority.

GFL may transfer sensitive personal data or information to another Indian body corporate that ensures the same level of data protection that is adhered to by GFL, if it is necessary for the performance of a lawful contract between GFL and or any person on its behalf and you or where you have consented to the data transfer.

Moreover, you shall not disclose to any other person, in any manner whatsoever, any information relating to GFL and/ or its affiliates of a confidential nature obtained in the course of availing the services through our website and/ or the Loan Application System.

Failure to comply with this obligation shall be a serious breach of the terms herein and shall entitle GFL and/ or its affiliates to terminate the services immediately.

Personal information of the users will not be sold or otherwise transferred to unaffiliated third parties unless otherwise stated at the time of collection or without your approval, as the case may be.

However, GFL might share, exchange and disclose information to its affiliates and/ or group companies, agents or to any third-party service provider to deliver you products and services in the manner agreed by you.

We, at GFL, through our email services at customercare@greavesfinance.com would be always here to assist you and address any questions or concerns about this policy