Loan Products

• MFI Loans (Personal & IGP)
• Crop Loan (MFI & Non MFI)
• (MFI & Non MFI) Personal & IGP
• Non MFI Loans (Vehicle, Personal)
• Housing Loan (MFI & Non MFI, for house renovation)

Applications for loan

• The loan applications will be issued on request of the customer. The application will be printed in English/Vernacular language understood by the customer.
• Sanction letter of loan will be issued to the customers which contains the amount of loan sanctioned along with the terms and conditions including annualized rate of interest and method of application thereof etc.
• The Penal Interest/Delay Interest charged for late payment will be printed in the loan agreement/sanction letter.
• We shall continue to have cordial business relation with our clients keeping in mind their privacy, dignity and honor. Further we shall refrain from interference in the affairs of borrower except for purposes provided in terms and condition of loan agreement.

Loan appraisal and Terms and Conditions

• Loan application will be appraised properly for its genuineness and to establish identify of the borrower.
• The application contains the documents required to be submitted and all necessary information which affects the interest of the customer.
• We shall have a system to acknowledge receipt of loan applications. All the loan applications shall be disposed off within 15 days from the date of its receipt.

Disbursement of Loans including changes in Terms and Conditions

• We shall provide complete and accurate information about our loan products and services to our borrowers and we shall continue to educate them on the same in a manner that is clearly understood by them. We shall ensure that our dealings with our clients are based on ethical principles of integrity and transparency.
• We shall inform our clients of any changes in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc. We shall ensure that changes in interest rates & charges are effected prospectively only after informing the clients and a suitable condition incorporated in the loan document.
• The decision to recall/accelerate payment of loan shall be in consonance with the loan agreement.
• There will be no discrimination on caste, creed or sex in sanction of loans.
• We shall service any request from the Borrower related to release of all securities wherever obtained after repayment of all dues.

Fair Pricing of loan products

• We shall lay an appropriate internal principles and procedures in determining interest rates, processing and other charges of all loan products.
• We shall disclose the rate of interest and the approach for gradation of risk and rationale for charging different rate of interest to different categories of borrowers and communicate the same to them.
• The Board of Directors shall adopt an interest rate model taking into account relevant factors such as cost of funds, margin and risk premium etc. and determine the rate of interest to be charged for loans and advances from time to time.
• The rate of interest will be annualized rates so that the borrower is aware of the exact rates that would be charged.
• Interest: Individual / JLG Member for MFI Loans 16% to 20%, Loan processing fee 1% of the loan amount.

Privacy of information:

• We shall treat our client’s personal information and data as private and confidential, and we shall reveal such information to others only with the consent of our clients. However, we shall exercise our discretion to furnish the client’s details to the statutory authorities as required under law notwithstanding the consent of the clients.

Fair Recovery Practices

• We shall not resort to undue harassment and unfair practices for recovery. We shall contact our clients only between 6 am and 6 pm and avoid inappropriate occasions like bereavement in family, or any other personal calamity.
• We shall make receipt entry in loan passbook for every loan repayment transaction with the client.
• The staffs are adequately trained to deal with the customers in an appropriate manner. There will be no complaints from customers on rude behaviour from the staff of the company.
• We shall refrain from interference in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan agreement.

Redressal of Grievances

• We have laid down Grievance Redressal Mechanism to cater to the grievances of the clients.
• Periodical review of compliance of Fair Practice Code and the functioning of grievances redressal mechanism will be carried out by the Board of Trustees.
• A complaint/suggestion box will be placed at all offices and complaint/suggestion if any will be reviewed by the Board of Trustees at regular intervals.

Customer Grievance Redressal Process

For JMFL customer is given prime focus in deciding all policies and operational guidelines. A clearly defined step by step process had been designed to redress the grievance of the customers if any.

Steps in the process are as follows:

• If a customer is not satisfied with any of the services rendered by any of the officers, officers of JMFL and/or its district units customer may lodge a complaint by phone, e-mail, or in writing to the respective office concerned. The office shall acknowledge the complaint and take serious efforts to solve the issue within 7 days of receiving the complaint. If the respective office or officer is not able to redress the complaint the customer may be informed within 15 days with reasons for the same and steps initiated for redressal.
• In case the customer is not satisfied with the steps initiated at respective district office, the customer can approach the JMFL Head office with the complaint. The contact particulars and mobile number of the officer in charge are printed in the loan card issued to all the SHGs. Complaint can be send by phone, email or in writing to head office. Address and details of JMFL office is given in all the district officers and materials distributed to customers.
• A complaint box also is set up in all offices of JMFL and its district units. Customer can put their complaints in the complaints and suggestion box in any of the offices. The officers in the respective office will hand over the complaint to the concerned office.
• Head office may acknowledge the complaint within 5 days of receipt and initiate action to have the grievance resolved within a period of 21 days. The customer will be updated of the progress and action taken for redressal of grievance as well reason if there is any delay.
• If the complaint is mailed to Managing Director he will direct it to nodal officer for complaint handling for further action. If the issue raised is serious the MD shall call for a report on the causes led to the grievance, the redressal and further action. Such grievances will be considered disposed off only on approval from the MD.

The Nodal officer for customer grievances redressal is the Public Relation Officer (PRO) at corporate office. The nodal officer for customer grievances redressal at Branch offices is the MIS officer.
In case of Grievance report to.

Chief Executive Officer
Janashree Microfin Limited
Janasree Bhavan, Vazhuthacaud
Trivandrum-695014
Ph: 0471-2332899
Email:grievance@janashreemicrofin.com