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Standard Chartered Investments and Loans (India) Ltd.
Fair Practice Code


The Reserve Bank of India (‘RBI’) vide its circular DNBS (PD) CC No.80/03.10.042/2005-06 dated September 28, 2006, and subsequently through various notifications, issued guidelines on Fair Practices Code (‘FPC’) for all NBFCs to be adopted by them while doing lending business. The guidelines inter alia, covered general principles on adequate disclosures on the terms and conditions of a loan and also adopting a non-coercive recovery method. All the circulars/notifications in this regard have been consolidated vide Master Circular – Fair Practices Code (circular number DNBR.PD.008/03.10.119/2016-17) released on 1st Sep 2017.

The Fair Practices Code, as mentioned herein below, is in conformity with these Guidelines on Fair Practices Code for NBFCs as contained in the aforesaid RBI Circular. This sets minimum Fair Practice standards for the Company to follow when dealing with customers. While fairness in all customer dealings is duly incorporated in Standard Chartered Investments & Loans (SCILL) processes and operational procedures, the Code provides information to customers and explains how the Company is expected to deal with them on a day to day basis.

Keeping in view the RBI guidelines as cited above, the following Fair Practices Code including Interest Rate Model is laid out.

(i) Applications for Loans and their Processing
(a) The Company offers various financial products including Loan against securities, Project loan, Working Capital loan, Term loan, Loan against property among others.
(b) Loan application forms will 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
(c) All communications to the borrower will be in the vernacular language or in a language as understood by the borrower.
(d) The borrower will be informed about the list of documents to be submitted at the time of loan processing. If any additional information/ documents are required, the same will also be conveyed to the borrower.
(e) The company would acknowledge receipt of all complete loan applications received by it.
(f) SCILL would inform the Borrower about its decision within reasonable period of time from the date of submission of completed application form replete with information and relevant documentation
(g) All loans sanctions are subject to completion of credit appraisal and verification procedures. The applications that do not meet the requisite criteria are declined. The loan status whether a sanction or a decline is promptly communicated to the customer in writing or verbally.
(ii) Loan appraisal and terms/conditions
(a) Business Facility Letter (BFL) will be issued to borrower after the proposal is approved. BFL will include terms & conditions and amount of loan sanctioned. Annualised Rate of interest and method of application thereof will be communicated to borrower on the day of disbursement. The borrower has to acknowledge the copy of BFL & other communications as acceptance of terms & conditions and return it to the Company.
(b) Loan/ Facility agreement will be drafted in the vernacular language or a language as understood by the borrower. Penal interest to be charged in case of default by the borrower will be mentioned in bold in the Agreement. Copy of the agreement (with all the enclosures quoted in the agreement) will be provided to the borrower at the time of disbursement.
(iii) Disbursement of loans including changes in terms and conditions
(a) Notice will be given to the borrower for any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc. Interest rates and charges will be effected only prospectively.
(b) Any change in the above applicable charges (including interest rate etc) shall be informed promptly to the borrower, shall be in accordance with the terms and conditions of the individual loan agreement and shall be effected prospectively.
(c) Decision to recall / accelerate payment or performance under the agreement will be in consonance with the loan agreement.
(d) Securities will be released on repayment of all dues or on realisation of the outstanding amount of loan subject to any legitimate right or lien for any other claim against borrower. If such right of set off is to be exercised, the borrower will be given notice about the same with full particulars about the remaining claims and the conditions under which the securities are retained till the relevant claim is settled/ paid.
(e) Any changes to the charges shall be made available on our website (
(iv) Interest Rate Model
(a) All the customers would be categorized based on a credit assessment. The classification of a particular customer would take into account several factors (List is indicative and not meant to be exhaustive or mandatory as it would depend on nature of customer and subject to revisions from time to time).Such information about the borrower is gathered based on information provided by the borrower, credit reports, market intelligence and information gathered by field inspection of the borrower's premises:
1. Customer profile, nature of business, market share etc.
2. Management of the customer and their past track record
3. Financial profile/performance of the customer & Future Business Strategy
4. Industry Risks
5. Business Risks
6. Credit support/guarantees/security etc.
7. Track record with other banks/ Financial institutions
8. Sustainable Lending aspects etc.
(b) The interest rate charged to individual customers would be based indicatively on the following factors:
1. Customer’s credit assessment
2. Security cover offered
3. Relationship with the customer
4. The cost of funds of SCILL for the transaction
5. Minimum spread
6. Tenor of the facility
7. Frequency/Ability to reset rate of interest
8. Liquidity
(c) Pricing of Interest rate shall consider following risks:
1. Credit risk
2. Market risk
3. Liquidity risk
4. Interest risk
(d) The cost of funds of SCILL consists of the following:
1. Interest rate at which SCILL borrows funds from the market
2. Any other cost as may be determined by ALM requirements
(e) The interest rate will be charged taking into account relevant factors such as, cost of funds, margin and risk premium, etc.
(f) The applicable interest rate will be mutually agreed between SCILL and the customer and may be intimated to the customer separately in writing. Penal Interest in case of default by the customer will be charged in line with the agreement.
(g) The rate of interest for the same product and tenor availed during same period may vary from borrower to borrower depending upon consideration of any or combination of above factors. The annualized rate of interest would be intimated to the customer.
(h) The interest rate agreed with the customer would be collected on a periodic basis based on written agreement terms.
(i) The interest rates and other charges as applicable would be published and updated on the website from time to time basis.
(j) In case of staggered disbursements, the rate of interest would be subjected to review and the same may vary according to the prevailing rate at the time of disbursement or as may be decided by the Company.
(k) The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of borrowers will be disclosed to the borrower or customer in the application form and communicated explicitly in the sanction letter
(l) The rates of interest and the approach for gradation of risks shall also be made available on the web-site of the companies or published in the relevant newspapers. The information published in the website or otherwise published shall be updated whenever there is a change in the rates of interest
(v) General
(a) The Company will 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).
(b) In case the borrower requests for transfer of borrowal account, the consent or otherwise i.e. objection of the Company, if any, will be conveyed within 21 days from the date of receipt of request. Such transfer will be as per transparent contractual terms in consonance with law
(c) In the matter of recovery of loans, the Company will not resort to undue harassment like bothering the borrowers at odd hours, use of muscle power for recovery of loans etc.
(d) Collection/recovery staff are adequately trained to deal with the customers in an appropriate manner
(e) The company shall not charge foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers
(vi) Grievance Redressal
SCILL policy is to treat and service all the clients consistently and fairly. SCILL has laid down the appropriate grievance redressal mechanism within the organization to resolve disputes arising in this regard. This mechanism shall ensure that all disputes arising in connection with any matter pertaining to business practices, lending decisions, credit management and recovery decisions shall be heard and the response would be sent for such complaint / grievance.
Level 1
Customers who wish to provide feedback or send in their complaint may use the following any of the below three modes of communication namely between 9:30 am and 6:00 pm, from Monday to Friday (except on national holidays). Customer can forward the complaint through
  • Call our Customer Service Helpline on 1800 209 0505

  • E-mail us at

  • Write to us at: Standard Chartered Investment & Loans (India) Ltd, 6th Floor, Crescenzo, C 38/39, G-Block, Bandra Kurla Complex (BKC), Bandra (East), Mumbai – 400051.
All the customer complaints registered through the above channels shall be reviewed, monitored and resolved to the satisfaction of our customers. The focus shall be to ensure all grievances are resolved in a timely basis and to the full satisfaction of our customers.
Level 2
SCILL has appointed a Grievance Redressal Officer who can be approached in case the complaint is not resolved within the given time or if he/she is not satisfied with the solution provided, the customer can approach the Complaints Redressal Officer. The name and contact of the Complaint Redressal Officer is as follows

Grievance Redressal Officer
Name: Pratap Panicker
Contact # 022-61157826
Email Id:
Level 3
In case the response received through the above channels are not satisfactory or or have not got any response in 7 working days from us, you can escalate your concern or write to the to the Head of our Complaint Redressal Cell at:

We assure a response to letters / emails received through this channel within one month.
Level 4
If the complaint / dispute are not redressed within a period of one month, the customer may appeal to the Officer-in-Charge of the Regional Office of DNBS. The complete contact details of the Officer in Charge will be displayed in the notice.

The Officer-in-Charge
Reserve Bank of India
Non Banking Supervision Department
Mumbai Regional Office
3rd Floor, Dr. A.B. Nair Road,
Mumbai Central Station ( Next to Maratha Mandir Theatre)
Byculla, Mumbai 400008
The Scheme is introduced with the objective of enabling resolution of complaints free of cost, relating to certain aspects of services rendered by certain categories of non-banking financial companies registered with the Reserve Bank, to facilitate the satisfaction or settlement of such complaints, and matters connected therewith. Customer can file complaint by writing to the Ombudsman if reply is not received by the end of one month or the customer is not satisfied with reply received from the company

SCILL shall undertake the following actions:
  • Display salient features of the Scheme for knowledge of public (in English, Hindi and Vernacular Language)
  • Ensure the purpose of the Scheme and the contact details of the Ombudsman to whom the complaints are to be made by the aggrieved party are displayed prominently in all the offices and branches, in such manner that a person visiting the office or branch has adequate information of the Scheme
  • Ensure the copy of the Scheme is available with the designated officer of the company for perusal in the office premises, if anyone desires to do so, and notice about the availability of the Scheme with such designated officer shall be displayed along with the notice and shall place a copy of the Scheme on our websites.
  • A Principal Nodal officer has been appointed at our Head Office and all the Offices of the Ombudsman will be informed about the same. The name and contact of the Principal Nodal Officer is as follow :

    Principal Nodal Officer Name: Pratap Panicker
    Contact Number : 022-61157826
    Email ID:

  • The Principal Nodal Officer so appointed shall be responsible for representing the company and furnishing information to the Ombudsman in respect of complaints filed against the company.
All SCILL branches / places where business is transacted a notice will display the name, address and contact number of the Grievance Redressal unit prominently, for the benefit of their customers:

The Board of Directors will be provided for periodical review (on an annual basis) of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management”.

SCILL shall modify, amend and update the above Code from time to time, in accordance with the guidelines prescribed by the RBI, from time to time.
Copyright @ 2010 by Standard Chartered Investments and Loans (India) Limited


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