Ace Finlease Pvt. Ltd. was formed in the year 1996 as an NBFC with the sole aim of supporting the customers of the other companies in the group. Presently Ace Finlease offers attractive finance schemes for purchase of Hero MotoCorp Motorcycles & Scooters as well as for Piaggio range of 3 Wheelers & 4 Wheelers. The service of the finance company is made available at all our showroom outlets. at the coast

Pursuant to the Notification issued by the Reserve Bank of India by its Circular DNBS .CC No.320/03.10.001/2012-13 dated 18th February 2013, Ace Finlease Private Limited (referred to as the "Company") has formulated this Fair Practices Code to lay down the following procedures/practices in dealing with the business transactions.

i)Applications for loans and their processing

(a) All communications to the borrower shall be in the vernacular language or a language as understood by the borrower.

(b) Loan Application Forms shall 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. The loan application form shall also indicate the documents required to be submitted with the application form.

(c) The Company shall give an acknowledgement for receipt of all loan applications. The time frame within which loan applications shall be disposed of shall also be indicated in the acknowledgement.

(ii)Loan appraisal and terms/conditions

The Company shall convey in writing to the borrower by means of sanction letter, the amount of loan sanctioned along with the terms and conditions including annualised rate of interest and method of application thereof. The Company shall keep the acceptance of these terms and conditions by the borrower on its record. The Company shall also communicate to the borrower if the loan is rejected. The Company shall mention the penal interest charged for late repayment in bold in the loan agreement.

The Company shall furnish a copy of the loan agreement preferably in the vernacular language or a language as understood by the borrower along with a copy each of all enclosures quoted in the loan agreement to all the borrowers at the time of sanction / disbursement of loans.

iii)Disbursement of loans including changes in terms and conditions

(a) The Company shall give notice to the Borrower of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc. The Company shall ensure that changes in interest rates and charges are effected only prospectively. A suitable condition in this regard will be incorporated in the loan agreement.

(b) Decision to recall / accelerate payment or performance under the agreement shall be in consonance with the loan agreement.

(c) The Company shall release all securities 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 the Company may have against the borrower. If such right of set off is to be exercised, the borrower shall be given notice about the same with full particulars about the remaining claims and the conditions under which the Company is entitled to retain the securities till the relevant claim is settled/paid.

(iv)General

(a) The Company shall refrain from interference in the affairs of the borrower except for the purposes as provided in the terms and conditions of the loan agreement (unless new information, not earlier disclosed by the borrower, has come to the notice of the Company).

(b) In case of receipt of request from the borrower for transfer of borrowal account, the consent or otherwise i.e. the Company's objection, if any, shall be conveyed within 21 days from the date of receipt of request. Such transfer shall be as per transparent contractual terms in consonance with law.

(c) In the matter of recovery of loans, consistent with its policy over the years, the company will not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc. The Company's staff are adequately trained (including not to behave rudely with the customers) to deal with the customers in an appropriate manner.

(v) The Board of Directors of the company shall also lay down the appropriate grievance redressal mechanism within the organization to resolve disputes arising in this regard. Such a mechanism should ensure that all disputes arising out of the decisions of lending institutions' functionaries are heard and disposed of at least at the next higher level. The Board of Directors shall also provide for periodical review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management. A consolidated report of such reviews shall be submitted to the Board at regular intervals, as may be prescribed by it.

(vi) The company shall display the following details of the Grievances Redressal Officer, for the benefit of their customers, at their branches / places where business is transacted: Krishnanand Kamath

Managing Director
1st Floor, Leela Towers, Kallai Road, Kozhikode
Tel No. 0495 – 3018205, E-mail : krish.kamath@acegroup.in
If the complaint / dispute is not redressed within a period of one month, the customer may appeal to the Officer-in-Charge of the Regional Office of DNBS of RBI at the following address, under whose jurisdiction the registered office of the Company falls.

General Manager
Department of Non Banking Supervision
PB No. 6507, Thiruvananthapuram – 695 033
Tel No. 0471 2338818, E-mail : dnbsthiro@rbi.org.in

(vii) Fair Practices Code (which should preferably in the vernacular language as understood by the borrower) based on the guidelines outlined hereinabove shall be put in place by the company with the approval of its Board.

(vii)Grievances

Towards ensuring redressal of disputes arising out of the functionaries of the company, the following mechanism is put in place :

a. The decisions of any official below the Branch Manager shall be heard and disposed by the Branch Manager.

b. Decisions of the Branch manager shall be heard and disposed of by the Regional Manager.

c. Decisions of Regional Managers shall be heard and disposed of by the Customer Grievances Redressal Cell set up at Corporate Office, Kozhikode. The Cell would comprise of Managing Director and Directors.

For the benefit of our customers, the above information on "grievances" shall be displayed at our branches / places where business is transacted.

Interest Rate Policy

The Rates of Interest for various loan schemes offered by the Company are approved by the Board of Directors. The annualised rate of interest as appropriate to the particular scheme opted by the borrower will be available in the respective loan document. The Company will be charging interest based on the nature of the product and LTV wherever applicable for each product. Interest rates applicable to a scheme shall be communicated to the borrower before availing the loan and reflected in the relevant loan documents. Penal interest charged for late repayment, if any, will be mentioned in the loan document.