Greetings from Avanse Financial Services Ltd.!
Thank you for choosing us as your financial partner and giving us the opportunity to serve.
If you have applied for a loan with us, the same is currently being processed.
Meanwhile, it's our pleasure to familiarise you with Avanse and key aspects of our loan product.
We are registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC). We believe in being a responsible business entity
and, hence, thoroughly adhere to the codes and policies regulated from time to time.
We request you to take your valuable time to visit our website (https://www.avanse.com/responsible-lending) and
acquaint yourself with our fair practices code and schedule of charges applicable for various products.
Also we wish to introduce you to our interest rate policy, setting our principles and procedures so that usurious interest and charges
are not levied on loans and advances.
For your easy reference we shall keep the ceiling of 25% p.a. on interest rates and 5% on processing fees and charges.
[Approach for gradation of risk: Interest Rate comprising risk premium/spread has been provided inter-alia basis nature of loan, borrower's creditworthiness, nature of security, nature of product, borrower/risk profile, repayment capacity, past repayments, borrower's loan tenure and geography (location).
Fees & charges applicable to the loan facility are levied inter-alia basis cost & expenses for products/services, encourage financial discipline, competition/industry benchmarking, and market practices for the loan type and quantum, in compliance with regulatory guidelines.]
In the digital lending,
- Our time taken to process loan applications is a maximum of thirty days
- Our product tenor ranges in the usual course up to thirty-six months; however, it may vary depending upon the loan types and end purpose.
- As such, the rate of interest levied to the customer may range up to 25% per annum; while there could also be discounts/subventions from your service provider or institute to make financing affordable for you.
- We don't charge Foreclosure charges that permit you to prepay the loan without any prepayment charges during such period, effectively making the complete loan tenure a cooling-off period.
- While we would appreciate our customers following good payment discipline, Penal charges in case of late payment or defaults is 24% per annum or 2% per month.
- It is hereby abundantly clarified that;
- Your arrangement with the training institute is an independent transaction, and Avanse/we are not privy to the same.
- The customer shall have independently assessed the suitability and appropriateness of the course and any cancellation-related conditions to their courses.
- As such, you would have at your own volition, read, understood and agreed to the admission-related terms and conditions (Product T&C). Avanse/we are not a party to any such Product T&C.
Here are a few important links for you to access:
- Interest Rate Policy (Our range of ROI and rationale for risk gradation)
https://www.avanse.com/pdf/corporate-governance/interest-rate-policy-new.pdf - Schedule of Charges (including Penal & Other Charges)
https://www.avanse.com/schedule-of-charges - Fair Practices Code (setting our service standards and transparency in administering the facility)
https://www.avanse.com/viewPagesAssets/pdf/fair-practice-code.pdf - Grievance redressal mechanism (for raising any queries/requests/grievances)
https://www.avanse.com/grievance-redressal-mechanism
We hope that the above information is helpful to you. Wishing you "All the Best" for your future endeavours.
