Loan Policy (Oxyzo)
The Company offers various financial products including Purchase financing, Bills/Invoice discounting, Project loan, Working capital loan, Lease rental discounting, Loan for purchase of commercial property purchase among others. The below clause will apply to all kinds of financial products offered by the company. The 'Application Form / appropriate documents' of OfBusiness for each of these products offered by the Company is different depending upon the requirement of each product and will include all information that is required to be submitted by the Borrower. Necessary information will be provided by OfBusiness to facilitate the Borrower in making a meaningful comparison with similar terms and conditions offered by other Non Banking Finance Companies (NBFCs) and taking an informed decision based on the aforesaid comparison. The 'Application Form/ appropriate documents' of OfBusiness may also indicate the list of documents required to be submitted by the Borrowers along with the Application form. OfBusiness has a mechanism of giving an acknowledgement for receipt of Application form to its Borrower for availing loans. OfBusiness would inform the Borrower about its decision within reasonable period of time from the date of receipt of all the required information in full.
Loan appraisal and terms/conditions
OfBusiness shall convey in writing to the Borrower by way of a sanction letter or otherwise, the amount of limit sanctioned along with all the terms and conditions including annualized rate of discount/ interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on OfBusiness's record. Any clause relating to penal interest charged for late repayment will be specified in bold in the Loan Agreement. OfBusiness at the time of sanction / disbursements of loans will furnish a copy of loan agreement to the borrower.
Links and Advertisement
Links to or from web sites and resources may be provided on Our site. These links are provided solely as a convenience to the User of this site and not as an endorsement of the contents of such third-party sites. The information on BidAssist is received from a variety of sources, which include the various public/government authorities and possibly others. All information is hence available as per these sites and therefore governed in turn by the conditions of these organizations. BidAssist has made every reasonable effort to ensure that the information is accurate and authentic however it cannot be held liable for any third-party claims or Losses of any damages. BidAssist makes no warranty, expressed or implied, as to the results obtained from the use of the information. We suggest You read the Terms and Conditions and Privacy Policies of these websites before using or visiting them. No responsibility will be accepted by BidAssist for the Service or advertisement placed or provided through Our website and/or mobile application.
Disbursement of loans including changes in terms and conditions:
Through its published website or as appropriate if specific to a customer, OfBusiness will give Notice to its Borrower(s), of any change in the terms and conditions of the sanction. OfBusiness will also ensure that changes in discount/ interest rates and charges are effected only prospectively. Decision to recall/ accelerate payment or performance under the Agreement will be in consonance with the respective loan Agreement. The monthly interest has to be paid in full by the borrower at the end of every month for which the interest is charged (unless otherwise specified in the loan agreement). OfBusiness shall hold the right to withhold supply of raw materials or shun the supply altogether without any warning in case the borrower fails to repay the loan in full or in parts by the timeline agreed upon in the loan agreement.
OfBusiness will refrain from interference in the affairs of its Borrower except for the purposes provided in the terms and conditions of the respective loan agreement (unless new information, not earlier disclosed by the Borrower, which may come to the notice of OfBusiness) In case of receipt of request from the Borrower for transfer of Borrowal account, the consent or otherwise i.e. objection of OfBusiness, if any, is generally conveyed to such Borrower within 21 days from the date of receipt of the Borrower's request. Such transfer will be as per transparent contractual terms in consonance with all the applicable laws. In the matter of recovery of outstanding dues of its Borrower, OfBusiness does not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans/dues, etc. Training will be imparted to ensure that staff is adequately trained to deal with customers in an appropriate manner.
Regulation of Excessive Interest charged
The Company has laid down appropriate internal principles and procedures in determining interest rates and processing and other charges. The Company has adopted an interest rate model taking into account cost of funds, margin and risk premium for determining rate of interest to be charged for loans and advances. The rate of interest to be charged depends much upon the gradation of the risk of borrower viz. the financial strength, business, regulatory environment affecting the business, competition, past history of the borrower etc. The rate of interest will be annualised so that the borrower is aware of the exact rates that would be charged to the account.