° Loan application forms alongwith the documents required pertaining to various loan products will be made available on SICOM’s website for downloading by the applicant. Any changes in the formats of the loan products or introduction of new products will be updated on the website within a week.

° All the loan applications received will be acknowledged on the same day. On receipt of the loan applications, the borrower will be indicated the approximate date by which the applicant should call on SICOM for preliminary discussions if deemed necessary. During this meeting, the applicant will be given the details of additional information / particulars that may be required to process the application. Depending on the type and quantum of the assistance sought, the approximate time for processing ( which will be less than 4 to 6 weeks on receipt of complete information.) will be indicated to him.

° In case the proposal is not acceptable, the borrower would be communicated orally and will have the option to know the reasons of rejections in writing or to withdraw the application.

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° In accordance with SICOM’s credit policy norms and risk based assessment procedures, each loan application will be appraised after carrying out proper due diligence.

° The standard terms and conditions will be discussed with the borrower. These mutually discussed terms and conditions will be put up to the sanctioning authority. Any modifications / additions / deletions indicated by the sanctioning authority will be communicated to the borrower. The Sanction letter will be released to the borrower upon payment of processing fees as applicable.

° The acceptance of these terms and conditions by the borrower will be kept on record.

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° On execution of loan documents and compliance of conditions governing such sanction, the disbursement will be made in accordance with the eligibility for drawal and the withdrawal schedule indicated by the borrower.

° Any change in the terms and conditions including interest rates, prepayment charges etc. will be informed individually to the borrowers.

° Changes in interest rates and other charges will be effected prospectively.

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° The borrower will be required to submit a progress report on Monthly / Quarterly basis. Monitoring the performance of the borrower will be based on these progress reports or through visits or through appointment of an Nominee Director / Observer as per the covenants of the loan agreement.

° Decisions to recall / accelerate repayment will be taken as per the covenants of the loan agreement.

° All securities will be released on repayment of all the dues or on realisation of the outstanding amount of loan subject to any legitimate right or lien for any other claim against the borrower. If such right of set off is to be exercised, the borrower will be given prior notice about the same with full particulars about the remaining claims and the conditions.

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A Grievance Authority is Executive Committee of the Board of Directors. Designated Grievance Officer ( SBU head ) will support this authority.

In case of any complaints or grievances the borrower can approach the designated grievance officer and give his complaint in writing. The grievance officer after examining the matter in consultation with concerned departments, will report to the designated grievance authority and take further action as instructed by the authority.

The names of the grievance authority and grievance officer will be displayed on SICOM’s website.

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° SICOM would 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 our notice).

° In case of receipt of request from the borrower for premature repayment, the consent or otherwise i.e. our objection, if any, will be conveyed within 30 days from the date of receipt of such request.