EFL has exhaustive loan application form(s) for the borrower/s seeking assistance for procurement of Asset or clean loan for their genuine business requirement. EFL would collect application money for every loan application received to the extent of 0.1% of the finance amount subject to minimum of Rs.2000/-

EFL would provide acknowledgments for receipt of all loan applications. Time frame for disposal of the loan applications would also be indicated in the acknowledgment of such applications.

EFL would verify the loan applications within a reasonable period of time. If additional details/ documents are required, borrower/s would be intimated immediately.

EFL would convey in writing, the main reason/ reasons which in the opinion of EFL after due consideration, have led to rejection of the loan applications.

EFL would ensure that there is proper assessment of loan application submitted by borrower/s. EFL would carry out detailed appraisal exercise on credit worthiness of the borrower/ project and would not use margin and security stipulation as a substitute.

EFL would convey to the borrower the loan/ credit limit along with the terms and conditions thereof and would keep the borrower's acceptance of these terms and conditions given with his full knowledge on record.

Terms and conditions and other caveats governing the loan/credit facilities(s) given by EFL, arrived at after negotiation between EFL and borrower/s would be reduced to writing and duly certified by EFL's authorized official. A copy of loan agreement along with a copy of each of all enclosures quoted in the loan agreement would be furnished to the borrower/s, on a specific demand made in that respect by the borrower/s.

As far as possible, EFL would endeavor that the loan agreement clearly stipulates credit facilities that are solely at the discretion of EFL. These may include approval or disallowance of facilities, such as, drawings beyond the sanctioned limits, honoring cheques issued for the purpose other than specifically agreed to in the credit sanction, and disallowing drawing on a borrowal account on its classification as a non-performing asset or on account of non-compliance with the terms of sanction. It would also be specifically stated that EFL does not have any obligation to meet further requirements of the borrowers on account of growth in business etc., without proper review of credit limits.

EFL would ensure timely disbursement of loans sanctioned in conformity with the terms and conditions governing such sanction. EFL would give notice of any change in the terms and conditions including disbursement schedule, interest rates, service charges, etc. EFL would also ensure that changes in interest rates and charges are effected only prospectively.

Post disbursement supervision by EFL would be constructive with a view to taking care of any genuine difficulty that the borrower/s may face.

Before taking a decision to recall/ accelerate payment or performance under the agreement or seeking additional securities, EFL would give notice to borrowers, as specified in the loan agreement or a reasonable period if no such condition exists in the loan agreement.

EFL would release all securities on receiving payment of loan or realization of loan subject to any legitimate right or lien for any other claim EFL may have against borrowers. If such right of set off is to be exercised, borrowers shall be given notice about the same with full particulars about the remaining claims and the documents under which EFL is entitled to retain the securities till the relevant claim is settled/ paid.

EFL would restrain from interference in the affairs of the borrowers except for what is provided in the terms and conditions of the loan sanction documents (unless new information, not earlier disclosed by the borrower has come to the notice of EFL).

EFL would not discriminate on grounds of sex, caste and religion in the matter of lending.

In the matter of recovery of loans, EFL would not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc.

In case of receipt of request for foreclosure from the borrower the consent or otherwise i.e. objection of EFL, if any, would be conveyed within 21 days from the date of receipt of request.

EFL has a Grievance Redressal Mechanism in place to resolve the disputes arising out of Fair Practices Code.