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Fair Practices Code

The Fair Practice code of the Company paves the way to good corporate governance and it is the symbol of high level of corporate practices followed by the Company. This has been developed by following the Guidelines on Fair Practice Code issued by Reserve Bank of India.


Application for loans and processing:

Loan appraisal and Terms/Conditions:

Disbursement of loan including changes in terms and conditions:

Rate of Interest:


The Company shall not resort to undue harassment viz; persistently bothering the borrowers at odd hours, use muscle power for recovery of loans etc.Company shall train all staff to deal with customers in a proper manner.

All Loans are sanctioned at the sole discretion of the Company.

Responsibility of Board of Directors.

The Company has framed suitable grievance redressal mechanism to resolve grievances/complaints of borrowers. All disputes arising out of the decisions of the company are heard and disposed of at least at the next higher level.

The Board shall conduct periodical review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management on quarterly basis. A consolidated report of such reviews may be submitted to the Board, as may be prescribed by it.

The FPC in vernacular language shall be displayed by the Company in its office and branch premises.

Grievance Redressal Officer :

The Company shall display the following information prominently, for the benefit of their customers, at their branches / places where business is transacted:
Mr. K.G.Anilkumar
Chairman And Managing Director
M/s.ICL Fincorp Limited
No.61/1, VGP Complex First Avenue, Ashok Nagar Chennai TN 600083 IN
General Manager
Department of Non-Banking Supervision,
Reserve Bank of India, Fort Glacis,
RajajiSalai, Chennai - 600 001
Phone No: 044-25393406, Fax No: 044-25393797
Email ID:

Language and mode of communicating Fair Practice Code:

The Company shall prepare the Fair Practices Code in English language as the same is understood by the borrowers and the same should be put in the website (

Regulation of excessive interest charged by the Company:

Repossession :

A copy of such terms and conditions must be made available to the borrower in terms of circular wherein it was stated that the Company may invariably furnish a copy of the loan agreement 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, which may form a key component of such contracts/loan agreements.

Gold loan Policy:

While lending to individuals against gold jewellery, the Company shall adopt the following in addition to the general guidelines as above.
KYC procedures.
1. ID Proof and Address proof of the Borrower.
2. PAN, if any.
3. Photo (1 No).
4. Appraisal procedure for gold.
5. Declaration from the borrower confirming ownership of jewellery.
Proper assaying procedure for the jewellery received.
Internal systems to satisfy ownership of the gold jewellery.
Adequate systems for storing the jewellery in safe custody, reviewing the systems on an on-going basis, training the concerned staff and periodic inspection by internal auditors to ensure that the procedures are strictly adhered to. Normally, such loans should not be extended by branches that do not have appropriate facility for storage of the jewellery.

- The jewellery accepted as collateral should be appropriately insured.

- Transparent auction procedure in case of non-repayment with adequate prior notice to the borrower. There should be no conflict of interest and the auction process must ensure that there is arm's length relationship in all transactions during the auction including with group companies and related entities.

- The auction should be announced to the public by issue of advertisements in at least two newspapers, one in vernacular language and another in national daily newspaper. Auction procedure shall be imparted in the loan document.

- As a policy, the Company themselves should not participate in the auctions held.

- Gold pledged will be auctioned only through auctioneers approved by the Board.

- The policy shall also cover systems and procedures to be put in place for dealing with fraud including separation of duties of mobilization, execution and approval.

- The loan agreement shall also disclose details regarding auction procedure.


The company shall treat all personal information of its borrowers as private and confidential and will not reveal any information to any other entity other than for regulatory / statutory matters.

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Email Phone 1800 31 333 53
Time Opening Hours: Monday - Saturday: 9:00 AM to 5:30 PM