Toll Free No.1800 22 6753
3. Disbursement of loans including changes in terms and conditions
SIDBI would ensure timely disbursement of loans sanctioned in conformity with the terms and conditions governing such sanction. SIDBI would give notice of any change in the terms and conditions including interest rates, service charges, etc. The Bank would also ensure that changes in interest rates and charges are levied on disbursements only with prospective effect.
4. Post disbursement supervision
a) Post disbursement supervision by SIDBI, particularly in respect of loans upto Rs.2 lakh, would be constructive with a view to taking care of any "SIDBI-related" genuine difficulty that the borrower may face.
b) Before taking a decision to recall/ accelerate payment or performance under the agreement or seeking additional securities, SIDBI would give notice to borrowers, as specified in the loan agreement or a reasonable period if no such condition exists in the loan agreement.
c) SIDBI would release all securities on receiving payment of loan or realisation of loan subject to any legitimate right or lien for any other claim SIDBI 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 with SIDBI is entitled to retain the securities till the relevant claim is settled/ paid.
5. General
a) SIDBI 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 SIDBI).
b) SIDBI would not discriminate on grounds of sex, caste and religion in the matter of lending. However, this does not preclude SIDBI from participating in credit linked schemes framed for weaker sections of the society.
c) In the matter of recovery of loans, SIDBI would not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc.
d) In case of receipt of request for transfer of borrowal account, either from borrower or from a bank/ financial institution, which proposes to take over the account, the consent or otherwise i.e. objection of SIDBI, if any, would normally be conveyed within 21 working days from the date of receipt of request.
