Fair Practise Code


The Fair Practice Code is being formulated following the directive.


The objectives of the code are the following:

  • Promote good and fair practices by setting minimum standards in customer dealing;
  • Provide transparency in systems, procedures, policies, terms & conditions so that the customers can have a better understanding of what he/she can reasonably expect of the services;
  • Encourage market forces through competition to achieve higher operating standards;
  • Promote a fair and cordial relationship between the customer and SSFS and

Guidelines and Policy

The following aspects form the broad guidelines and policies for the Fair Practice Code and are being implemented across all branches of SSFS.
The Code is applicable to all dealings, products, services and other offerings by SSFS with, or to its customers through any media, be it through personal interactions, written or oral communication or by e-mail or any other form of electronic communication.
The Code is applicable under normal operating environment and does not bind SSFS in the event of any force majeure.
The Code is based on ethical principles of integrity and transparency and all actions and dealings shall follow the spirit of the Code.

Our Commitment to Customers

  • All products and services offered by SSFS shall abide by all relevant laws and regulations of the country in letter and spirit.
  • SSFS treats its customers to be equal irrespective of any race, caste, gender, religion or disability.
  • SSFS shall make available to its customers a copy of its Fair Practice Code on demand from its branches. SSFS has also displayed the fair Practice Code at its branches and has placed a copy on its website.
  • SSFS shall treat the information provided by its customers strictly confidential and not share any information with any agency without their prior consent unless in the event wherein the information is required under law or in public interest. As and when required, the data is being provided to various agencies such as lending institutions/statutory authorities /approved credit information bureau / credit rating agencies / recovery agencies/verification agencies.
  • SSFS shall inform its customers of their right to information regarding their account, the facilities available to them and also regarding their data being shared with other agencies.
  • SSFS shall provide information about its other products and promotional offers to its borrowers on request.

Know Your Customer Guidelines

  • SSFS shall assist the customers in meeting the requirements under the AML / KYC guidelines by providing forms and other material.
  • SSFS shall ask the customers to submit the documents required to comply with the AML / KYC guidelines at the time of new account opening and for existing customers, at the time of select future transactions as laid down in its KYC policy. Customers shall have to provide the details failing which SSFS may cancel the transaction.

Our Products and Services

  • SSFS has prepared detailed product brochures explaining the features and services being offered along with the list of documentary requirements to avail / apply for the same.
  • SSFS also provides a brochure detailing the services being offered and charges being levied on demand to its customers.
  • SSFS also displays its associates deposit and loan rates of interest, fees and charges and product features at its branches and on its website
  • The rate of interest on Loans is linked to the credit score which is calculated by the system based on various credit parameters. SSFS therefore can only provide an interest rate band. This system is internal to SSFS. Hence, no discretion is allowed in this rate of interest on loans. The customer has the right to accept or reject the sanction. The processing fees however shall not be refunded if the customer does not avail the sanctioned loan / is not able to fulfill the conditions of loan sanction.

Our Loan Disbursement Procedure

  • SSFS provides to its customers, a list of documents required to process his/her loan application, along with the stage during which the said document would be required to be submitted.
  • SSFS ASSOCIATES processes the loan application and gives an “in principle” sanction to the customer within a period of 15 days after satisfactory submission by the customer of the requisite data / information /documents required for sanction of the loan. Further, disbursements of the loan are made subject to the fulfilment of all terms and conditions of the loan sanction.
  • All the terms and conditions pertaining to the loan sanction are contained in the sanction letter which is provided to the customer on sanction of his/her loan
  • SSFS ASSOCIATES generally accepts external guarantors for its loans. The guarantee form which is collected from the guarantors explicitly mentions the rights available and the liability of the guarantors towards on account of the guarantee being provided for the loan.
  • SSFS ASSOCIATES provides a copy of its standard loan agreement to the customer on request.
  • SSFS ASSOCIATES also provides to its customers the details of past transactions of the last two years on request on payment of fees on yearly basis.
  • The documents pertaining to the property are released by SSFS ASSOCIATES within a period of 30 days of realization of all receipts from the customer and closure of the account provided no other charge or mortgage or lien exists on the said property
  • If any change contrary to the contracted terms is introduced by SSFS ASSOCIATES, then customer shall have a right to prepay his loan within 60 days of such change, without any penalty

Our Channel Associates

  • Our Channel Associates
  • SSFS reimburses SRA for sourcing business. As per the terms and conditions of appointment, SRA shall provide services to the customers without charging any other fees.
  • The role of SRAs is limited to sourcing of loan applications. Other loan processing is done by SSFS ASSOCIATES. The decision for acceptance / rejection of any loan application solely rests with SSFS ASSOCIATES.
  • SSFS has laid down a Code of Conduct for its channel associates and also provided them an appointment letter.

Our Communication with Customers

  • SSFS shall prepare leaflets, brochures, forms and all other literature in either English or Hindi language.
  • Customers are informed of all financial information such as rates, charges, method of calculation etc. clearly through brochures, posters etc. prior to entering into any transaction.
  • SSFS shall keep its customers informed of any change in interest rates / charges / maturity or loans etc. through reminder letters or any other form of communication / display from time to time.
  • SSFS shall ensure that all its advertisements and promotional material is clear and not misleading.

Our Recovery Mechanism

  • SSFS ASSOCIATES generally shall accept payments by cheques/ demand drafts at its offices. Customers will however be informed of the collection centers and tie ups which SSFS ASSOCIATES has for collections of its payments through its offices. Customers are required to make arrangement for the payments without any reminder and as per the collection arrangements made by SSFS ASSOCIATES
  • SSFSASSOCIATES shall be sending reminder letters to customers, making tele-calls and make personal visits at the residence / any other place of communication.
  • SSFS ASSOCIATES shall observe the guidelines / norms issued for recovery of dues of the borrowers
  • Only an authorized person of SSFS ASSOCIATES shall make any visit for recovery and shall present his / her identity when asked. The visit shall ordinarily be made to the place of residence or employment or to any specific place where the customer could be located.
  • The visit shall be made during daytime as far as possible and the customer’s privacy would be respected at all times
  • Attitude during the recovery visit would be of resolving the dispute, if any, and decency and reasonable decorum would be maintained at all times provided the same is being reciprocated by the customer
  • All recovery visit details would be documented for future reference
  • It shall be the responsibility of the customer to make payment of his installment/ pre-EMII every month to SSFS ASSOCIATES, as per the terms of the loan agreement, since it would be the essence of the contract. In the event of any delay/ default, SSFS ASSOCIATES shall levy an account handling charge every month.

Our Complaint Redressal

  • SSFS has a Consumer Grievance Redressal Committee (CGRC). All necessary steps and procedures for recording, escalation and redressal are being followed.
  • SSFS shall adequately display for the benefit of its customers the details of contact persons and offices along with contact details including the display on the website.
  • SSFS shall give an acknowledgement for every written complaint received and shall endeavor to resolve customer complaints within a period of 21 days. Customers would however be informed of the escalation steps by putting up boards / posters at the branches.
  • SSFS responds to each complaint vide written communication or in case of oral complaints, by maintaining a log of such complaints and the responses given to the customer.

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