The Company is exposed to Market Risks like Price changes,
Geographical changes, changes in Acts, Rules and Regulations. To
hedge these Risks the Company has formed Loan, Risk Management
and Investment Committees. These committees oversee controls and
follow up the entire process of Loan Sanction, Security/Safety
measures, Margin setting, Exposure Limits, Collection Process
and Risk Management activities.
Loan & Risk Management Committee (“Committee”):
The Company has formed a Committee authorized to take decisions
on the Loan Proposals received, set the Terms and Conditions for
each type of Loan sanctioned, monitor and control/manage the
Risks arising out of Financial Exposure in the Market. The
committee consists of:
1) Whole-time Director
2) Chief Financial Officer
3) Finance Controller
The amount which the Committee can lend should not exceed INR
in aggregate for a single Borrower.
Period/ Tenure of Loans:
Loan Products offering by the Company are viz. Plan 1 for
Plan 2 for 90days, Plan 3 for 120days, and Plan4 for 180days.
However, the maximum loan tenure offered by the Company shall
exceed six months.
Foreclosure of Loan account: The borrower shall be entitled to
foreclose the Loan account.
Prepayment of Loan Amount: The borrower shall be entitled to
any amount exceeding his periodic repayment instalment.
The Loan shall be sanctioned to a single borrower in a single
tranche only. However, the total exposure should not exceed the
limits specified in the policy unless approved by the Loan
Right to Recall:
The Company reserves the right to recall the Loans either in
in full, during the tenure of the Loan giving prior notice to
borrower and providing adequate time to the Borrower to
Rate of Interest:
The Rate of Interest and other details of different products are
displayed on the product page. If the rate of interest to be
charged exceeds the maximum permissible limit as per the Reserve
Bank of India’s guidelines from time to time, the approval of
the Committee will be obtained.
The Processing fee and applicable interest rate charges for all
the loan tenures will be charged as defined on the product page.
Also, please read terms and conditions of Loan published in our
website i.e. https://salaryday.in/
Restructuring of Loan:
The Company may restructure the loan by
modifying/altering/varying the terms and conditions of the loans
disbursed. The restructuring may be for the loan amount, rate of
interest, tenure, etc. in accordance with the loan policy.
Custody of the Loan and Security Documents:
All documents related to the Loan accounts offered by the
Borrower shall be kept in the safe custody of the Company. The
security documents, if any, is to be returned to the borrower on
recovery of the full amount of loan, interest and other charges.
The Company should maintain the register of all the loans made
and same to be produced to the auditors for the verification at
the time of audit and to the RBI officials at the time of
The loan Committee shall be authorized to appoint Brokers /
Agents to act as introductory person / intermediary.
The staff loans as per the policy of Personnel Department are not
covered under this policy.
Any question or doubt as to the meaning or interpretation of any
provision of this policy shall be referred to the Loan & Risk
Management Committee of the Company. The decision of the
majority of the members of the committee, on any such doubt
shall be final and binding.