Frequently Asked Questions
Aasaan Saral Udyog Loans
Aasaan Loan Against Property
Aasaan Loan Against Property
Document Checklist
Particulars | Documents |
---|---|
KYC – ID Proof (Any one) | Passport |
PAN card | |
Voter’s ID | |
Aadhaar Card | |
Driving License | |
KYC – Address Proof (Any One) | Aadhaar Card |
Bank Passbook | |
Registered Rental Agreement | |
Gas Bill | |
Telephone Bill | |
Electricity Bill |
Income Documents – Salaried | Latest salary slip/document (Last 3 months) |
---|---|
Latest Salary Bank Account Statement (Last 1 year) | |
Other Savings Bank Account Statement (Last 1 year) | |
Latest Form No. 16 | |
Proof of other income (if applicable) | |
Proof of Savings/Investments |
Formal Income Documents – Self Employed | |
---|---|
Self-Employed Non-Professional | Copy last 2 years ITR along with computation of income, P&L and B/S. |
Advance Tax Challan / Self-Assessment Tax paid Challan | |
If salary drawn, statement of salary along with Form no. 16 and bank statement reflecting the salary credited (if applicable) | |
All Bank statement for Current & Savings accounts of the company and Self for last 1 year | |
Proof of savings/investments and statement of net worth. | |
Business Profile on the letter of the company (By the Applicant.) | |
MOA, AOA, Partnership Deed, Auditors Report, Relevant business documents | |
Shop Establishment license / VAT registration / Any other mandatory License / Registration | |
Board Resolution in case of a Public Limited company (if applicable) | |
Details of contracts (if applicable) | |
Self-Employed Professional | Copy last 2 years ITR along with computation of income, P&L and B/S. |
Advance Tax Challan / Self-Assessment Tax paid Challan | |
If salary drawn, statement of salary along with Form no. 16 and bank statement reflecting the salary credited (if applicable) | |
Proof of other income (if applicable) | |
All Bank statement for Current & Savings accounts of the company and Self for last 1 year | |
Proof of savings/investments and statement of net worth | |
Business Profile on the letter of the company (By the Applicant.) | |
MOA, AOA, Partnership Deed, Auditors Report, Relevant business documents | |
Board Resolution in case of a Public Limited company (if applicable) | |
Details of contracts (if applicable) | |
Copy of Profession Certificate |
Informal Income Documents – Self Employed | |
---|---|
Self-Employed Non-Professional | Last 6-8 months kaccha bills of Purchase and Sales |
All Bank statement for Current & Savings accounts of the company and Self for last 1 year | |
Business stability proof | |
Proof of other income (if applicable) | |
Proof of savings/investments and statement | |
Self-Employed Professional | Last 6-8 months kaccha bills of Purchase or Sell |
All Bank statement for Current & Savings accounts of the company and Self for last 1 year | |
Business stability proof | |
Proof of other income (if applicable) | |
Proof of savings/investments and statement | |
Copy of Profession Certificate |
Charges Fees
Charge Type | Charge Description |
---|---|
UPFRONT CHARGES (CHARGES BEFORE DISBURSEMENT) | |
Processing Fees | 2% + GST ON sanctioned amount |
Non Postal Stamp / Stamp Duty | As applicable law of the State |
Non-Encumbrance Certificate / Search Report / Verification Report | As per actual + GST |
Valuation / Technical Fee | Included in login fees |
CERSAI: At the time of disbursement: Creation of Charge | Rs.250/- for the loan amount upto Rs.5 lacs and Rs.500/- for more than Rs.5 lacs |
Login fees Charges (Non Refundable) | Rs.5000/- + GST |
Charge Type | Charge Description |
---|---|
CUSTOMER SERVICE CHARGES | |
Pre-payment Charges | 10% of Present outstanding, Permissible 4 times of year |
Non Postal Stamp / Stamp Duty | As applicable law of the State |
Cheque/ ECS/ACH bounce charges (Per instrument/ Transaction) | Rs.500/- +GST |
Late Payment Interest | 3% Per month |
Duplicate No Dues Certificate | Rs.500 +GST |
Copy of Property Papers | Rs.500/- +GST |
Charges for Missed Due Dates | Rs.200/- +GST |
Cancellation Charges / Fees | Rs.250/- +GST |
Document Retrieval Charges | Rs.500/- +GST per instance |
Duplicate Annual Account Statement | Rs.500/- + GST |
Loan Prepayment / Closure (fully) statement / SOA/ repayment Schedule Charges | 4% of the principal loan outstanding |
Each Personal Visit to customer’s Place for collection of Dues | Rs.1000/- + GST |
Restructuring/switching fees | Applicable on outstanding principal amount): 1.00% + GST |
Cheque/ ECS Swapping charges (per set) | Rs.500/- +GST |
All charges/fees to be paid through Akme Fintrade India Limited Branches/ Akme Fintrade India Limited Representatives by A/c payee crossed cheque in favour of “Akme Fintrade India Limited”
Cash payments to be made ONLY against valid receipt issued by Akme Fintrade India Limited Branches at their office.
Akme Fintrade India Limited does NOT charge any amount over and above the charges mentioned above and will NOT be liable or responsible for making payment of any amount to unauthorized persons.
#Applicable GST or Govt Taxes (Service Tax or GST or any other Tax ) will be charged extra along with above mentioned charges as applicable
Grievance Redressal Mechanism
The Client Grievance Policy at Akme Fintrade India Limited (AFIL) has been formulated in line with the Master Direction – Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 with an aim to reduce customer dissatisfaction. This policy is aimed at minimizing instances of customer complaints and grievances through proper service delivery and review mechanism and to ensure prompt redressal of customer complaints and grievances. For the purpose, AFIL also has a mechanism for timely and effective client grievance redressal.
Grievance Redressal Process and Matrix
There are different channels through which the clients can register their complaints with AFIL
Step 1:
Complaint registers at Branch: The Customers would be required to send their queries/ disputes/ requests to the Branch Officers/ Customer Care Executives of the Company. The Branch Officers/ Customer Care Executives would then forward those queries/ disputes/ requests to CRM department. These queries would then be received and solved by the CRM department.
Step 2:
Direct escalation to the head office through: In case, if the query requires to be further scaled up, then it would be directly sent to Head office.
- Customer Care Number 9594377377, also displayed at AFIL website.
- In writing at Mail id : care@aasaanloans.com
Step 3:
If the customer’s issue is not resolved even after contacting various complaint resolution channels, he/she can write to the Nodal Officer at:
To,
The Nodal Officer,
Akme Fintrade (India) Limited,
Akme Business Centre (ABC),
4-5, Subcity Centre, savina Circle
Udaipur-313002
Contact no: 9594377377
AFIL is committed to providing the resolution within 10 (Ten) to 30 (Thirty) Working days.
In case, disputes/complaints are not resolved within the time or not satisfactory, clients may contact:
To,
Asst. General Manager
Department of Non-Banking Supervision (DNBS)
Reserve Bank of India (RBI)
JAIPUR Regional Office,
Rambagh Circle,
Tonk Road, P.B. No.12,
Jaipur-302052
Abbreviations
EMI
EMI is Equated Monthly Instalment which is the monthly amount that a customer needs to pay to the financial institution towards the servicing of his/her loan. The amount consists of payment towards interest and principal
Pre-EMI
This is the term used in case of partially disbursed loan. Pre-EMI is the monthly amount that a customer needs to pay to the financial institution towards servicing of his/her partially disbursed loan. This amount consists of payment towards interest only
KYC
KYC known as Know Your Customer are set of documents that are collected by a financial institution towards confirmation of identity and the place of residence of the applicant. These may include Aadhar card/Voter id/Passport/Pan Card/driver license etc to help establish identity and latest bank statement/electricity bill/telephone bill/ration card that help establish proof of residence
CAM
CAM is called Credit Appraisal Memo which is the output of credit appraisal done by the credit team tabulated into quantitative and qualitative parameters. The memo contains the credit decision whether the loan can be given to the customer or not and if found eligible, then it provides details of loan amount and loan tenor
LTV
LTV is called Loan to Value ratio which is calculated as loan amount divided by the market value of the property (excluding stamp duty and registration charges)
LCR
LCR is called Loan to Value ratio which is calculated as loan amount divided by the total agreement value of the property including stamp duty and registration charges
IIR
IIR is called Instalment to Income ratio and is calculated as monthly instalment to be paid towards loan payment divided by monthly income of the applicant. This helps to understand how much portion of his monthly income an applicant needs to set aside so as to service the home loan
FOIR
FOIR is called fixed obligation to income ratio and is calculated as total fixed obligations an applicant has from all lenders divided by his monthly income. This helps to understand the applicant’s total indebtedness and whether he would be able to set aside a portion of his income to service new loan and at the same time save enough for his monthly expenses and savings
LAM
LAM is called Legal Appraisal Memo which is the output of the legal appraisal of the property done by the empanelled lawyer and contains detailed overview of the legal aspects of the property to be financed including encumbrance, flow and evidence of title etc. This report is extremely important as it helps to confirm that the property has clear and marketable title
TAM
TAM is called Technical Appraisal MEMO which is the output of the technical appraisal of the property done by the technical valuer/certified engineer and contains detailed overview of the technical aspects of the property to be financed including construction as per approved plan, approval from competent authorities, stage of construction, structural stability, deviations if any
PDC
PDC is called Post Dated Cheque which is written by the payer for a payment in future. The borrower can service his monthly instalments by submitting specified number of PDCs in advance and can replenish them as they get exhausted. However, in order to avoid inconvenience and be efficient, ECS/ACH payment are increasingly used by most of the borrowers towards repayment
ECS
ECS is called Electronic Clearing System. ECS is an electronic mode of funds transfer from one bank account to another. A home loan borrower can sign an ECS mandate which enables him to pay monthly instalments to the financial institution electronically without the need of a cheque
ACH
Automated Clearing House. ACH are electronic payments that are created when the customer gives an originating institution, corporation, or other customer (originator) authorization to debit directly from the customer’s checking or saving account for the purpose of bill payment. A home loan borrower can sign an ECS mandate which enables him to pay monthly instalments to the financial institution electronically without the need of a cheque