Veritas Finance has put in place an interest rate policy, adopted by the Board, taking into account relevant factors such as, cost of funds, margin and risk premium, etc and determine the rate of interest to be charged for loans.
Reserve Bank of India has issued comprehensive guidelines on Know Your Customer (KYC) norms and Anti-money Laundering (AML) standards and has advised all NBFCs to ensure that a proper policy framework on KYC and AML measures be formulated and put in place with the approval of the Board.
This policy also complies with the guidelines issued by Reserve Bank of India, vide its notification dated January 2, 2009 and from time to time.
Customers of Veritas Finance are explained and made to understand the interest rate charged and the same is disclosed in the application form and communicated explicitly in the sanction letter.
At the same time, the intent of the Policy is not to result in denial of financial services to general public, who are financially or socially disadvantaged.