Muthoottu Mini is one of the oldest financial institutions in India. In order to create a disciplined and effective customer service, we have constituted different policies. You can explore the various polices instituted below
Fair Practices Code
Grievance Redressal Policy
Corporate Governance Policy
Interest Rate Policy
NPA and Recovery Policy
Microfinance Credit Policy
Prevention of Sexual Harrassment Policy
Related party Transaction Policy
Risk Management Policy
Whistle blower policy (Vigil mechanism)
Statutory Auditor policy
Code of Conduct for Directors & Senior Management
Fair Practice code Micro Fiannce
Muthoottu Mini Financiers Limited built the MyMuthoottu app as a Free app. This SERVICE is provided by Muthoottu Mini Financiers Limited at no cost and is intended for use as is.
This page is used to inform visitors regarding our policies with the collection, use, and disclosure of Personal Information if anyone decided to use our Service.
Information Collection and Use
The app does use third-party services that may collect information used to identify you.
Google Play Services
We want to inform you that whenever you use our Service, in a case of an error in the app we collect data and information (through third-party products) on your phone called Log Data. This Log Data may include information such as your device Internet Protocol (“IP”) address, device name, operating system version, the configuration of the app when utilizing our Service, the time and date of your use of the Service, and other statistics.
Cookies are files with a small amount of data that are commonly used as anonymous unique identifiers. These are sent to your browser from the websites that you visit and are stored on your device’s internal memory.
This Service does not use these “cookies” explicitly. However, the app may use third-party code and libraries that use “cookies” to collect information and improve their services. You have the option to either accept or refuse these cookies and know when a cookie is being sent to your device. If you choose to refuse our cookies, you may not be able to use some portions of this Service.
We may employ third-party companies and individuals due to the following reasons:
To facilitate our Service;
To provide the Service on our behalf;
To perform Service-related services; or
To assist us in analyzing how our Service is used.
We want to inform users of this Service that these third parties have access to their Personal Information. The reason is to perform the tasks assigned to them on our behalf. However, they are obligated not to disclose or use the information for any other purpose.
We value your trust in providing us your Personal Information, thus we are striving to use commercially acceptable means of protecting it. But remember that no method of transmission over the internet, or method of electronic storage is 100% secure and reliable, and we cannot guarantee its absolute security.
Links to Other Sites
These Services do not address anyone under the age of 13. We do not knowingly collect personally identifiable information from children under 13 years of age. In the case we discover that a child under 13 has provided us with personal information, we immediately delete this from our servers. If you are a parent or guardian and you are aware that your child has provided us with personal information, please contact us so that we will be able to do the necessary actions.
This policy is effective as of 2023-02-01
GENERAL TERMS AND CONDITIONS
- Minimum interest to be charged shall be Rs. 25. If the loan is closed before 7 days, interest for a minimum period of 7 days shall be charged-.
- The loan will carry interest at the rate specified in the Demand Promissory (DP) Note executed by the borrower, and incidental charges if any shall be charged as decided by the Company from time to time.
- In case of default, the Company is within its right to retain the security offered for this loan as security against any other liability due to the Company by the borrower whether such liability has been demanded or not.
- The company has the right to assign or transfer the rights under this agreement or other documents executed by the borrower in favour of the Company and to obtain necessary advances from any bank / financial institution or others at any time.
- If the Company decides to stop any existing loan scheme, then no new loan will be available under such schemes. If the borrower wishes to continue, then he/she will have to avail of a loan under a scheme prevailing at that time.
- Application for transferring Loan accounts from one branch to another branch is not permitted. However the Company reserves the right to transfer loan accounts and shift pledged ornaments from one Branch to another, if it feels necessary.
- Company officers and auditors have the right to verify the quantity and purity of the pledged ornaments at any time.
- Customers are liable to pay stamp duty, taxes, penalties etc. imposed by the Govt. from time to time, on their account(s).
- Availing/repayment/interest payment of loan etc. should be done during the office time of working days only. If the due date of any transactions/repayment falls on a holiday, previous working day will be treated as the due date of such transactions.
- Loan amount with interest should be remitted by the borrower or by his authorized representative. The pledged ornaments will be released only upon the entire principal amount with interest being repaid to the Company either by the borrower or through his/her authorized representative. Before releasing the ornaments ‘Customer Receipt’ should be returned. In the event of death of the borrower with no valid nominee, ornaments will be returned to the legal heirs only.
- Terms and conditions governing the grant of this loan are subject to the ‘Fair Practice Code’ published in the Company’s Website and displayed in the Branch notice board.
- The borrower consents to receiving SMS/email messages regarding loan offers or other services offered by the Company from time to time.
- The borrower agrees to the Company passing on information about his/her loan accounts to the RBI, Credit Information Bureau and other credit information agencies, Govt. of India, State governments or authorized Govt. Departments/agencies for their use.
- Borrower agrees and undertakes that the loan amount will not be utilized for illegal purposes.
- In case of part payment of the loan, the amount remitted by the borrower will be first appropriated towards interest and charges on the loan outstanding and the remaining amount, if any, will be adjusted towards the principal amount.
- The address for all communication shall be the one furnished in the application form, Subsequent change of address should be informed in writing and under acknowledgment from the Company.
- The jewellery pledged is the absolute property of the borrower, no other person is having any right, interest or claim over the same and the borrower has absolute right to pledge them. In the event of any defect in the title to the jewellery, borrower undertakes to indemnify the Company of all harms, cost and consequences.
- If full repayment is not made within the loan period mentioned in the DP Note or within such period as demanded by the Company, the Company shall have the right to redeem the loan by disposal of the pledged ornaments at the risk of the borrower. Such redemption will be done through public auction by the Company appointed auctioneer at any time but only after 2 weeks from the date of notice of sale to the borrower at the address given in application for loan and appropriate the amount so received towards the loan amount, interest and other auction charges as mentioned below. The net proceeds of such sale shall be used to settle amounts due to the Company in respect of the loan. If money falls short on such sale, balance amount will be recovered from the borrowers. If there is any surplus on such sale, the Company shall have the right to and shall appropriate such surplus towards any other liability of the borrower on any account whatsoever to the Company at any of its office. If there are no dues, the surplus will be returned to the borrower.
|Loan Amount||Printing & Stationery||Advt. Charges||Travelling Allowance||Insurance||Fee for auctioneer||Postage||Expenses Incurred For Sorting, lifting and other auction related works||Loan Amount||Loan Amount||Cheque re-issue charges|
|0-2 Lacs||150||250||250||75||75||50||400||0-2 Lacs||0-1 Lacs||100|
|2Lacs Above||200||300||300||100||75||50||475||2 Above||1-5 Lacs||150|
19.Notwithstanding anything contained in para 18 above regarding the tenor of the loan, the Company reserves the right to sell the ornaments by way of public auction at any point of time, even before the expiry of the loan period. This is, if the Company is convinced that the market price / maximum realizable amount by sale of pledged items has gone below or equal to the total receivable amount from the borrower by way of principal, interest and other charges. A registered notice of intention will be send to the borrower directing him/her to repay the dues within 10 days, thereof.
20.The borrower shall bear, pay and reimburse all charges relating to administration, interest tax, service tax duties (including stamp duty), sales tax, GST and other taxes and all other costs and expenses whatsoever in connection with (a) application for grant and repayment of the loan, (b) recovery and realization of the loan together with interest, (c) enforcement of security, (d) clearance of arrears of all taxes and any other charges and levies of the Government in respect of the security and insuring the security.
21.In the event of loss of pledged ornaments, the liability of the Company shall be limited to replacement value of the lost ornaments equal to the net weight disclosed in the pawn ticket or reimbursement by way of cash equivalent to the extent of value of the net weight of the pledged ornaments, at the then prevailing price. The settlement will be done only after the entire amount due to the Company by way of loan, interest and charges, if any, are received from the borrower.
22.The Company has sanctioned the loan by accepting the purity declared by the borrower and standard appraisal methods. If, in future, it is found out that the gold ornaments pledged are of inferior quality or spurious in nature, then the Company will have the right to proceed against the borrower legally by filing civil/criminal case for recovering the loan amount, interest and any other charges. The borrower will be liable for the costs and consequences of such actions.
23.Terms & conditions as well as the repayment chart for gold loans, under EMI scheme, are separately provided.
24.If the Customer Receipt is lost/misplaced, the customer can get the release of the pledged gold ornaments by executing an undertaking and payment of processing fee as follows :-Preparation of declaration in lieu of DPN-Fee Rs 150/-,Processing Fees for loan upto Rs 10000- Rs 10/-,Processing Fees for loans above Rs 10000 – Rs 20/-
25.If the borrower has any grievance about any aspects concerning the loan availed against the security of the ornaments ,he/she shall may write to the following address: The Customer Grievance Redressal Nodal Officer ,Muthoottu Mini Financiers Ltd, Muthoottu Royal Tower,Kaloor,Cochin,Kerala-682017 or E -mail to : firstname.lastname@example.org
TRANSACTION TERMS AND CONDITIONS
General Terms & Condition
.Transaction charges to be borne by the customer (Totel amount+ Transaction charges + Taxes ).
.Once the payment has been made no cancellation will be entertained for any reason whatsover
.During Online Payment, if the amount is debited from customer bank account and transaction details are not generated online,please allow us 24 hours time to generate the transaction details
.If customer account has been debited twice for one transaction amount will be refunded via same source within 15 to 20 working days
.it will be theresponsibility of the customer to ensure that no double payment is made from his end for the same account
.The transaction will affected on real time basic in the loan account till the successful transation made before 5.30 OM of the day (T+0) and the transaction made 5.30 PM will be reflected on next working day (T+).
.the customer can view and print the E-receipt after payment confirmation form gateway.The minium age limit for availing the services is 18 age
governing law & jurisdiction
Any claim dispute or controversy with respect to in connection with or arising out of this agreement shall besubject to and arbitration exclusively within jurisdiction of ernakulam kerala state .the arbitration proceeding shall be conducted in accordance with the indian arbitration and conciliation Act 1996
TRANSACTION CHARGES- HDFC PAY U
|CRADIT CARD –VISA/MC/RUPAY/DINERS||NA|
|DEBIT CARD (RUPAY)||NIL|
|DEBIT CARD (VISA& MASTER CARD ) 2000||0.30%|
|DEBIT CARD (VISA& MASTER CARD ) 2000||0.80%|
- Once the payment has been made, no cancellation will be entertained for any reason whatsoever.
- During Online Payment, if the amount is debited from customer’s bank account and the transaction details are not generated online, please allow us 24 hours’ time to confirm the transaction and to generate the transaction details.
- If customer’s account has been debited twice and credited the same in the company’s account for a single transaction, one transaction amount will be refunded via same source within 8 to 10 working days.
- It will be the responsibility of the customer to ensure that no double payment is made from his end for the same transaction.
My payment is successful but I have not received the merchant order/service confirmation. In such case, please contact the respective branch or contact our online payment support team (Contact details are given in our website) and provide your merchant transaction ID along with Debited Amount, Payment ID and Payment Date (available on your payment history or amount debited message from your bank).
MY AMOUNT WAS DEDUCTED BUT PAYMENT IS NOT EXECUTED.
- Confirm whether the payment processed was successful by checking your transaction payment history.
- If your transaction is successful, please contact the respective branch or contact our online payment support team (Contact details are given in our website) and provide your merchant transaction ID along with Debited Amount, Payment ID and Payment Date (available on your payment history or amount debited message from your bank).
- If not, The amount will be auto refunded within 48 hrs. Kindly check your buyer dashboard to see the status of your refund. Refunds into bank usually take 3-5 business days from the date of refund (Excluding Saturdays, Sundays and Bank Holidays) to reflect in your bank account.
I HAVE NOT RECEIVED MY REFUND IN MY BANK ACCOUNT. WHAT SHOULD I DO?
Refunds are generally processed by bank after 48 hrs of the transaction. Bank usually takes 3-5 business days from the date of refund to reflect in your bank account (Excluding Saturdays, Sundays and Bank Holidays).
MY BILL PAYMENT IS NOT UPDATED ON THE MERCHANT’S WEBSITE.
Bill payments are updated within 2 days on the website.
If it is not updated within 2 days, please contact the respective branch or contact our online payment support team with the confirmation receipt for an update on the bill payment status.
My amount was debited from my account but the transaction was failed. Bill payments are updated within 5 days.
If it is not update, your amount will be refunded back to your source account within 48 hours. Refunds take upto 3-5 business days from the date of refund to reflect in your bank account (Excluding Saturdays, Sundays and Bank Holidays).