1. Company Information
The company operates under the Companies Act, 2013. PH Credit India Finance carries on the business of taking deposits and lending money among its members. The company carries no business other than defined in the Memorandum of Association of the Company.
2. Repayment of Deposits
Deposits can be repaid via cash or cheque as per the depositee's request. Any payment above Rs.20,000 shall be made through cheque only.
3. Deposit Maturity and Interest
- The maturity period of deposits varies from 12 to 60 months as per depositor's choice and company schemes.
- No deposit shall be repaid within three months of acceptance.
- If a deposit is withdrawn after three months but before six months, no interest will be paid.
- Premature repayments will incur a 2% interest reduction.
- In case of the depositor's death, deposits can be repaid prematurely with applicable interest.
4. Financial Summary
The company does not currently have a financial summary available. However, its paid-up capital is Rs.15 lakhs, complying with Micro Finance rules.
5. Payment Frequency
Payments may be made monthly, quarterly, half-yearly, or yearly as agreed upon or per company schemes.
6. Premature Repayments
The company reserves the right to repay deposits prematurely or make adhoc payments per policy.
7. Right to Deny Services
The company reserves the right to deny accepting deposits or lending without providing reasons.
8. Deposit Renewal
Fixed deposits can be renewed upon the depositor's request.
9. Non-Payment of Deposits
In case of non-payment, depositors may approach the Registrar of Companies or Consumer Disputes Redressal Forums for redressal.
10. Declaration
The Board of Directors declares compliance with the Companies Act, 2013, and associated rules. This is the company's first financial year.
11. Disclaimer
The Reserve Bank of India (RBI) or Central Government does not guarantee the financial soundness of Micro Finance or the correctness of its statements. Deposits are not insured.
12. Proof of Identity and Address
Depositors must provide proof of identity and address:
- Proof of Identity: Passport, UID, PAN Card, Voter ID, Driving License
- Proof of Address: Passport, UID, Driving License, Telephone Bill, Bank Statement, Electricity Bill (not older than two months)
Exhibit 1: Terms and Conditions for Accepting Deposits
- Deposits accepted from members only.
- Recurring deposits from 12 to 60 months; tied to loan repayment for mortgage-related deposits.
- Maximum savings deposit interest rate: 6%.
- Maximum fixed and recurring deposit interest rate: 12.5%, subject to conditions.
Exhibit 2: Terms and Conditions for Lending
- Maximum individual loan: Rs.2 lakh.
- Loans against gold, immovable property, and FDR only.
- Gold loan value: up to 80% of gold value; repayment within one year.
- Property loan value: up to 50% of property value; repayment within seven years.
- FDR loan repayment tied to FDR maturity.
- Maximum loan interest rate: 20%.
