Terms & Conditions

Declaration by Board of Directors :

•   By using the services of Ramunnati Micro Finance , you agree to these terms and conditions. The company is registered under Section 8 of the Companies Act, 2013, and its objective is to provide financial assistance in rural areas.

Exhibit 1 : Terms and Conditions for Loan Eligibility..

•   The applicant must be between 18 and 60 years of age.
•   The applicant must possess a valid Aadhaar Card and PAN Card.
•   The loan will primarily be provided to families whose annual income falls within the microfinance limits prescribed by the RBI (Reserve Bank of India).

Exhibit 2 : Loan Disbursement (Zero Hidden Cost):

•   Our company follows a “Zero Hidden Cost” policy. No processing fee, file charges, or insurance premium will be deducted from the approved loan amount (such as ₹20,000, ₹29,500, ₹40,000, ₹50,000, ₹59,000, ₹69,000, ₹89,000, ₹1,01,000, ₹1,10,000, ₹1,20,000).
•   The entire approved loan amount will be disbursed to the beneficiary.

Exhibit 3 : **4. Repayment Terms:Loan Tenure:

• * 26 weeks (weekly installments)
  * 52 weeks (weekly installments)
  * 12 months
  * 18 months
  * 24 months
•  The customer is obligated to pay the installment on the due date.
•  In case of delay in installment payment, a nominal late fee may be charged as per the company’s policy.

Exhibit 4 : No Pre-payment Charges:

•   If a customer wishes to repay (pre-close) the loan before the scheduled tenure, Ramunnati Micro Finance will not charge any additional fees or penalties for early repayment.

Exhibit 5 : End Use of Loan:

•   The loan must be used **only for the specific purpose** for which it has been availed (such as small business, agriculture, animal husbandry, or education). Use of the loan for **any illegal activity is strictly prohibited**.

Exhibit 6 : Data Privacy:

•   All documents and personal information provided by the customer will be kept secure and confidential. Such information may be shared only for loan assessment and statutory/legal reporting purposes (such as with credit bureaus).

Exhibit 7 : Recovery Practice:

•   We follow the RBI’s Fair Practices Code. Our recovery team will treat customers with respect and dignity. Contact for recovery purposes will be made only between 8:00 AM and 6:00 PM.

Exhibit 8 : Dispute Resolution:

•   In the event of any dispute, the jurisdiction shall lie exclusively with the courts of [Muzaffarpur, Bihar / Lakhisarai, where the office is located].

Exhibit 9 : Refund & Cancellation Policy

•   At Ramunnati Micro Finance, we adhere to the highest standards of transparency and customer satisfaction. Our policy regarding loan services is as follows:
•   1. Cancellation of Loan Application:
  •     If a customer applies for a loan and decides to withdraw before disbursement, they can cancel their application at any time without any charges.
  •     If the company finds any discrepancy or incorrect information in the documents, it reserves the right to cancel the application without prior notice.
•   2. Cancellation After Disbursement:
  •     Once the loan amount has been transferred to the customer’s bank account or received in cash (after signing), the loan cannot be canceled.
  •     In such cases, the customer must follow the foreclosure process, which means repaying the entire loan amount.
•   3. Refund Policy:
  •     Excess Payment: If, due to a technical error, a customer pays a weekly installment (EMI) more than once, the excess amount will be either adjusted against the next installment or refunded to the customer within 7 working days upon request.
•   4. Foreclosure (Prepayment):
  •     A customer can close their loan account at any time by making a lump-sum payment of the outstanding amount.
  •     No pre-payment penalty or refund charges will be applied for this.