Legal Notice - Mahindra Finance

VISITORS TO THIS WEB SITE ARE BOUND BY THE FOLLOWING TERMS AND CONDITIONS. (‘TERMS’) PLEASE READ THIS DOCUMENT CAREFULLY BEFORE CONTINUING TO USE THIS SITE. IF YOU DO NOT AGREE WITH ANY OF THESE TERMS, PLEASE DO NOT USE THIS SITE. IF YOU HAVE ANY QUERIES ABOUT THESE TERMS, PLEASE CONTACT share.mmfsl@mahindra.com

Although Mahindra Finance tries to ensure that all information and recommendations, whether in relation to the products, services, offerings or otherwise (hereinafter ‘Information’) provided as part of this website is correct at the time of its inclusion on the web site, Mahindra Finance does not guarantee the accuracy of the Information. Mahindra Finance makes no representations or warranties as to the completeness or accuracy of the Information.
Mahindra Finance makes no commitment to update or correct any Information that appears on the Internet or on this web site.
Information is supplied upon the condition that the persons receiving the same will make their own determination as to its suitability for their purposes prior to use or in connection with the making of any decision. No Information at this web site shall constitute an invitation to invest in Mahindra Finance or any of its affiliates. Any use of this website or the Information it contains is at your own risk. Neither Mahindra Finance and Mahindra Finance affiliates, nor their officers, employees or agents shall be liable for any loss, damage or expense arising out of any access to, use of, or Mahindra Finance upon, this website or the Information, or any website linked to this website.
Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Mahindra Finance makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise.

THIS WEBSITE IS PROVIDED TO YOU ON AN “AS IS” AND “WHERE-IS” BASIS, WITHOUT ANY WARRANTY. MAHINDRA FINANCE, FOR ITSELF AND ANY THIRD PARTY PROVIDING MATERIALS, SERVICES, OR CONTENT TO THIS WEBSITE, MAKES NO REPRESENTATIONS OR WARRANTIES, EITHER EXPRESSED, IMPLIED, STATUTORY OR OTHERWISE OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT OF THIRD PARTY RIGHTS, WITH RESPECT TO THE WEBSITE, THE INFORMATION OR ANY PRODUCTS OR SERVICES TO WHICH THE INFORMATION REFERS. MAHINDRA FINANCE WILL NOT BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DAMAGES OF ANY KIND, INCLUDING BUT NOT LIMITED TO, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, ARISING FROM OR CONNECTED WITH THE SITE, INCLUDING BUT NOT LIMITED TO, YOUR USE OF THIS SITE OR YOUR INABILITY TO USE THE SITE, EVEN IF MAHINDRA FINANCE HAS PREVIOUSLY BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Mahindra Finance Disclaimer

Mahindra Finance has its own separate identity but in this web site we may sometimes use ‘Mahindra & Mahindra Group Company’, ‘we’ or ‘us’ when we refer to Mahindra Finance company in general or where no useful purpose is served by identifying any particular Mahindra Finance company

Availability

Mahindra Finance controls and operates this web site from India and makes no representation that the materials are appropriate or will be available for use in other locations. If you use this web site from outside India, you are entirely responsible for compliance with all applicable local laws.
In case Mahindra Finance has or develops more than one website offering products, services, content and various other functionalities (collectively the ‘Services’) to specific regions worldwide. The Services offered in one region may differ from those in other regions due to availability, local or regional laws, shipment and other considerations. Mahindra Finance does not make any warranty or representation that a user in one region may obtain the Services from the Mahindra Finance site in another region and Mahindra Finance may cancel a user’s order or redirect a user to the site for that user’s region if a user attempts to order Services offered on a site in another region.
Information that Mahindra Finance publishes on the World Wide Web may contain references or cross references to Mahindra Finance products, programs and services that are not announced or available in your country. Such references do not imply that Mahindra Finance intends to announce such products, programs or services in your country. Consult your local Mahindra Finance business contact for information regarding the products, programs and services that may be available to you.
Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Mahindra Finance makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise.

Copyrights

This web site contains material, including text, graphics and sound, which is protected by copyright and/or other intellectual property rights. All copyright and other intellectual property rights in this material are either owned by Mahindra Finance or have been licensed to Mahindra Finance by the owner(s) of those rights so that it can use this material as part of this web site. Mahindra Finance retains copyright on all Information, including text, graphics and sound and all trademarks displayed on this web site are owned by Mahindra Finance and used under license by Mahindra Finance affiliates.

You may

Use and display the materials only on your personal computer only for personal use. Mahindra Finance grants you a limited, personal, non-exclusive and non-transferable license only for such use.
print copies of the information on this site for your personal use and store the files on your computer for personal use.

You may not:

Copy (whether by printing onto paper, storing on disk, downloading or in any other way), distribute (including distributing copies), download, display, perform, reproduce, distribute, modify, edit, alter, enhance, broadcast or tamper with in any way or otherwise use any material contained in the web site except as set out under “You may”. These restrictions apply in relation to all or part of the material on the web site.
Copy and distribute this information on any other server, or modify or re-use text or graphics on this system or another system. No reproduction of any part of the web site may be sold or distributed for commercial gain nor shall it be modified or incorporated in any other work, publication or web site, whether in hard copy or electronic format, including postings to any other web site.
Remove any copyright, trade mark or other intellectual property notices contained in the original material from any material copied or printed off from the web site; link to this web site; without our express written consent.

Trademarks

The Mahindra FinanceTM and all products and logos denoted with TM are trademarks or registered trademarks of Mahindra Finance or its parent. Mahindra Finance trademarks may not be used in connection with any product or service that is not a Mahindra Finance product or service.

General Terms and Conditions

Mahindra Finance does not routinely monitor your postings to the web site but reserves the right to do so. However, in our efforts to promote good citizenship within the Internet community, if Mahindra Finance becomes aware of inappropriate use of the web site or any of its Services, Mahindra Finance will respond in any way that, in its sole discretion, Mahindra Finance deems appropriate. You acknowledge that Mahindra Finance will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, Mahindra Finance will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the Internet.
Submissions and unauthorised use of any materials contained on this web site may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Mahindra Finance and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys’ fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the web site or the use of the web site by any person using your user name and/or password (including without limitation your participation in the posting areas or your Submissions) violates any applicable law or regulation, or the rights of any third party.
Mahindra Finance reserves the right to terminate access to this web site at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms. Upon termination, you must immediately destroy any downloaded and printed materials.
Mahindra Finance may change the terms and conditions and disclaimer set out above from time to time. By browsing this web site you are accepting that you are bound by the current terms and conditions and disclaimer and so you should check these each time you revisit the web site.
Mahindra Finance may change the format and content of this web site at any time.
Mahindra Finance may suspend the operation of this web site for support or maintenance work, in order to update the content or for any other reason.
Personal details provided to Mahindra Finance through this web site will only be used in accordance with our privacy policy. Please read this carefully before going on. By providing your personal details to us you are consenting to its use in accordance with our privacy policy.
If you have a question or complaint, please contact us at share.mmfsl@mahindra.com
Mahindra Finance reserves all other rights.

Applicable Law and Jurisdiction

These terms and conditions are governed by and to be interpreted in accordance with laws of India , without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these terms and conditions or any dispute arising in relation to the web site whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.

Pursuant to the Reserve Bank of India (RBI) guidelines on “Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Clarifications” as notified vide circulars dated November 12, 2021 and February 15, 2022, the RBI has clarified the concepts of Overdue dates and Special Mention Account (SMA) / Non Performing Asset (NPA) classification and upgradation of accounts, as mentioned below, to ensure uniformity across all lending institutions.

Due date/repayment date

It is the date on which the instalment comprising of principal / interest billed on the loan account are payable as mentioned in sanction terms/loan agreement.

Overdue (default) accounts

An account shall be in default when principal / arrears of interest is not paid in full as seen on the respective due date mentioned in sanction terms/loan agreement, such account shall be specified as overdue loan account. The Company shall flag the Loan account as overdue as part of the day-end processes for the due date, irrespective of the time of running such processes.

Classification as Special Mention Account (SMA) and Non-Performing Asset (NPA)

An overdue loan account shall be classified as SMA (Special Mention Account) or NPA (Non-Performing Asset) as per RBI regulations as notified vide circular dated November 12, 2021 and February 15, 2022.

Classification as Special Mention Account (SMA)

The Company shall recognise incipient stress in borrower accounts, immediately on default, by classifying them as special mention accounts (SMA). The basis for classification of SMA categories shall be as follows:

Loans other than revolving facilities

SMA Sub-categories	Basis for classification – Principal or interest payment wholly or partly overdue
SMA-0	Upto 30 days
SMA-1	More than 30 days and upto 60 days
SMA-2	More than 60 days and upto 90 days

The loan account shall be classified as Non-Performing Asset (NPA) when Principal or interest payment remains overdue for a period of more than 90 days.

Example:

If due date of a loan account is March 31, 2021, and full dues are not received before the lending institution runs the day-end process for this date, the date of overdue shall be March 31, 2021. If it continues to remain overdue, then this account shall get tagged as SMA-1 upon running day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that account shall be April 30, 2021.

Similarly, if the account continues to remain overdue, it shall get tagged as SMA-2 upon running day-end process on May 30, 2021 and if continues to remain overdue further, it shall get classified as NPA upon running day-end process on June 29, 2021.

Upgradation of Accounts classified as Non-Performing Asset (NPA):

(to be implemented w.e.f 1st October 2022)

The loan account classified as NPA can be upgraded as “Standard” only if the entire arrears of interest and principal are paid in full and there is NIL arrears upon running day end process of that calendar date. In case of borrowers having more than one credit facility, loan accounts shall be upgraded from NPA to standard asset category only upon repayment of entire arrears of interest and principal pertaining to all the credit facilities.

For detailed guidelines on asset classification and provisioning, please refer to the RBI Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 as amended.

SMA and NPA classification with specific reference to day end process.