भारत सरकार द्वारा मान्यता प्राप्त ISO Certified NBFC


  • 1) The company “heloc Mutual Benefit Nidhi Limited” incorporated on 23 july, 2020 under nidhi amendment Act, 2020. Nidhi Companycarriesonthebusinessoftakingdepositsandlendingmoneyamongitsmembers.NidhiCompanycarriesnobusiness other than defined in the Memorandum of Association of theCompany.
  • 2) Modeofrepaymentofdepositshallbethroughcash/online transferorchequeaspertherequestofdepositee.AnypaymentofRs.10,000and above shall be made through cheque/digital paymentonly.
  • 3) Thematurityperiodofdepositmayvaryfrom12monthsto60monthsasperthechoiceofthedepositorandschemesframed by the company from time totime:
  • The maximum rate of interest on the deposits shall be as follows:

    S. No. Deposit Type Rate of Interest
    1 Savings Account 6%
    2 Recurring Deposit (up to 24 month) 10% & above 12%
    3 Fixed Deposit (up to 24 month) 10% & above 12%

    However, the above interest is subject to the following conditions:

    - No deposit shall be repaid within a period of twelve months from the date ofacceptance. - Ifdepositiswithdrawnattherequestofthedepositoraftersixmonths,thedepositorshallnotbeentitledtoanyinterestup to six months from the date ofdeposits. - Whereattherequestofthedepositor,aNidhimakesrepayment ofadepositbeforetheexpiryoftheperiodforwhichsuch depositwasacceptedbyNidhi,therateofinterestpayablebyNidhionsuchdepositshallbereducedbytwopercentfromthe ratewhichNidhiwouldhaveordinarilypaid,hadthedepositbeenacceptedfortheperiodforwhichsuchdeposithadrun. - However,intheeventofdeathofadepositor,thedepositmayberepaidprematurelytothesurvivingdepositorordepositors inthecaseofjointholding withsurvivorclause,ortothenomineeortolegalheirwithinterestuptothe dateofrepaymentattheratewhichthecompanywouldhaveordinarilypaid,hadsuchdepositbeenacceptedfortheperiodfor which such deposit hadrun.
  • 4) Asthecompanyincorporatedincurrentfiscalyearhencethefinancialsummaryofcompanyisnotavailable.
  • 5) Thedepositormaybepaideithermonthly,quarterly,halfyearly,oryearlyasagreedbetweenthedepositorandthecompany or as per the scheme framed by thecompany.
  • 6) The Nidhi Company shall also have the right to repay the deposits prematurely and can make any adhoc payment to the depositor as per thepolicy
  • 7) ThehelocmbNidhiCompanycarriesarighttoreserve;itmaydenykeepingthedepositorlendingtoanypersonoragroupwithout stating any reason forit.
  • 8) The fixed deposit may be renewed at the request of thedepositor
  • 9) In case of non-payment of the deposit or part thereof as per the terms and conditions of such deposit, the depositor may approach the Registrar of companies having jurisdiction overNidhi.
  • 10) IncaseofanydeficiencyofNidhiinservicingitsdepositors,thedepositormayapproachtheNationalConsumersDisputes RedressalForum,theStateConsumersDisputesRedressalForumorDistrictConsumersDisputesRedressalForum,asthecase may be, for redressal of hisrelief.
  • 11) DeclarationbyBoardofDirectors:BoardofDirectorsoftheCompanyherebydeclarethatalltherequirementsofCompanies Act,2013(18of2013)andtherulesincludingtheNidhirules,2014madethereunderinrespectofthesubjectmatterofthisform andmattersincidentaltheretohavebeencompliedwith.Wealsodeclarethatalltheinformationgivenhereinaboveistrue, correctandcompleteincludingtheattachmentstothisformandnothingmaterialhasbeensuppressed.Wealsodeclarethatitis ourfirstfinancialyearsowedon'thavefinancialsummary,however,thecompanyhasINR5.0LacsasitsPaid-upcapitalandalso complying with Nidhi rules to run a true and fairbusiness.
  • 12) Important Note: Neither Reserve Bank of India (RBI) nor Central Government does undertake any responsibility for the financialsoundnessofNidhiorforthecorrectnessofanyofthestatementortherepresentationsmadeoropinionsexpressedby NidhiandthedepositsacceptedbyNidhiarenotinsuredandtherepaymentofdepositsisnotguaranteedbyeithertheCentral Government or the Reserve Bank ofIndia.
  • 13) Nidhishallobtaindocumentaryevidenceofthedepositorintheformofproofofidentityandaddress asunder:
  • Passport Passport
    Unique Identification Number Unique Identification Number
    Income Tax PANCard DrivingLicense
    Elector’s Photo IdentityCard TelephoneBill(Shouldn’tbemorethantwomonthsold)
    DrivingLicense BankAccountStatement(Shouldn’tbemorethan2monthsold)
    DefenceID ElectricityBill(Shouldn’tbemorethantwomonthsold)
    A) ProofofIdentity(anyoneofthefollowing) B) Proof of Address (any one of thefollowing)

    Exhibit 1: Terms and Conditions for Accepting Deposits

    • 1) Deposit will be accepted from MembersOnly.
    • 2) Deposit can be accepted in cash or through cheque subject toverification
    • 3) Recurringdeposits shallbeacceptedforaminimum periodoftwelvemonthsandamaximumperiodofsixtymonths.
    • 4) Incaseofrecurringdepositsrelatingtomortgageloans,themaximumperiodofrecurringdepositsshallcorrespondtothe repayment period of such loans granted byNidhi.
    • 5) Themaximumbalanceinasavingsdepositaccountatanygiventimequalifyingforinterestshallnotexceedonelakhrupeesat anypointoftimeandtherateofinterestshallnotexceedtwopercentabovetherateofinterestpayableonsavingsbankaccount by nationalizedbanks.
    • 6) The maximum rate of interest offered on savings account will be6%.
    • 7) The maximum rate on Fixed deposit is 12% subject to someconditions
    • 8) The maximum rate on Recurring deposit is 12% subject to someconditions

    Exhibit 2: Terms and Conditions for Lending

    • 1) Any Individual loan shall not exceed INR 2.0Lacs.
    • 2) Nidhi shall provide loan only against gold, immovable Property andDeposits.
    • 3) The value of Gold loan shall not exceed 80% of the fine goldsecured.
    • 4) The value of loan against immovable property shall not exceed 50% of the propertysecured.
    • 5) The repayment of gold loan shall not exceed oneyear.
    • 6) The repayment of loan against immovable property shall not exceed 5years.
    • 7) The repayment of loan against FDR shall not exceed the maturity period ofDeposits
    • 8) The maximum interest rate charged on loan shall not exceed20%.
    • 9) Any interest due or loan due shall be subject to prudentialnorms.
    • 10) Heloc mutual to entitled to reject any loan application without any information in case of defaulter, sound mind, fraudulent or weak solvency habit. The value of loan against shall not exceed 50% of the any propertysecured.
    • Signature of Member

      A) Purpose of Privacy Policy
      The privacy policy is meant to ensure that the personal information shared by the customer with heloc mutual benefit nidhi ltd is not used against their interests by helocor shared with a third party without their consent.

      B) Definitions used in the Policy
      Customer refers to all members who have taken a loan from helocmb ltd or from any other bank/NBFC/Other financial institution through helocmb ltd acting as agent/banking correspondent. This includes those members who have current loan outstanding and those who have taken a loan earlier, but since have dropped out of the programme.
      Information/Data includes any financial and personal data collected from the members at the time of loan application. Financial information includes any data collected from the customer regarding her businesses, income, expenses, loans outstanding, repayment history, guarantors, or collateral. Personal information includes any data collected from the customer that is about her/his family, health, consumption behaviour, personal preferences, attitudes, beliefs or living conditions. Records are can be either a tangible object or digital information.
      Records Management is the practice of maintaining the records of an organisation from data collection stage till the data disposal stage.
      This includes: classification, storage, securing and destruction or archival preservation of records.
      Credit Bureau is an independent organisation that compiles information from credit grantors and other sources regarding individuals’ credit applications and payment behaviour.

      C) Principles of Policy Design
      The privacy policy is meant to ensure that the personal information shared by the customer with heloc is not used against their interests by helocmb ltd or shared with a third party without their consent The following are the set of principles to be followed in each of these circumstances

      Environment Action Principle
      Internal Collecting information Discretion and adherence to RBI regulations in the collection of documentation from customers
      Using customer information Protection of customer interest from misuse internally
      External Sharing information with Third parties Any sharing of information will be with customer’s knowledge and consent

    D) Implementation details:

    Information collected at origination Discretion and adherence to regulations in the collection of documentation from customers: - Only those documents as required and as per KYC norms for identity proof and address proof will be collected from customers. - One photo will be collected from the customer when applying for a loan. These are for heloc’s records only, and will be used by staff to identify customers. If a photo or picture of a customer is to be used as part of marketing or other material, written permission will be obtained from the customer. Additionally, helocwill not permit the re-use of customer photos by any other institution without written consent from the customer. - Provided that documents/ data/ photos/ information collected by heloc from customers may be used by heloc to process loans of customers through any other bank/NBFC/Other financial institution where heloc is acting as agent/banking correspondent.

    Sharing customer information externally A. Disclosure / Sharing of customer’s personal information only under the following circumstances:

    • • As per the legal requirements or to comply with any legal process
    • • As part reciprocal information exchange with other financial institutions
    • • To process loans with any other bank/NBFC/Other financial institution where helocis acting as agent/banking correspondent
    • • Disclosure / Sharing of customer’s personal information by heloc in compliance with legal processes/regulatory authorities, self-regulatory organizations and other government agencies.
    • • Ensuring MoUs with service providers/research agencies/external consultants etc. and non-disclosure agreements cover client confidentiality
    • B. In any other circumstance, customer information will be shared only if:
    • • The customer has directed helocmb ltd to share it with a third party
    • • There is written permission from the customer authorizing the disclosure
    Training to customer on Privacy policy

    In the customer training module:

    • • Customers are made aware of their privacy rights and responsibilities before they receive their loans.
    • • Their responsibilities include: understanding heloc’s privacy of customer data clause and their rights; keeping their information updated; storing their loan cards in a safe place; informing heloc if their information has been misused; and keeping the group’s financial data confidential
    • • Emphasizes the importance of keeping confidential information safe within the members.

    Channel for complaints
    • • Customers can contact the customer complaint number (which will available on to record any complaint
    • • If any staff is proven to have breached the privacy policy, he or she will be served with penalties (ranging from fines to dismissal) as stated in the HR policy.
    • Promoting Awareness among the staff
    • • Staff will be trained on the privacy policy and its implications during induction and other staff refresher trainings
    • • At the time of appointment, each staff will be made to sign a non-disclosure/confidentiality clause, thereby agreeing to protect heloc’s and clients’ data.
    • MonitoringIn order to ensure the effective implementation of privacy policy, regular monitoring of the extent of its adherence by employees is important. Internal Audit team will monitor any deviations to the policy during the branch audits and reports the same for corrective measures. E) Information Security Mechanisms and Records Management:
      Helocmb ltd maintains physical and electronic safeguards to protect customers’ personal and financial information including their photos. heloc has placed the following mechanisms in place to ensure information – both physical and electronic data storage, access, retrieval, sharing of data:

    Records Management and Physical Data Security

    • • heloc keeps customers’ physical files at the branch that received the initial loan application in heloc offices in a safe manner and only authorised branch staff are permitted to access the data. heloc may engage the services of reputed third-party service providers for record/ data storage/ management purposes under g tech agreed by heloc with such third parties in writing. Such gtech would cover aspects of client data confidentiality and related compliance requirements.
    • • Records may be transferred from branches to other offices of heloc/ third party service providers for record keeping purposes
    • • The database of customers who do not have any current loan outstanding with heloc are properly archived and kept and stored in the same manner as we store data/ documents of our customers.
    • • All customer data/ records/ documents/ information shall be maintained by heloc for such time period as may be required as per applicable laws, including the Prevention of Money Laundering Act and rules thereunder

    Information/IT Security Mechanisms

    • • Branches enter and modify the customer data but cannot access other branch data or files preventing unauthorized sharing of data. Staff at Headquarters can see data from all the branches, but rights to edit or modify the data is given to select staff with specific login access.
    • • heloc has a policy that requires customer data base changes require the branch manager/ Assistant Branch Manager to authorize/ approve the changes.
    • • Each person who accesses the database uses an individual username and password. Users must change their passwords from time to time. Whenever an employee logs into the database, their name, the information they query, and the time when the request is made, are all recorded in a query log.
    • • heloc has a strong back-up system in which it uses a combination of hardcopy and digital backups of customer information.heloc’s system backs-up all information on our own servers/ developer servers periodically. Only the IT team of g tech solution pvt ltd can access such data after informing us.

    Generic Refund Policyfor Digital Products (RD/DRD/FD/MIS) Thanks for purchasing our products (or subscribing to our services) at operated by [name]. We offer a full money-back guarantee for all purchases made on our website. If you are not satisfied with the product that you have purchased from us, you can get your money back no questions asked. You are eligible for a full reimbursement within 14 calendar days of your purchase. After the 14-day period you will no longer be eligible and won't be able to receive a refund. We encourage our customers to try the product (or service) in the first two weeks after their purchase to ensure it fits your needs. If you have any additional questions or would like to request a refund, feel free to contact us.