Salary Dost Credit policy
INTRODUCTION:
Salarydost.com is an innovative company that is developed as a
money lending platform that will revolutionaries the way loans are processed
in INDIA.
The online platform is backed by a strong tech savvy team that aims to build
a quick responsive system for our potential clients. It is combined with
traditional credit scoring along with new social and online scoring
technology-linked with risk assessment concepts, to deliver a new business
that is set to change the lending market in India.
LOAN LIMIT AND TENURE:
(Subject to the fulfilment of the criteria set out in this policy, SalaryDost
may grant)
i. A loan up to Rs. 5,000 to 10,000/- for tenure starting from
15 days to 45 days.
ELIGIBILITY CRITERIA :
If you are a salaried Indian citizen, over 21 years of age with a
minimum net take-home monthly salary of Rs. 12,000/-, you can get your loan
sanctioned within 3- 4 Hours.
-PAN/Driving licence/passport/voters, identity card/Aadhar
card/Electricity bill/Telephone Bill/one selfie photo.
As Regards his/her income, the borrower may produce copies of at least
any two of the following documents.
A Income from salary % To be Considered Proof (Any 1)
Salary slip, salary certificate, ITR Form 16
1 Regular items of salary 100% OR Appointment letter if Applicant is < 6
month in the company. bank statement
showing credit
Form 16, Appointment letter or increment
2 Annual (fixed bonus. Etc) 50%
letter.
3 fixed reimbursements 100% same amount appearing in last 2 salary slips
variable items in salary
supporting 3 latest salary slip (has to appear
4 slip like overtime, 50%
in all 3 salary slips)
performance incentive, etc
original salary certificate from company with
variable items as above not supporting 6month credit in the bank
5 50%
reflecting in salary slip statement (should have been credit in all 6
month)
not to be considered
Reimbursement against
actual (medical, telephone
6 0%
bill etc) income arrears &
Onetime Bonus
sr.no Other detail
1 The applicant whose income is considered should have income from salary
2 All constant debits (loan deduction) seen in the bank statement or salary slips to be adjusted in the FOIR
Calculation. If only <= 3 EMIs are outstanding on the loan, the same can be ignored while calculating
3
FOIR
# Bonus can be considered for FOIR computation only if the quantum is fixed & mentioned in the
4
appointment
5 not very based on performance or any other criteria. One-time performers bonus cannot be considered
6 close loans- Adding back interest charges to net profit for close lone for FOIR computation
1. FOIR (Fixed Obligation to Income Ratio):
FOIR is a popular metric which we will be using to determine the loan eligibility.
As per the criteria set by the company, the borrower should restrict his/ her fixed
obligation including the currently applying loan EMI from 40% to 50% of his
monthly income.
If the calculated ratio is more than the benchmark which is set by company, then the
company may restrict the applying loan amount in a way that including the current
EMI.
𝑆𝑢𝑚𝑚𝑎𝑡𝑖𝑜𝑛 𝑜𝑓 𝐸𝑀𝐼 ′ 𝑠𝑓𝑜𝑟 𝑎𝑙𝑙 𝑡ℎ𝑒 𝑙𝑜𝑎𝑛𝑠
FOIR = X 100
𝑁𝑒𝑡 𝑀𝑜𝑛𝑡ℎ𝑙𝑦 𝐼𝑛𝑐𝑜𝑚𝑒
2. Loan Sanctioning based on CIBIL
The permissible CIBIL score set by the company on which the loan can be
sanctioned without any hustle is 675. If a borrowers CIBIL score is greater than 675
then it becomes easy for the borrower to get the loan approved.
If the CIBIL score lies between 600 to 675, then the discretion to approve the loan
is with Credit Manager. He/ She may approve/ reject the application by verifying
himself the documents provided in regards to the application.
If the CIBIL score is less than 600 then the loan application is straight away rejected.
No further consideration is taken with regards to the application.
3. Documents Required
A sanctioned loan will be released only after the following documents are
properly executed in favour of Salary Dost.
i. Id Proof
PAN Card (Compulsory)
ii. Address proof
Aadhar Card (Compulsory)
Without Aadhar Card the documents will not get E-Signed.
In case there is a conflict in the address found by the verification
agency, the Credit Manager may call the customer and may ask for
the other supported documents.
Supported documents are –
a. Rent Agreement (Registered) with owner’s electricity bill.
b. If the applicant stays in parental house, he has to provide the
relationship proof such as Ration Card.
c. Passport/ Driving Licence/ Voter ID/ Mobile Bill/ Utility Bill
iii. Income proof
a. Computer generated three months’ salary slip.
b. Three months Bank Statements in PDF Format.
iv. Cancel cheque
One Cancel Cheque in the favour of Salary Dost.
v. Selfie photo
vi. Loan Agreement
vii. NACH form
4. Interest on loan and other criteria for the loan:
Salary Dost is currently lending with 3% of interest rate per month. The
interest rate is floating and subjected to change as per company policy.
i. Computation of Interest
In calculating the EMI, interest shall be calculated on the monthly
reducing method and is rounded off to the next rupee. Interest and any other charges
shall be computed on the basis of a year of three hundred sixty-five days.
ii. Details of Disbursement
The loan may be disbursed in one lump sum or in suitable instalments
to be decided by salary dost with reference to the need of the Borrower or progress
of construction of the house which decision shall be final and binding on the
Borrower. Salary dost may deduct from the sums to be lent to the Borrower any
monies then remaining due and payable by the Borrower to salary dost. In the case
of a loan to be disbursed in instalments.
iii. Mode of Disbursement
The interest on a loan will begin to accrue in favour of salary dost as and
from the date of delivery/dispatch of the cheques/demand drafts, irrespective of the
time taken for transit/ collection of the cheques/demand drafts by the borrower
and/or his/her bank
5. Delegation of Power: -
The following officers and/or authorities of Salary Dost are authorized to
sanction loans within the limits indicated against each.
i. Credit Manager of salary Dost--- up to Rs.1, 00,000/-
ii. If the FOIR rate exceeds 50% then the Credit Manager with consent
of Business head can decide whether to approve or reject the loan.
6. Validation Details.
A) Address Validation: -
Documents asked for address proof are –
a) Aadhar card
b) Electricity Bill
c) Bank Statement
d) CIBIL Report
e) Passport
f) Driving Licence
g) Voter ID
The address mentioned in the application form is being checked and matched with
the above documents. There may be a case when the address in the application form
will not match with one or two documents.
i. Aadhar Card is used for the e-Signature process. If the customer on
approval successfully able to sign the documents then its Aadhar card is
valid.
ii. Electricity Bill can be validated via the LINK.
B) Date of Birth Validation: -
Documents asked are
a) Pan Card
b) Aadhar Card
c) CIBIL Report
The Date of Birth can be verified from the above-mentioned documents.
C) PAN Verification: -
The PAN can be verified via a Government link. The PAN number can also
be traced via CIBIL Report.
D) Income Validation: -
Documents asked for Income Proof-
a) 3 Months’ salary slips
b) 3 Months’ Bank Statement
The net salary shown on the salary slip is matched with the bank statement credit.
E) Cancel Cheque: -
The user entered banking details is checked in the cancel cheque. Because in
that account only the money will get disbursed.
Fig. Indicating the flow of validations done on the documents.
Policy for Operations Manager
Operations Manager plays an important role in SalaryDost. Once the Credit
Manager approves the application, it comes to Operations Manager to complete its
final journey.
Following are the duties which an Operations Manager has to perform: -
1. The OM has following data when the application is in OM’s tray –
A. User Application
B. Agreement
C. CIBIL Report
D. NACH
2. OM verifies each and every detail from the application form and the details
which user has provided while applying for the Loan. In any case if the OM
found the details are inappropriate, he/she may call to customer for
verification.
3. The Agreement which OM receives along with the application, is usually
digitally signed by the customer. Its OM task to check whether the Agreement
is signed properly by the customer. If customer fails to do so then OM has to
coordinate with the customer and get this done. As without this the application
cannot be moved to further steps. The same applies to NACH as well. Both
Agreement and NACH has to be signed digitally by the customer.
4. Once the Agreement, NACH and the applications details are fine and
customer meets the Eligibility Criteria as set by the SalaryDost, then OM can
give the final approval and send the application for Disbursement.
5. The OM has to coordinate with NBFC to make the disbursement process
smooth and fine.
6. OM needs to send the customers bank details to NBFC and in response, the
NBFC reverts back with the Disbursement report.
7. Once the Disbursement report is received, OM needs to update the status of
the application in his tray.
8. OM Also needs to deal with the Repayment and Collection. OM needs to
maintain the record of the Repayment and needs to share the same with
NBFC. If the customer defaults, that means the loan amount is not repaid on
the repayment date, then the OM needs to follow up with the customer and
get the loan repaid by him.
9. The follow up procedure with the customer is till 15 days after the repayment
date. After 15 days the case is forwarded to collection agency for the recovery.
Fig. Diagram showing the Operation’s Manager Functionality.
