Privacy Policy
Data Protection
MG Financial Services Private Limited (MGFS) are required to adhere to data protection laws, which means they must take steps to safeguard the personal and financial information of their customers. This typically includes encryption, secure storage, and restricted access to sensitive data.
Confidentiality
MGFS has policies in place to ensure that customer information is not disclosed to unauthorized parties. Information might only be shared with third parties if required by law or with the customer’s consent.
Data Usage
MGFS has policies in place to ensure that customer information is not disclosed to unauthorized parties. Information might only be shared with third parties if required by law or with the customer’s consent.
Customer Rights
Customers typically have the right to ask for the information related to their data, request corrections, and ask for details on how their data is being used. MGFS have laid down procedures for handling such requests.
Data Retention
As per the regulatory requirements, MGFS has to retain the customer data for ten years and has laid down the process for securely disposing of it when it is no longer needed.
Loan Payoff Policy
Prepayment Terms
MGFS often allows borrowers to repay loans early, with no prepayment penalties or conditions. The terms for prepayment has been outlined in the Sanction Letter.
Payoff Process
To settle a loan, borrowers typically need to request a payoff statement from MGFS, which provides the exact amount required to close the loan. This statement includes the outstanding Principal amount, accrued interest and fees/charges if any.
Processing Time
Once a loan payoff request is received, the MGFS will process it according to their internal procedures, which usually involves updating the borrower’s account status and providing confirmation once the loan is fully paid off.
Documentation
After the loan is paid off, MGFS provides documentation confirming that the loan has been settled. This might include a no-objection certificate or similar settlement document.
Impact on Credit Score
Properly settling a loan with MGFS can positively affect the borrower’s credit score. Conversely, failing to settle or prepay a loan according to terms can have negative implications.