Disclosures – Singroha Associates
Transparency in Our Financial and Insurance Services in Panipat
Table of Contents
Introduction
Singroha Associates, established in 2020 in Panipat, is committed to transparency in delivering financial and insurance services, including Car and Used Car Loans, Tractor Loans, Home Loans, Study Loans, Personal Loans, and Health and Vehicle Insurance. This Disclosures page provides important information about our operations, affiliations, and limitations to help you make informed decisions.
We encourage you to review this page carefully. By engaging with our services, you acknowledge that you understand and accept the disclosures outlined below.
Our Role as a Facilitator
Singroha Associates acts as a facilitator, connecting clients with partner banks, Non-Banking Financial Companies (NBFCs), and insurance providers. We do not directly provide loans or insurance policies. Our role includes:
- Assisting clients in preparing and submitting loan or insurance applications.
- Providing guidance on available financial and insurance products.
- Coordinating with lenders and insurers to streamline the application process.
We are not a lender or insurer and do not have authority to approve or deny applications, which is solely at the discretion of our partners.
Affiliations and Partnerships
Singroha Associates has established partnerships with leading financial institutions and insurance providers to offer a wide range of products. Our partners include, but are not limited to:
- Banks such as Kotak Mahindra Bank.
- NBFCs such as Hero Fincorp and Magma Fincorp Limited.
- Insurance providers offering health, vehicle, and other insurance products.
We may receive commissions or fees from these partners for successful referrals or application processing. These arrangements do not influence our recommendations, which are based on your needs and eligibility.
Fees and Charges
Singroha Associates does not charge clients directly for facilitating loan or insurance applications. However, you may incur fees or charges imposed by our partner lenders or insurers, such as:
- Loan Processing Fees: Typically 0.5% to 2% of the loan amount, as charged by the lender.
- Insurance Premiums: As per the policy terms set by the insurer.
- Other Charges: Prepayment penalties, late payment fees, or documentation charges, as applicable.
We strive to ensure transparency in communicating these charges. You are responsible for reviewing the fee structure outlined in the loan or insurance agreement provided by our partners.
Risks and Limitations
Engaging with financial and insurance products involves certain risks and limitations, including:
- Financial Risk: Loans require timely repayment, and failure to pay EMIs may lead to penalties, credit score damage, or legal action by the lender.
- Insurance Limitations: Policies have exclusions, conditions, and claim requirements that may limit coverage.
- Market Risk: Interest rates or insurance premiums may fluctuate based on market conditions or lender/insurer policies.
We advise you to carefully review the terms and conditions of any financial or insurance product before proceeding.
No Guarantee of Approval
Singroha Associates facilitates applications but does not guarantee approval for loans or insurance policies. Approvals are subject to the discretion of our partner lenders and insurers, based on factors such as:
- Creditworthiness and credit score.
- Income and repayment capacity.
- Compliance with eligibility criteria and documentation requirements.
We are not liable for application rejections or delays caused by our partners or external factors.
Regulatory Compliance
Singroha Associates operates in compliance with applicable Indian laws and regulations, including:
- Reserve Bank of India (RBI) guidelines for financial intermediaries and NBFCs.
- Insurance Regulatory and Development Authority of India (IRDAI) regulations for insurance intermediaries.
- Information Technology Act, 2000, for data protection.
We ensure that our processes, including KYC verification and data handling, adhere to these standards. However, our partners’ policies may vary, and you should review their terms for specific compliance details.
Conflict of Interest
We strive to act in your best interest when recommending financial or insurance products. However, potential conflicts of interest may arise due to:
- Commissions or incentives received from partner lenders or insurers.
- Preferential partnerships with certain institutions based on business arrangements.
To mitigate conflicts, we prioritize transparency and ensure that recommendations are based on your financial needs and eligibility, not solely on our partnerships.
Contact Us
If you have any questions about these disclosures or our services, please reach out via our website’s contact form. We are committed to addressing your queries and ensuring transparency.