Please never share confidential information like OTP number/ login password when you receive any unsolicited calls/ SMS/ e-mail/ IVR with anyone as Sundaram Finance Limited or its employees will never ask these details.

RBI Guidelines

Please note the following with reference to the RBI Directions on
Prudential Norms on Income Recognition, Asset Classification and Provisioning
dated 12th Nov 2021 and 15th Feb 2022

  1. Borrower’s account shall be classified as Special Mention Account (SMA) or Non-Performing Asset (NPA) immediately on default as below. SMA accounts are special mentioned accounts as per RBI guidelines signifying stress in the borrower’s repayment behaviour and are required to be reported to RBI.

    SMA -1 For more than 30 days from the due date and up to 60 days
    SMA -2 For more than 60 days from the due date and up to 90 days
    NPA More than 90 days

  2. To illustrate, If the monthly instalment due dates of a loan account fall on December 05,2021, January 05,2022, February 05, 2022 and so on, the SMA/NPA classification for the respective due amount will be done upon running the day end processes. The indicative SMA/NPA classification of the amount falling due on December 05,2021 shall be as follows:

    Monthly due date Payment Status Days overdue Upon running day end process on SMA/NPA classification
    Dec 05, 2021 Amount due on 05-12-2021 not paid in full Up to 30 days 05-12-2021 SMA-0
    Amount due on 05-12-2021 still not paid in full and the subsequent due amount also not paid More than 30 days and up to 60 days 04-01-2022 SMA -1
    Amount due on 05-12-2021 still not paid in full and the subsequent due amount also not paid More than 60 days and up to 90 days 03-02-2022 SMA -2
    Amount due on 05-12-2021 still not paid in full and the subsequent due amount also not paid More than 90 days 05-03-2022 NPA

  3. Any Customer who slips into NPA shall be upgraded out of NPA status only if all the arrears of instalments and any other dues payable in all the accounts as on that date is paid in full. RBI has since extended time limit up to September 30, 2022 for implementation of this specific aspect. We may be constrained to report the position to the Credit Bureaus and Regulatory Authorities accordingly.

  4. All receipts issued by the company before it runs the day end process will be recognised for the above purpose.