Consumer Finance

Presented by: Ankit Pawar Eshaan Chhagotra Jaideep Singh Swadesh Vrinda Sharma

Save now.. enjoy later Buy now.. Pay later Use of credit by individuals and families for personal needs Vs. Business credit

Credit purchase vs. Loan of money

Popularity of Consumer Finance Dual forces ± Keenness of the consumers Indian middle class Conscious of standard of living ± Eagerness of the financiers Lower chances of bad debts &Not putting all the eggs in one basket( .

Merits Finance purchases out of future income Raise standard of living Financial emergencies No borrowing from friends or postponing of present consumption Higher demand for physical goods and services .

make purchases that are financially unsound Loss of valuable property used as collateral .Demerits Continuous burden which spills over into family everyday s life Availability of credit .Individuals lacking self discipline .

Restricts the use of future earnings .

Modes of Consumer Finance Hire purchase Installment Basis Credit Sale .

Hire purchase system Possession of the goods delivered Hire has the OPTION to purchase the goods at any time during the period of agreement .

Hire purchase ± Hypothecation contract Hypothecation is the practice where a borrower pledges collateral to secure a debt Common feature of consumer contracts involving mortgages . the borrower legally owns the house. buyer Vs.Installment System Getting goods on deferred payment basis ± Conditional sale contract Ownership . but until the mortgage is paid off the creditor has the right to take possession . seller Possession .

in the hypothetical case that the borrower fails to keep up with repayments .

Credit sale contract Ownership and possession is transferred on payment of first installment .

Typical Concepts Credit potential ± Judged based on C s of credit Character Capacity Capital ± Credit ratings: favourable and unfavourable .

Cost of Credit ± Administrative cost Originating cost Recurring cost Indirect cost ± Lender s cost of capital ± Risk premium .

Methods of expressing credit charges True Interest ± P*R*T/12 .

II Add on rate or flat rate. . The interest amount is immediately added to the original principal and payments are determined by dividing principal plus such interest by the number of payments to be made.Interest is calculated on the full amount of the original principal.

500 used @5% for next 6 months interest being:Rs12. How the interest payable differs in (I) true rate and (II) add on rate.50 . An amount of Rs. 1000 is borrowed @5% payable in two half yearly installments. Solution. 1000 used@5% for 6 months interest being :Rs 25 Rs.(I) True rate.Since the repayment is to be made in two equal installments we make calculations as under for simple interest: Rs.Example1.

Total interest: Rs.1000@5% for one year=Rs.50 Equated two installments=(Rs.518. 525 .1000+Rs.50)1/2=Rs.50 Equated two installments= (Rs.37.50)1/2=Rs. 37. 1000+Rs.750 (II) Add on rate Interest on Rs.

Interest is calculated on the original principal plus all interest accrued to that point.Compound interest. the . Since interest is paid on interest as well as on the amount borrowed.

effective interest rate is greater than the simple interest rate. .

however. Interest rebate on repayment Many a times. a loan may be completely repaid before it is due. prepayments implies that the lender obtains some interest that is unearned. The borrower in such case is actually paying an even higher effective rate since he does not use the funds for the length of time of the original loan . When flat rate of interest is charged.D.

. Some consumer finance proposals make provisions for an interest rebate if loan is prepaid. Application of the rule of 78 yields the percentage of the total interest amount that is to be refunded to the borrower in the event of pre-payment. One of the common formula used is rule of 78 .contact.

i. To safeguard his interest the lender always cover such items for consumer finance which can easily be identified by physical features.E. The product for which second hand market is there. iv. Products under consumer finance Goods should be durable. ii . Goods having reasonably high value. iii. For .

example.000 or above . 50.Rs.

Borrower required to contribute his share. Down payment Consumer finance never on 100% basis. Share may vary from product to product and from client to client.F. Ensure that the lending institution can recover the balance due on the loan in the .

Marketing tool.event that the borrower defaults. .

G. Security
The lender may also insist on guarantors who should not be the relatives of the borrower. The lender also emphasizes about the high credit worthiness of the guarantors.

H. Repayment period
It is the tenure of the consumer finance agreement. It is mutually agreed between the two parties. If borrower wants he can repay before the total tenure.


a) Pre-sanction stageI. Submission of proposal- On a prescribed format supplied by a financier. ContentsPersonal profile Employment credentials Financial aspects Product details Financial requirements Guarantor profile

Encl osures required .

salary. b) Credit scoring system may be evolved. Appraisal of proposala) Not done by some hard and fast rules.II. past payment records. owned assets are assigned weights for parameter depends on personal outlook of . c) Parameters like age. type of security being offered. status.

.the evaluator.

Entering the agreementGenerally the agreement is in Hire purchase amount advanced. A memorandum of terms and initial payments is entered. caution . This agreement for vehicles needs separate arrangement since terms are different. premium.III. charges. which contains the different clauses.

deposit, stamp duties etc. IV. Documentation- If the lender decides that the loan account must be guaranteed, then a letter of guarantee must be obtained from the guarantor.

Post sanction stage
Release of financeThe financier after documentation, releases the finance to the dealer. The most important thing the financier has to ensure before release of fund is that the assets must be free from encumbrances. The financer must satisfy as to working

conditions of asset under consumer finance contract.

Financier may have a . Recovery of installments. The expenses incidental to effecting delivery must be borne by the owner.Delivery of the assetIn the delivery of asset it is the duty of the owner to transfer the possession of the goods from the owner. Delivery is normally by physical transfer of possession of the goods.

so that it is legally binding on borrower to honour his commitment. . This is a practice coming up very fast to have post dated cheques by the financier from the borrower.practice of reminders to the borrower.

Consumer finance opportunity in India is one of the best available anywhere in the world.Consumer finance in India The old Indian maxim save for your purchase does not hold any longer. Other firms like . In india business took off in shape of automobile financing with citibank taking the lead. A recent poll by Asia Money has ranked HDFC Bank as the number one bank in India in categories such as customer service.

.kotak. We have the youngest population in the world. demographics are changing. types of jobs are changing. anagram are also here. and reforms are turning up which will lead to further impetus to consumer dynamics. Debt is not a taboo any more in a typical middleclass Indian family.

The arrival of cheaper finance has completely changed buying patterns.000 crore. clocking an annual growth of over 30 percent. Today the size of the consumer finance market is estimated at over Rs 70. Industrial houses are entering into the finance markets as they enjoy high credibility among people. .

Reliance Retail is setting up an NBFC with focus on credit cards and loans in a JV with Citigroup. . Citi is likely to hold the major stake and total investment pegged is Rs. The NBFC would provide retail loans to customers are sale point and would ease consumer buying process by offering finance to buy goods. 450 crore.

Products under Consumer Finance Loans Accounts and deposits Cards Investment Insurance Demat accounts .

Credit Analysis Objective of consumer credit analysis is to assess the risks associated with lending to individuals ± When evaluating loans. but difficult to assess Capital ± Refers to the individual's wealth position Capacity ± The lender often imposes maximum allowable debtservice to income ratios Conditions ± The impact of economic events on the borrower's capacity to pay Collateral . bankers cite the Cs of credit: Character ± The most important element.

± The importance of collateral is in providing a secondary source of repayment .

Credit Analysis Two additional Cs ± Customer Relationship ± Competition A bank s prior relationship with a customer reveals information about past credit and deposit experience that is useful in assessing willingness and ability to repay. Has an impact by affecting the pricing of a loan. All loans should generate positive risk-adjusted returns Lenders periodically react to competitive .

pressures by undercutting competitors rates in order to attract new business Competitio should not affect the accept/reject n decision .

Credit Analysis Evaluation Procedures: Judgmental ± Judgmental and ± Quantitative. Credit Scoring interprets the ± The loan officer subjectively information in light of the bank s lending guidelines and accepts or rejects the loan Quantitative credit scoring / Credit scoring .

model ± The loan officer grades the loan request according to a statistically sound model that assigns points to selected characteristics of the prospective borrower .

Further. The cost of funds should be minimum so as to have higher profit margin. time and quantum.MANAGEMENT OF CONSUMER FINANCE BUSINESS FINANCING The aspects of finance which are important are cost. for debt funds there should be a mix of long term and short term. Required finances should be available as and when required to capture more and more business. At initial stage more funds needed are .

.short term and gradually long term funds requirement increases. Stability and growth of business suggest the ability to use a large portion of permanent sources.

Such companies are termed as NBFCs which have been discussed in earlier chapters.e. Such businesses are permitted to have higher debt equity ratio. The quantum should have reasonable mix of debt and equity funds. fixed deposits with a time span of one to five years. In india such companies resort to public deposits i. .The quantum of fund needed changes as scale of operation changes. Only those consumer finance companies can raise higher proportion of debt which have respectable networth.

Existing clients act as ambassadors of the business. .MARKETING Aggressive marketing strategies need to be developed to attract more and more customers. Satisfactory services to existing clients also stimulated future business.

Consumer Credit Act 1974 The Consumer Credit Act and all of the various regulations and orders which govern consumer finance services are very strict on what information must be presented to the consumer. when it must be presented. and the order and manner in which it is to be .

This is so the consumer is in no doubt as to what they are committing to. and are able to make like for like comparisons between various credit providers.shown. .

early repayment rights. total charge for credit. Other Financial Information. cash price of goods. any advance payments. including description of gods or services. credit card etc) Parties to the agreement (the creditor and you) Key Financial Information. including cancellation rights (or absence of). total amount repayable. and repayment requirements. including amount of credit. agreement duration. APR. credit limit.Consumer Credit Act 1974 Disclosures made: Nature of the agreement (fixed sum loan. and all other statutory rights and remedies . rate of interest. and any variations in this rate. Key Information.

available to you A signature box . if you have not already signed and. any separate boxes indicating the optional purchase of additional products (such as payment protection insurance) . where applicable.

i.e. insurance.Consumer Credit Act 1974 Cooling off and your right to cancel You will benefit from a cooling off period if the credit agreement was made in one of the following ways: For agreements signed away from the creditor s normal business premises . For contracts which fall under (2) and (3). you will have a cooling off period of 5 days. you benefit from a 14 day cooling off period (30 days for life insurance and personal . at your home. which begins from the time you receive the second copy of the agreement (containing the cancellation form). place of work or at an exhibition stand For agreements made at a distance (this also includes banking. pensions and investments) For financial products and services marketed by an intermediary or broker (even where this is face to face) For agreements which fall under (1).

pensions). . There are specific guidelines on how you should cancel the contract. Unlike the cooling off period for goods bought under the Distance Selling Regulations (DSRs). If the creditor does not make this information available to you. then your cooling off period will not begin until this happens. the creditor may make a reasonable charge for any service (such as insurance cover) which was operating during this time. which must be notified to you by the creditor before or immediately after the contract is made.

Consumer Credit Act 1974 Credit Cards % Section 75 Section 75 of the Consumer Credit Act imposes equal liability on the creditor for breaches by the supplier. In other words. the credit card company shares responsibility to . or if the goods turn out to be faulty and you can t get recompense from that company. if the company you are buying from goes bust or disappears.

section 75 was also extended to cover transactions made overseas or to foreign companies. More recently. .refund you for the entire amount.

the specific information must include: The total sum to be paid. along with specific and current information concerning the debt (s 77 relates to fixed-sum loan agreements. With regard to loans. s 78 refers to running-account credit (credit cards) and s 79 to hire agreements). as per the agreement The sum still outstanding and the due dates for each installment .Consumer Credit Act 1974 CCA Request % Section 77 % 79 Under these two sections of the Consumer Credit Act. it is your right to request a copy of the executed credit agreement from the creditor.

if different from the agreement. If the creditor are still unable to provide the documents after one month. . the debt cannot be enforced until they do. they commit a criminal offence. The creditor has a period of 12 days working days in order to provide the agreement and the statement.The total sum payable. If they cannot provide the information.

Consumer Credit Act 1974 Ending a credit agreement The Consumer Credit Act (CCA) gives the consumer the right to settle a fixed-sum credit (loan) agreement early. so there should be no concerns of being ripped off by the lender. fees or charges payable). New regulations prescribe exactly how the outstanding sum should be calculated. Furthermore. The amount of the rebate is defined in the Act as: $the difference between the total amount of the repayments of credit that would fall due for payment after the settlement date if early settlement did not take place The settlement date for the purposes of calculating the rebate will generally be 28 . consumers have the right to claim a rebate of the charges for credit (less taxes. by giving notice to the lender and paying the outstanding sum in full. duties.

s 97 allows the consumer to request a statement containing information pertaining to early repayment. although this can be deferred. Similar to s 77-79 of the Consumer Credit Act. .days after the consumer notifies the lender of their intention to settle the agreement early. Failure to do so within 12 working days renders to debt unenforceable until the statement is provided.

Consumer Credit Act 1974 Terminating an agreement In the case of conditional sale. the agreement can be terminated at any time before payment of the last installment. provided at least one half of the total price has been paid and reasonable care of the goods has been taken. .

.For hire agreements the agreement can only be terminated after 18 months (unless an earlier date is mentioned on the contract).

Default and Arrears Default on payments The Consumer Credit Act (CCA) requires certain procedures be followed and specific documentation be provided in the event that two or more payments are missed.e. the lender must send you a notice of default to include the following: Exact details of the breach . how much is owed How this can be remedied . Within 14 days of the second default payment. i. what action the consumer must take and by when Whether any additional sums of money (default sums) have been incurred as a result and when they must be paid Consequences of further default or inaction .e. i.

. Furthermore.Restrictions (if any) on the lender s right to repossession The notice of default will not be enforceable if the procedure is not followed in this way by the lender. the goods cannot be repossessed without first serving this notice and waiting for the required 14 days to enable you to respond.

Default and Arrears Applying for a Time Order A further consumer protection measure the Act incorporates is the ability of the consumer to apply for a time order from the courts. this will provide you with a longer amount of time to pay. If successful. in the context of .

your personal situation. . To avoid further action from the lender in the meantime. you must write to them advising them of this intention.

.Sources of consumer finance There are various sources The cheapest is public sector banks Loans ranging from personal loans to auto loans There are many advantages for banks of giving consumer loans Examples are consumer installment credit which include those loans which are repaid by periodic installment payments.

.Consumer durable loans are provided to individuals for buying consumer durables with minimum annual gross income of 50.000.

length of loan and interest rate to be charged.Consumer credit contracts It is a signed contract that documents the terms and conditions of the loan. City bank is pioneer in consumer finance in . It has specific details of borrower and lender . the amount of loan.

the world .

Its popularity has increased because many customer can get vehicle of their choice by paying monthly installments. Many banks have tie ups with auto mobile .Vehicle finance Vehicle finance is available to salaries persons and professionals with adequate paying capacity.

manufacturers. On an avrage 90% of vehicles that are sold are financed.

Terms and conditions for vehicle finance
The party has to sign some documents like promissory note(sec4 negotiable instrument act 1881) ,application form etc. The amount of loan should be used for purchase of vehicle only. The hypothecation of vehicle in favour of financer as security.

The person may not transfer vehicle by means of sale, assignment , pledge , hire or other wise before the loan is settled or should be transferred to the other party.

duties and other charges fixed by financers.ContdB. The customer should bear all taxes . The customer should have or obtain vehicle license and insurance as per motor vehicle act. . Payments are generally made in equal monthly installment.

Housing Finance Housing Finance has gained popularity in India from the past few decades. tools . They enable people to buy an asset and hence contributes to social stability. It has backward linkages to building materials. durable goods and labour .

.markets and hence have tremendous developmental impact.

The government is also supporting housing loan activity providing various fiscal incentives eg tax exemption limit for interest on housing .ContdB They are fairly safe as loans are given against fixed immovable property.

loans .

GIC Central and State government housing boards .Institutions Funding for Housing Projects At national level HUDCO(Housing and Urban Development Corporation) HDFC(Housing Development Finance Corporation) NHB(National Housing Bank) Insurance Companies like LIC.

Commercial banks .

Since its inception the NHB has been . The general supervision. The BOD consist of one chairman with 13 directors. direction and management of affairs and business of NHB is carried out by board of directors .National Housing Bank NHB was established in 1988.

pursuing the objectives of a sound housing finance in India. .

It lends financial support to various institutions. . It conducts various programs to train HFC employees.Functions of NHB It promotes housing finance companies. banks and other financing agents in the sector. It helps investors confidence in HFC s through regular mechanism.

.It undertakes direct financing to housing projects of public agencies and local bodies.

Guaranteeing the financial obligations of housing finance institutions subscribing . Grant loans and advances to housing finance institutions for housing activities. establishing and supporting of housing finance institutions.Business activities of NHB Promoting .

or underwriting the stocks . shares or bonds of these housing finance institutions. .

ContdB Setting up mutual funds for undertaking housing finance activities. Organizing training programs seminars on matters related to housing. Borrow money from the RBI by the way of loans and advances and generally obtain . Co .GIC and other financial institutions.ordinate with LIC.

financial assistance as specified by the RBI out of the national housing credit fund established under sec 46-D of RBI act .1934 .

Managed by board of directors consisting of .HDFC Established in 1977 as private housing institution. It is now a public limited company engaged in business of providing the finance for construction and purchase of residential houses in India.

eminent persons. .

shares and other securities. HDFC trustee company acting as trustee for HDFC .Subsidiaries of HDFC It has the following subsidiaries HDFC developers limited carrying on the business of real estate development. HDFC investments limited and HDFC holdings limited carrying on the business of investment in stocks .

mutual fund. . HDFC bank limited providing the banking services .

HDFC standard life insurance company is in business of life insurance HDFC chubb general insurance company is in the business of general insurance HDFC asset management company carrying on business of management of assets for HDFC mutual fund HDFC reality limited engaged in the business of .ContdB.

real estate broking .

Personal loans The banks now provide funds to the individuals known as personal loans. . They are available on net worth of a person The amount by which the individual's assets exceed their liabilities is considered the net worth of that person.

000 depending upon the income and repayment capacity of a person.000 to 10. .Personal loans are generally offered within a range of 20.00.

Features of personal loans The following are important features These are unsecured loans. There is no need of any security or collateral. Loans amount sanctioned are closely linked to salary or income earned Rate of interest charged is between .

17%-21% .

The doctors between age group 23-60 years are provided with finance upto Rs 10.000 .Professional loans Banks give professional loans to self employed persons eg doctors to set up a new facility or improve the existing one with more sophisticated equipments etc.00.

The loans are provided on the basis of third party guarantee and hypothecation of equipment. .for a period of 5 years.

How a credit card is .

processed .

MasterCard or other networks that act as an intermediary between .Acquirer: A bank that processes and settles a merchant's credit card transactions with the he Card network: Visa.

an acquirer and an issuer to authorize credit card transactions .

Interchange fee: A charge paid by merchants to a credit card issuer and a card network as a fee for accepting credit cards. They generally range from 1 to 3 percent.Cardholder: The owner of a card that is used to make credit card purchases. .

bank.Issuer: An financial institution. Discount fee: A processing fee paid by merchants to acquirers to cover the cost of processing credit cards. credit union or company that issues or helps issue cards to cardholders. .

There are 4 steps Authorization Batching Clearing Funding .

Step 1. Authorization 1. 3. . The acquirer sends a request to the issuer to authorize the transaction. 5. The merchant submits the request to the acquirer. 4. 2. An authorization code is sent to the acquirer if there is valid credit available. The cardholder requests a purchase from the merchant. The cardholder receives the product. The acquirer authorizes the transaction. 6.

Batching The merchant stores all the day s authorized sales in a batch. The merchant sends the batch to the acquirer at the end of the day to receive payment. .Step 2.

and transfers the amount.Step 3. The issuer subtracts its interchange fees. Clearing The batch is sent through the card network to request payment from the issuer The card network distributes each transaction to the appropriate issuer. which are shared with the card network. .

The card network routes the amount to the acquirer. .

The cardholder is billed. Funding The acquirer subtracts its discount rate and pays the merchant the remainder. .Step 4.

DEMATERIALISATION Dematerialisation is the process by which physical certificates of an investor are converted to an equivalent number of securities in electronic form and credited in the investor's account with his Depository Participant [DP]. In order to dematerialise his certificates. an investor first has to open an account with a Depository .

. He then has to request for the dematerialisation of his certificates by filling up a dematerialisation request form [DRF]. which is available with his DP.Participant.

Shares held in street name (blank transfers) cannot be dematerialised. This .You can dematerialise only those certificates that are already registered in your name and belong to the list of securities admitted for dematerialisation at NSDL. A number of blue-chip companies have already joined NSDL.

.list is steadily growing and you can get an updated list of these companies from NSDL.

Demat Advantages Elimination of bad deliveries Elimination of all risks associated with physical certificates No stamp duty for transfer of equity instruments & units of mutual funds in the depository Faster settlement cycle .

Lower interest cost and margins Faster disbursement of non cash corporate benefits .

ICICI BANK Personal Banking CARDS Consumer Cards LOANS Online Loans Personal Loans Car loan Two Wheeler Credit Card Travel Card Debit Cards BANK@CAMPUS .

(Education loan) .

Loan Processing Charges are 2* % of loan amount + Origination Charges of 1.(5% on the principal outstanding) Foreclosure charges as applicable would be levied on the outstanding loan.5% .Key Benefits Vs Fees & charges Benefits Loan up to 15 lacs No security/guarantor required Faster Processing Minimum Documentation Attractive Interest Rates 12-60 Months repayment options Loans available for both salaried & self employed individuals &Loan on Phone( facility Costs Prepayment of the loan is possible after 180 days of availing the loan. Part pre-payment is not allowed.

of loan amount .

Benefits to the student Free Internet Banking Free Phone Banking (in select cities) Free ICICI Bank Ncash Debit Card Free Access to any Bank's ATM . without physical branch access.Bank@Campus Benefits Technology-enabled service. through automated channels.

Own a cheque book personalized with your name. Receive an annual statement of account Interest rates: 3.50% .

HDFC BANK Personal Banking CARDS LOANS Personal Loans Two Wheeler Loans New Car Loans Used Car Loans Educational Loan Credit Cards Debit Cards Prepaid Cards .

ranging from 12 to 60 months. . Hassle free loans .No guarantor/security/collateral required. Speedy loan approval. Flexible Repayment options. Repay with easy EMIs.FEATURES & BENEFITS Borrow up to Rs 15.000 for any purpose. Convenience of service at thedoorstep. 00.

Customer privileges ± Special rates for HDFC Bank account holder. .

Credit Shield In case of death or total permanent disability of the loanee.FEATURES & BENEFITS ±Hassle free personal loan (without income documentation). the loanee/nominee can avail of the Payment Protection Insurance (Credit Shield) which insures the principle . For existing Auto Loan customer with a clear repayment of 12 months or more ± For an existing HDFC Bank Personal Loan customer with a clear repayment of 12 months or more. Top-Up personal loan.

Personal Accident Cover .outstanding on the loan upto a maximum of the loan amount.

a on amount outstanding from date of default .FEES & CHARGES FOR PERSONAL LOAN Loan Processing Charges Upto a maximum 2% of the loan amount Pre-payment charges Upto 4% of the Principal Outstanding Charges for late payment of EMI @ 24 % p.

CONSUMER FINANCE FACILITIES OF AXIS BANK Savings account Car loans Home Loans Car Loans Loan against shares Education loans Personal Loans .

FEATURES OF SAVING ACCOUNT Free International Debit Card with an Accidental Insurance cover up to Rs 2 lakhs* (charges for the primary holder are waived) Free mobile banking facility Access through more than 905 branches and over 3894 ATMs (as on 30th September 2009) At-Par cheque facility with the clearing limit of Rs 50.000 24x7 Telebanking & Internet banking Fees associated with it .

5. 500 per annum . Account maintenance fee of Rs.500.Initial funding of Rs.

Home loan Fixed interest of 8.25% p.a. for 24 months & floating thereafter* Balance Transfer facility Doorstep service Nil Prepayment charges .

00 lacs for studies in India and Rs 20. For loans above Rs 4 lacs. Third party guarantee and/or collateral security may .Education loans The quantum of finance under the scheme is capped at Rs 10. 5% margin for studies within India and 15% for higher studies overseas. Interest rates linked to PLR.00 lacs for studies abroad No margin for loans upto Rs 4 lacs.

be asked for in appropriate cases. The loan will be disbursed in full or in suitable installments No penalty for early closure .

architects.Personal loans Loans for salaried individuals of select companies Special loans for doctors. CS and ICWA Loans are available from Rs 1 lac to Rs 20 lacs Repayment tenures from 12 to 60 months A balance transfer facility available for those who want to retire any higher cost debt Loans available against repayment track record of any existing auto. personal or home loan . chartered accountants. engineers.

minimal documentation and quick approval .Zero balance SB account facility for personal loan customers Simple procedure.

Loan against shares Individuals are only eligible to apply Overdraft facility against single and combination of scrips Interest charged on actual amount utilised .no EMI or post dated cheques required Shares can be pledged from any Depository Partcipant across the country Special scheme for Axis Bank Priority and .

Wealth customers .

php ona l-sale-agreement.wikipedia.References Merchant Banking and Financial Services. Bansal on http://www. Lalit K.

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