GOLD LOAN

MULAMOOTTIL FINANCIERS LIMITED

GOLD LOAN SCHEMES

Gold Loan Schemes amended and duly approved by the Board of Directors in the Board Meeting held on 15.02.2015 at the Registered Office of the Company.


GOLD LOAN / LOAN AGAINST GOLD : 


Why go for personal loan/business loan when you have gold ornaments with you. Pledge your Gold ornaments or Jewellery and avail the highest amount per gram of Gold depending on the weight and purity of the gold. With the customers and their need in mind, Mulamoottil Financiers Limited has designed its Gold Loan Schemes. The loan eligibility is evaluated based on the purity of the ornament and a percentage of the gold market value is sanctioned as Gold loan. Rate of Interest is decided on two factors.

 * LTV % (Loan to Value). 

 * Customer relationship with the bank.


HIGHLIGHTS


* Simple Interest calculation till the Gold Loan Closure.

* Loan starts from One Thousand Rupees to One Crore Rupees.

* Convenient minimum requirements : Recent ID Proof ( Voters ID/ Ration  Card/        Driving  Licence, Passport) &   Mobile Number.


A.Terms & Conditions

1. Loan Applicant/Borrower shall not be a Minor. Sanctioning of Loan is subject to the Application Form duly filled and signed by the Loan Applicant/Borrower.

2. Simple interest shall be payable at the rate specified in the Pawn Ticket along with incidental charges as may be fixed by the Company from time to time. Minimum amount allowed against Gold Loan is Rs. 1000/- and maximum amount allowed in cash is restricted to Rs. 1 lakh. Sanctioning and payment above Rs. 1 lakh of Gold Loan is directly to Customer's Bank Account through RTGS/NEFT option. Maximum amount allowed as Gold Loan is Rs. 1 Crore.

3. Auditing shall be conducted at any time by a Single Auditor or Auditing Team which includes an appraiser also. The appraiser shall re-check the gold and confirm the quality of gold ornaments. After that the gold packet is sealed in a special cover and bar code sticker shall be pasted on the back side of the cover. The Branch Staff will not be allowed to break the Sealed Packets without the presence of the Customer and it can be opened only at the time of release.

4. If the loan is not repaid on demand within the Loan Tenure, as specified in the Pawn Ticket, the company shall have the right to levy interest on Simple Interest Basis at the maximum rate of interest as per the slab mentioned in the Pawn Ticket for the period unpaid from the date of loan till the closure of loan, both dates inclusive.

5. Sanctioning of Gold Loan will be based on the valuation of Gold which involves verification of purity, the weight of stones, market value of gold etc. The company will make only a preliminary verification of gold and the company has the right to further check the purity/weight of the gold internally or by experts at any point or time if required. Company will not sanction loan against stone ornaments, otherwise it will be sanctioned by reducing 50% from the total weight.

6. The borrower shall repay the entire dues/outstanding under the loan including principal, interest and other incidental charges. The borrowers has given an option either to pay the interest due till he/she makes the complete payment or a higher amount covering interest due on part payment basis. Gold loan interest will be calculated for a minimum period of 7 days.

7. If the loan is not repaid within the period of loan (as specified in the Pawn Ticket) or within such period as demanded by the company, the company shall have the right to sell or otherwise dispose off the Gold through public auction at the risk and cost of Loan Applicant/ Borrower. The Loan Applicant/Borrower, out of his/her free will, authorizes the company to dispose off the Gold by public auction at any time after 15 days from the date of notice to the Loan Applicant/ Borrower at the given address and adjust from the net proceeds of such sale, all amounts including interest and other charges due to the company in respect of the Loan. If there is any surplus on such sale, the company shall have the right to appropriate such surplus towards any other liability of the Loan Applicant/ Borrower, solely or jointly with others, on any account whatsoever to the company. The net surplus, if any after such appropriation, shall be refunded to the borrower. In case of any short fall after disposal of gold, the company shall have the right to report to legal proceedings against the borrower to recover the short fall.

8. The period of Loan shall be 1 Year. However the Loan Applicant may continue the Loan after loan tenure by renewing the existing pledge. But in order to so he/she must pay all the interest and other charges due as on date. Company will remind through SMS periodically to Loan Applicant / Borrower to pay the interest. From the sanctioning of Loan to the Closure of Loan, Company will update customer, matters related to his/her pledge through SMS.

9. The Loan Applicant/Borrower understands and acknowledges that the Company shall subject to auction, all accounts remaining fully or partially unsettled after expiry of the loan tenure, as specified in the pawn ticket or otherwise. The Company shall intimate the Loan Applicant/Borrower by registered letter or SMS or telephone or personal intimation or any other mode of communication and giving advertisement in two Daily Newspapers its intent to subject the Gold to public auction well before the proposed auction date. The auction shall be conducted as per the guidelines issued by the concerned Regulatory Authorities from time to time. The list of accounts subject to auction along with the date and venue for auction shall be displayed at the concerned branch of the Company and shall also be published as per the guidelines issued by the concerned Regulatory Authorities from time to time.

10. In the event of loss of pledged gold due to theft, burglary or for any other reasons from the custody of the Company, the liability of the Company shall be limited to replacing the lost Gold with equal net weight as mentioned in the loan application form/pawn ticket.

11. The company shall have the right to assign or transfer or securitize the rights to obtain necessary advance or financial facility from any bank or financial institution or other organizations or for any other lawful purpose, at any time during the period of the loan.

12. In the event the Loan Applicant/Borrower fails to produce the pawn ticket at the time of settlement, the Company may, at its sole discretion, deliver the pledged Gold of the Loan Applicant/Borrower after completion of the prescribed formalities and subject to payment of Rs.50/- as extra payment. In the absence of the Loan Applicant/Borrower, he/she shall authorize a Legal Representative by giving Authorization Letter (by the Loan Applicant/Borrower). The ID of the Authorized Person/Legal Representative must be presented when he/she comes to settle the pledge and collect the gold ornaments on behalf of the Loan Applicant/Borrower.

13. The Loan Applicant/Borrower shall bear, pay and reimburse all charges relating to administration, interest, service tax, auction expenses, duties (including stamp duty), Sales Tax/ VAT and taxes (of any description as may be levied by the Government or any other authority from time to time).

14.  For clarifications or complaints, the Loan Applicant/Borrower may contact by post at Mulamoottil Financiers Ltd (Formerly Mulamoottil Leasing and Hire Purchase Ltd), Mulamoottil Buildings, Market Road, Kozhencherry, Pathanamthitta District, PIN - 689641 or by email to info@mulamoottilgroup.com giving the name of the branch, nature of complaint and Gold Loan Number.

15. All disputes, differences and/or claims arising out of or touching upon this loan, whether during its subsistence or thereafter, shall be settled by arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996, or any statutory amendments thereof and shall be referred to the Arbitration of a Sole Arbitrator to be appointed by the Company. The award given by such Sole Arbitrator shall be final and binding on the Loan Applicant/Borrower and the Company. The loan application forms will be preserved for a period of 30 days from the closure of loan.

16. The Company shall have the right to make disclosure to Credit Information Companies or such other similar agencies.

B. GOLD LOAN SCHEMES, INTEREST RATES, CHARGES LEVIABLE

Loan Applicant/ Borrower can avail a maximum loan amount of 75% of the value of the gold ornament (net weight). The value of gold is determined as per RBI guidelines.

Scheme LTV Amount            
0-90 91-180 181-270 271-350 351-365 Above 365
GL-2017/1 12 % 45 % 1200 12 % 22 % 24 % 27% 28 % 28 %
GL-2017/2 18 % 65 % 1800 18 % 22 % 24 % 27% 28 % 28 %
GL-2017/3 21 % 75 % 2000 21 % 24 % 28 % 28% 28 % 28 %

Sl.No 1- Up to 90 days rate of interest is @12%. if the customer re-pledged the gold within 90 days they can continue @ 12% interest rate. otherwise the rate will change as per the table furnished above.

Sl.No 2- Interest rate is 18% and customer can continue same interest rate up to one year if they paid interest monthly or quarterly without any default. If any default is made interest rate will change as per the table furnished above. If the customer remitted interest at any time as per the rate applicable at that time, the rate of interest will be 18% for next 90 days.

Sl.No 3- Interest rate is 21% and customer can continue same interest rate up to 180 days ,if they remitted interest monthly or quarterly without any default. If any default is made, interest rate will changed as per the table furnished above. If the customer remitted interest at any time as per the rate applicable at that time , the rate of interest will be 18% for next 90 days.

Postage Charges:

Ordinary Letter After 180 days Rs. 20/-
Registered Letter After 330 days Rs. 50/-


Other Incidental Charges: it includes Appraisal charge, Packing Fee, SMS Charge, Insurance Charge, Inspection charge, Acid test, etc.

Loan Amount Other Charges
0-5000 Rs. 10/-
5001-10000 Rs. 20/-
10001-25000 Rs. 30/-
25001-50000 Rs. 45/-
Above 50001 Rs. 65/-

FEATURES OF GOLD LOAN

 * Low interest rates. 

 * Branches / affiliates in almost all panchayats of Central Travancore. 

 * What we say is what we deliver. No false statements. 

 * No misleading statements offering total value of gold and then applying hidden costs. 

 * All rules and regulations are clearly printed on the gold loan receipt, so that it is fully transparent. 

 * The exact date of interest due is also clearly printed on the gold loan receipt. 

 * All our branches are insured against theft and other calamities. 

 * Almost all of our branches are under 24 hours CCTV recording so that all your ornaments are safe. 

 * Our safe deposit locker is supplied by Godrej with unblemished safety record. 

 * Regular internal audits to ensure the safety of your gold.