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Terms & Conditions


The borrower agrees, acknowledges and undertakes that:

1. The amount of the loan shall not be more than the amount applied for.

2. a) Interest shall be charged on the basis of monthly rest and on day to day balance i.e. on the basis of reducing balance. Further the interest shall be charged up to the close of preceding day irrespective of the same being a holiday for any reason.

b) Interest will be charged for a minimum of seven days.

c) The rate of interest may vary from time to time and from customer to customer and having regard to the scheme under which the loan facility shall have been made available, the amount of the loan, money market conditions and other relevant factors to be considered by Sai Fincorp Private Ltd. while sanctioning the loan.

d) If the Client fails to pay the interest on due date SFPL shall change the scheme of the borrower at its discretion without the consent of the borrower and the same shall be intimated to the borrower accordingly. In the case of prepayment of the loan or any part thereof by the borrower, the amount will be first adjusted towards interest then adjusted towards principal loan amount.

4. I shall repay the loan with interest on due date(s) as may be provided at the time of sanctioning of loan to me.

5. If the borrower has availed both Gold Loan as well as Personal Loan, then he shall first be required to pay off the principal amount and interest due on the personal loan, and thereafter he / she would be allowed to pay off the Gold Loan i.e. whatever payments by way of principal amount and interest due are made then the same shall first be adjusted towards his / her personal loan and thereafter towards the Gold Loan.

6. a) I declare that the articles pledged by me are fully and absolutely owned by me and are made in pure gold. In case any of my / our declaration(s) with regard to ownership and / or the metal in which any of the pledged articles is / are made is / are proved to be incorrect, then in that event I shall indemnify and keep indemnified SFPL to the extent of loss suffered by it on account of such wrongful declaration and the loan shall become repayable forthwith with interest and all the other amounts. I further understand and agree that SFPL may change the rate of interest per annum or as it deems fit. I have deposited pledged articles detailed above as collateral security. In case of any default I authorize you to sell all or any of the pledged articles and recover the principal amount of the loan and interest along with cost, charges and all other amounts payable in respect of the loan. In case of any deficiency after the above sale, I authorize you to recover the amount from me personally. In case, I default in repaying the said deficit amount, you have the right to initiate the legal action against me and also take possessions and sell all the moveable and immoveable properties belonging to me.

b) In the event of the borrower failing to settle the transaction after the completion of the loan tenure, pledged articles may be sold by SFPL without any reference to the borrower. If any of the pledged articles are sold at a price lower than the amount due from me, I shall compensate the losses suffered by SFPL by paying the difference to SFPL. If the pledged articles are sold at a higher price then the amounts due from the surplus amount if any, may be refunded to me after adjusting all other payable amounts.

c) In the case of enhancement of loan limit, interest payment, part release, the old loan will be closed and / or fresh loan A/C will be opened with all necessary formalities and the fresh terms and conditions prevailing on that day will be applicable.

d) In case of default of paying interest continuously for three months, SFPL reserves the right to sell any of the articles either by public auction or by private arrangement at any point of time, even before the expiry of the 12 months if SFPL is convinced that the market price of the maximum realizable value of the pledged articles is likely to come down below or equal to the total amount payable by me after serving a notice to me at my address given in the gold loan application.

e) SFPL shall have no liability for any loss or damage caused to any pledged articles due to any reason whatsoever except for gross negligence of SFPL audit employees.

f) In case of any natural calamities such as theft, fire, earthquake, flood etc. I agree to receive only such amount for the loss of pledged articles as may be paid by the insurance company as per the insurance cover taken by the SFPL for the aforesaid risks.

g) I understand that the endorsement made in the documents pertaining to the loan in relation to the pledged articles pertaining to the weight, quality as well as purity of the articles. I declare that I shall be bound by such findings of SFPL, in case at any later stage, if it is found by SFPL, that the pledged articles are made of spurious / impure gold.

h) SFPL has right to retain the gold, jewellery, ornaments or other gold articles offered as security for any other liability due to SFPL by me, whether such liability has been demanded or not.

i) The pledged articles are made of pure gold and is my absolute property. I have the absolute right to pledge them and no other person is having interest or claim over the same. In the event of any defect to any pledged articles/s I shall indemnify SFPL for any loss of any and all harm, loss injury, cost and consequences.

7. My address for all communications shall be the one furnished in this application form unless any subsequent change in address is intimated to SFPL in writing and under acknowledgement from SFPL. Change of address and / or telephone number if any shall be intimated by me promptly in writing, all communications and notices served at your last recorded address given to us in writing amount to a due notice to you unless any subsequent change is intimated to me in writing and under acknowledgement from me.

8. Working Hours 9:30 a.m. to 5:00 p.m. and disbursement of the loan or repayment of the loan and payment of interest and all other amount shall be made by me on the working day only if the due date for any repayment or payment for any amount is not a working day, it shall be made on a working day prior to the due date. Working day means the day(s) other than Sundays on which banks are open for banking business at the place where the payment is to be made during working hours aforesaid. The interest will be calculated on day today basis and interest will be charged till the preceding day irrespective of it being any kind of holiday.

9. I shall provide details to SFPL from time to time in accordance with the guidelines laid down under Prevention of Money Laundering Act 2002.

10. SFPL may share such information in relation to me and / or the loan disbursed, pledged articles with its group or associate companies or its business associates as necessary. SFPL has an unqualified right to disclose or publish the borrower’s name as willful defaulters’ list in the event of any default by the borrower. I shall provide details to SFPL from time to time in accordance with the guidelines laid down under Prevention of Money Laundering Act 2002.

11. SFPL is authorized to take loan or advances against re-pledge of the pledged ornaments at any time without my consent or intimation.

12. Any dispute arising out of, or in connection with the present transaction referred to and resolved by the process of arbitration. For this purpose the sole arbitrator will be appointed by the SFPL. The venue of arbitration shall be NCT of Delhi.

13. I / We have read the entire agreement including Demand Promissory Note which have been filled in my presence. I / We shall be bound by all the conditions including the Demand Promissory Note. The abovementioned agreements and other documents have been explained to me / us in the language understood by me / us and I / We have understood the entire meaning of various clauses and executed the same.

Corporate Office Address
A-2, Ground Floor, Shankar Garden,
Vikas Puri, New Delhi-110018
WZ-167/G, Ground Floor, Next to
State Bank of India, Opp. Metro
Pillar No.-674, Main Najafgarh
Road, Uttam Nagar, New Delhi-110059
Phone No.: 011-45122353 / 354
Email ID:
WZ/E-7/2, 1st Floor, New Mahavir
Nagar, Main Najafgarh Road, Near
Shiv Shakti Mandir, Metro Pillar
No.-562, New Delhi-110018
Phone No.: 011-43105877 /
011-43105977, Mob.: 8744050912 / 13
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