Gold Loan – Asirvad

Gold Loan

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Instant Gold Loan
Gold loan FAQS
Gold Loan Interest Rates
General Terms & Condition
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Instant Gold Loan

Draw instant Cash by pledging your Gold Ornaments and Jewellery.
Higher loan amounts, depending on purity, net weight of the gold.
Choose from a range of schemes; there is one just right for your needs.

FAQ

What is Gold Loan?

Gold loans are secured loans where the customer pledges the gold ornaments they hold as a collateral deposit against the money they are going to receive. Gold loans are usually taken for short term financial obligations.

Why Gold loans are preferred over personal Loans?

Gold loans are secured loans whereas personal loans are unsecured. The gold loan requires a collateral deposit, where the gold itself is pledged against the money the customer receives, while in personal loans collateral deposits are not required. Gold loans allow greater disbursal amount; through the gold loan, you can draw up to 5 crores while personal loan allows disbursal up to just 40 lakhs. The lower interest rate of the gold loan is another feature that has convinced people to avail gold loan facilities widely for their financial requirements.

How to apply for a Gold Loan?

Procedures included in the application for a gold loan are very simple. You have to first approach a lender, the lender will value your gold and calculate the maximum amount you can borrow. You will be required to fill a loan application for this and submit necessary documents such as copies of ID proofs and valid address proof. Once the value is calculated the money is instantly disbursed and you can use it for your intended purpose immediately.

Who can apply for a Gold Loan?

Anybody over the age of 18 can apply for a gold loan provided he or she is the actual owner of the ornaments they present. The banks are not required to consider factors such as income, age, credit score, banking history, etc.

Highlights of Gold Loan

Minimum Requirements: A certified copy of Aadhaar number, Voters ID & Bank Passbook Copy, one recent photograph, The Permanent Account Number or Form No. 60 as defined in Income-tax Rules,1962.
Pay interest only for the exact period of loan, and to the exact number of days.
Different schemes for different needs, to suit all income groups.

Contacts for Gold Loan Enquires

Tony Hazra
6382611048

Regions

Sl no	Region name	Regional manager	Contact no
1	Gl-Andhra pradesh	Kulwinder Pal	9781058457
2	Gl-Assam	Mathankumar Pandaram	9843425317
3	Gl-Bihar	Maheshwaran	9524987732
4	Gl-Haryana	Srinivasu Reddy	9951994459
5	Gl-Madhya pradesh	Selvam Kuppan	7845022878
6	Gl-odisha	Ashoka H	9663067905
7	Gl-Rajasthan North	Manikandan	9597850360
8	Gl-Rajasthan South	Palaniyappan V	9942310589
9	Gl-Telangana	Sammer Kumar Dash	9438018025
10	Gl-Uttar Pradesh North	Senthilkumar M	9944568627
11	Gl-Uttar Pradesh South	Marimuthu G	8098382328
12	Gl-West bangal	Arun Kumar B	9842462092
13	Gl-Karnataka	Manoj Kumar Swarnakar	8512919217
14	Gl-Maharastra	Kishor Ashokrao Kadam	6374464800

Gold Loans Operational Schemes

Please avail special rebate immediately on regular payment of interest on the loan on certain schemes only. Refer table shown below.

Schemes for southern states – Karnataka,Telangana & Andhra Pradesh

S.No	Scheme name	Loan limit	Tenure (Days)	Effective Interest rate after rebate(P.A.)	Rebate %(range)	Interest rate	Annualised interest rate
1	SX	Min Rs.1000	365	26.50%	1.50%	28.00%	31.89%
2	SAA 1	1L To 2L	365	22.00%	1% – 4%	26.00%	29.33%
3	SAA 2	2L To 3L	365	21.00%	2%-5%	26.00%	29.33%
4	SAA 3	3L To 4L	365	20.00%	2%-6%	26.00%	29.33%
5	SAA 4	4L To 5L	365	19.00%	3%-7%	26.00%	29.33%
6	SAA 5	5L To 20L	365	21.00%	2%-5%	26.00%	29.33%
7	SAA 6	Above 20L	365	10.90%	2%-15.1%	26.00%	29.33%
8	SS2	1L To 1.95L	365	17.00%	1%-9%	26.00%	29.33%
9	SS2	1.95L To 3L	365	16.00%	1%-10%	26.00%	29.33%
10	SS2	3L To 4L	365	14.50%	1%-11.5%	26.00%	29.33%
11	SS2	4L To 5L	365	13.50%	1% -12.5%	26.00%	29.33%
12	SS2	Min 5L	365	12.00%	1%-14%	26.00%	29.33%
13	SA+	1.95L To 3L	365	12.90%	2%-13.1%	26.00%	24.00%
14	SA+	3L To 4L	365	12.90%	2.75%-13.1%	26.00%	29.33%
15	SA+	4L To 5L	365	12.90%	3%-13.1%	26.00%	29.33%
16	SA+	Min 5L	365	9.90%	4%-16.1%	26.00%	29.33%
17	AT+ 1	Min 4L	365	10.00%	2%-16%	26.00%	29.33%
18	AT+ 2	Min 3L	365	12.90%	2%-13.1%	26.00%	29.33%
19	AT+ 3	Min 1.9L	365	15.00%	2% – 11%	26.00%	29.33%
20	SY	Max 1L	365	21.50%	4%-6.5%	28.00%	31.89%
21	DS	Max 75000	365	12.00%	2%-14%	26.00%	29.33%

1	SX	Min Rs.1000	180	23.00%	2% – 3%	26.00%	27.45%
2	SAA 1	1L To 2L	180	16.00%	9% – 10%	26.00%	27.45%
3	SAA 2	2L To 3L	180	15.00%	9% – 11%	26.00%	27.45%
4	SAA 3	3L To 4L	180	15.00%	9% – 11%	26.00%	27.45%
5	SAA 4	4L To 5L	180	14.00%	9% – 12%	26.00%	27.45%
6	SAA 5	5L To 20L	180	10.50%	7.5% – 13.5%	26.00%	27.45%
7	SAA 6	Above 20L	180	9.90%	8.1% – 14.1%	26.00%	27.45%
8	SS2	Min 1L	180	14.50%	7.5% – 10.5%	26.00%	27.45%
9	SS2	Min 1.9L	180	14.00%	8%-11%	26.00%	27.45%
10	SS2	Min 3L	180	13.50%	8.5%-11.5%	26.00%	27.45%
11	SS2	Min 4L	180	12.50%	9.5%-12.5%	26.00%	27.45%
12	SS2	Min 5L	180	10.90%	11.1%-14.1%	26.00%	27.45%
13	SA+	Min 1.95L	365	9.90%	9.6%-13.6%	26.00%	29.33%
14	SA+	Min 3L	365	9.90%	9.35%-13.35%	26.00%	29.33%
15	SA+	Min 4L	365	9.90%	9.1%-13.1%	26.00%	29.33
16	SA+	Min 5L	365	9.90%	8.1% – 12.1%	26.00%	27.45%
17	AT+	Min 1L	180	12.00%	6% – 12%	26.00%	27.45%
18	SY	Max 2L	180	20.00%	4% – 4%	28.00%	29.69%
19	DS	Max 1L	180	12.00%	6% – 12%	26.00%	27.45%
20	LCA1	Upto 2L	180	13.00%	5% – 11%	26.00%	27.45%
21	LCA1	Above 2L	180	11.00%	5% – 13%	26.00%	27.45%
22	NCA1	Upto 2L	180	14.00%	5% – 10%	26.00%	27.45%
23	NCA1	Above 2L	180	12.00%	4% – 12%	26.00%	27.45%

1	SX	Min Rs.1000	365	26.50%	1.50%	28.00%	31.89%
2	SAA 1	1L To 2L	365	22.00%	1% – 4%	26.00%	29.33%
3	SAA 2	2L To 3L	365	21.00%	2%-5%	26.00%	29.33%
4	SAA 3	3L To 4L	365	20.00%	2%-6%	26.00%	29.33%
5	SAA 4	4L To 5L	365	19.00%	3%-7%	26.00%	29.33%
6	SAA 5	5L To 20L	365	21.00%	2%-5%	26.00%	29.33%
7	SAA 6	Above 20L	365	10.90%	2%-15.1%	26.00%	29.33%
8	SS2	1L To 1.95L	365	17.00%	1%-9%	26.00%	29.33%
9	SS2	1.95L To 3L	365	16.00%	1%-10%	26.00%	29.33%
10	SS2	3L To 4L	365	14.50%	1%-11.5%	26.00%	29.33%
11	SS2	4L To 5L	365	13.50%	1% -12.5%	26.00%	29.33%
12	SS2	Min 5L	365	12.00%	1%-14%	26.00%	29.33%
13	SA+	1.95L To 3L	365	12.90%	2%-13.1%	26.00%	24.00%
14	SA+	3L To 4L	365	12.90%	2.75%-13.1%	26.00%	29.33%
15	SA+	4L To 5L	365	12.90%	3%-13.1%	26.00%	29.33%
16	SA+	Min 5L	365	9.90%	4%-16.1%	26.00%	29.33%
17	AT+ 1	Min 4L	365	10.00%	2%-16%	26.00%	29.33%
18	AT+ 2	Min 3L	365	12.90%	2%-13.1%	26.00%	29.33%
19	AT+ 3	Min 1.9L	365	15.00%	2% – 11%	26.00%	29.33%
20	SY	Max 1L	365	21.50%	4%-6.5%	28.00%	31.89%
21	DS	Max 75000	365	12.00%	2%-14%	26.00%	29.33%

Schemes for – category A branches

1	SX	Rs.1000	180	24.00%	1% – 1%	26.00%	27.45%
2	AA 1	Min 1L	180	23.50%	1.5% – 2.5%	26.00%	27.45%
3	AKL	Min 1.95L	180	19.00%	5% – 7%	26.00%	27.45%
4	AKL	Min 3L	180	18.00%	6% – 8%	26.00%	27.45%
5	AKL	Min4L	180	17.00%	7% – 9%	26.00%	27.45%
6	AKL	Min 5L	180	12.00%	12% – 14%	26.00%	27.45%
7	SS2	Min 1L	180	14.50%	7.5% – 10.5%	26.00%	27.45%
8	SS2	Min 1.95L	180	14.00%	8% – 11%	26.00%	27.45%
9	SS2	Min 3L	180	13.50%	8.5%-11.5%	26.00%	27.45%
10	SS2	Min 4L	180	12.50%	9.5%-12.5%	26.00%	27.45%
11	SS2	Min 5L	180	10.90%	11.1%-14.1%	26.00%	27.45%
12	SA+	Min 1.95L	365	9.90%	9.6%-13.6%	26.00%	29.33%
13	SA+	Min 3L	365	9.90%	9.35%-13.35%	26.00%	29.33%
14	SA+	Min 4L	365	9.90%	9.1%-13.1%	26.00%	29.33%
15	SA+	Min 5L	365	9.90%	8.1%-12.1%	26.00%	29.33
16	AT+	Min 1L	180	12.00%	5% – 12.1%	26.00%	27.45%
17	SY	Min 2L	180	20.00%	4% – 4%	28.00%	29.69%
18	DS	Max 1L	180	12.00%	6% – 12%	26.00%	27.45%
19	LCA1	Upto 2L	180	13.00%	5% – 11%	26.00%	27.45%
20	LCA1	Above 2L	180	11.00%	5% – 13%	26.00%	27.45%
21	NCA1	Upto 2L	180	14.00%	5% – 10%	26.00%	27.45%
22	NCA1	Above 2L	180	12.00%	4% – 12%	26.00%	27.45%

1	SX	Rs.1000	365	26.50%	1.50%	28.00%	31.89%
2	AA 1	Min 1L	365	24.00%	1% – 2%	26.00%	29.33%
3	AKL	1.95L To 3L	365	21.00%	1% – 5%	26.00%	29.33%
4	AKL	3L To 4L	365	20.00%	1% – 6%	26.00%	29.33%
5	AKL	4L To 5L	365	19.00%	1% – 7%	26.00%	29.33%
6	AKL	Min 5L	365	14.00%	1% – 12%	26.00%	29.33%
7	SS2	1L To 1.95L	365	16.50%	1% – 9.5%	26.00%	29.33%
8	SS2	1.95L To 3L	365	15.00%	1% – 11%	26.00%	29.33%
9	SS2	3L To 4L	365	15.50%	1% – 10.5%	25.00%	29.33%
10	SS2	4L To 5L	365	13.50%	1% – 12.5%	26.00%	29.33%
11	SS2	Min 5L	365	13.00%	1% – 13%	26.00%	29.33%
12	SA+	1.95L To 3L	365	12.90%	4% – 13.1%	26.00%	29.33%
13	SA+	3L To 4L	365	12.90%	6% – 13.1%	26.00%	29.33%
14	SA+	4L To 5L	365	12.90%	6% – 13.1%	26.00%	29.33%
15	SA+	Min 5L	365	10.90%	7% – 15.1%	26.00%	29.33%
16	AT+ 1	Min 4L	365	10.00%	2% – 16%	26.00%	29.33%
17	AT+ 2	Min 3L	365	12.90%	2% – 13.1%	26.00%	29.33%
18	AT+ 3	Min 1.9L	365	15.00%	2% – 11%	26.00%	29.33%
19	SY	Max 1L	365	21.50%	4% – 6.5%	28.00%	31.89%
20	DS	Max 75000	365	15.00%	2% – 11%	26.00%	29.33%

Schemes for – category B branches

1	SX	Rs.1000	180	24.00%	1% – 2%	26.00%	27.45%
2	AA 1	Min 1L	180	23.00%	2% – 3%	26.00%	27.45%
3	AA2	Min 2L	180	20.00%	4% – 6%	26.00%	27.45%
4	AKL	Min 3L	180	18.50%	5.5% – 7.5%	26.00%	27.45%
5	AKL	Min4L	180	17.50%	6.5% – 8.5%	26.00%	27.45%
6	AKL	Min 5L	180	13.00%	11% – 13%	26.00%	27.45%
7	SS2	Min 3L	180	14.00%	8% – 11%	26.00%	27.45%
8	SS2	Min 4L	180	13.00%	9% – 12%	26.00%	27.45%
9	SS2	Min 5L	180	11.50%	10.5%-13.5%	26.00%	27.45%
10	SS2	Min 5L	180	9.90%	9.35%-13.35%	26.00%	29.33%
11	SS2	Min 4L	180	9.90%	9.1%-13.1%	26.00%	29.33%
12	SA+	Min 5L	365	9.90%	8.1%-12.1%	26.00%	29.33%
13	AT+	Min 1L	180	12.00	5%-12%	26.00%	27.45%
14	SY	Max 2L	180	20.00%	4%-4%	28.00%	29.69%
15	DS	Max 2L	180	12.00%	6%-12%	26.00%	27.45
16	LCA1	Upto 2L	180	13.00%	5% – 11%	26.00%	27.45%
17	LCA1	Above 2L	180	11.00%	5% – 13%	26.00%	27.45%
18	NCA1	Upto 2L	180	14.00%	5% – 10%	26.00%	27.45%
19	NCA1	Above 2L	180	12.00%	4% – 12%	26.00%	27.45%

1	SX	Rs.1000	365	26.50%	1.50%	28.00%	31.89%
2	AA 1	Min 1L	365	24.00%	1% – 2%	26.00%	29.33%
3	AA2	Min 2L	365	22.00%	2% – 4%	26.00%	29.33%
4	AKL	3L To 4L	365	21.00%	1% – 5%	26.00%	29.33%
5	AKL	4L To 5L	365	20.00%	1% – 6%	26.00%	29.33%
6	AKL	Min 5L	365	15.00%	1% – 11%	26.00%	29.33%
7	SS2	3L To 4L	365	15.00%	4% – 11%	26.00%	29.33%
8	SS2	4L To 5L	365	14.00%	4% – 11%	26.00%	29.33%
9	SS2	Min 5L	365	13.00%	4% – 12%	26.00%	29.33%
10	SA+	3L To 4L	365	12.90%	5% – 13.1%	26.00%	29.33%
11	SA+	4L To 5L	365	12.90%	6% – 13.1%	26.00%	29.33%
12	SA+	1.95L To 3L	365	9.90%	7% – 16.1%	26.00%	29.33%
13	AT+ 1	Min 4L	365	10.00%	9% – 16%	26.00%	29.33%
14	AT+ 2	Min 3L	365	12.90%	9% – 13.1%	26.00%	29.33%
15	AT+ 3	Min 5L	365	Min 1.9L	9% – 11%	26.00%	29.33%
16	SY	Max 1L	365	21.50%	4% – 6.5%	26.00%	31.89%
17	DS	Max 75000	365	12.00%	2% – 14%	26.00%	29.33%

Schemes for – category C branches

1	SX	Rs.1000	180	24.00%	4% – 4%	28.00%	26.69%
2	AA 1	Min 1L	180	24.00%	1% – 2%	26.00%	27.45%
3	AA2	Min 2L	180	21.00%	3% – 5%	26.00%	27.45%
4	AA3	Min 3L	180	19.00%	4% – 7%	26.00%	27.45%
5	AKL	Min 4L	180	18.50%	5.5% – 7.5%	26.00%	27.45%
6	AKL	Min 5L	180	14.00%	10% – 12%	26.00%	27.45%
7	SS2	Min 4L	180	14.00%	8% – 11%	26.00%	27.45%
8	SS2	Min 5L	180	12.00%	10% – 13%	26.00%	27.45%
9	SA+	Min 4L	365	9.90%	9.1%-13.1%	26.00%	29.33%
10	SA+	Min 5L	365	9.90%	8.1%-12.1%	26.00%	29.33%
11	AT+	Min 1L	180	12.00%	5%-12%	26.00%	27.45%
12	SY	Max 2L	180	20.00%	4%-4%	28.00%	29.69%
13	DS	Max 1L	180	12.00	6%-12%	26.00%	27.45%
14	LcA1	Upto 2L	180	13.00%	5%-11%	26.00%	27.45%
15	LCA1	Above 2L	180	11.00%	5%-13%	26.00%	27.45
16	NCA1	Upto 2L	180	14.00%	5% – 10%	26.00%	27.45%
17	NCA1	Above 2L	180	12.00%	4% – 12%	26.00%	27.45%

1	SX	Rs.1000	365	26.50%	1.50%	28.00%	31.89%
2	AA 1	Min 1L	365	24.00%	1% – 2%	26.00%	29.33%
3	AA2	Min 2L	365	22.00%	2% – 4%	26.00%	29.33%
4	AA3	Min 3L	365	20.00%	3% – 6%	26.00%	29.33%
5	AKL	4L To 5L	365	21.00%	1% – 5%	26.00%	29.33%
6	AKL	Min 5L	365	17.00%	1% – 9%	26.00%	29.33%
7	SS2	4L To 5L	365	15.00%	1% – 11%	26.00%	29.33%
8	SS2	Min 5L	365	14.00%	1% – 12%	26.00%	29.33%
9	SA+	4L To 5L	365	12.90%	6% – 13.1%	26.00%	29.33%
10	SA+	Min 5L	365	12.90%	7% – 13.1%	26.00%	29.33%
11	AT+ 1	Min 4L	365	10.00%	2% – 16%	26.00%	29.33%
12	AT+ 2	Min 3L	365	12.90%	2% – 13.1%	26.00%	29.33%
13	AT+ 3	Min 4L	365	10.00%	9% – 16%	26.00%	29.33%
14	SY	Max 1L	365	23.00%	0.04 – 5%	28.00%	31.89%
15	DS	Max 75000	365	12.00%	2% – 14%	26.00%	29.33%

Schemes for – category D branches

1	SX	Rs.1000	180	24.00%	4% – 4%	28.00%	26.69%
2	AA 1	Min 1L	180	24.00%	1% – 2%	26.00%	27.45%
3	AA2	Min 2L	180	22.00%	2% – 4%	26.00%	27.45%
4	AA3	Min 3L	180	20.00%	3% – 6%	26.00%	27.45%
5	AKL	Min 4L	180	15.00%	9% – 11%	26.00%	27.45%
6	SS2	Min 5L	180	13.00%	9% – 12%	26.00%	27.45%
7	SA+	Min 5L	365	9.90%	8.1% – 12.1%	26.00%	29.33%
8	AT+	Min 1L	180	12.00%	5% – 12%	26.00%	27.45%
9	SY	Max 2L	180	20.00%	4%-4%	28.00%	26.69%
10	DS	Max 1L	180	12.00%	6%-12%	26.00%	27.45%
11	LCA1	Upto 2L	180	13.00%	5%-11%	26.00%	27.45%
12	LCA1	Above 2L	180	11.00%	5%-13%	26.00%	27.45%
13	NCA1	Upto 2L	180	14.00	5%-10%	26.00%	27.45%
14	LcA1	Above 2L	180	12.00%	4%-12%	26.00%	27.45%

1	SX	Rs.1000	365	26.50%	1.50%	28.00%	31.89%
2	AA 1	Min 1L	365	24.00%	1% – 2%	26.00%	29.33%
3	AA2	Min 2L	365	23.50%	2% – 2.5%	26.00%	29.33%
4	AA3	Min 3L	365	22.00%	3% – 4%	26.00%	29.33%
5	AKL	Min 5L	365	18.00%	1% – 8%	26.00%	29.33%
6	SS2	Min 5L	365	14.00%	1% – 12%	26.00%	29.33%
7	SA+	Min 5L	365	10.90%	7% – 15.1%	26.00%	29.33%
8	AT+ 1	Min 4L	365	10.00%	2% – 16%	26.00%	29.33%
9	AT+ 2	Min 3L	365	12.90%	2% – 13.1%	26.00%	29.33%
10	AT+ 3	Min 1.9L	365	15.00%	2% – 11%	26.00%	29.33%
11	SY	Max 1L	365	23.00%	4% – 5%	28.00%	31.89%
12	DS	Max 75000	365	12.00%	2% – 14%	26.00%	29.33%

Note

Minimum 15 Days interest applicable for pledges in all schemes except SX scheme, due to OGL rebate applicable under online repledge.
Penal Charges is chargeable at 3% p.a. after loan tenure.
Compounding in all Schemes at monthly rest.
Processing fee of Rs. 10/- for all schemes at the time of settlement. 0.07% * applicable at the time of repledge with create new inventory.
0.007% * applicable at the time of repledge without settled inventory.
Individual maximum exposure limit: 25 Lakhs. Requires separate approval for additional exposure.

Approach for Gradation of Risk

The process of gradation of risk and interest determination is primarily based on the details/attributes of the loan scheme, say, LTV, tenure of the loan and the amount of loan extended. As a result, higher the risk perceived for a loan, based on assessment of the said factors the interest rates are likely to be higher and vice versa. For example, for the loans with lesser tenure (e.g. SX scheme) the risk perceived is higher and thus maximum interest rate is applied.

For further details contact nearest branch. For a branch near you, log on our Website.

Gold loan FAQS

How are Gold Loans different from other loans like Personal Loan or Credit Card?

Gold loan is sanctioned by accepting the gold ornaments of the customer as pledge. Personal loan is sanctioned on the basis of source of income and repayment capacity of an applicant. It is true that Gold loans, like personal loans or credit card borrowings, are often used for short term household requirements. However, in terms of the cost and ease of availing the loan, and the convenience when repaying, gold loans are a better bargain. Personal loans and credit card borrowings are unsecured loans and therefore may carry a higher rate of interest. Moreover, personal loans require considerable effort in documentation formalities and they commit you to an inflexible EMI schedule for repayment. Gold loans, on the other hand, are cheaper and can be availed of in minutes. You can also stretch the repayment to your convenience; the only requirement is that you have to service the interest periodically. Credit card borrowings may be easier to avail than even gold loans but the interest rates are prohibitive and it can lure people into a debt-trap.

Who is eligible to avail Asirvad Gold loans? What security has to be provided?

Anyone who owns gold ornaments can avail the loan. (Note: minors are not eligible.) To obtain the loan you need to submit your gold jewellery (within a karat range of 18 to 24 k) at the branch. The loan amount that is sanctioned will be based on the gold valuation which involves verification of its purity. The weight of stones etc. fixed on the ornaments will be deducted for the purpose of valuation.

What are the documents required for taking loan against gold ornaments? Are there any end-use restrictions involved?

We need one document of identity proof (such as Aadhar Card or Voter ID card,) and one document of residential proof. There are no end-use restrictions in gold loans.

What is the rate of interest charged on such loans? How is the interest calculated?

Our base rate of interest is 26 percent. However, depending upon how high the loan to value (LTV) is, additional interest (amounting to risk premium) ranging from 3-12 percent is charged over and above the base rate. The interest and risk premium is applicable only for the days the money was actually utilised. There are no prepayment penalties.

Monthly compounding interest is charged, which the borrower has to pay at the specified periodicity or at the closure of loan, whichever is earlier. The interest rate is fixed and calculated on a reducing balance basis.

What is the tenour of such loans?

Our gold loan products have a tenour of three months. Customers are counselled to service the interest on a monthly basis, to avoid risk of default.

How long will it take for me to get my gold loan?

Once you submit your application form and supporting documents, we shall give approval within a matter of minutes provided everything is in order. All loan approvals are at the sole discretion of the branch head.

Are the pledged gold ornaments safe and secure with Asirvad?

Gold ornaments accepted as pledge by the customers are stored at the branches in strong safe / strong room built to the standards and specifications applicable to commercial banks. The pledged gold ornaments are insured for full value. Moreover, electronic surveillance technology is deployed to protect the gold.

Do I require a Guarantor or Introducer for availing Gold loan? Do I need to open an account with a Bank?

No. Unlike other loans, there is no need for either a Guarantor or Introducer and there is no need for a bank account if the transaction is less than 1 lac. However, we recommend transactions through bank account, as it comply regulations.

How do I repay my Gold loan?

You repay the loan at the end of the loan tenure. You do not have to go through hassle of servicing EMIs every month. However, interest has to be serviced periodically, as per the terms of sanction. Repayments can be made in cash, by cheque or DD.

Moreover, at Asirvad, repayments towards interest and/or principal can be conveniently made at the counters of any of our other Asirvad Gold loan Branches of over 430 + branches, irrespective of where the loan was taken from. Enquiries about outstanding amount etc. can also be made at any of these branches. However, the pledged ornaments will be released/handed back only at the branch from where the loan was originally availed.

We have also enabled online payment of interest and repayment (full or partial) of principal. Instructions on how to make such online payments are given on ONLINE GOLD LOAN section of this website.

Is there any maximum and minimum limit for availing Gold Loan? What about the tenure of the loan, lock-in period, and prepayment penalties?

Asirvad Gold loans may be availed for any amount between Rs.1,000 to a maximum of Rs.1.5 crore. Loan requests more than 1.5 crore shall be considered with special approval of management. Loans are available for periods three months. Our gold loans do not have any minimum or lock- in-period and there are no prepayment penalties should you choose to repay earlier than scheduled.

Whether partial payments of loan and interest are accepted?

Customers are free to repay part amount of loan and/or accrued interest thereon at anytime in order to reduce the interest burden on the loans. Interest is calculated on daily product basis on the amount of loan outstanding at the end of the day.

How can customers settle the loan account and get back the gold ornaments?

The customer has to submit the pawn ticket (given to them at the time of taking loan) to the counter staff at the branch with a request to close the loan account. The staff will enquire into your account in the (computer) system and inform you of the outstanding loan amount (principal + interest accrued). By depositing the outstanding loan amount with up to date interest, the loan account is closed. The branch head then hands over the ornaments to the customer against his/her acknowledgement.

What happens if the loan amount is not repaid on the due date?

In case loan amount is not repaid on or before the due date, penal rate of interest is liable to be charged on the loan amount from the due date of loan.

Is there a possibility of damage to the ornaments at the time of appraising?

Appraising is done in the presence of the customer only. Due care is taken during appraisal to ensure that there is no damage to the ornament during any stage of appraising or storing.

What are the things that people should keep in mind while taking a gold loan?

The most important things from the customer’s perspective are transparency, security and choice of loan product to suit individual requirements. Transparency would help the customer see for himself what he gets in return for what he pays. There should be no hidden costs and no nasty surprises. Security is about how well the gold is physically secured, and also about the internal systems and procedures at the company which ensure that there is no scope for any mala fide actions after the jewellery has been pledged. The choice of loan products should cover the range from high LTV (loan to value) to low LTV, with appropriate variations in interest rates. At Asirvad, you will find that all these aspects are well taken care of.

What makes Asirvad Gold loan different from other providers of gold loans?

In addition to the transparency, security, and range of its gold loan products (as mentioned above), Asirvad Finance distinguishes itself from others primarily on the basis of the ease with which gold loans can be availed from our branches. The only requirement is that borrowers present themselves at our branches with the gold jewellery and with a valid ID and address proof. Our streamlined systems and procedures ensure that a gold loan can be availed in a matter of minutes. Also, we offer the highest LTV to those interested in availing the maximum amount of loan against their jewellery. We can do this because with our long experience in the business, we have acquired the capability to handle the extra risk involved.

What are some of the gold loan schemes that Asirvad Gold Loan offers to suit its customers from different income groups?

Our gold loan schemes fall broadly into following categories:

High loan to value : These schemes offer the maximum amount of loan per gram. At the same time, in keeping with the extra risk, the interest cost to the borrower is higher. Typically, such schemes will have a tenure of 3 months.
Low interest rate: In this category, the interest rates are lower but the Loan to Value (LTV) is also comparatively less.

Our products are tailored not to the income group of the customer, but to relevant considerations like how much loan customers would like to avail against a given item of jewellery, and their comfort levels with respect to the interest rate and periodicity of repayment of interest and principal. Incidentally, gold loans can be availed at our branches for amounts as low as a thousand rupees and as high as 1.5 crore & even above 1.5 crore as exception.

In case of default, when will the gold jewellery be auctioned off?

In case of persisting overdue, the ornaments are liable to be auctioned but only after giving sufficient notice to the borrower. Asirvad serves a reminder to its overdue accounts apart from periodic SMS reminders to our customers to alert them to the overdue in the account. Moreover, we also send auction intimation prior to the auction. We reiterate that

periodical monthly payment of interest due and
re set your account on or before due date, are recommended as an easy way to avoid such contingencies.

Whom do I contact for more details?

Kindly get in touch with the staff at the branch nearest to where you are located. Information about branches convenient to you can be easily obtained from our website.

Charges on Gold Loans

(*) is + taxes as applicable

Notice Date	Letter Type
Postage Charges
Letter type and charges for intimation letters.
Due date intimation 15 days prior to maturity	Ordinary
Auction intimation after Maturity	Registered

Advertisement Charge-Auction intimation
Advertisement Charge-Auction intimation Rest of Pan India

Delivery of gold against lost pawn ticket
First Instance	Rs.75
Subsequent Instance	Rs.100

Statement of accounts
Within 30 days of closure	NIL
After 30 days of closure	Rs.25

	Rajasthan State	Other than Rajasthan & Karnataka State
Pledge Value less than or equal to Rs.1 lakh	0.1% of pledge value	NIL
Pledge Value above 1 lakh to 10 lakhs	0.1% of pledge value	NIL
Pledge Value above 10 lakhs	0.1% of pledge value	NIL

Gold Processing Charge
At the time of Loan Settlement	Rs. 10/- * (Rupees Ten only)
Additional Processing Fee on Repledge	0.07% * applicable at the time of repledge with create new inventory. 0.007% * applicable at the time of repledge without settled inventory.

Custody Charge for Nil Balance Accounts
Upto 180 days	Rs. 2
After 180 days	Rs. 100 plus proportionate additional charge for each day thereafter.

Pledge Amount	Security Charges
Security charges ranges from Rs.15 to Rs.95 based on the loan amount in all branches as mentioned below.
Up to 10000	No Charges
>10000 to 50000	Rs.15
50000 to 1 Lakh	Rs.30
1 Lakh to 1.5 Lac	Rs.45
1.5 Lac to 2 Lac	Rs.60
2 Lac to 5 Lac	Rs.75
Above 5 Lac	Rs.95

		Loan Amount
Auction Charges ranges from Rs.500 to 1000 based on the loan amount as mentioned below.
Particulars	0-1Lakh	1 – 2 Lakh	2Lakh & Above
Printing & Stationary	50	100	150
Advertisement Charges	150	150	150
Transportation	50	75	100
Insurance	25	75	75
Charges paid to auctioneer	25	50	50
Postage	50	50	50
Expense incurred for sorting, litting, and other auction related work	150	250	425
Total Auction Charges	Rs.500	Rs.750	Rs.1000

Gold Loan Interest Rates

Mode of calculation

Interest rate will be quoted on annualized basis only.
Interest amount will be calculated on the daily outstanding balance in the loan account at the contracted rate.
Interest will be calculated on the basis of 365 days a year.
Compounding, if any, will be provided in specific loan schemes.
All loans carry the fixed contracted rate till closure of account.

Risk related rate of interest

Since a higher LTV (loan per gram) translates to a higher risk interest rate and LTV will be correlated.
Assuming all other factors to be the same a higher LTV loan will attract a correspondingly higher interest rate as compared with a lower LTV loan.
The interest rate applicable will vary from time to time and will be mentioned against the specific operative schemes / loan products.

Penal Charges

When the loan remains outstanding beyond the ‘normal’ tenure penal Charges will be charged at 3% pa (i.e. Contracted rate plus 300 basis points) on the amount due and payable till the account is regularized / closed

Prompt Payment Rebate- Rebate Model Gold Loan Schemes

In rebate model schemes, customer is eligible for prompt payment rebate based on the promptness in the interest payment within grace period of 3 days.
Rebate eligibility shall be calculated based on the days difference between full interest payment done by the customer and rebate is calculated at the monthly/bimonthly/quarterly rebate rate applicable for each scheme.
Applicable only on full interest payment by the customer and up to the end of respective loan tenure.

Processing Charge

Processing fee of Rs. 10/- for all schemes at the time of settlement. Additional processing fee on Repledge at 0.07% & 0.007% (GST extra) of new pledge value.

Note

Minimum 15 Days interest applicable for pledges in all schemes except SX scheme, due to OGL rebate applicable under online repledge.
Penal Charges is chargeable at 3% p.a. after loan tenure.
Compounding in all Schemes at monthly rest.
Individual maximum exposure limit: 25 Lakhs. Requires separate approval for additional exposure.

SX Scheme Rebate Structure and Condition

Re-pledge (Transactions) Frequency Criteria	SX scheme
	Effective interest Rate
Pay full interest & Minimum 4 Repledges in every 15 days from the inventory created date	14%
	Effective Rebate Rate
Pay full interest & Minimum 3 Repledges in every 15 days from the inventory created date	4%
Pay full interest & Minimum 2 Repledges in every 15 days from the inventory created date	2%
Pay full interest & Minimum 2 Repledges in every 30 days from the inventory created date(1st Repledge in 1-15 days & next Repledge in 16-30 days)	1.5%
Pay full interest & Minimum 1 Repledge in every 30 days from the inventory created date	1%

Condition

For counting number of repledges during every 15days, the difference between two pledges shall be minimum 1 day.
Available only for SX Scheme.
Repledge via only mode (Web/App) only will be considered for interest rate rebate eligibility.
Repledge done on the inventory creation day will not be considered for interest rate rebate eligibility.
All other conditions of OGL special rebate scheme remains same.
For regular monthly interest paying customers, the initial interest rate slab will be continued during the contracted loan tenure.
Effective interest rate of various gold loan schemes is applicable after adjusting interest rebate on prompt monthly interest remittance by the customers. The eligibility for interest rebate is based on the interest remittance frequency and available till the end of contracted loan tenure to all customers.
OGL registered customers will get attractive interest rate rebate by repledging via online mode in SX schemes based on the repledge frequency as follows.
Repledge done on the inventory creation day will not be considered for interest rate rebate eligibility.
*Effective Interest Rate is based on inventory concept, meeting the repledge criteria*

General Terms & Condition

The Borrower has fully read and understood the various schemes offered by the Company. The selected loan under the scheme shall be for a period of the selected month/year and will carry interest rates as applicable. The Borrower shall pay interest at the rate specified in the Pawn ticket and applicable incidental and ancillary charges till the closure of the loan. When interest is not paid at monthly intervals, the interest shall be compounded monthly. 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 Penal charges @3% p.a after the expiry of the loan tenure, as specified in the pawn ticket on the amount of loan plus interest in default. Interest will be payable from the date of the loan till the account is closed, both dates are inclusive.
Borrower understood and acknowledged that the amount is granted solely relying on the proof made available by the borrower/the declarations and affirmations made in the loan application and by conducting the preliminary verification of the Gold. The certificate issued by the Company stating the exact grams of the gold after translating the same to 22 carats is based on the preliminary verification made at the time of granting the loan and may be treated as provisional and not final. The Company has the right to further check the purity / weight of the Gold, to melt all or any portion of the Gold, by using experts internally or externally at any point of time if required at the Company’s sole discretion, at Borrower’s cost without any further notice and without the presence of Borrower. The decision of the Company on the quality, purity, value of the gold offered for pledge shall be final. The Borrower agrees that the stones fixed in the pledged gold ornaments / items, if any, will not be considered for sanctioning loan amount and during the auction procedures or in any other situations and the company shall not entertain any claim whatsoever subsequently relating to the value of the stones.
Notwithstanding anything mentioned herein, the Borrower shall repay the entire dues / outstanding under the Loan including principal, interest, and other charges, immediately on demand if the Company observes, after verification internally or by externally, that the whole or part of the Gold is not of the prescribed weight / purity or if the title of the Borrower to the Gold is found defective or if the same is disputed by any other person or at any time at company’s discretion without assigning any reasons.
Borrower understood that, if full repayment of the loan, along with interest and charges, are not made within the normal loan tenor or such extended period of tenure approved on customer requests or otherwise, or within such period as demanded by the Company, the Company shall have the right to sell or otherwise dispose of the Gold through public auction at the risk and cost of the Borrower, by serving a notice of 2 weeks from the date of notice to the Borrower at the given address. 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 on the Company Website and shall also be published as per the guidelines issued by the concerned Regulatory Authorities from time to time. The net proceeds of such sale will adjust against all amounts, including interest and other charges, due to the Company in respect of the loan. If there is any surplus on such adjustment, the Company shall have the right to appropriate such surplus towards any other liability of the Borrower, solely or jointly with others, on any account whatsoever, to the Company at any of its offices. The net surplus, if any, after such appropriation, shall be refunded to the Borrower within 45 days of auction. In case of any shortfall after disposal of the Gold, the Company shall have the right to resort to legal proceedings against the Borrower to recover the shortfall.
Notwithstanding anything referred above, if the Company is convinced, at its sole discretion, that the estimated realizable value of the gold at any time is less than the total amount due by way of principal, interest and other charges on this loan or on any other loans availed by the Borrower at any of the branches of the Company or there exists any other circumstance, which in the sole opinion of the Company is prejudicial to the interest of the Company, the Company reserves the right to sell the gold by public auction at any time during the currency of the loan after serving notice to the Borrower.
The company has the right to retain the ornaments pledged as security for any amounts that may be due to the company in any of its offices by the Borrower him/herself or jointly or severally with others, or any amount whatsoever, even before or after the loan for which the ornaments are pledged as security has been discharged. Such retention will be intimated to the Borrower.
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 or at subsequently identified/intimated net weight, or limited to paying the equivalent value of net weight of 22ct gold at prevailing Indian Bullion and Jewellers Association rates, as on date of robbery/loss, after deducting the loan amount and interest till the date on which borrower makes a claim in writing.
The Company may effect changes prospectively in the interest rate, charges etc. after due intimation to the Borrower. The Borrower undertakes to settle the loan within 7 days of the date of such intimation in case the revised rate of interest, charges etc., as intimated by the Company, are not acceptable to the Borrower.
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 currency of the loan.
The Borrower shall keep the Company duly intimated in writing and get acknowledged about any changes in the recorded address, landline phone or mobile phone number and on Bank account details to facilitate effective relationship. The Borrower understands and agrees that the Company may contact the Borrower over phone to pass on transactional as well as promotional communication and the Borrower consents for the same.
The Borrower irrevocably agrees and consents to the Company to disclose or share any information concerning the Borrower/s, its business, its accounts held with the Lender or another group member of the Lender including, any branch, related companies, Affiliates (“Group Member”), including the financial position of the Borrower/s, the facilities granted and which will be granted hereafter to the Borrower/s, to: (a) any office or branch of the Lender or another Group Member or any assignee of the Lender; (b) any agent, service provider of the Lender or another Group Member in connection with providing services or any facility to the Borrower/s; (c) any guarantor or third party security provider of the Borrower/s; (d) any Regulator or governmental authority with jurisdiction over the Lender; (e) any court of law; or (f) any bank or financial institutions as per normal banking practice. or (g) insurance companies (f) any actual or potential assignee, novatee, transferee, participant, or sub-participant (or any agent or adviser of any of the foregoing) in relation to any of the Lender’s rights and/or obligations under the Loan.
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 Borrower and the Company. The venue of arbitration shall be in Kerala.
If settled within 15 days, the company will charge a minimum 15 days interest from the customer. It is applicable to all gold loan schemes except SX gold loan scheme.
If A customer takes a loan on 1st Jan 2021 with maturity date as on 29th Jun 2021 (6 month scheme) and If the Principal or interest payment or any other amount wholly or partly overdue in such loan on 29th Jun 2021, then the loan will fall in SMA 0 on 29th Jun 21, SMA 1 on 29th Jul 2021, SMA 2 on 28th Aug 2021 and will be treated as NPA upon running day-end process on 27th Sept 2021.
For clarifications or Complaints, the Borrower may contact the Grievance Redressal management on Toll Free No. 1800 270 1146 or by Post at Asirvad Micro Finance Ltd. CIN- U65923TN2007PLC064550 9th and 10th Floor, no 9, Club House Road, Anna Salai, CHENNAI 600002 or by email to grievances@asirvad.in giving the name of the branch and account number.

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The following disclaimer applies to the draft red herring prospectus dated September , 2023 (the “Draft Red Herring Prospectus”) in relation to the proposed initial public offering of the equity shares of Asirvad Micro Finance Limited (the “Company”) (the “Issue”), filed with the Securities and Exchange Board of India (“SEBI”) and hosted on this website.

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