That the Borrower(s) has/have read and understood all the terms and conditions of the company as contained herein as regards to the grant of loan and agree to be bound by the same;
That the grant of the said loan is subject to company's discretion and the interest will be charged on the utilized amount at a rate specified by the company
That the end use of the funds is for approved, non-speculative purposes;
That complete, true, accurate and correct information would be provided from time to time.
To bear and pay the company all related charges, expenses taxes, levies, etc. in respect of availing of pledge agreement, the transactions hereunder and all writings executed pursuant to or in connection with the availing of loan, including without limitation the expenditure incurred on the creation of any Security, enforcement of security and recovery of dues and Borrower hereby authorizes the company to deduct/adjust these charges, expenses etc. against the security held by the company.
To comply with all the rules and regulations, terms and conditions, as prescribed from time to time by various statutory authorities in connection with the security charged to the company
That the Borrower shall comply with all the requisite formalities including signing of all deeds, documents and things as may be required by the company from time to time and as may be necessary and incidental to the availing of the credit facility. The Borrower confirms to have fully read and understood the various schemes offered by Niskha Finance Pvt Ltd, Here after referred to as the “Company" and based thereon, the Borrower has requested to avail the Loan under the scheme and interest rates as mentioned in Loan document.
The expression Company shall unless it be repugnant to the context or meaning thereof, be deemed to mean and include, its successors and assigns and the expression “Borrower” shall unless it be repugnant to the context or meaning thereof, be deemed to mean and include, the legal heirs, executors, administrators, successors and assigns;
The security created herein shall not be determined by any change in the constitution, winding up, insanity, bankruptcy, liquidation, insolvency, death, disability or incapacity whatsoever and howsoever of I/We the Borrower(s) cum Pledger(s).
The Borrower acknowledges that the Company shall have no liability for any consequence arising out of any erroneous/misleading details provided by the Borrower for which the Borrower shall be solely liable.
The Borrower confirms that the said gold ornaments /items is/ are the absolute and unencumbered property of the Borrower and no other person has any right, title, interest or claim thereon
The Borrower confirms that the stones, pearls, gems, diamonds or any other object on fixed in the pledged gold ornaments/items, if any, do not have any market value and the liability of the company is only limited to the equivalent 22ct Gold Weight of the ornaments/items as mentioned in the loan document.
The Company will not accept ornaments embedded with costly stones like diamond etc nor shall the Company entertain any claim
The Company will make only a preliminary verification of the Gold and the Company has the right to further check the purity / weight of the Gold internally or by experts at any point of time if required, have the right to open the packets, melt all or any portion of the Gold, at any time during the currency of the Loan, at the cost and expense of the Borrower.
The period of Loan is as mentioned in the loan document and the Borrower agrees to repay the loan along with interest on or before the completion of loan tenure, as specified in the loan document from the date of disbursement.
The Borrower shall have the option to foreclose the loan at anytime during the currency of the loan by paying the principal loan amount along with interest and other Incidental charges as applicable to the loan. Notwithstanding anything mentioned herein, the Company shall be entitled to recall / cancel the Loan at any time at its discretion without assigning any reasons and thereafter the Dues shall immediately become payable to the Company
The Rate of interest and the approach for gradation of risk and rationale for charging different rates of interest to different category of customers is based on the details/attributes of the loan scheme vis-a-vis Loan to Value (LTV), tenure of the loan and the amount of the loan extended
Interest will be charged for a minimum period of 7 days, with a minimum amount of Rs. 50/-. Interest/penal interest will be compounded monthly or as mentioned in the pledge ticket
The Borrower agrees to pay interest on the loan drawn at the rate specified in the loan document and incidental charges as applicable to the loan. When interest is not paid at designated intervals, the interest shall be compounded on a monthly basis. Interest will be calculated on the basis of 360 days a year on the amount outstanding. If the loan is not repaid on demand within the loan tenure, as specified in the loan document, the Company shall have the right to levy overdue interest @3% p m after 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 inclusive
The Company may affect 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., are not acceptable to the Borrower.
Additional charges, as revised from time to time at the discretion on the Company, shall be recovered from the respective account
All disbursements of loan/repayment of loan/payment of interest all other transactions shall be done by the borrower during working hours on any working day. If the due date of any repayment or payment of any amount is not a working day, it shall be made on the working day immediately preceding that day.
In the event of pre-payment of the loan or any part thereof by the borrower, the amount will be first adjusted towards costs/charges and interest and then towards the principal loan amount without any pre-payment penalties
The address for all communications to the Borrower shall be the one furnished in the loan application form by the Borrower. Unless any change of address is duly intimated by the Borrower to the Company in writing and duly acknowledged, any communication sent to the Borrower in the address furnished in the loan application shall tantamount to valid receipt / acceptance of the communication sent by the Company. The Borrower shall also keep the Company duly intimated about any changes in the recorded landline phone or mobile phone number or residential address to facilitate communications.
The Company may opt to send SMS or communication in other modes reminding payment of interest / principal, auction of ornaments or any communication to the borrower regarding the loan account and about any other products/services of the Company or of any other entities or for conveying any information to the borrower.
The Company has absolute right to sell, transfer, assign and securities all the rights, titles and Interest that accrue to the Company on this loan transaction, to another individual or Company or entity or to borrow /take loan by creating charge on it. The Company, if required, shall also have the absolute right to give as security all documents, deeds or ornaments given as security in this loan transaction to borrow money or avail loan.
If full repayment of the loan, along with interest and charges, is not made within the period of the loan (as specified in the loan document) 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. The Borrower, out of his/her free will, authorizes the Company to dispose of the Gold by public auction at any time after 2 weeks from the date of notice to the Borrower at the address provided during registration 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 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 30 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 a registered notice to the Borrower. The Company shall intimate the Borrower by registered letter or courier service or SMS or telephone or personal intimation or e-mail or any other mode of communication its intent to subject the Gold to public auction well before the proposed auction date.
The Company shall have the right to exercise lien on the Gold offered as security for this loan to secure the repayment of any other liability of the Borrower to the Company, which is due and payable, until such other liability is also fully settled. Exercise of such lien will be duly intimated to the Borrower by letter, courier service, email, SMS, telephone or any other mode of communication.
Only the person who has availed the loan has the right to get back the ornaments pledged as security after repayment of the loan together with interest and other charges in full. The Loan Document will have to be surrendered to the Company at the time of closure of the loan account for getting back the pledged articles.
In the event the Borrower fails to produce the loan document at the time of settlement, the Company may, at its sole discretion, deliver the pledged Gold of the Borrower after completion of the prescribed formalities and subject to payment of processing charges, as may be applicable from time to time
For recovery, the Company could go in for the Road show (s) or conduct open Announcement through Loud Speaker.
The Borrower shall bear, pay and reimburse all present and future charges relating to administration, IGST, CGST and SGST(or of any description as may be levied by the Government or any other authority from time to time) and all other costs and expenses whatsoever in connection with (a) application for and the grant and repayment of the Loan; (b) recovery and realization of the loan together with interest; (c) enforcement of Security ; (d) clearance of arrears of all taxes and any other charges and levies of the Government in respect of Security and (e) insuring the Security
The Borrower agrees that in addition to any other rights available to the company, in the event of the Borrower committing any default, the company shall be entitled to disclose to the Reserve Bank of India or any other statutory/regulatory authority or to any other third person, the name/identity & other details of the Borrower and the default as committed.
The Company shall have the right to make disclosure to Credit Information Bureau of India Ltd (CIBIL) or such other similar agencies
In the event of loss of pledged articles on account of theft, burglary etc. the liability of the company is limited to paying the equivalent value of net weight of the equivalent 22 ct gold as mentioned on the loan document, assessed for the purpose of determining the loan amount at the prevailing India Bullion and Jewellers Association rate, as on the date of robbery/loss, after deducting the loan amount and interest till the date on which the borrower makes a claim in writing.
The Company shall have no liability for any Ioss/damage caused to the pledged articles due to reasons beyond its control i.e., theft, burglary, natural calamities such as fire, floods, earthquake etc and in such eventualities the borrower shall receive only such compensation if and when received by the Company from the settlement of insurance claim.
This loan is sanctioned in compliance of the terms of the "Fair Practices Code” of the Company available at the branch. Changes in the terms and conditions will also be notified policy at the branch from time to time which will be applicable for all loans sanctioned subsequently.
lf the borrower has any grievance about any of the aspects concerning the loan availed against the security of gold ornaments, he/she shall first bring it to the notice of the Branch Manager concerned. If the Branch Manager could not resolve the grievance, the borrower shall take up the matter with the Regional Manager concerned whose address is displayed in the Branch premises. If the Regional Manager also could not resolve the grievance to the satisfaction of the borrower, the borrower may write to the Grievance Redressal Cell of the Company at the following address. The Grievance Redressal Cell Officer, Niskha Finance Pvt. Ltd., Ramachandra Building, 6th Cross, Sampige Road, Malleswaram, Bangalore - 560003.
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 Bengaluru, Karnataka
