CIRCULAR
The Board of Directors in its meeting held on 11.11.2014, has resolved to implement the following amendments in lending rules for Gold Loan with effect from 01.12.2014:
i) Loan will be issued for a maximum period of 12 months. Previously, it was 24 months.
ii) Interest will be compounded monthly instead of quarterly compounding as before
iii) If interest is not paid for 3 consecutive months, a notice of demand will be issued to clear all the dues within the time specified in the notice. Previously, it was 6 months.
iv) A new clause given below is to be added in the LETTER OF LIEN AND SET-OFF: The Society may at any point of time demand the sum of differential amount to maintain the loan-to-value ratio or the difference between amount of loan outstanding and sale value.