Compensation process in case of loss/damage of gold collateral
DAMAGE: In case of any damage to the gold collateral during the tenor of loan,
the company shall communicate to the borrower(s) within two working days from the date of such event occurrence
and the cost of repair shall be fully borne by the company.
LOSS: In case of loss of gold collateral, the company shall communicate to customer about the incident
within one working day from the date of such event occurrence and request the customer to visit the branch for receiving compensation.
The company assures that it shall compensate to the borrower(s) to the extent of the value of gold content only (excluding stones etc.)
after adjusting the loan amount outstanding as on that day for closing the loan account.
The value of such gold shall be as per the gold rate of 22 carat published by Indian Bullion and Jewellers Association Ltd.
on the date of compensation. Such compensation shall be made within seven working days from the date of apprising the borrower(s)
subject to borrower(s) visiting the branch along with their gold pledge card copy for closure of loan account.
