As the name suggests ‘Loan Against Gold’ is a secured loan that can be availed after keeping gold ornaments owned by self as collateral security with the lender.

The following conditions must be met to qualify for the Gold Loan. The applicant seeking the loan must be:

a. A shareholder in MoneyMuttath Nidhi Ltd.

b. The owner of the gold ornaments against which the loan is being issued.

c. At least 18 years of age.

A Government approved Proof of Identity is required to be given at the time of becoming a shareholder. This is required to abide by the RBI mandated ‘Know Your Customer’ policy (KYC) of the Government. The documents which can be shown are any one of the following:

a. Driving licence

b. Aadhaar Card

c. Voter ID card

d. Indian Passport.

The interest rate on your gold loan varies from scheme to scheme. The Interest accrued on the loan is the simple interest based on the monthly reducing balance of the loan. This is added to the remaining principal to calculate the repayment.

No maximum loan amount is fixed. It will depend on the gold ornaments and their valuation.

The loan approval process for gold loans is swift. The entire process of submission of documents and application form to the approval of loan can be completed in a matter of minutes provided everything is in order.

The repayment of the Gold Loan is completely flexible. The shareholder can choose from the Daily/Weekly or Monthly options available.

There are no additional fees that are required to be paid.

Foreclosing a loan means when you pay the balance principal amount ahead of the agreed repayment schedule. With our Gold Loan, there are no foreclosure charges.

The gold which has been pledged against the loan can be redeemed by paying your principal and interest on time without any default in the payment and according to the schedule agreed upon at the time of the disbursal of the loan.

The loan can be repaid through a wide variety of money transfer instruments. The Shareholder can choose to repay through Cash, Cheque, Demand Draft or even Online Fund Transfer.

The penalty for default or delayed payment will depend on the Gold Loan Scheme availed.

Yes, you can do a partial repayment of a gold loan at any point in time. However, your deposited gold will only be returned only when the entire loan amount has been repaid.

Your Gold is safe with us. We fully understand the sentimental value that the gold ornaments have for you. Hence, we have taken a lot of precautions to act as faithful custodians, storing the pledged gold and keeping it safe until the loan amount has been repaid

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 all transactions be done through your bank account, to fully comply with the regulations.

In the unlikely and unfortunate event of your gold ornaments getting stolen while under our possession and during the tenure of the gold loan, you will be compensated for the full value of your gold based on the current price as per the recorded weight and carat.

In case, the borrower dies, the nominee (or) any of his/her legal heirs have to inform MoneyMuttath Nidhi Ltd in writing about the death of the borrower. Post that the following documents need to be provided to claim the Gold.

a. Copy of Death Certificate of the borrower

b. Original Gold Loan DPN provided by the Nidhi

c. Legal Heirship Certificate (in case the borrower had not nominated anyone)

d. No objection letter from other Legal Heirs (where there are two or more Legal heirs).

e. Gold Loan Closure Receipt.

The Gold ornaments are auctioned off as per the Board of Directors' approved Auction Policy in case of persistent overdue. This includes but is not limited to the following:

a. Sufficient notice is given to the borrower. We serve a minimum of 3 reminders to our overdue loans.

b. Public notice is issued in the Newspaper.