Circular Date - 30 Jun 2023

Applicable Branches - All

Preparation to takeover a gold loan

• Loan Manager has to collect a copy of the pledge card of current organisation (Bank / NBFC)
• Branch Manager has to verify and confirm all the loan details. Jewellery details, loan amount and deduction are within the transfer amount and the loan will be eligible for transfer.
• Loan Eligibility calculation to be done. Net / gross weight, carat value, per gram rate, no of Items, date of pledge, interest rate, adding/deleting gold to takeovers. All these details have to be collected.
• Collect a Signed Security cheque from the customer.
• Collect a declaration form signed by the customer
• Share all these details with Zonal Manager by an email and wait for an approval.
• Zonal Manager will make a personal visit for approval to the branch if the loan value is over 10 Lakhs.
• Before approval from Zonal Manager, no payment is to be requested or initiated.

Zonal Managers approvals for Takeover

• Zonal Manager will check the shared docs like the Pledge form, Declaration form signed by the customer, and Signed Security cheque, Bank/NBFC name & Seal with a sign. Customer details and signature should match in all documents, cheque name & Pledge form name to be matched, if mismatch - blood relation proof to be collected.
• Payment details to be crossed-checked (loan account or customer bank account or 3rd party a/c). Any account that is not in the customer name is a deviation and has to be mentioned specifically to the Zonal Manager and they can approve or reject.