1. The maximum period of the loan will be One/Two/Three/Six/Twelve months only. If the pawner fails to redeem the pledge within One/Two/Three/Six/Twelve months the ornaments will be put to auction/disposed off by private sale/negotiation and the proceeds will be adjusted towards liability under the Sarvasva Gold loan account. In case the amount is not sufficient to discharge the liability in full the pawner and his/her assets will be liable for the shortage/deficit.
2. Sarvasva will have the absolute right to demand the Pawner to redeem the pledge and/or to recall the loan forthwith and dispose off the gold ornaments pledged and settle the dues even before the expiry of the period mentioned above in case of downward volatility in gold prices, failure of the pawner to bring in the required margin within the time stipulated by Sarvasva or for any reason whatsoever.
3. Interest will be payable on the balance outstanding in the account at such rates fixed by Sarvasva from time to time. The Pawner will also be liable to pay over and above the interest charges for service, safe custody etc. as determined by Sarvasva from time to time. Interest will be applicable as per respective Gold Loan Schemes of Sarvasva.
4. The Borrower hereby consents to the Company for disclosing any information or data related to the loan facility availed by him to the Credit Information Bureau (India) Limited and/or any other agency authorized in this behalf by Reserve Bank of India or other statutory bodies. The Borrower is aware that such agencies may use or share such information in the manner as deemed fit by them. The borrower hereby gives his consent to the Company for accessing any information or data related to him available with the Credit Information Bureau (India) Ltd or any other similar agency.
5. I agree that as a precondition of the loan given to me by the Company (Sarvasva), in case of any default in repayment of the loan or interest thereon, or any of the agreed installments of the loan on respective due date(s), the Company will have an unqualified right to disclose or publish my name, details and photograph as a defaulter in such manner and through such medium, as the Company in their absolute discretion may think fit.
6. The pledged ornaments and the Pawner will be liable for all the expenses, costs etc. incurred by Sarvasva in order to protect the interest of the Sarvasva/Pawner over the pledged articles.
7. 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. Sarvasva Gold Loan pledge Token will have to be surrendered to the Company at the time of closure of the loan account for getting back the pledged articles. Further release of gold jewellery to authorized person (if so desired / requested by borrower) of the borrower will be at the sole discretion of Sarvasva and subject to validating of borrower’s authority letter.
8. Sarvasva will have a general lien over the pledged articles in respect of all the existing and/or future liabilities.
9. 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 22 ct gold, after deductions on account of stones, etc., 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.
10. The Company shall have no liability for any loss/damage caused to the pledged articles due to reasons beyond its control i.e., 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.
11. Sarvasva will have the absolute right to revise the SRPLR and/or the rate of interest applicable to the loans and I undertake to pay interest at such revised rates. I further understand that the revised rate applicable to loans shall be put at Sarvasva branch/office notice board.
12. Notice in respect of the loan shall be deemed to have been duly served if the letter containing the notice of demand is posted to the address given by the Borrower.
13. Interest shall be charged for a minimum of 7 days, even if the loan is repaid before 7 days.
Declaration and Undertakings
1. I/we have read and understood the terms and conditions of pledge listed above and agree to be bound by the same.
2. I/we confirm that the ornament(s) pledged for availing the loan is/are made of adequate purity and not below 18 ct gold and it/they belong to me and nobody else has any right over the same. Also I acknowledge that if the gold is of purity less than 22 carats, Sarvasva may translate the security into 22 carats and value the exact grams of the security proportionately.
3. I/we also authorize Sarvasva to debit my account for appraiser charges/other charges, if any.
4. I/we will be utilizing the loan exclusively for the stated purpose in my/our loan application.
5. The Company Sarvasva Capital Finance Private Ltd (Sarvasva) has absolute right to sell, transfer, assign, pledge and securitise all the rights, titles and interest that accrue to the Company (Sarvasva) on this loan transaction, to another individual, Company, entity, NBFC, Bank, Financial institutions 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 gold ornaments/gold coins given as security in this loan transaction to borrow money or avail loan.
6. In case of my default in remitting the interest (at such rate as may be charged by Sarvasva from time to time) or in repaying the loan, costs and other charges, on or before the due date or where there is downward volatility in gold prices, I hereby authorize Sarvasva to dispose off the gold ornaments pledged by me with Sarvasva, by private sale or otherwise, at such rate as may be deemed fit by Sarvasva, and to appropriate the sale proceeds, after deducting the costs, taxes and other charges of such sale, to the loan account. I/We understand that Sarvasva is at liberty to proceed against me/us personally for shortfalls, if any, after appropriating the proceeds thereof to the above loan account.
7. I/we further agree that this document shall be read in conjunction with the pledge form and shall form an integral part thereof.