Paying monthly interest regularly but unable to pay the principal amount borrowed
Paid monthly interest for initial 3-4 months and thereafter stopped paying interest, which accumulates till the end of loan tenure and increasing his repayment burden further
Few months after taking the loan, he is not in position to pay interest as well as principle and wish to utilize the margin amount available after the sale of gold.
After taking loan, not paid a single monthly payment and did not turn back to bank. He wakes up only when Banks will send him AUCTION notice as a last resort to recover loan amount.
Wish to close the present loan account and will take gold loan from another bank so as to avoid the sale of gold and at the same time he is getting 1 year to repay the loan.
In view of the increase in gold rate, wish to close present loan account and would like to take a new loan with an increased loan amount.
Wish to take gold loan from another bank, in order to reduce the burden of the high interest rate charged by his first bank.
Lot of people keep gold with Jeweler who charges an exorbitant rate of interest, say 3% to 5% per month. Such customers wish to shift this gold from Jeweler shop to Bank.
To get rid of the loan burden, he releases gold from our help, dispose off the gold equivalent to our funded amount plus service fees and balance ornaments take back to regular use.
Big ticket size loan say above Rs.10 Lakhs, unable to pay since loan tenure is over. Bank will AUCTION their gold. But for prestige issue, do not want to sell the gold.
In case the total amt payable is more as compared to gold sale value, but still don't want to sell the gold due to some emotional attachment, we ask borrower to raise margin money for difference amt & rest funded by us. With this he will save his gold from selling & will get another 1 year to repay.
He is Chartered Accountant by profession having 47 years practice. Also he is Chairman, Director, Member of numerous Companies and Trust with a hands-on experience of overall management of company. All these institutions expanded in a big way under his guidance.
He is a Commerce Graduate with 37 years experience, comprising 18 years work experience working with public listed companies directly in Chairmans / M.Ds office which includes one year overseas experience in Saudi Arabia (1997). 19 years business experience since 2002.
Finance professional having 20+ years of experience in financial services. PG-MBA professional having work with companies like HDFC Life, Tata AIG and Aditya Birla Capital. Having vast experience in the field of Sales, Marketing, Training and Special Projects. Worked at various levels from Regional Manager, Zonal Manager and National Profiles.
After Commerce Graduation worked in Hospitability sector for 4 years. Joined family business since 2002 till date. Very well acquainted with present business process with main emphasis on Operation and Execution.