The fast Capital pvt Ltd is a group unit of M/s VFS Capital, which is having a long-standing history and experience of more than four decades in engaging and working with the customer segments. Its Journey started in 1982, as a not-for-profit organisation and later, in 1996-97, it entered microfinance business, as a first MFI in Eastern India, which has become an NBFC.
For recovery of Overdue Gold Loans, a Notice/Recall Letter shall be served on the borrower, if the loan and/or interest have not been repaid/serviced in full or part, on or before the due date.
The loan account can be renewed for a further period of one year from the due date, after obtaining consent letter from borrower and fresh set of documents, provided the borrower pays the entire accrued interest till the date of renewal and the stipulated margin is maintained.
In cases where normal recovery efforts for overdue loans have failed to achieve the desired result, and auctioning of the jewellery is warranted based on the Branch’s assessment, a legal demand notice shall be served to the borrower. One month’s time will be given to the borrower to comply. The Branch will then be required to forward the particulars to the Head Office, seeking authorization for the sale of the pledged gold jewellery.
Against Gold Loan, the Jewellery/Ornaments/Coins is accepted as security and Gold Loan Card prepared in triplicate, incorporating the particulars like Loan account number, name of the borrower, loan amount, gross and net weight of the Ornaments as certified by the Appraiser, number of Ornaments in the loan account and all copies of the Gold Loan card should be signed by the authorized joint custodians.
At the time of closure of Gold Loan and release of Gold ornaments, the original Gold Lon card should produce and be cross verified by the Branch Head with branch records. If original Gold Card is lost /not available then one indemnity cum declaration with one independent witness, duly verified by the BHJ should obtain and delivery should give in the next working day.
Financial Analysis
Bookan unknown printer took galley type and scramble make.
Financial Analysis
Bookan unknown printer took galley type and scramble make.
