Quick answers to questions you may have.

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Who is eligible to avail Loans? What security has to be provided? accordian-expand

Anyone who is the member of our Nidhi and owns gold ornaments can avail the loan. (Note: Minors are not eligible.) To obtain the loan, you need to submit your gold jewellery at your nearest KMBF branches. The loan amount will be sanctioned on the basis of gold valuation which involves verification of its purity. The weight of stones etc. fixed on the omaments will be deducted for the intention of valuation.

What are the documents required for taking loan against gold ornaments? Are there any end-use restrictions involved? accordian-expand

To abide by the KYC (Know Your Customer) Policy of RBI and approved KYC norms of our Company, we insist to produce one document of identity proof(Such as Ration Card with photo, Driving License, PAN Card, Voter ID card, Passport, Aaadhar Card etc.) and one document of residential address proof. There are no end-use restrictions in Loans.

What happens if the loan amount is not repaid on the due date? accordian-expand

In case loan amount is not repaid on or before the due date, penal rate of interest is charged on the loan amount.

What are the things that people should keep in mind while taking a Loan? accordian-expand

The most important things from the customer's perspective are transparency, security and choice of loan product to suit individual requirements. Transparency would help the customer see for himself what he gets in return for what he pays. There should be no hidden costs and no nasty surprises. Security is about how well the gold is physically secured, and also about the internal systems and procedures at the company which ensure that there is no scope for any malfunctions after the jewellery have been pledged.

What makes KMBF different from other providers of Loans? accordian-expand

In addition to the transparency, security and range of its Loan products KMBF distinguishes itself from others primarily on the basis of the ease with which Loans can be availed from our branches. The only requirement is that borrowers present themselves at our branches with the jewellery and with a valid ID and address proofs. Our streamlined and centralized systems and well- sketched procedures promise that Loan can be availed in a matter of minutes. Also, we offer the highest loan to value (LTV) to those interested in availing the maximum amount of loan against their jewellery We are able to perform this because of our elongated experience in Loan business and with the heartfelt effort of our well experienced and professionally qualified managerial team; we have acquired the capability to handle the extra risk involved.

In case of default, when will be the gold jewellery be auctioned off? accordian-expand

In case of persisting overdue, as per our Auction Policy approved by the Board of Directors; the ornaments will be auctioned off only after giving sufficient notice to the borrower and public notice in News Paper. Moreover, we also send auction intimation prior to the auction.

Whom do I contact for more details? accordian-expand

Kindly get in touch with the staff at the branch nearest to where you are located. Information about branches convenient to you can be easily obtained from our website by following this link www.kmbf.co.

What is the rate of interest charged on such loans? How is the interest calculated? accordian-expand

Our base rate of interest is 9.99 percent. However, depending upon how high the loan to value is, additional interest (amounting to risk premium) is charged over and above the base rate. There are no prepayment penalties. Simple interest is charged, which the borrower has to pay at the specified periodicity or at the closure of loan, whichever is earlier. The interest rate is fixed and calculated on a reducing balance basis.

How long will it take for me to get my Loan? accordian-expand

Once you submit your Application Form and supporting documents, we shall give approval within a matter of minutes provided everything is in order. All loan approvals are at the sole discretion of the Branch Manager.

Are the pledged gold ornaments safe and secure with KMBF? accordian-expand

We know that these gold omaments are very precious and favorite to you. So we guarantee you that it will be in our safe hands in strong cash safes inside a strong room. The pledged gold ornaments are also insured. Moreover, modern electronic surveillance technologies are deployed to protect your beloved gold ornaments.

Do I require a Guarantor or Introducer for availing Loan? Do I need to open an account with a Bank? accordian-expand

There is no need for a Guarantor and there is no need for a bank account. But it is not at all mandate one.

How do I repay my Loan? accordian-expand

Member needs to repay the loan at the end of the loan tenure only. You do not have to go through hassle of servicing EMIS every month. However, interest has to be serviced periodically, as per the terms of sanction. However, the pledged ornaments will be released/handed over only at the branch from where the loan was originally availed.

Is there any maximum and minimum limit for availing Loan? What about the tenure of the loan, lock-in period and prepayment penalties? accordian-expand

KMBF Jewel Loans may be availed for any amount between Rs.3,000 to a maximum of Rs 15.00 lakhs. Our Loans do not have any lock- in-period and there are no prepayment penalties. You can repay earlier than the scheduled as you desire.

Whether partial payments of loan and interest are accepted? accordian-expand

Members are free to repay part amount of loan and/or accrued interest thereon at anytime: in order to reduce the interest burden on the loans. Interest is calculated on daily product basis on the amount of loan outstanding at the end of the day.

How can members-shareholders settle the loan account and get back the gold ornaments? accordian-expand

The member has to submit the receipt (given to them at the time of taking loan) to the counter staff at the branches with a request to close the loan account. The staff will enquire into your account and inform you about the outstanding loan amount (Principal + Interest accrued). By depositing the outstanding loan amount with up to date interest, the loan account is closed. The branch head then hands over the omaments to the customer against his/her acknowledgement.