Gold loan – Terms and conditions

  1. These Terms and conditions are supplemented by and in addition to the terms and conditions the borrower agreed in the Gold Pledge Card/s, IDGL Master Agreement including any amendments and all its annexures therein form an Agreement between the borrower and the company and shall be the governing provisions of all the financial assistance availed by the borrower from the company through its Branch, Website (, Mobile Application and Doorstep Loan service and not in derogation with any other terms and conditions.
  2. The gold ornaments described in this Pledge/IDGL Master agreement have delivered to the company by the borrower as collateral security shall be further delivered to the company for Re pledge/ IDGL Agreement whether for the purpose of forming additional security or for any sum already drawn or as security for any sum or sums to be drawn against the said pledge account or by way of substitution for or in lieu of any gold ornaments which may from time to time have been delivered or may be delivered to the company under this Agreement or otherwise, are hereby pledged to the company and stand pledged to the company or are deemed to have been so pledged as collateral security to the company for the payment by the borrower of the balance due at any time or ultimately on closing of the said renewed pledge account and for the payment of all the debts and liabilities of the borrower to the company.
  3. On registration for Indel Digital Gold Loan (IDGL), the borrower irrevocably and unconditionally authorizes the company to operate his/her loan account for effecting instructions for all the payment transactions in relation to the IDGL services availed. At the time of registration, the borrower mobile number shall be verified and registered by the company officials through One Time Password (OTP). All subsequent IDGL disbursements shall be to the bank account details provided by the borrower and it will be confirmed through OTP send to that registered mobile number of the borrower by SMS. The borrower acknowledge and agree that this Agreement may be executed by electronic signature, which shall be considered as original signature for all purposes and shall have the same force and effect as an original signature.
  4. The borrower shall keep his/her User ID and password strictly confidential and should not divulge the same to any other person. Any loss sustained by the borrower due to non-compliance of this condition shall be at his/her own risk and responsibility and the company shall not be liable for the same in any manner.  
  5. The borrower shall repay the Interest on a monthly basis without any default. In case of any delay or default in the payment of interest/ principal amount/ or any other charges before the due date, the company shall have the right to impose interest at 30% per annum and 30% penalty interest as per the pawn ticket.
  6. The tenure of loan is as specified in the pawn ticket and the borrower is required to repay the loan along with interest on or before the completion of loan tenure. However, the borrower shall have the option to foreclose the loan at any time during the tenure of the loan by paying the principal loan amount along with interest and incidental charges as applicable to the loan. Similarly, the company may, at its sole and absolute discretion, have the right to further extend the tenure of the loan for such periods, but not exceeding one year from the date of disbursement of the loan. Borrower can also make part payments of principal or interest at any time during the tenure of the loan. Pre-payment charges, if any applicable, shall be mentioned in the pawn ticket. Notwithstanding anything mentioned herein, the company shall be entitled to recall/ cancel the Loan at any time at its discretion without assigning any reasons and thereafter the dues shall immediately become payable by the borrower to the company.
  7. Any default on the part of the borrower to repay the loan amount together with interest and other charges at any time during the loan tenure or unable to repay the interest specified in the loan scheme at each month or trimonthly or half-yearly or within the due date or earlier as demanded by the company, the company shall have the legitimate right to sell the ornaments pledged through public auction by giving 14 days prior notice to the borrower at the address given. The borrower may be liable to the company either individually or in partnership with others for other debts including any actions related to outstanding liabilities on the loan account or any incidental expenses incurred in connection with any other Office of the Company. If the debt cannot settle down for any reason, the borrower has the full liability for the outstanding amount.
  8. If the value of the gold ornaments given as collateral security comes down below the total dues payable, the company shall reserve the right to cancel this agreement and recall the loan amount, including interest payable before the maturity date; the repayment interest rates calculated as on date shall be applicable for this. As the market price of the gold comes down below the total dues payable, the borrower can make good the amount of shortfall either in cash or by pledging additional gold ornaments of proportionate weight/value as per the demand of the company. In the event of failure on the part of the borrower to do so, If at any point, the borrower does not pay the difference amount and the company realizes that the amount that might be received from the sale of the pledged gold is not sufficient to repay the mortgage, the company shall have the right to sell the gold through public auction at any time before the maturity date by posting a registered notice to the given address.
  9. The borrower is obliged to repay the loan under notice. If there is any change in the address or phone number, the borrower should duly intimate this by filling the application from the company. If the borrower fails to do this, the notice sent to the address specified on the loan application shall be deemed to have been duly received by the borrower.
  10. If the borrower is liable to the company or any other companies from the group, individually or jointly, the company shall have the right to hold the pledged gold, regardless of the borrower’s demand or not.
  11. The company shall have the right to transfer the loan account to any other branches of the company with sufficient notice to the borrower and the borrower cannot make any objection to the matter.
  12. The company has the right to restructure/rebook the loan, assign, sell, charge or transfer the rights under this agreement and all other documents executed by the borrowers in the favor of the company and to obtain necessary advances from any bank, financial institution or individuals. 
  13. The Borrower hereby agrees that the company employees, auditors and authorized appraisers on their discretion shall have the right to test the purity and weight of the gold ornaments offered as collateral security.
  14. By granting this loan, the company does not certifying the purity of the gold ornaments pledged and solely relying on the borrower declarations and affirmations made in the gold loan application. If at a later stage, the company discovers that the gold ornaments pledged as security by the borrower is spurious or of lower in quality, the company reserves the right to initiate civil and criminal proceedings against the borrower and the borrower shall be solely responsible for all the costs and losses incurred by the company, including the cost of recovery proceedings.
  15. The Borrower shall bear, pay and reimburse all present and future charges relating to the cost of civil and criminal proceedings to recover the loan amount, interest tax, service tax, duties (including stamp duty), sales tax/ GST, taxes (of any description as may be levied by the Government or any other authority from time to time) and all additional costs and expenses whatsoever in connection with (a) application for and the grant and repayment of the Loan; (b) recovery and realization of the loan together with interest; (c) enforcement of Security ; (d) clearance of arrears of all taxes and any other charges and levies of the Government in respect of Security and insuring the Security.
  16. If the company’s branch is closed due to any unforeseen force majeure event or disasters that are beyond the control of the company, such as fire, explosion, flood, natural calamities, theft, robbery, terrorism, war, revolution, riot, sabotage, pandemics, strike, lockout etc., the borrower may renew or settle the loan by repaying the due amount through IDGL online platform and redeem the pledged gold ornaments on the day when the branch reopens, provided the company does not incur any loss as a result of such force majeure event. In the event of loss of the pledged Gold due to the force majeure event, the liability of the company shall be limited to repay the equivalent value of the gold with equal net weight and purity mentioned in the pawn ticket. But this will be subject to any transparent actions determined by the company and after the settlement of any other liability or remaining dues of the borrower with the company.
  17. The borrower shall have the right to redeem the pledged gold ornaments after the due repayment of the loan amount together with interest and other charges in full. The company shall have the sole discretion to decide whether to release the pledged gold ornaments to the borrower authorized third party on submitting indemnity bond and other documents as prescribed by the company. The pawn ticket must be surrendered to the company at the time of the settlement of loan account and for redeeming the pledged gold. The company shall not be liable for loss or any misuse of the pawn ticket. The company may consider releasing the pledge if the borrower submits a guaranteed indemnity agreement or written guarantee.
  18. The company reserves the right to use and share the information obtained through its Website & Mobile application for marketing research. The company shall have the right to send SMS messages and other communications with the borrower on the phone numbers provided to the company by reminding repayment of interest/ principal amount and about any other products/services of the company or for conveying any information to the borrower.
  19. The borrower shall not utilise the loan amount or any part thereof for any illegal/ unlawful/ speculative/ Money laundering & terrorist financing activities and exclusively use it for the requirements specified in the loan application form. Bankruptcy or death of the borrower does not affect, defer, or eliminate the loan repayment or loan debt. The decision of the company regarding the borrower’s capability to repay the debt is final and binding to the borrower.
  20. The loan disbursal medium shall be the sole discretion of the Company. The following medium maybe utilized: – Cheque/Demand Draft/Cash/ Bank transfer to borrower’s bank account by way of IMPS/ NEFT/ RTGS etc. The borrower agree and undertake to immediately refund any excess amount other than the loan amount if any credited to borrower’s bank account.
  21. The company shall not accept ornaments embedded with diamonds or similar precious stones. The Borrower confirms that the stones fixed in the pledged gold ornaments / items, if any, do not have any market value and that the said gold ornaments/ items is/ are the absolute and unencumbered property of the Borrower and no other person had any right, title, interest or claim thereon.
  22. For rating purposes, the company shall have the right to disclose the information about this gold loan to Credit Information Bureau of India Ltd. (CIBIL) and / or any other governmental/ regulatory/ statutory agencies as required under law from time to time or as recommended by RBI.
  23. The borrower hereby declares that: (a) the purity of the gold ornaments pledged are having 22 carat. (b) the gold ornaments pledged belong to the absolute ownership of the borrower and had the absolute right to create a valid pledge in favour of the company. (c) the gold ornaments pledged with the company are not the subject matter of suit, lien, attachment, encumbrance, dispute regarding ownership or connection with any fraud or theft. (d) if at a later stage, any dispute regarding the ownership, purity and weight of the pledged gold ornament arises, the borrower shall indemnify the company and keep the company indemnified against all loss, damages, costs, charges and expenses incurred to the company and the loan amount including interest and other charges payable shall be repaid to the company without any delay or demur.
  24. All disputes, differences and/or claims arising out of this loan agreement, whether during its subsistence or thereafter, shall be settled by arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1956, or any statutory amendments thereof and shall be referred to the Arbitration of a Sole Arbitrator to be appointed by the Company. The award given by such Sole Arbitrator shall be final and binding on the Borrower and the Company. The parties to this Agreement hereby agreed that the arbitration proceedings and other legal proceedings relating to this gold loan shall be under the jurisdiction of the Ernakulam District in Kerala and in English language. The decision of the venue of Arbitration proceedings shall be vested with the company.
  25. In case of any doubts regarding the gold loan scheme, grievance against the employees and about any aspects of the loan availed, the borrower shall first bring it to the notice of the Branch Manager concerned. If the branch manager could not resolve the grievance, the borrower shall take up the matter with Customer Relationship Manager at phone number 0484 2933990 or may write to CRM, Indel Money Limited, Corporate Office, 3rd Floor, Indel House, Changampuzha Nagar.P.O., South Kalamassery, Ernakulam-682033 or via email ( If the company cannot resolve the grievance within 30 days, the borrower can contact Reserve bank of India as the address displayed in the branch.


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