Having an urgent need of cash, make the most of your idle gold with Mahesan Nidhi attractive gold loans. Get a loan in 45 minutes over the counter with minimal documentation and transparent charges.
Mahesan Gold Loan provides loan against gold with same day loan disbursement. You can apply for Gold Loan and get quick approvals by visiting your nearest Branch. Find out more about the features & benefits of the Gold Loan.
We are using an advanced Karat Machine – Gold Analyser machine for assessing the jewel proposals for loan which would give us the correct valuation for the purpose of valuation of gold.
Mahesan Nidhi Jewel Loan | |
| Purpose | Granting of Loans to individuals against pledge of gold jewellery/ornaments for productive and consumption/domestic purposes. |
| Eligibility | Applicant should be registered as a Member in MPSNL. He should be the owner of the gold jewellery/ornaments proposed to be pledged. Loans can be granted only against 19 carat to 22 carat ornaments. |
| Documents needed to avail our jewel loan | PAN card, Aadhar card and a passport size photo. |
| Repayment Period | 12 months (365 days). |
| Type I | 12% |
| Type II | 14% |
| Type I – 19 carat, 20 carat & 21 carat | Rs 3100/- |
| Type I – 22 carat only | Rs 3300/- |
| Type II – 19 carat, 20 carat & 21 carat | Rs 3300/- |
| Type II – 22 carat only | Rs 3500/- |
| Deduction | 1 gram for every 10 grams for all ornaments |
| Minimum weight | Each ornaments should be 4 grams after deduction |
| Minimum loan amount | Rs 10,000/- |
| Maximum loan amount (per member) | Rs 15 lakhs (aggregate) |
| Interest payment | Monthly |
| Items not accepted | Gold coins, Thread with Mangalyam, Nose pins, stoned ornaments, baby rings & studs. |
| i. Loan amount upto & including Rs 50,000/- | Rs 200/- + 18 % [GST] |
| ii. Loan amount upto 50,001/- to 1 lakh | Rs 300/- + 18% [GST] |
| iii. Loan amount more than 1 lakh | Rs 400/- + 18% [GST] |
| Interest rate structure | i. On servicing the full interest monthly, ROI is same (as per the scheme chosen) for the entire 1year. ii. If interest is not serviced every month and/or break of servicing interest / partial servicing of interest for a period of 6 months from the date of loan , the unpaid interest will be compounded to the principal on the 181st day and extra 2% will be charged over existing ROI till the end of total tenure of 1 year. iii. The loan account on completion of 1 year will become overdue and it should either be closed or renewed under the then prevailing jewel loan schemes. iv. If the loan is not closed/renewed , the interest accrued & unpaid at the end of 1 year since first compounding on 181st day, will again be compounded with the then outstanding ,on 366th day and further interest at extra 2% will be charged on the compounded value till the account is fully closed. v. Moreover, auction process on completion of the tenure will be initiated to recover the dues, as per norms in force. |
| Mode of payment | i. Cash payment is restricted to Rs.20000/- and loan proceeds in excess of Rs.20000/- will be released through Bank transfer by way of NEFT/RTGS/Bank transfer. ii. As a loan in excess of Rs.20000/- is released by Bank transfer, subsequent closure of such accounts shall happen only through bank credit and not by cash remittance. |
Members are not allowed to close their term deposits within three months after opening them, as per Nidhi regulations.
Nidhi companies are permitted by the Ministry of Corporate Affairs NOT to give any interest rates for term deposits for Six Months.
In this scenario, we encourage our members to take Loan Against Deposit. Members are allowed to borrow a maximum of 80% of the deposited value with an additional 2% of interest charges on deposit.
Members cannot pledge other banks’ or financial institutions’ deposit bonds. So, members can pledge only Mahesan Paraspara Sahaya Nidhi deposit bonds.
| 1. Loan application form |
| 2. KYC |
| 3. IT Returns for 3 years |
| 4. Sale Deed or Title of the Property |
| 5. Parent Documents |
| 6. Legal Opinion |
| 7. Encumbrance Certificate |
| 8. Property Tax Receipt for 3 years |
| 9. EB Bill (recent) |
| 10. Patta / Chitta / Adangal |
| 11. Salary Certificate for employees |
| 12. FMB Sketch |
| 13. Statement of Assets and Liabilities |
| 14. Valuation Report |
