Extension of Loan Period

Individuals whose gold loans with MAFIL are classified as standard assets

Due date of loans may be extended for maximum period upto 90 days from the date of request.

Existing interest structure will continue to be applicable for the extended period.

If customer remits full interest, due date extension as per the existing rules with normal interest rate will be applied. Customers can also Repledge these accounts before the completion of the extended period.

If the loans are not repaid within the extended period, underlying securities will be auctioned immediately on expiry of the extended period, without giving further notice to the borrowers.

Competent Authority of MAFIL will review each application and period extension shall be approved on a case to case basis. Period extension will be effective only after the approval of competent authority of MAFIL, which will be communicated to the borrowers.