Dear Customer,

MAFIL proposes to consider resolution plans to eligible Gold loan customers whose cash flows are affected by COVID- 19.

Salient features of the resolution plan are given below:

Eligible borrowers

Individuals whose gold loans with MAFIL are classified as standard assets as on 31/3/2021.

Eligible loans

Regular gold loans as on 31/3/2021 and Gold loans which become overdue between 01st January 2021 and 30th June 2021 and live on the date of request.

Relief under the scheme
  • Extension of Period: Due date of loans may be extended for maximum period upto 90 days from the date of request for the resolution plan.
Interest rate

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

Repayment during 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.

Right of auction

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.

Mode of approval of resolution plan.

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