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FAQ2023-02-01T10:18:55+00:00

Frequently Asked Questions Of Kovai Tech Nidhi Limited

Who are eligible to become a member and to do transaction with Kovai Tech Nidhi Ltd?2022-09-30T08:06:07+00:00

Any Indian Citizen can become a Member for availing any Service.

What happens when the Jewel borrower dies and how can the jewel be claimed?2022-09-30T08:13:14+00:00

In case, the Jewel borrower dies, the nominee (or) any of his/her Legal heirs has to produce the following documents in order to claim the jewels.

First, the nominee (or) the Legal heir of the borrower (deceased) has to inform the Nidhi in writing, the death of the borrower. After that, he/she has to submit the following documents:-

  • Copy of Death Certificate of the borrower
  • Original Jewel Loan Passbook issued by the Kovai Tech Nidhi Limited
  • Claim form issued by the Nidhi
  • Legal Heirship Certificate (in case the borrower had not nominated anyone)
  • No objection letter from other Legal Heirs (where there are two or more Legal heirs).
  • Jewel Loan Closure Receipt.
Whom do I contact for Jewel Loan Details?2022-09-30T08:16:47+00:00

Kindly get in touch with the staff at the branch. Information about branches convenient to you can be easily obtained from our website by following this link: www.kovaitechnidhi.com

For addressing your complaints / grievances, feel free to contact:

The Chief Operating Officer
Kovai Tech Nidhi Ltd

In case of default, when will be the gold jewellery be auctioned off?2022-09-30T08:19:09+00:00

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. serves a minimum of three reminders to its overdue accounts. We also send periodic SMS reminders to our customers to alert them to the overdue in the account.

Moreover, we also send auction intimation prior to the auction.

What are some of the gold loan schemes that Kovai Tech Nidhi Ltd offers to suit its members from different income groups?2022-09-30T08:25:10+00:00

In Kovai Tech Nidhi Limited, whatever be the quantum of gold loan whether it is a High loan to value or Low loan to value, the interest applicable is the same.

Further, our gold loan schemes are well tailored not only to the income group of the customer, but to relevant considerations like how much loan customers would like to avail against jewellery, and their comfort levels with respect to the interest rate and periodicity of repayment of interest and principal. Incidentally, gold loans can be availed at our branches for amounts as low as Rs.1000 and as high as Rs.5 Lac.

What makes Kovai Tech Nidhi Ltd different from other gold loan providers2022-09-30T08:33:27+00:00

In addition to the transparency, security and range of its gold loan products (as mentioned above), Kovai Tech Nidhi Ltd distinguishes itself from other gold loan providers on the basis of the ease with which gold 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 proof. Our streamlined and centralized systems and well- sketched procedures, promise that gold 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 gold 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.

What are the things that people should keep in mind while taking a gold loan?2022-09-30T08:36:35+00:00

The most important thing from the customer’s perspective is 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 malfunction after the jewellery have been pledged. At Kovai Tech Nidhi Ltd  you will find that all these aspects are well taken care of.

Is there a possibility of damage to the Jewels at the time of appraising?2022-09-30T08:39:44+00:00

Appraising is done in the presence of the member only by our well experienced Appraisers. Due care is taken during appraisal to ensure that there is no damage to the Jewel during any stage of appraising or storing.

What happens if the Jewel loan amount is not repaid on the due date?2022-09-30T08:42:53+00:00

In case, the Jewel loan amount is not repaid on or before the due date, that is, after the tenure of 12 months and even after serving the reminders, the jewels will be sold in Public Auction. The bid amount will be appropriated against the outstanding. If the bid amount is higher than the outstanding, the remaining amount (after appropriation to the outstanding) will be returned to the borrower. Where the bid amount is lower than the outstanding, the shortfall will be collected from the borrower.

For receiving reminders periodically, members are requested to update their address and phone numbers as and when they change them.

How can customers settle the jewel loan and get back the gold ornaments?2022-09-30T08:46:20+00:00

The member has to submit the Passbook (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 jewel loan amount (Principal + Interest accrued). By depositing the outstanding jewel loan amount with up to date interest, the loan account is closed. The branch head then hands over the ornaments to the customer against his/her acknowledgement.

Whether partial payments of Jewel loan and interest are accepted?2022-09-30T09:04:46+00:00

Members are free to repay part amount of loan and/or accrued interest thereon at any time 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.

Is there any maximum and minimum limit for availing gold loan? What about the tenure of the loan, lock-in period, and prepayment penalties?2022-09-30T09:07:06+00:00

Kovai Tech Nidhi Ltd Gold loans may be availed for any amount between Rs.5,000 to a maximum of Rs.5 Lac. Loans are available for periods ranging from one month to one year. Our Gold loans do not have any lock- in-period and there are no prepayment penalties. You can repay earlier than the schedule as you desire. Kovai Tech Nidhi Ltd.

How do I repay my gold loan?2022-09-30T09:07:53+00:00

You are aware that the tenure of the loan is 12 months. You can repay the Principal within 12 months in equitable installments or as you wish from as low as Rs.100/- . However, interest has to be serviced monthly, as per the terms of sanction. Principal and interest can be paid at Kovai Tech Nidhi Ltd . However, the pledged ornaments will be released/handed over only at the branch from where the loan was originally availed. Any amount can be repaid by way of Cash / Cheque / RTGS / NEFT.

Do I require a guarantor or introducer for availing gold loan? Do I need to open an account with a bank?2022-09-30T09:10:53+00:00

Unlike other loans, there is no need for either a Guarantor or an Introducer. You have to open a Savings Deposit Account with Kovai Tech Nidhi Limited. The loan amount will be credited to your Savings Deposit Account from where you can withdraw the amount. As there is limit on cash withdrawals, it is preferred to have a Bank account for the transfer of loan.

Are the pledged gold ornaments safe and secure with KTNL?2022-09-30T09:14:34+00:00

We know that these gold ornaments 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 vault as per the standards and specifications applicable to commercial banks. The pledged gold ornaments are also insured for full value. Moreover, security personnel and modern electronic surveillance technology are deployed to protect your beloved gold ornaments.

How long will it take for me to get my gold loan?2022-09-30T09:15:48+00:00

Once you submit your Application Form, Demand Promissory Note 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 Head.

What is the tenure of GOLD loans?2022-08-30T04:57:11+00:00

Our gold loan products have a maximum tenure of one year. Whatever be the Loan to Value (LTV), interest needs to be remitted monthly.

What is the rate of interest charged on such gold loans? How is the interest calculated?2022-09-30T09:27:13+00:00

Our base rate of interest for gold loan is 12 % per annum.

Our maximum rate of interest for gold loan is 20% per annum.

What are the documents require for taking loan against gold ornaments? Are there any end-use restrictions involved?2022-09-30T09:21:56+00:00

To abide by the KYC (Know Your Customer) Policy of RBI and approved KYC norms of our Company, we insist to produce the following:-

  • Proof of Address (Aadhar Card, Ration Card, Sale Deed, Telephone bill, Property Tax bill, Water bill, Bank statement, Credit Card bill).
  • Document of identity proof (Such as Aadhar Card & PAN Card, Smart Ration Card, Driving License, Voter ID card, Passport etc.)
  • Two passport size photographs.
  • Two hundred rupees, Rs.100/- for Membership fees and Rs.1000/- for opening Savings Bank Account.
  • There are no end-use restrictions in gold loans.
Who is eligible to avail Gold loans? What security has to be provided?2022-09-30T09:25:51+00:00

Anyone who is a member and owns gold ornaments can avail the jewel loan.

To obtain the gold loan, you need to submit your gold jewelry (within the Karat range of 18 to 24 k) at Kovai Tech Nidhi Ltd branch. The jewel loan amount will be sanctioned on the basis of gold valuation by duly appointed Jewel Appraisers which involves verification of its purity. The weight of stones etc. fixed on the ornaments will be deducted for the purpose of valuation.

What is the interest rate offered for recurring deposit?2022-09-30T10:29:12+00:00

The following are the terms and interest rates for recurring deposits in Kovai Tech Nidhi Limited, Coimbatore, Tamil Nadu:

  • Recurring deposit account can be opened by those who want to save regularly for a certain period of time and earn a highest rd interest rates of 9.5%.
  • In a recurring deposit account, a minimum amount of Rs.1000/-and a multiple of Rs.1000/-is accepted every month for a specified period (one year to two years) and the total amount is repaid with interest at the end of the particular period.
What is the criteria for opening a recurring deposit with Nidhi?2022-09-30T10:30:01+00:00

The criteria for opening a recurring deposit with Nidhi is the same as applicable for opening fixed deposits in Nidhi.

First of all, you have to satisfy the KYC Standards of the Reserve Bank of India. You have to produce the following copies of documents:-

  • Aadhaar Card and PAN Card – mandatory (for proof of Identity or Address)
  • Family Ration Card
  • Telephone Bill
  • Two Passport size photographs

You have to remit Rs.100/- for Membership Enrollment and Rs.1000/- for opening Savings Deposit Account.

What is the procedure for a claim on the fixed deposit, when any of the fixed deposit holders die?2022-09-30T09:58:00+00:00
  • If the fixed deposit is an Individual account and the Individual has nominated a kin as his successor, the kin has to produce a death certificate of the demised depositor and claim the amount.
  • Where the deposit has been made as “Either or Survivor” (or) Any one of Survivor (or) Jointly, the claimants have to submit a letter informing the Nidhi of the demise of one of the depositors, submit a letter informing the demise of the depositor along with a copy of the death certificate and claim the amount.
  • Where the depositor has not made any nomination, the claimant/claimants have to submit a death certificate and legal heir certificate and thus can claim the deposit amount.
  • For more detailed information, you can visit the nearest branch.
  • Interest amount is subject to TDS subject to Section 194-A of the Income Tax Act of 1961
What happens when I lose my fixed deposit receipt?2022-09-30T09:59:35+00:00

In such cases, you have to submit a letter first informing us of the lost. After that, our Office will search whether you had availed any loan on the deposit. (If you had availed a loan on your deposit, the deposit receipt will be with us). In case, you had not availed any loan, you have to furnish an indemnity bond, indemnifying the Nidhi of any loss that can occur on issuing a duplicate FDR. The procedure will take at least three days or depending upon the submission of the documents by you.

Can I make nomination for my fixed deposit?2022-09-30T10:01:07+00:00

Yes. You can make nomination for your deposits, in the case where you have opened it as an Individual Account.

What happen if I do not repay the loan availed on my fixed deposit?2022-09-30T10:03:24+00:00

In that case, on the maturity date, the loan outstanding will be appropriated against the maturity proceeds and balance will be paid to you.

What are the salient features of your fixed deposits?2022-10-10T05:28:24+00:00
  • You can make the fixed deposits for a periods of 12 months more than that.
  • In case, you need money for emergency, you can avail a loan upto 80% on the Principal value of the Deposit.
  • The Interest rate for the loan will be +2% above the contracted rate. For example, if you are paid an interest of 12% per annum, the loan interest will be 14% per annum.
  • You need not pay any interest for the loan. The interest payable to your deposit will be adjusted against the loan monthly.
  • You can also pay part amount towards the Principal monthly or as and when you wish to remit. The tenure of the loan will be the tenure of your fixed deposit.
  • For Senior Citizens who have completed the age of 60, 0.25% extra will be paid subject to a minimum deposit of 10,000/- and for a minimum tenure of 1 year.
  • These are some of the salient features of our fixed deposit.
Could you please tell us more about the mode of operation of fixed deposit?2022-09-30T10:14:33+00:00

In Kovai Tech Nidhi Limited, you can open a Fixed Deposit as “Individual”, “Either or Survivor”, “Anyone or Survivor” and “Jointly”. Please contact us for more information 0422-4379977

When will the interest be credited for the fixed deposit?2022-09-30T10:18:07+00:00

Your fixed deposit interest will be credited to your savings account on the same date as the fixed deposit, depending on the interest credit mode you choose (monthly, quarterly, half-yearly, or yearly).

How can the interest be paid for my fixed deposit?2022-09-30T10:21:02+00:00

Interest is payable monthly through the following modes:-

  • Interest will be credited to your Savings Deposit A/c with us.
  • Interest will be credited to your Bank Account also for which you will have to furnish your Bank Account Number, Name of the Bank where you hold the account, IFSC Code of the Bank.
What is the current interest rate on fixed deposit?2022-10-10T05:43:19+00:00

At Kovai Tech Nidhi Limited, we give 12% per annum as FD Interest Rates for Individual Members and the best FD rates for senior citizens at 12.5% per annum. Use this FD Interest Rates Calculator To Calculate Your Monthly Retuns On FD.

After getting enrolled as a member, you can open for investing your amount in Fixed Deposits, as you desire, on the above interest rates.

What is the criteria for opening fixed deposit in KTNL?2022-10-10T05:40:09+00:00

First of all, you have to satisfy the KYC Standards of the Reserve Bank of India.

You have to produce the following copies of documents:

  • Aadhar Card and PAN Card – mandatory (for proof of Identity or Address)
  • Family Ration Card
  • Lease Deed
  • Telephone Bill
  • Two Passport size photographs

You have to remit Rs.100/- for Membership Enrolment and Rs.1000/- for opening Savings Deposit Account.

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