The Investment Trust Of India

Terms and conditions

United Petro Finance Limited (“UPFL”) under the group of Investment Trust of India is the licensed owner of the brand “ITI GOLDLOAN”. Please read terms & conditions before using the website. You may not use trademark, logo, images, contents, tagline, text, page layout or form of “ITI GOLDLOAN” and its associates without written permission of UPFL/ITI GOLDLOAN management.

ITI GOLDLOAN/UPFL web/mobile app can be use only to persons who can form a legally binding contract under the Indian Contract Act, 1872. If you/user are minor, your age below 18 years you may use ITI GOLDLOAN/UPFL for any transaction or visit as guest only with the presence of parent or guardian.
When you visit ITI GOLDLOAN/UPFL web/mobile app you will be update valid contact number/Phone number, Email id for placing order as we can communicate with you by SMS, Phone call, or posting notices or other mode of communication including Transactional/ Promotional SMS, WhatsApp messages with respect to serve you better.
We will not be responsible for any business/transactional loss/profit, data, goodwill or other expenditure when you using the ITI GOLDLOAN/UPFL website or app.
User will be responsible for maintaining the confidentiality of account, password and for restricting access to your computer to prevent unauthorised access to your account. Please ensure that the details you provided us are correct and complete and inform immediately to us if any changes in address.
ITI GOLDLOAN/UPFL reserves the right to refuse access to the website, terminate accounts, remove or edit content at any time without notice to you.
The personal information / data provided to ITI GOLDLOAN/UPFL by you while login to our website/mobile app will be treated as strictly confidential and in accordance with the Privacy Policy and applicable Indian E-Commerce laws.
You may not use ITI GOLDLOAN/UPFL website for fraudulent purposes, or in connection with a criminal offence, misleading or any other unlawful activity.
All the content included on the website, text, graphics, logo, icon, images, audio/video clip and software is the property of ITI GOLDLOAN/UPFL, and it’s protected by Indian copyright.
We reserve the right to make changes of our website, policies, terms and conditions at any time without any prior intimation.
We (ITI GOLDLOAN/UPFL) will not be responsible for any delay or failure in our service due to national calamities, riot, and issues beyond our control.
This website (ITI GOLDLOAN/UPFL) is operated by The Investment Trust of India Limited.
Interest rate & Rate per gram (Interest policy) updated by ITI GOLDLOAN/UPFL Head office team based on the RBI Guidelines, current market scenario.
If there is a conflict or contradiction between the provisions of website terms and conditions you may please inform to our customer care and stop using these website till clarification received.
All transactions shall be executed during office working hours/business day only (Monday to Saturday : 9:30AM to :6:30PM)
Any claims and disputes arising or in connection with the transactions or the performance of the covenants thereof shall be settled by arbitration by the sole arbitrator to be appointed by the company. The place of arbitration shall be in Mumbai. The arbitration shall be conducted under the provision of the Arbitration and Conciliation Act 1996 or any statutory modification or re-enactment thereof for the time being in force and the award of such arbitrator shall be final and binding upon the customer and the company
The valuation of the articles shall be done by an assayer authorised and appointed by the company and the amount shall be determined by the company on the basis of the value of the offered articles as set out in the valuation report supplied by the assayer. This value shall be subject to the market price of the offered articles from time to time.

The Borrower is liable to pay the interest as mentioned in the application form. If the interest remains unpaid (fully or partly), then the interest slab will be automatically revised. If the due date comes on public holidays, the interest has to be paid one day prior to avoid interest change.
In the event of prepayment of the loan or any part thereof by the borrower, the amount will be first adjusted towards charges, overdue interest and then towards the principal loan amount.
The annual rate of interest charged shall depend on the loan scheme opted by the borrower. Interest is calculated on 30 days computing basis. Penal interest will be charged for the overdue period beyond the loan period. Interest is calculated on the basis of number of days in a year calculated as 360 days.
The tenure of the loan will be 90 to 360 days unless a lesser period is specified under any particular scheme.
The loan amount along with the interest and other charges is repayable on demand made by company. Even if not demanded, the loan has to be repaid with interest within the loan tenure. In case the value of the gold ornaments given as collateral security comes down below the total due payable, the borrower has to immediately pay the amount of shortfall either in cash* / NEFT / RTGS / IMPS or by pledging additional gold ornaments of proportionate weight/value. In the event of failure on the part of the borrower to do so, the company shall have the right to recall the loan and demand the borrower to repay the entire loan amount together with interest and other charges any time during the tenure of the loan. If in the opinion of the lender, the value of the pledged article is not sufficient to discharge obligations of the borrower or if there exists any circumstance which may materially affect the ability of borrower to fulfil its obligations under these terms, the lender may sell the pledged articles by auction at any time, even before the expiry of the tenure. If the borrower fails to repay the interest before the tenure.
The valuation of the pledged articles shall be done by an assayer authorised and appointed by the lender and the loan amount shall be determined by the lender on the basis of the value of the pledged articles as set out in the valuation report supplied by the assayer. This value shall be subject to the market price of the pledged Articles from time to time.
The borrower/(s) confirm that the value of the pledged articles as mentioned in the lender’s record is acceptable, conclusive and final and binding on the borrower/(s).
It is understood that by virtue of the loan being sanctioned by the lender to the borrower, it does not mean, the lender confirms or accepts the gold ornaments pledged are of particular carat purity.
If the pledged article is found to be fake or spurious or of lesser purity, or stolen, the lender reserves the right to initiate appropriate investigation/ criminal action as deemed ft. On account of this if any loss incurred by the lender, the borrower shall be solely liable and responsible for the same.
The borrower shall not utilise the fund for purchase of gold in any form (including primary gold, gold bullion, gold jewellery, gold coin, ETF and unit of gold mutual fund.
The auction shall be conducted by the lender by giving one advertisement each in daily newspapers of vernacular language and in a national daily newspaper, after giving the borrower/s a notice of 10 business days which the borrower/s agrees is a reasonable period for the purpose of Section 176 of The Indian Contract Act, 1872. The reserve price for the auction would not be less than 85% of the previous 30 day average closing price of 22 carat gold as declared by the Bombay Bullion Association Limited or the historical spot gold price published by the regulated commodity exchange. The borrower shall be intimated by a registered letter, courier service, SMS, telephonic or personal intimation, email or any other mode of communication its intent to subject the pledged articles to public auction. The auction shall be conducted as per the guidelines issued by Reserve Bank of India. The proceeds so realized from the sale of the pledged articles shall be utilised towards the repayment of dues under the loan. In the event that the proceeds so realized are insufficient to meet the amount of dues, the lender reserves its right to take further legal action.
Any notice or request to be given by the borrower must be in writing. All notices or requests shall be deemed to have been duly received by the party to whom it is addressed if it is given or made at the address specified below or at such other address as may be agreed.
For Lender: Registered office, ITI House, 36 Dr. R. K. Shirodkar Marg, Parel, Mumbai - 400001. Maharashtra – India
For Borrower: The address as stated in the application form
Any and all claims and disputes arising or in connection with the loan documents or the performance of the covenants thereof shall be settled by arbitration by the sole arbitrator to be appointed by the lender. The venue of arbitration shall be in Mumbai. The arbitration shall be conducted under the provision of the Arbitration and Conciliation Act 1996 or any statutory Modification or re-enactment thereof for the time being in force and the award of such arbitrator shall be final and binding upon the borrower and the lender.
The lender may, at any time, assign or transfer all or any of its rights, benefits and obligations under the loan documents. The borrower shall have no right to assign any of its rights under the loan to any person whatsoever.
All transactions shall be only executed between the regular working hours of the lender on business day only
The lender reserves the right to amend the Terms and Conditions by intimating the same to the borrower.
The pledged articles and any other security furnished by the borrower/s to the lender will be released only upon payment of the entire dues outstanding under Loan(s) by the borrower/s.
The lender reserves the right to change the rate of interest at its discretion at any time taking into consideration all relevant factors such as cost of funds.
The lender shall have no liability for any loss/damage caused to the pledged articles due to reasons beyond its control, i.e. natural calamities, fre, foods, earthquake etc. and in such eventualities the borrower shall receive only such compensation if and when received by the company from the settlement of insurance claim.
The employees/auditors of the lender will have the right to verify the purity of the ornaments offered as collateral security adopting the standard appraisal methods as laid down by the company whenever such verification is required.
Only the person who has availed the loan has the right to get back the pledged articles as security after repayment of the loan together with interest and other charges in full. Sanction letter/borrower copy will have to be surrendered to the company at the time of closure of the loan account for getting back the pledged articles. With the lender/borrower’s approved authorised letter, the assigned 3rd party can transact on their behalf.
All communications shall be sent to the address furnished by the borrower in the application form for loan. If there are any changes in the address or phone number, the same shall be intimated to the company promptly in writing by the borrower failing which it will be presumed that all communications including demand notices, auction notices etc. sent to the said address are deemed to have been received by the borrower.
The lender will not entertain any request for transfer of the borrower account from one branch to another. However, the Lender reserves the right to shift loan account and/or the pledged articles to another branch of the lender
Locker key will be handed to the borrower (for selected schemes). If the key is misplaced, the cost will be borne by the borrower (Rs 3000) and the lender will take additional 2 days to release the pledged articles.
In the event of default or death of any borrower, the nominee can arrange the release or closure of the pledged articles as per company terms and conditions.
The customer has to give an intimation of at least 12 hours for the release of the pledged gold jewellery.

DECLARATION & UNDERTAKING.

I have fully understood and accepted the terms and conditions of the loan, including its tenure and applicable rate of interest, scheme change, auction procedures etc.
I undertake to repay the loan availed by me with interest and other charges as per given scheme tenure.
Ownership Declaration: I am the true and beneficial owner of the gold ornaments offered by me as collateral security for the loan I am availing. I have acquired the said jewellery in a lawful manner and there is no claim or dispute in respect of the ownership of the same from any person living or legal heir/s of any deceased person.
Warning: Attempting to pledge stolen or spurious articles is a criminal offence and legal action would be taken as per law. Also suspicious transactions will be reported to the concerned Govt authority

For any help or assistance call to:

Contact us:
If you have any questions or suggestions about our Privacy Policy, Please feel free to contact our grievance cell.
Customer care number: 98205 20 200
Mail to: grievance.officergl@itiorg.com or glhelpdesk@itiorg.com

GRIEVANCE REDRESSAL CONTACT

Mr. Nitin Walenkar
Grievance Redressal Officer
ITI House, 36 Dr. R. K. Shirodkar Marg,
Parel, Mumbai - 400001. Maharashtra - India

Please refer to our website for more information. www.itiorg.com