Amount of Loan

• The amount of loan is based on the percentage of the appraised value of the pledged item.

• The minimum loan amount shall be thirty percent (30%) of the appraised value of the security offered, unless the borrower manifests in writing the desire to loan a lesser amount.

Collateral

• Any jewelry of value that would be acceptable and could actually be delivered to the control and possession of the Bank may be accepted as security for a loan.

• The borrower shall not assign, sell or in any other way alienate the item/s securing the loan without prior consent of the Bank.

• The Bank shall not be liable for loss or damage of the pledged item due to fortuitous events without fault or negligence on its part while collateral is in Bank's possession.

Penalty Charge

• In case the loan is not paid on maturity date, penalty charge of 2.0% per month of the principal shall be collected from the borrower in addition to accrued interest.

• For purposes of computing the amount of interest for loans paid after maturity date, a fraction of (less than) a month shall be considered as one whole month.

Term

• Minimum term of loan shall be for 30 days and renewable for another term.

• Renewal or extension for another period/term shall be subject to payment of advances interest.

Disposition

• In the event the borrower fails to redeem the pledged item within the prescribed period, the Bank may sell or otherwise dispose of the article. The Bank has the right to open the sealed item for purposes of public auction.

For inquiries, Call Specialized Loans Center at 363-3333

Top