APPLICATION FOR ADVANCES AGAINST GOLD ORNAMENTS

From :
____________________________
____________________________
____________________________

To,
The Branch Manager,
Union Bank of India,
_____________________.

Dear Sir,
I/We____________________________ R/O _____________________ am/are agriculturist/s cultivating ____________________________________ crops in ______________ acres (own) _____________ acre (leased) lands in survey numbers _______________ at ________ _________________________ villages/I am/We are a businessman/professional/non agriculturist doing business of______________________.
I/We shall be much obliged if you pleased grant me an advance of Rs._______________ against the security of gold ornaments mentioned in the Appraiser’s Valuation clause:-
The advance is required for the purpose of __________________. I/We have no objection to the Bank having the ornaments valued by its appraisers and I/We will be bound by the valuation of such appraiser. Appraisal charges will be borne by me/us.
I/We confirm that I am/We are the true owner/s of the said ornaments/jewellery that is being pledged with you and no prior lien or charge has been created on the said gold ornaments/jewellery.
I/We will utilize the loan for the abovementioned purpose only.
In the even of my/our failing to meet the above obligation on demand by the bank for repayment of the advance, I/We hereby authorize the bank to sell the gold ornaments pledged with it in the open market or in any manner it may deem fit and adjust the outstanding amount from the sale proceeds thereof and also hold me liable for all the costs, expenses, charges and the shortfall connected therewith.
I am/We are personally liable to pay any ultimate balance remaining payable by me/us in the above said account.
The notice of demand will be sufficient if posted to my/our last known address and I/We undertake not to raise any objection to the regularity of the sale of the ornaments by the Bank and will not claim any damage against the Bank on the ground of any irregularity of the sale, even if the demand notice is not received by me/us.
I/We request you to disburse the loan proceeds by cash payment/credit to my/our SB/CC/OD Account ___________ with your branch or remit by way of DD in my/our favour on ________________ (place).
Date :
Place :
Signature of the Borrower/s.
Introduced by _________________
Address of introducer :__________
____________________________
____________________________
The applicant is personally known to me. Signature of the Introducer