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Gold Loans :

A facility of Term Loan or Overdraft against the security of Gold Ornaments

Purpose:

  1. Term loans / Overdraft limit granted for all purposes.  

Eligibility:  

  1. Swarna Loan-Priority: Bona fide Individuals pursuing such activity like retail trade, small business, professionals, self-employed and agriculturists.
  2. Gold Loan-Non-Priority: Bona fide individuals having any source of income.

Nature of Facility:

  1. Term Loan / Secured Overdraft.

Quantum of Loan:

  • Rs.1350/- per gram of 22 carat gold . The Income generation capacity of the applicant will also be taken into account before sanctioning.  In case of Secured Overdraft facility the maximum limit is restricted up to Rs.5 Lakhs.

Repayment Schedule/tenure

1.

2.

Up to 1 lakh loan to be repaid within 12 months along with interest.

Loan Above 1 Lakh must Be paid on Monthly installment along with interest within 36 months.

  1. Secured Overdraft: The facility to be renewed / reviewed every year


Interest Rate: 12%

Gold Loan Appraiser Fees:

  1. 3.50 Ps per Rs.1000/-  .( Excluding Service Tax)

 

 

Prerequisites

 

  • Application form, Income proof & KYC norms in respect of the applicant(s) to be strictly followed.
  • Legitimate 'Ownership' of pledged 'Security' in the name(s) the Applicant(s) is to be substantiated, by appropriate Declaration / Affidavit.
  • Valuation of the ornaments of gold to be pledged to be done by the bank's approved valuer in Bank's premises.
  • Pledge of the Gold Ornaments & Jewellery (preferably with BIS > 'HALL MARK'); minimum purity of 22 Carats i.e, millesimal fineness not below 91.6%
  • Valuation of the ornaments of gold to be pledged to be done by the bank's approved valuer in Bank's premises.
 
 
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