Gold Loan

Purpose

• To meet urgent financial needs

Eligibility

• Any individual who is the true owner of the gold ornaments.(preferably hallmark)

Repayment Period

• Bullet repayment- 12 months ( For Loans upto Rs 2 Lakhs)
• EMI - 12 Months (For Loans above Rs 2 Lakhs)

Rate of Interest

• 13.50%

Penal Interest

• Any irregularity or default in repayment will attract penal interest of 3.00% p.a. over and above the rate of interest on the balance outstanding.

Processing fees

• Nil

Share holding

• Nominal membership

Interest Calcualtion Method

• Reduced Balance method

Security

• Pledge of gold ornaments

Documentation

• Duly filled prescribed application form
• Photo Identity & Residence proof of the Applicant & Guarantor
• Declaration from borrower that he is the true owner of the ornaments
• Customer should have SB/CA account with Bank

Limit of Loan

• For Bullet repayment – 2 lakh
• Maximum loan/OD up to Rs. 5 lakh

Basis of Advance

• 65% of valuation of gold ornaments

Other charges

• Valuation charges at actuals