Loan Against Gold Ornaments
GOLD LOANS :
A facility of Term Loan or Overdraft against the security of Gold Ornaments
Purpose:
Term loans / Overdraft limit granted for all purposes.
Eligibility:
- Swarna Loan-Priority: Bona fide Individuals pursuing such activity like retail trade, small business, professionals, self-employed and agriculturists.
- Gold Loan-Non-Priority: Bona fide individuals having any source of income.
Nature of Facility:
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. | Up to 1 lakh loan to be repaid within 12 months along with interest. |
| 2. | Loan Above 1 Lakh must Be paid on Monthly installment along with interest within 36 months. |
Secured Overdraft: The facility to be renewed / reviewed every year
Interest Rate: 12%
Gold Loan Appraiser Fees:
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.