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Gold Loan

LOAN AGAINST PURE GOLD ORNAMENTS
Purpose To cater to urgent financial requirement for medical treatment, education, marriage, repayment of outside debt, house renovation etc.
Who can Avail this Loan Any account holder of the Bank having security as Gold Ornaments
Loan Features

a.Overdraft
Loan Limit : Upto Rs.1 Lakh
Eligibility   : Rs.33,000/- per 10gm. of pure gold ornaments
Repayment : 1 year(12 months).


b.Demand Loan
Loan Limit : Upto Rs.2 Lakh
Eligibility : Rs.33,000/- per 10gm. of pure gold ornaments
Repayment : 1 year (bullet payment)


c. Term Loan
Eligibility : Rs.33,000/- per 10gm. of pure gold ornaments
Repayment : 12 months
Rate of Interest

Women   : 9.00% 

Others    : 9.50%
Documents required
  1. Duly filled Loan form
  2. Valuation report of gold ornaments from Bank’s approved Gold Valuer
  3. 2 Photos of Borrower
  4. Income tax return if businessman / current payslip if salary earner
  5. Ration card
  6. Aadhar card
  7. Nominal membership for Loan upto Rs 1 lakh & Regular membership for Loan above Rs 1 lakh
  8. CIBIL Report 
Charges
  1. Gold Valuation Charges – For first 5 gms Rs.125/-, thereafter Rs.6/- per gm
  2. Processing Charges 1%
  3. Franking – Upto Rs. 5 Lakhs – 0.10% Above Rs. 5 Lakhs – 0.30%
  4. Nominal membership / Regular membership fees
  5. Loan/Overdraft above Rs.1.00 Lakh - 2.50% of Loan Amt (Shares/Membership)
Positive Points
  1. Quick disbursement
  2. No Pre-payment charges
  3. Daily reducing balance
  4. Repayment in addition to fixed instalment can be made without any charges