Purpose
-
To meet urgent personal expenses like marriage / medical / educational needs, etc. other than for Agricultural purpose.
Nature of Facility
-
Demand Loan against pledge of gold ornaments of 22 Carat purity or Gold Coins (Maximum 50 gram per person) sold by our Bank.
Security
-
Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by our Bank.
Quantum of loan
- Minimum
Rs 10000/ - Maximum Rs 20,00,000/
Margin:
- 30% of the value at the time of sanction.
Maximum Limit of loan per gram
- Rs.2900/- per gram of gold ornaments or 70% of the current market price of 22 carat gold whichever is less.
- In case of gold coins sold by our Bank Rs.3200/- per gram of gold coins or 70% of the current market price of 24 carat gold whichever is less.
- The weight of coin(s) pledged should not exceed 50 grams per borrower in case of advance against security of gold coins.
- Drawing power will be revised suitably on monthly basis based on the market value of gold.
Repayment
- The tenor of the loan should not exceed 12 months from the date of sanction.
Processing Fees
- 0.5% of the loan amount plus tax plus applicable Appraiser Fee.
Rate of Interest
REPO BASED LENDING RATE w.e.f 30.05.2020
- RBLR = Repo + Spread + Credit Spread
Low / Medium Risk =4.00+5.05 =9.05%
For further details please contact our nearest branch or call on the toll free no. 1800 22 1911