Gold Loan

Loan to any individual for any Genuine justifiable reason against gold ornaments/ jewellery or specially minted gold coins upto 50 gms per customer.

"Conditions Apply. Loan at sole discretion of the Bank." SMS 'LOANS' to 70659 66665

Repayment Tenure : Maximum 12 Months

Margin :

25% Where interest is serviced at monthly rest
35% Where interest will be paid along with principal at the time of maturity of loan
Bullet Repayment option available for loans up to Rs.2.00 Lakhs

Maximum Loan Amount Limit : Rs. 25.00 Lakh

Eligibility : Any Individual

Security : Gold ornaments / Jewellery of not less than 22 carats (preferably Hallmark) certified by approved gold valuer and valuation should be accordingly indicated by the valuer. Specially minted gold coins upto 50 gms per customer with "99.99% purity" certification - To obtain proper receipt of purchase and ownership.

Guarantors : For Loan above Rs.10 lacs, personal guarantee of spouse or other family member/s.

Subscription to Bank's Share - Membership:
For Borrower:-
I. For Loans upto Rs.1.00 Lakh - A class membership of Rs. 1000/- per borrower
II. For Loans above Rs.1.00 Lakh - 1% of the Loan Amount.

Processing fee :
0.70% of Loan amount (Minimum Rs.250.00)

MINIMUM DOCUMENTATION
KYC
Any other documents required by the Bank.

In adherence with RBI Notification no. DoR.MCS.REC.28/01.01.001/2023-24 dated 18/08/2023,
Penal charges for delay in payment of interest/ instalment , non-compliance or delay in compliance of critical terms of sanction and takeover of loan by other bank/ NBFC would attract penal charges @ 3.25% on the sanction amount in case of Working Capital limit and on the outstanding amount in case of term loan limit.

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