Central Bank of India grant Gold Loan to meet urgent personal expenses like marriage / medical / educational needs, etc. other than for Agricultural purpose.

Security

Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by Central Bank of India
Quantum of loan

Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by Central Bank of India

Margin:

30% of the value at the time of sanction.

Maximum Limit of loan per gram

Rs.1750/- 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.1850/- 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

MCLR (12m) +2.00 % p.a. floating