Provide information of Gold Loan rates in South Indian Bank?

The South Indian Bank provides the Gold Loan. The Bank offers two schemes for Loan on Gold. The Schemes are following:

Gold Power
Target group : Individuals, Partnership & Proprietary Firms.
Type of facility : Overdraft against pledge of 22 carrot gold ornaments
Loan limits : Minimum Rs.0.25 lac , Maximum Rs.100 lacs
Security : Pledge of 22 ct Gold Ornaments
Rate per gram : as fixed by H.O from time to time
Processing fee : 0.20% on each renewal / enhancement
Penal interest : 2 % p.a
Period of sanction : 12 months; Can be renewed after paying interest.
Rate of Interest: B.R. + 6.50 %

Special features of the scheme
Safety of the ornaments Under custody of the Bank

Liquidity of the gold is ensured by sanctioning an overdraft under pledge of ornaments.

Availability of the ornaments for use at any time there is provision for release of the ornaments & re-deposit of the ornaments without any restrictions.

Gold Rush

Minimum amount of advance. : Rs.10,000/-

Period of Advance : 12 months.

Cutoff date for redemption/auction : 13 months.

Minimum Interest : Minimum for 5 days or Rs. 50/- whichever is higher.

Handling Charges : 0.25%

Rate of Interest: B.R. + 3 %