Bank's current clients can benefit the advance upto Rs.20 lacs by vow of gold decorations including gold coins sold by Banks. It requires least printed material and has low loan cost.

Components

Qualification

Age: 21 years or more

Calling: Anybody with Steady wellspring of salary including: Bank's Employees, Pensioners

Loan Amount

Least: Rs 20,000/ -

Most extreme: Rs 20lacs/ -

Margin: 25%

Reimbursement:

Reimbursement Period

Maximum: 30 months (For Demand Loan)

Three years (For Overdraft)

Reimbursement Mode

The reimbursement of Principal and Interest ought to begin from the month following the long stretch of dispensing

Security

Security of gold decorations.

Loan fee and Processing Fees

Processing Fees

(i) For BIS Hallmarked Jewelry/Ornaments and uniquely printed Gold Coins sold by Banks:

0.50% of the Loan Amount + relevant Service Tax

(Min: Rs 250 ; Max: Rs 500) + relevant Service Tax

(ii) For Non Hallmarked Jewelry/Ornaments:

(a)Up to Rs 25000: Rs 250 for each application + relevant Service Tax

(b)Above Rs 25000: 0.50% of the Loan sum + relevant Service Tax or Rs 500 + appropriate administration Tax whichever is higher.

Documents Required

Application Form for Gold Loans
Two copies of photograph of the borrower(s)
Proof of Identity
Proof of Address

Interest Rate

Scheme
1 year MCLR Spread over
1 year MCLR
Effective Interest Rate Reset Period

Gold Loan (all variants)
8.00%
2.55%
10.55%
1 year