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advance against gold jewellery / ornaments & gold coins

Advance Against Gold Jewellery / Ornaments & Gold Coins
Purpose For productive purposes such as agricultural/allied and other activities as well as for non-productive purposes (meeting medical, educational, marriage expenses and other unforeseen expenses etc.)
Quantum of Finance

Productive purposes - Need based, without ceiling.

Non-productive purposes - Max. Amount of Loan - Rs.10.00 lacs.

Margin

i. 35% for bullet payment option

ii. 25% for payment of interest as and when levied option

Security

Gold jewellery, ornaments and Gold coins issued by any scheduled bank/ our bank. However, advance against the security of gold coins sold by schedule bank / our bank (which are specially minted gold coins), the weight of the coin(s) shall not exceed 50 grams per customer.

Valuation

Rates 22 carat gold for the purpose of financing to be advised by RAD

HO at prescribed intervals (presently monthly basis). In case Gold

with purity less than 22 carat is accepted as security, the value be converted proportionately into 22 carat for financing under the Scheme

Repayment (Maximum)

Loans for Agricultural Purposes:

The loan may be repaid by any of the following option:

i. Interest required to be charged/recovered at yearly/half yearly intervals coinciding with the harvesting of crops. However, the account to be adjusted within a maximum period of 12 months or as and when demanded. OD facility to be renewed annually. (Keeping in view seasonality of the crop, the Circle Head may permit repayment within a maximum period of 18 months)

ii. Repayment through Bullet Payment i.e. payment of interest and principal at maturity.

Loans for Non Agricultural Purposes (Productive & Non productive):

The loan may be repaid by any of the following option:

i. Regular servicing of interest as and when levied. Principal being repayable within 12 months or as and when demanded. OD facility to be renewed annually.

ii. Repayment through Bullet Payment i.e. payment of interest and principal at maturity.

Prepayment charges NIL
Rate of Interest Click Here
Processing Charges/ Upfront fee Click Here
Documentation Charges Click Here

Above are only salient features of the scheme. For details please contact nearest branch

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