Eligibility
| Any person with assured monthly Income acceptable to the Bank. Gold loan will be granted to Associate and Regular Members of the Bank at the discretion of the Branch Manager or the Officer authorized by the Board from time to time. Such a person should be a good and regular customer of the Bank or others who are introduced as per KYC norms.
|
Rate of interest
| SLAB
| ROI
| | Ordinary | 8.50%
| Agricultural and MSME
| 8.25% | | Vidya Bhavishya Education Jewel Loan(Upto Rs.50,000/-) | 8.00% |
|
Repayment Tenure
| The period of advance upto Rs.2 lakhs against gold ornaments under bullet payment should be 1 year. Above Rs.2 lakhs, the loans should be repaid in monthly installments within a period of one year from the date of advance and it should be treated as overdue if the principal and/or interest in arrears for more than 90 days.
|
Margin
| 75% of the market value notified by the bank on daily basis.
|
Other Terms
| Membership is necessary for the borrower and sureties to avail this loan. |