Purpose of Loan | To meet the expenses towards: · Social ceremonies of the family members. · Medical treatment of himself and family members. · Educational expenses of children. · Repairing of residential house. · Any other productive as well non-productive purpose. |
Eligibility of borrower | · KYC norms to be observed. · Applicant must have his own ornaments. · Borrower must be a Member / Nominal member of the Bank. |
Quantum of finance | · Loan up to 65% of the market value or quantum fixed by the Board of directors as per prevailing market value from time to time per 10gms of gold ornaments. · Maximum Rs.4.00 lac. |
Repayment period | Maximum 12 months. Repayable by EMI or Bullet payment on due date. |
Rate of Interest | @ 10.50% p.a. (w.e.f. 11-01-2024) |
Security | · Pledge of gold ornaments with the Bank. |
Documentation | · Application of Gold Loan · D.P. Note · Valuer Report · Letter of Pledge |