Gold Loan

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 periodMaximum 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