Loan Against Gold Ornaments

A loan not exceeding 75% of the value of Gold Ornaments as certified by the Government Approved Valuer or certified valuer appointed by the bank shall be granted to a member/nominal member against pledge of gold ornaments. However, no loan shall be granted against Silver articles or Diamonds.

Rate of Interest :

• > 13 % Per Annum.

Eligibility :

• > Those who avail a gold loan & become a nominal member of the bank shall kept 10% of loan amount in Fixed Deposit for the period of 12 months.

Repayment Term :

• > Borrowing member should repay the gold loan in 12 installments.
• > Processing charges & insurance charges should be borne by the borrower.
• > The branch Manager are authorized to sanction the loan against gold loan.
• > Loan installments & interest thereon should be paid on monthly basis. If interest is not received for 3 months it should be capitalized in principal amount,
• > Documentation charges and valuation charges applicable shall be borne by the borrower.

Documents :

• > Original Bill Copy or Declaration.

Other Conditions :

• > Required share capital 5% and necessary cumulative deposit 10% of the loan amount.