Purpose :
For immediate and urgent financial needs for personal needs, professional needs, business needs etc,.
Membership :
Repayment Period :
- Bullet repayment – 12 months ( For loans up to 4 lakhs).
- EMI – 12 months ( For loans above 4 lakhs) aggregate per borrower.
- Based on income proof.
Rate of Interest :
- 13.00% up to 3 months repayment period.
- 13.25% above 3 months & up to 6 months repayment period.
- 13.50% above 6 months up to 12 months repayment period.
Penal Charges :
- 3.00% p.a. over and above the applicable ROI for default in repayment and violation of terms of sanction.
Interest Calculation Method :
Security :
- Pledge of gold ornaments (Hallmark), (22 carat) with purity test.
Documentation :
- Duly filled prescribed application form.
- Photo identity & Residence proof of the applicant & guarantor.
- Declaration from the borrower that he / she is the true owner of the ornaments.
- The customer should be an account holder with the bank (SB / CA).
Limit of Loan :
- For Bullet repayment – 4 lakhs.
- Maximum loan / OD limit as per value of gold and repayment.
- Capacity (LTV not exceeding 75%).
Basis of Advance :
- 70% of the valuation of gold ornaments.
Other Charges :
- Appraisal charges based on the limit.
