Purpose

Loans to individuals for productive (agriculture/allied activities, micro & small enterprises etc.) and consumption purposes against the security of Gold jewellery/Ornaments and Gold Coins.

Eligibility

Fully KYC Compliant Customers including staff members and ex-staff and their family members.

Nature of Credit facility

1)  Demand Loan   2) Term Loan

Quantum of Finance

Minimum:       Rs 1000.00

Maximum:      Rs 25.00 Lakh

Rate of Interest

 •   Loan /Limits up to Rs 2.00 Lakh                                     :   1 year MCLR + 1.00%

 •   Loan /Limits above Rs 2 Lakh and up to Rs 10 Lakh   :   1 year MCLR + 1.75 %

 •   Loan /Limits above Rs 10 Lakh and up to Rs 25 Lakh :   1 year MCLR + 2.25%        

Scale of Finance

 75/65% of value of gold ornaments/jewellery arrived at the rate per gram of gold notified by the Bank on daily basis.

Repayment

Demand Loan    : On demand.

Term Loan         : For Agriculture loans Max. repayment period upto 24 months.

                             For Other loans Max. repayment period upto 12 months.

Processing charges:

•   Loan/Limits  up to Rs. 2.00 lakh : 500/-

•   Loan/Limits above Rs. 2.00 lakh : 0.50% subject to a maximum of Rs.10000/-