To meet urgent personal expenses like marriage / medical / educational needs, etc. other than for Agricultural purpose.
Nature of Facility
Demand Loan against pledge of gold ornaments of 22 Carat purity or Gold Coins (Maximum 50 gram per person) sold by our Bank.
Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by our Bank.
Quantum of loan
Rs 10000/ - Maximum Rs 20,00,000/
- 30% of the value at the time of sanction.
Maximum Limit of loan per gram w.e.f 03.03.2021
- For the loans sanctioned up to 31.03.2021: Rs.3800/- per gram of gold ornaments & jewellery or 90% of the current market price of 22 carat gold whichever is less.
For the loans sanctioned after 31.03.2021: Rs.2950/- per gram of gold ornaments & jewellery or 70% of the current market price of 22 carat gold whichever is less.
For the loans sanctioned on or after 01.04.2021: Rs.3050/- per gram of gold ornaments or 70% of the current market price of 22 carat gold whichever is less.
- In case of gold coins sold by our Bank 3225/- per gram of gold coins or 70% of the current market price of 24 carat gold whichever is less.
- Additionally it must be ensured that the weight of coin(s) pledged does not exceed 50 grams per borrower in case of advance against security of gold coins.
- Drawing power to be reviewed on monthly basis based on the market value of gold.
- The tenor of the loan should not exceed 12 months from the date of sanction.
- 0.5% of the loan amount plus tax plus applicable Appraiser Fee.
Rate of Interest
REPO BASED LENDING RATE w.e.f 30.05.2020
For further details please contact our nearest branch or call on the toll free no. 1800 22 1911
- RBLR = Repo + Spread + Credit Spread
Low / Medium Risk =4.00+5.05 =9.05%