GOLD LOAN

GOLD LOAN

Type of loan                      :          Short term loan – Non-agriculture. 

Method of Repayment        :          Non-EMI 

Purpose                             :          Various purpose. 

Eligibility Criteria                 :          To individuals 

Scale of finance                  :          85 % of the market value of gold ornaments                                             pledged. 

Margin                                :          15% of the market value of gold ornaments.                                           

Holiday period                     :          Not applicable. 

Repayment period               :          1)   6 months

                                                  2)   12 months   

Repayment type                  :          Single payment.                                         

Rate of interest                    :          As per interest structure. 

Penal Interest                      :          After due date 2% additional interest is charged 

Charges                              :          1)   Insurance charge @Rs: 1 per 1000 subject to a Minimum of 10 and a maximum of Rs:50.

                                                     2)   Appraiser charge @ 2 per 1000 up to a maximum of Rs: 50 per packet. 

Subsidy/Re-finance              :          Nil 

Security                               :          Gold ornaments. 

Single disbursement limit restricted to a maximum of  Rs.100000.   

GOLD LOAN TO INDIVIDUALS FOR AGRICULTURE PURPOSE Type of loan                      :          Short term loan –Agriculture.  Method of Repayment        :          Non-EMI  Purpose                            :          Agriculture purpose.  Eligibility criteria                :          To individual farmers.  Scale of finance                 :          85 % of the market value of gold ornaments pledged.  Margin                              :          15% of the market value of gold ornaments.  Holiday period                   :          Not applicable.  Repayment period             :          12 months  Repayment type                :          Single payment  Rate of interest                 :          As per interest structure.  Penal Interest                    :          After due date 2% additional interest is charged  Charges                            :          1)   Insurance charge @Rs: 1 per 1000 subject to a Minimum of 10 and a maximum of  Rs:50.                                                       2)   Appraiser charge @ 2 per 1000 up to a maximum of Rs: 50 per packet.                                          Subsidy/Re-finance             :          Yes  Security                             :          Gold ornaments.  This loan is issued only on the support of land tax receipt for the current year subject to scale of finance .  Single disbursement limit restricted to a maximum of  Rs.100000. ->Rs.100000.    Application cum other details including D.P.Note, Token, and Voucher etc., of gold loan should be printed in pre-printed stationery.Gold ornament weight from electronic weighing balance may be captured automatically.