Gold Loan
Minimal paper work & no hidden charges to experience completely transparent process of speedy & same day disbursals by keeping your gold ornaments with us.
Purpose :
- To meet personal / family expenses in case of any exigencies
- To meet finance-gap in business or any legitimate purpose acceptable to the bank
Eligibility :
- Salaried employees
- Businessmen
- Self-employed
- Professionals having regular source of income
Quantum :
- In case of Regular Repayment (Principle + Interest payment per month) :
- Loan amount will be subject to bank’s exposure limit
- In case of Bullet Repayment (Only Interest payment per month) :
- ₹ 2 lakh only, per Individual at any point of time
Tenure :
- In case of Regular Repayment (Principle + Interest payment per month) :
- Maximum 1 Year
- In case of Bullet Repayment (Only Interest payment per month) :
- Maximum 1 Year
Documentation :
- In case of new customer, applicant & guarantors need to open savings / current account
- KYC documentation as per RBI guidelines, including proof of identity & address proof of applicant
- Duly filled & signed loan application form
ROI :
- Please click here to know about latest ROI & Service Charges.
Important Terms :
- For loan limits over ₹1, 00,000/-, applicant has to be a regular shareholder of the bank.
- Valuation of gold ornaments will be done by bank’s valuer and loan amount will be decided accordingly.
- Standing Instruction (SI) Request / ECS or NACH instructions / Post Dated Cheques (PDC) to be submitted to the bank as per requirement.
- Gold Valuer’s professional fees on actual basis & charges thereof to be borne by applicant.
- Stamp duty on pledge document @0.1% of the loan limit if limit is up to ₹5 lakh, (minimum ₹100/-) otherwise @0.2% of loan limit, as per prevailing stamp duty act, subject to change as per government notification.
- Before disbursement, applicant has to provide margin money and necessary amount to meet all the expenses (as mentioned above & as per service charges). Adequate amount for the purpose is to be deposited in the bank account in advance.