Gold Loan
| For Individuals | |
|---|---|
| Type of loan | Term loan/Secured overdraft |
| Purpose | For repair / renovation of residence Purchase home appliances / electronic Goods / repayment of outside debts / Medical expenses |
| Repayment |
For bullet loan 12 months For overdraft 24 months |
| Mode of Repayment | Standing instruction from our Bank Account ( Interest charged to Bullet / Overdraft facility be paid by borrower on monthly basis.). |
| Margin | 30 % in favour of Bank |
| Rate of interest | LNGB (Bullet payment) – 9.25 % p.a., LNGSOD – 9.50% p.a. |
| Who can borrow | Individuals |
| Loan amount | For bullet loan up to Rs 1.00 lakh For overdraft loan up to Rs 10.00 lakhs |
| Security | Pledge of gold ornaments |
| Collateral | Not required |
| Guarantors | Not required |
| Subscription of bank's shares | Loan above Rs 1.00 lakhs shares amount Minimum Rs 1100/- |
| Processing charges | For OD 0.50 % of sanct. loan amount. For bullet loan not applicable |
| Other charges | As per Bank's policy |
| Pre-payment charges | No pre closure charges |
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