Jewel Loan
info | Details |
Eligibility | Any person with assured monthly Income acceptable to the Bank.Gold loan will be granted to Associate and Regular Members of the Bank at the discretion of the Branch Manager or the Officer authorized by the Board from time to time. Such a person should be a good and regular customer of the Bank or others who are introduced as per KYC norms. |
Rate of interest | 12.00% |
Repayment Tenure | The period of advance upto Rs.2 lakhs against gold ornaments under bullet payment should be 1 year. Above Rs.2 lakhs, the loans should be repaid in monthly installments within a period of three year from the date of advance and it should be treated as overdue if the principal and/or interest in arrears for more than 90 days. |
Margin | 75% of the market value notified by the bank on daily basis. |
Other Terms | The borrower must declare that the jewels are his own and he must agree to abide by the valuation of the Banks Appraiser. The lien letter taken along with D.P.N. must empower the Bank among other things to sell the jewels in private or public auction and the borrower must also agree to make good any loss on an eventual sale of jewels in adjustments of dues to the Bank |
Express Jewel Loans
An advance on gold jewels will be granted to Nominal Members of the Bank at the discretion of the Branch Manager or the Officer authorized by the Board from time to time. The borrower should be a good and regular customer of the Bank or properly introduced by reliable persons.
Loan Amount
- Minimum loan amount: Rs. 1,000/-
- Maximum loan amount: Rs. 10,00,000/- per party
Terms & Conditions
- The borrower must declare that the pledged jewels are his own
- Borrower must agree to the valuation fixed by the Bank’s Appraiser
- Lien letter along with D.P.N. will authorize the Bank to sell the jewels through private or public auction if required
- The borrower must agree to make good any loss arising from the sale of jewels towards adjustment of Bank dues
Repayment Period
- Loan must be repaid within 6 months from the date of advance
- The loan will be treated as overdue if interest remains unpaid for over 6 months
- Overdue status applies from the expiry of half-year from the date of advance, whichever is earlier