Maha Gold Loan Scheme (Loan against Gold Ornaments)

Information on Mahabank Gold Loan

S.No Particulars Revised Scheme guidelines
1. Name of the scheme Mahabank Gold Loan scheme
2. Purpose of loan To cater to the requirements of meeting other personal expenses, whatsoever which include personal expenditure of varied needs like marriage, higher education, medical emergencies, business travel etc.
3. Type of credit facilities For General Purpose only : Term loan / Cash Credit subject to Maximum Repayment tenor of 12 months depending on need of individual
4. Eligibility All individuals desirous of availing Gold Loan against gold jewellery /ornaments
5 Age Limit
  • Minimum : 18 Years
  • Maximum : 70 Years
6. Quantum of Loan
  • Minimum : Rs. 20,000/-
  • Maximum: Rs. 5.00 lakh *Subject to eligibility for loan amount based on scale of finance and Loan to value (LTV) ratio of not exceeding 75% of the loan amount during the course of the loan
7. Eligible loan amount Rs. 2000/- per gram of 22 carat gold ornament Or 75% of the market value of the net weight of the Gold ornaments excluding stones attached to ornaments/ jewellery to be pledged, whichever is less
Note : Scale of finance will be reviewed from time to time
8. Security for the loan Pledge of gold jewellery/ ornaments. Bank shall not grant any advance against bullion / primary gold
9. Repayment of loan Term Loan Facility : Principal: The maximum repayment period is 12 Months. The repayment can also be fixed as bullet payment. Interest : Interest should be charged on monthly basis and should be serviced as and when applied
Cash credit Facility : Annual Review subject to entire amount to be repaid once in year
Interest : Interest should be charged on monthly basis and should be serviced as and when applied
10 Rate of interest (Floating) Click here to view the Interest Rate
11. Processing charges Rs.500/- per application
 
 
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