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Maha Gold Loan Scheme (Loan against Gold Ornaments)

Maha Gold Loan Scheme

S.No

Particulars

Scheme guidelines

1

Type of facility

Term Loan / Cash Credit

2

Purpose of loan

To cater to the requirements of meeting personal expenditure of varied needs like marriage, higher education, medical emergencies, business travel etc.

Purpose of loan will have to be specified along with an undertaking that loan will not be used for any speculative purposes. 

3

Eligibility

All individuals including Bank Staff desirous of availing Gold Loan against Gold Jewellery / ornaments.

The applicant should satisfy the KYC guidelines.

4

Quantum of Loan​

Minimum: No Min Limit

Maximum: Up to Rs. 20.00 lakh

5

Eligible Loan Limit​

Rs. 3065/- 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

6

Margin​

Repayment Type Margin
Bullet Repayments (Maximum 12 months)35%
In all other cases (TL/CC)25%

LTV ratio 75% is to be maintained throughout the tenure of the Loan. (Total outstanding Including int./Value of Gold)

7

Loan Tenure​

  • TL / CC- Maximum – 24 Months
  • In case of Bullet Repayment Maximum -12 Months​

8

Repayment

Repayment mode:

A) Term Loan Facility :
1.   Principal Equally Distributed / EMI :-
Principal:
The maximum repayment period is 24 Months. Repayment should be fixed in terms of monthly/ quarterly/ half yearly/Yearly.
Interest :
Interest should be charged on monthly basis and should be serviced as and when applied
2.   Bullet Repayment :-
The repayment period of such loans shall not exceed 12 months. Bullet Repayment of Interest & Principal at the end of term. Interest will be charged to the account at monthly rests but will become due for payment along with Principal only at maturity.

B) Cash Credit
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

9

Interest Rate​

Click here to view the Interest Rate

10

Security​

Pledge of gold jewellery/ ornaments.

Bank shall not grant any advance against bullion / primary gold

11

Processing charges

Rs 500/- Per Application exclusive of GST

12

Documentation Charges​

Nil

13

Inspection Charges​

Nil

14

Out of Pocket Expenses (Packing Charges)

Rs. 100/- + GST