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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: Rs. 20,000/- (Twenty thousand Only) Maximum: Up to Rs. 25.00 lakh | ||||||
5 | Eligible Loan Limit | Rs. 3455/- per gram of 22 carat gold ornament Or 75% of the | ||||||
6 | Margin |
LTV ratio 75% is to be maintained throughout the tenure of the Loan. (Total outstanding Including int./Value of Gold) | ||||||
7 | Loan Tenure |
| ||||||
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 | |||||||
10 | Security | Pledge of gold jewellery/ ornaments. Bank shall not grant any advance against bullion / primary gold | ||||||
11 | Processing charges |
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12 | Documentation Charges | Nil | ||||||
13 | Inspection Charges | Nil | ||||||
14 | Out of Pocket Expenses (Packing Charges) | Rs. 100/- + GST |
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