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Agri and Other Priority Gold Loan
| S.NO |
Parameter |
Particular |
| 1. |
Type of facility |
Cash Credit and Demand Loan |
| 2. |
Purpose |
Agriculture & Allied activities and Other priority sectors |
| 3. |
Eligibility |
All individuals, including staff members, being true owner of the gold ornaments/jewellery & specially minted gold coins sold by the Banks (maximum up to 50 gm per borrower). The applicant must be Indian resident |
| 4. |
Age |
Minimum- 18 Yrs. and Maximum -70 Yrs. |
| 5. |
Maximum Limit |
Rs.25.00 lakhs per borrower. |
| 6. |
Tenure |
12 Months |
| 7. |
Repayment Mode |
Repayment schedule will be as per the income generation of the borrower. In the repayment clause, the interest/principal servicing be synchronized with the harvest of crop and cash flow, depending on the activity of the borrower.
For advances other than crop loan, the loan should be repaid in monthly/quarterly/half yearly instalments with maximum moratorium period of 12 months as per cash accrual. However, the period of loan should not exceed 12 months. |
| 8. |
Interest Rate* |
| Sector |
Up to Rs. 3.00 Lakhs |
Above Rs. 3.00 Lakhs and up to Rs. 10.00 Lakhs |
Above Rs. 10.00 Lakhs and up to Rs. 25.00 Lakhs |
| Agri |
1 year MCLR |
1 year MCLR+S.P |
1 year MCLR+S.P+0.25% |
| Other Priority |
1 year MCLR+S.P |
1 year MCLR+S.P+0.25% |
1 year MCLR+S.P+0.50% |
|
| 9. |
Margin |
LTV decided by Bank from time to time |
| 10. |
Processing charges |
Up to Rs 3.00 Lakhs –NIL
Above Rs 3.00 Lakhs up to Rs 25.00 Lakhs –Applicable charges+GST |
| 11. |
Documentation |
Application, KYC of customer and 1 Latest photograph. |
| 12. |
Security |
Secured by min. 18 carat Gold Jewellery/Ornaments. |
| 13. |
Pre closure / Pre payment |
NIL |
Subject to change of MCLR
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