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Overdraft (non priority) Gold Loan Scheme

Sn Parameter Particulars
1 Type of facility Overdraft
2 Purpose Any purpose other than speculation
3

Eligibility

  • All individuals being the true owner of the Gold ornaments/ Jewellery/ specially minted gold coins sold by the banks. The weights of specially minted gold coins should not exceed 50 grams per customer.
4

Age

Minimum - 18 Years; Maximum - 70 Years

5

Maximum Limit

Rs. 25 Lakhs per borrower

6

Tenure

Maximum: 12 months subject to annual review.

7

Repayment Mode

  • Interest on monthly basis
  • The principal will be repaid by way of bullet payment at any time during the tenure of the loan.

8

Interest Rate

BRLLR +SP+1.75 %

9 Margin

Loan to Value (LTV) decided by Bank (time to time).

10

Processing charges

Loan Amount

Unified Processing Charges (Exclusive of GST)
Upto Rs. 25,000/- Nil
Above Rs. 25,000/- upto Rs. 5.00 lakh 0.50% of the limit sanctioned (Minimum: Rs. 500/= and Maximum Rs 2500/=)
Above Rs. 5.00 lakh 0.50% of the limit sanctioned (Maximum Rs. 3500/=)
11

Documentation

  • Application form
  • KYC of Borrower
  • 1 Latest Photograph
12

Prepayment /Part payment Charges

NIL
13 Security The loan shall be secured by minimum 18 carat Gold

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