|
Name of the Scheme |
Cent Gold Loan Scheme |
|
Eligibility/ Target Group |
Individuals/farmers of 18 years and above/proprietorship firms having KYC complied accounts with our Bank. |
|
Purpose |
To meet non-speculative and urgent personal expenses like marriage/educational/ medical needs, business related needs, Production credit/working capital/investment agricultural credit needs etc. |
|
Type of Facility |
Demand Loan, Term Loan, Over Draft, CC, CKCC |
|
Security |
Pledge of gold ornaments or Gold Coins sold by Banks (Max. 50 grams per person) |
|
Quantum of loan |
Min. Rs 10,000/- Max Rs.40 Lakh (Under Agri Segment 20 Lakh) Overall limit under RAM segment capped at Rs.40 Lakh |
|
Margin |
18% to 40% as per product code |
|
Repayment |
3 months-36 months (Retail/MSME) 3 months-60 months (Agriculture) In case of 3 months/6 months tenure gold loans, auto rollover of principal allowed by payment of interest and shortfall in LTV without re-appraising gold ornaments. |
|
Rate of interest |
*As per Loan Tenure and Credit facility |
