Cent MSME Gold Loan Scheme

Name of the Scheme	Cent Gold Loan Scheme
Eligibility/ Target Group	Proprietorship firms having KYC complied accounts with our Bank. Gold/Jewellery shop owners, Goldsmiths/appraisers and their close relatives are not eligible.
Purpose	To meet non-speculative business-related needs, Production credit/working capital needs etc.
Type of Facility	Demand Loan (Bullet Repayment)
Security	Pledge of gold Jewellery, gold ornaments (Max weight 1000 gram) of 18/20/22 Karat purity or Gold Coins (Max.50 grams per person) sold by Banks. Gold Jewellery/Ornaments of 18/20 Karat will be proportionately valued at the Rate of 22 karat
Quantum of loan	Min. Rs 10,000/-Max Rs.60 Lakh Overall limit under RAM segment capped at Rs.60 Lakh
Loan Eligibility Norms	Gold Loan Exposure >Rs.2.50 Lakh will be assessed based on repayment capacity of the customer
Margin	30%
Loan to Value	70%
Repayment	12 Months
CIC Score	No Minimum CIC score requirement For borrower with Annual Income above Rs.10 Lakh, CIC twill be extracted for considering Deductions
Rate of interest	Please click here to know our latest interest rates
Processing fee	For Fresh /Renewal: 0.50% of loan amount with Min Rs.250/-+GST, Max Rs.5000/-+GST
prepayment/fore-closure charges	NIL
Appraisal fee	Loan Amount slab wise appraisal fee to be collected from borrowers: In case Appraiser is not Registered under GST: 0.20% of loan amount, min Rs.100/- +GST, max: Rs.3000/- +GST (1^st time appraisal) 0.10% of Loan amount, min Rs. 50/-+GST, max Rs. 1500/-+GST (renewals) In case Appraiser is Registered under GST/Corporate Appraiser: 0.22% of loan amount, min Rs. 110/-+GST, max Rs. 3300/+GST (1^st time appraisal) 0.11% of loan amount, min Rs. 55/-+GST, max. Rs. 1650/-+GST (renewals)
Release of pledged collateral	Release or return the pledged eligible collateral held as security to the borrower(s)/ legal heir(s) within maximum period of seven working days upon full repayment or settlement of the loan.
Safe Keeping Charges	Loan Amount Slab Wise Safe Keeping charges will be levied after 30 days of expiry of tenure of the Gold Loan or after 30 days of closure of loan, if gold/ornaments are not redeemed.