|
Name of the Scheme |
Cent Gold Loan Scheme |
|
Eligibility/ Target Group |
Individuals of 18 years and above 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 and urgent personal expenses like marriage/educational/ medical 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 |
22% to 32% as per Borrower/CIF Amount wise Loan |
|
Loan to Value |
Retail Gold Loan (Per Borrower/CIF): 68% to 78% |
|
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 |
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Rate of interest |
Please click here to know our latest interest rates |
|
Processing fee |
For Fresh /Renewal Gold Loan: 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 (1st 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 (1st 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. |