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Cent Gold Loan Scheme

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, Reducible Over Draft, CC, CKCC

Security

Pledge of gold ornaments of 22 Karat purity or Gold Coins sold by Banks (Max. 50 grams per person)

Quantum of loan

Min. Rs 10,000/-

Max Rs.40 Lakh

Overall limit under RAM segment capped at Rs.40 Lakh

Margin

18% to 40% as per product code

Loan to Value

65% to 75% (Retail/MSME)

60% to 82% (Agriculture)

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.

CIC Score

No Minimum CIC score requirement

Rate of interest

Depending on the Tenor and Type of facility, ROI will vary from :

Retail/MSME: RBLR-0.95% (i.e. 8.40%) to RBLR-0.15% (i.e. 9.25%)

Agriculture   :  7% (with interest subvention) up to loan amount of Rs.3 Lakh

6M MCLR-0.30% (i.e. 8.50%) to 6M MCLR+0.30% (i.e. 9.10%) (Non-Interest subvention)

Processing fee

In case of Retail and MSME gold loans, Depending on the Tenor and Type of facility, Processing fee  will vary from

0.125% to 0.50% of loan amount (Min Rs.62.50+GST, Max: Rs.5000/-+GST)
Presently processing fee waived on Retail gold loans up to 31.12.2024.
In case of Agri gold loans, processing fee 
Exempted up to Rs.5 Lakhs in case of Agriculture Gold loan and Above Rs.5 Lakhs from Rs.2500/-+GST to Rs.5000/-+GST.

Appraisal fee

Fee to be collected from borrowers towards appraisal fee:

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 of 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)