|
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. 9.50%) 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) |
|
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) |
