Gold Loan
| Particulars | Content |
|---|---|
| Who can Borrow | Individual |
| Purpose | For any legitimate purposes |
| Max. Finance Available | Upto Rs.15.00 lacs for members Upto 1 lakh for nominal member |
| Security | Pledge of Gold Ornaments |
| Margin | 75% on the market value arrived at the prevailing BENCHMARK RATE (announced by Bank from time to time) of the security to be pledged. |
| Repayment |
1. Max finance upto 15 lacs for members. 2. Bullet repayment upto 2 lakhs. 3. Term loan above 2 lakhs upto 12 months. 4. All Gold Loans / OD a/cs to be closed on or before due date. 5. Limit upto Rs.2.00 lac – subject to interest paid monthly. 6. Limit above Rs.2.00 lac up to Rs.5.00 lacs – Overdraft. Interest to be serviced as and when applied. |
| Appraisal Charges | As applicable |
| Documentation Charges | As applicable |
| Prerequisites |
1. Application form along with KYC documents, Income Proof of the applicant/s (SAVING / CURRENT ACCOUNT TO BE OPENED). 2. Pledge of Gold Ornaments. 3. Valuation of the ornaments of the gold pledged will be done by the Bank’s approved valuer in Bank’s premises. |
Sree Thyagaraja Co-operative Bank Limited, a leading Urban Co operative Bank in India.