Product

• Union Krishi Kamdhenu Gold Loan Scheme

Eligibility

• Any individual owning gold ornaments/Jewellery/Coins, either singly or jointly.

• Loans can be granted against gold ornaments/Jewellery and specially minted pure gold coins sold by our bank/other bank. The total weight of the coins should not exceed 50 grams per customer.

• Existing as well as new customer, whose willingness to open account with us.

Purpose of Gold Loan

• Finance to Agriculture, allied activities.

• Finance to food and agro processing activities.

Assessment of loan amount

Loan amount requested by Applicant/assessed amount on declaration;

OR

80% / 85% of the appraised value of Gold Ornaments of 22 carat fineness(65% of the appraised value of Hallmark Gold ornaments of below 22 carat upto 18 carat fineness applicable to 7 designated zones like Chandigarh, Delhi, Lucknow, Ranchi, Varanasi, Bhopal and Jaipur)

OR

Amount eligible based on the per gram rate fixed by the bank for 22 carat fineness.

WHICHEVER IS LOWER

Specially minted gold coins sold by any Bank (24 carat fineness- up to 50 gram per customer) shall be treated as gold ornaments for loan assessment purpose.

If gold ornaments are of Hall mark 22 carat fineness Rs.50 extra per gram can be given under this scheme for gold loan repayable within 9/6/3 months tenure. (#)

(#)The loan component including any additional amount for hall-marked jewellery shall be restricted to 75% of assessed gold value

Quantum of Loan Amount

• For 22 Karat-Maximum amount of loan is Rs.5 lakhs

• For Hallmark gold of 18/20 Karat-Maximum quantum of loan amount shall be restricted to Rs. 5 lakh per borrower.

Margin

• Margin 20% - 12/9/6 months tenure (22 karat)

• Margin 15% - 3 months tenure (22 karat)

• Margin 35% - 3/6/9/12 month (Below 22 Karat & upto 18 Karat)

(Gold Purity Below 22 Karat and up to 18 Karat accepted in branches fallen in 7 Designated zones Chandigarh, Delhi, Lucknow, Ranchi, Varanasi, Bhopal and Jaipur.

Repayment Period

• Maximum Tenure-12 Months.

• Can be repaid in lump sum or in part payments but the loan must be repaid within 12 months along with accrued interest thereon.

Security

• Pledge of Gold Ornaments/Jewellery/Coins.

Rate of Interest

• As per Gold Loan Interest rate table.

Processing charges

• Rs. 100+GST

Appraisal Charges

• Appraisal charge of 0.40% of loan amount with a maximum cap of Rs.500/and minimum of Rs. 100 /-