Gold
Loan Scheme
For what purposes can I avail of this advance
facility?
This facility is for meeting any type of contingent requirements,
thus harnessing the yellow metal, which is usually a “non-sweating”
asset, for productive purposes.
What
is the duration of the advance?
The advance is for a duration of six months. But it can be
renewed, if necessary, upto an aggregate period of 12 months by
remitting interest monthly.
What
is the interest rate?
The interest rate is 9.50% per annum (simple) to a loan upto
and including Rs20,000/-.Interest rate for loans above Rs 20,000/-
and upto & including Rs 25,00,000/- is 10.50% per annum(simple).
What
is the maximum amount of loan?
Maximum amount of loan is Rs.25 Lakhs.
What is the special feature of this loan?
The special feature for this loan is that the interest is
charged for the actual number of days for which the gold is pledged,
subject to the condition that minimum interest of Rs.25/- will
be charged for an advance exceeding Rs.5000/-.
