The
scheme aims at providing loan for purchasing gold ornaments for
marriage purposes. All persons eligible to enter into a contract
under the Indian Contract Act are eligible for the loan, provided
the loanee has repaying capacity and produces security which is
sufficient and acceptable to the Company as per the norms in vogue.
As this loan is given only for marriage purposes, genuine proof
of the same should be produced to the satisfaction of the company.
The loanee will be given opportunity to purchase BIS .916 Hallmarked
gold ornaments from reputed Jewellers who are approved by the
Company on the basis of their application, and scrutiny and Goodwill
of the Jewellers.
Loan
Amount
The maximum amount of loan will be 90% of the invoice price
subject to maximum Rs.3,00,000/- and minimum Rs.25,000/-.
Administration
cost will be charged @ 1% of the advance, subject to minimum of
Rs.250/- and maximum of Rs.1000/-.
.
Rate
of Interest
The
normal rate of interest is 12% diminishing. In case of default,
the rate will be 13% (diminishing).
Repayment
Period
The
loanee will be given option to select repayment period ranging
from 12 months to 60 months.
Objective
In
our, society, Gold Ornaments are an inevitable ingredient for
marriages in any community. Very often, it is found difficult
to purchase quality gold ornaments at the time of marriage due
to lack of adequate fund or credit purchase facilities. Thus the
scheme will be of great blessing to such families to grace the
marriage occasions.
