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Loan against Gold Ornaments
 
Who can apply? 
Applicant can apply individually or along with the spouse jointly
 
What should be  the purpose? .
For meeting financial need / Contingencies such as medical , education etc.
 
How much loan can be granted ?.
Maximum of Rs 25 lacs, depending on the market value as assessed by the appraiser of the Bank. The amount of loan is linked to the rate of interest chargeable as given below
 
 What is rate of interest?
12 %   p.a for 25 % Margin
 
What will be the share linkage
Rs 110 /- ( nominal member)
 
What will be the repayment period?
Period up to 36 months
EMI to start from the next month
 
What will be the securities?

Pledge of the gold ornaments 

What about co-borrower?
Spouse shall be the co-borrower
 
Documentation ?
Documents to be furnished as under:
    a)                Application Form in prescribed format
b)               Photographs of borrower
c)             Identity proof: Passport / voter identity card / PAN Card /   Driving license /Adhar Card etc.
d)              Address proof: Passport /telephone/electricity bill, Ration card/ Voter identity card etc.( any one)
e)              CIBIL REPORT ( MANDATORY
f)                Valuation report by Bank`s approved Valuer                             
g)              Loan Documents:-
1)      Demand Promissory note Form No-24
2)      Agreement for Loan against Gold ornaments Form No-20
3)       Letter of Lien & set off Form No-36
4)      Declaration letter about ownership of gold ornaments              
How to apply?
  1. Application in prescribed format
  2. Address proof : Passport /telephone/electricity bill, Ration card/ Voter identity card etc
  3. Identity proof : Passport / voter identity card/ PAN card telephone/electricity bill etc.
  4. Valuation report by Bank`s approved valuer
Ascertainity of Repayment Capacity
a)      Salaried Person:-
1)    3 Months’ Salary Slips,
2)    Form No-16, Tax Return copy,
3)    Latest Bank Statement 6 Months.
b)      Businessmen: -
1)   Latest I.T returns Copy, Balance sheet & Profit & Loss A/c statement,
               2) 6 Months latest Bank statement.
 
How disbursement will be made? .
By way of  disbursement through the account of the borrower
 
Other terms
Only gold value will be reckoned and not the stones or pearls fitted with the ornament
 
Sanctioning Authority
Branch Manager : upto Rs 3 lacs
CEO                    : upto Rs 7 lacs
Loan Committee : upto Rs 10 lacs
Board                  : above Rs 10 lacs to Rs.25 Lacs.
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