GSTIN : 32AAATT2863N1Z7

Gold Loan

Gold Loan

RULES AND REGULATIONS / FEATURES

1.  Loan can be availed by either Members or Nominal Members.

2.  Loan can be availed against the security of gold ornaments or gold coins only

3.  Loans shall not be disbursed against valuable stones. Actual weight of gold must be assessed in
cases where the ornaments pledged contain any other precious stones.

4.  Only individual customer can avail the loan.

5.  The minimum weight for ornaments to be pledged under 3,6 & 12 month Scheme will be 1gm.

6.  The aggregate amount of all gold loans per borrower shall not exceed Rs 1000000(Rupees Ten lakh only) or as defined in the bye law. However the minimum amount allowable under Product code 334 will be Rs.10000/- and the minimum weight of the ornament under product 334 shall be 8 gms.

7.  Loans forthe purpose ofAgriculture and allied activities shall be for 6 months and 12 months.

8.  Interest will be calculated under diminishing method.

9.  After the due date of the loan, 3% overdue interest will be charged in addition of normal rate.

10.  Valuation charges for appraising the purity and valuation of gold coins & ornaments to be pledged shall be fixed and revised by the BOD under advice by the BOM from time to time. However no valuation charges shall be applicable on gold loans up to Rs 25000.

11.  Bank charges on Gold loans shall be fixed and revised by the BOD under advice by the BOM from time to time. However no bank charges shall be applicable on gold loans up to Rs 25000.

12.  Partial repayment will be permitted from the second day of pledging.

13.  A minimum of 15 days interest will be charged for 3, 6 and 12 months schemes for the closure from the second day to 14th day of pledging. Exact date will be considered from the 15th day for interest calculation.

14.  The Bank has a right to sell the ornaments through an auction when the loan becomes overdue. Before auctioning, Bank will intimate the customer through a registered notice. If the sales proceeds in excess of the due in the loan account, the excess shall be refunded to the borrower. If the proceeds are less than the dues, the borrower should remit the balance amount.

15.  A penalty of Rs.10/- will be charged for loss of the slip.