Eligibility: Age 21, regular source of income.
Quantum of Finance: Rs. 10,000/- and above.
Guarantor: Not needed.
Margin: Max. 75% of value of gold.
Pre-payment penalty: None
Term of Loan: 12 months. May be extended if a/c. is satisfactorily conducted.
Interest Rate: Min. 13% (depends upon the margin)
Processing Fee: 0.5% min. Rs. 500/-. (Valuer's fee is included in it).
Return of gold jewellery: Immediately on closure of gold loan account.
Other Requirements: If the borrower is not an existing customer of the bank, KYC formalities are to be taken care of.
Term Loan can also be offered against pledged gold ornaments. Repayment is to be done in easy monthly instalments.