Scheme for Advance Against Gold Jewellery/Gold Ornaments

Eligibility

ADVANCE AGAINST GOLD JEWELLERY/GOLD ORNAMENTS

• Advance against the security of gold Jewellery/ ornaments for personal needs and for non-agricultural purposes only (meeting medical, educational, marriage expenses and other unforeseen expenses etc.).

ADVANCE AGAINST SOVEREIGN GOLD BONDS

• A person resident of India, being an individual in his capacity as individual or on behalf of minor child, or jointly with another individual.
• Trust, HUF, Charitable Institutions and University.

Nature Of Facility

ADVANCE AGAINST GOLD JEWELLERY/GOLD ORNAMENTS

• Demand loan – Bullet repayment
• Demand Loan - EMI BASED
• Overdraft

ADVANCE AGAINST SOVEREIGN GOLD BONDS

• Demand Loan
• Overdraft

Quantum Of Finance

ADVANCE AGAINST GOLD JEWELLERY/GOLD ORNAMENTS

• Minimum – Rs. 25000/-
• Maximum - Rs. 25.00 lakh

ADVANCE AGAINST SOVEREIGN GOLD BONDS

• Minimum – Rs. 50000/-
• Maximum – Need BASED

Margin

ADVANCE AGAINST GOLD JEWELLERY/GOLD ORNAMENTS

• Demand loan – Bullet repayment – 30%
• Demand Loan - EMI BASED – 25%
• Overdraft – 25%

ADVANCE AGAINST SOVEREIGN GOLD BONDS

• Individuals – 25%
• Other than individuals – 40%

Security

ADVANCE AGAINST GOLD JEWELLERY/GOLD ORNAMENTS

• Pledge of Gold Jewellery / ornaments

ADVANCE AGAINST SOVEREIGN GOLD BONDS

• Pledge/Lien on Sovereign Gold bond in favour of the bank.
• Loans will be available against Sovereign Gold Bonds held in Dematerialized form with the Depository Participant of NSDL only.

Disbursement

ADVANCE AGAINST GOLD JEWELLERY/GOLD ORNAMENTS

• The disbursement of the Demand loan by way of credit in the Saving Bank/Current account of the borrower maintained with us or any other bank.

ADVANCE AGAINST SOVEREIGN GOLD BONDS

• In case of demand loan, the disbursement of the loan should be by way of credit in the operative account of the borrower with the bank

Repayment Period

ADVANCE AGAINST GOLD JEWELLERY/GOLD ORNAMENTS

The loan to be repaid by any of the following option:

• OD facility to be renewed every year
• Regular servicing of interest as and when levied in case of Demand Loan – EMI based and Overdraft Account
• Repayment through Bullet Payment i.e. payment of interest and principal at maturity max. up to 12 months

ADVANCE AGAINST SOVEREIGN GOLD BONDS

• Till the date of maturity i.e. Maximum 8 years or residual period of the Gold Bond whichever is earlier.

Rate Of Interest

Upfront Fee

Documentation Charges