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Gold Power /Power Re-Pledge/NEO Schemes
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Purpose
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For any genuine requirements of business or self-employed persons / entities or for on-lending purpose
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Target Customers
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Individuals / Proprietorship concern/ Hindu Undivided Family/ Partnership Firm/ Pvt. Ltd / Public Ltd. Company/LLPs
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Type of facility
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Overdraft / Term Loans with bullet repayment options
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Rate of Interest
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Click here to view the latest rate of interest
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Quantum of Finance
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Minimum - Rs. 0.25 Lacs (Gold Power), Rs 25.00 Lacs (NEO)
Maximum - Rs. 2500.00 Lacs
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| Rate Per Gram/ LTV |
- Up to 75%, as fixed by bank from time to time (Overdraft schemes)
- Up to 72% as fixed by bank from time to time (TLs under NEO)
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Security
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Primary security of 22 ct (916) Gold Ornaments/ Jewellary
(Bank shall not fund against Gold/ Silver bullion as it is prohibited by RBI)
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| Tenor of Loan |
- 36 months (Overdraft) with monthly interest servicing.
- Under NEO scheme, flexible loan tenure options of of 3 Months/ 6 Months/ 12 Months are available as per the requirement of the customerwith repayment at the end of the loan tenure.
(For continuing the overdraft facility after 36 months, Limit can be renewed. Limit is subject to annual review)
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Processing Fee
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0.25% p a. of the limit sanctioned.
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Penal Interest
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2% p.a. for the defaulted amount for the defaulted period.
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| Special Features |
- Safety of the ornaments – Under custody of the Bank.
- Liquidity of the gold is ensured – by sanctioning an overdraft against pledge of ornaments.
- Availability of the ornaments for use at any time – there is provision for release of the ornaments & re-deposit of the ornaments without any restrictions.
- Businessmen/ entities/ Self-Employed persons with any acceptable proof of business or self-employment can avail the facility.
- For Re-pledge borrowers: Licenses / additional documents as per policy/norms to be submitted.
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