Particulars Scheme Details
Target Customers
1.      Individuals
2.      Proprietorship concern
3.      Hindu Undivided Family
4.      Partnership Firm
5.      Pvt. Ltd / Public Ltd. Company
Type of facility
Overdraft against Pledge of 22 ct (916) Gold Ornaments/ Jewellary
Rate of Interest
Quantum of Finance
1. Minimum - Rs. 0.25 Lacs
2. Maximum - Rs. 1000.00 Lacs
Rate Per Gram
As fixed by bank from time to time
Security
Primary security of 22 ct (916) Gold Ornaments/ Jewellary
(Bank shall not fund against Gold/ Silver bullion as it is prohibited by RBI)
Tenor of Loan
36 months.
(For continuing the facility thereafter, Limit can be renewed. Limit is subject to annual review)
Processing Fee
0.10% of the limit sanctioned.
Penal Interest
2% p.a. for the defaulted amount for the defaulted period.
Special Features
1.      Safety of the ornaments – Under custody of the Bank.
2.      Liquidity of the gold is ensured – by sanctioning an overdraft against pledge of ornaments.
3.      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.
4.      For Re-pledge borrowers: A declaration by the original pawner stating the actual ownership and No-Objection for Re-pledge the Gold by the pawnee pledges the same with any Bank should be obtained.
5.      Borrower can operate this account as their personal overdraft.