Fees and Charges varies from scheme to scheme and loan amount. Basic charges applicable for gold loan will be, Stamp duty charges ,processing fees and valuer charges.
1. Stamp duty charges will be applicable as per the respective state stamp act.
2. Processing fee ranges from 0 to 1% depending upon the quantity and loan amount, subject to deviation.
3. Valuer charges range from Rs. 250 to Maximum Rs. 1000, depending upon the loan amount ( 2nd valuation will be done if loan amount is Rs 4 lacs and above ).
If the loan is closed within the locking period, preclosure charges will be applicable to the extent of 2.25 %. Locking period is for minimum 6 months however, negotiable depending upon the need. If defaulted for any amount 3% penal rate will be levied.
If interest defaulted for 3 months, legal charges will be attracted. All fees attract GST charges as per norms.