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Frequently Asked Questions

What is a Gold Loan?

It is a personal loan secured against the gold ornaments/coins which a customer pledges with the bank. The loan amount can be utilized for personal/business & any other non-speculative & for approved purposes

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What are the ornaments/coins that I can pledge?

Customers can pledge all types of gold ornaments/coins which are 18 carat & above in purity. However, the bank does not accept ornaments such as "Mangalsutra", "Thali", "Raksha", Kodi", "Karimanimala", "Gold Statues" & "Gold wrist watches.

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Do I need to provide any income documents?

No income documents required up-to a loan amount of Rs. 10 lakhs.

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Do I need to be an existing customer of the bank?

The customer need not be an existing customer of the bank.

However, we recommend that while availing the Gold Loan, customer should open a savings bank/current account facility with the bank which will enable the customer to not only enjoy banking services of the bank, but also assist them in servicing the loan conveniently.

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What are the different loan tenures available?

Gold Loan facility is available under 3 schemes:

 

  •     Term Loan - Bullet (3 / 6 / 9 / 12 months)
        Wherein the loan amount will be disbursed instantly and the customer needs to service interest on monthly basis.
  •     Term Loan - EMI (24 / 36 months)
        Wherein the loan amount will be disbursed instantly and the customer needs to service equated monthly installment which includes interest as well as         principal.
  •     Overdraft facility (12 months)
        Wherein customer will be provided with overdraft limit which he/she can rotate & utilize as per their needs during the tenure of 12 months & repay                  interest on monthly basis on the amount utilized.

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