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Frequently Asked Questions

What is a Gold Loan?

It is a  loan secured against the gold ornaments/Bank coins which a customer pledges with the bank. The loan amount can be utilized for personal/business & any other non-speculative  purposes. It’s a loan which can be availed quickly and easily instead of going to Pawn broker with higher rate of interest 

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What are the ornaments/coins that I can pledge?

Only wearable gold ornaments from 18 k to 22 karat and only bank minted coins (24 Karat) up to 50 gms per customer can be funded Non funded items such as hair pins ,Cuff lings ,Gold watch, Gold strap, Gold idols, Gold utensils cannot be accepted, jewellery not more than 50% deduction, Thread mangalsutra,White gold, Diamond jewellery,Imitation jewellery,Ginni,Gold bars .

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Do I need to provide any income documents for gold loan?

Along with fulfilling the eligibility criteria, Minimal documentation is required for the gold loan to get approved. You need to show a valid ID proof , address proof with 3 latest Passport size colour photos  as the basic gold loan documentation prerequisites ITR need to be submitted if availing gold loan Rs 25 lakh and above

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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?

Bullet Scheme Tenure 12 Months (Can be renewed for more 24 Months with the same document with request letter etc.) ,Interest Payment can be Qtrly /Half Yrly and Yearly 

 

Vanilla  Scheme Tenure 36 months. No Renewal Required during the tenure with Monthly Interest. EMI Scheme Tenure ,12,24,36,48 Months OD facility is temporary withdrawn please contact Branch for further details

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