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Target Group:
Farmers/ Agriculturist.
Other existing clients having satisfactory dealings with us
Any other persons introduced by our reputed existing clients
Eligibility
Farmers/ Agriculturist other customers with satisfactory dealings (observing KYC Norms).
Other persons with proper introduction (in compliance with KYC norms) by minimum one year old existing customers of high standing / reputation.
Age
Minimum 18 years and maximum 70 years
Purpose
For Agriculture & Allied Activities
For consumption/ domestic /medical purposes (but not for speculative purposes
Type of facility
Term Loan: Term loans may be sanctioned under the scheme for agriculture as well as non-agriculture purposes.
However, Agriculturist may alternatively be given cash credit facility whose assessment will be based on scale of finance/ cropping pattern. Usual supporting documents to prove ownership of land may not be insisted upon as liquid security in the form of gold/jewellery covering the loan amount is available.
Margin:
25% of the valuation *
* Monitoring of margin will be kept in tune with the market behaviors on regular basis and if downward behavior of the valuation of more than 10% of the pledged Gold Jewellery is recorded, then immediate steps may be initiated to liquidate the account or margin should be maintained.
Click here for Rate of interest
Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges
Valuation
By approved shroff /jewel appraiser approved for valuation of jewellery for the purpose of Wealth Tax Assessment.
Repayment Period
In case of Term Loan – Maximum 36 Month
In case of cash Credit – On Demand
Loan Amount
The Minimum loan amount: Rs 5,,000/- & Maximum loan amount : Rs.5.00 Lacs and will be determined in the following manner:
Carat of Gold |
Hall Marked |
Non Hall marked |
22 Carat & above |
Rs1100 per gram (NW) or 75% of the existing market value of gold ornament which ever is lower. |
Rs 1050 per gram (NW) or 75% of the existing market value of gold ornament which ever is lower |
20 carat to 21 carat |
Rs 900 per gram (NW) or 75% of the existing market value of gold ornament which ever is lower. |
Rs 850 per gram (NW) or 75% of the existing market value of gold ornament which ever is lower. |
18 carat to 19 carat |
Rs 850 per gram (NW) or 75% of the existing market value of gold ornament which ever is lower. |
Rs 750 per gram (NW) or 75% of the existing market value of gold ornament which ever is lower. |
Here, (Net weight (NW) means Gross Weight of the Jewellery in grams less one eighth of gross weight in grams (weight of stone will be reduced from the Jewellery while computing gross weight and thereafter further reduction in weight will be done at the rate of one gram for every 8 grams for wastage, refining losses, etc).
Valuation Charges /Appraiser’s fees:
Rs 50 per Rs 10,000 of loan amount or part thereof subject to a minimum of Rs.50/- and maximum of Rs.200/-.
Disbursement
By credit to SB or CC or any other appropriate account of the borrower.
Repayment term
Agriculturist: Repayment will be tied up with the harvesting period and accordingly repayment schedule will be fixed.
Others: Borrowers may be allowed to exercise any of the following options -
1. Repayment in 36 EMI (Minimum 12 PDCs will be obtained & before exhaustion of the same fresh 12 PDCs will be obtained)
2. Repayment in 12 quarterly installment (Principal installment plus monthly interest for three months.)
3. Short term loan for 1 year with quarterly servicing of interest and bullet payment of remaining due with interest on one year.
Security
Pledge of the gold ornaments.
Delivery Channel
All rural/semi urban branches & Identified urban/metropolitan branches.
Others
A declaration will be obtained from the borrower regarding his/her/their bonafide ownership of the ornaments.
No advance will be granted against security of primary gold i.e:24 carat gold bars & biscuits. |
