| Loans against Gold Ornaments for Non Agricultural Purpose |
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 Purpose
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Loans are allowed for productive purposes to persons engaged in agricultural and non-agricultural activities. Loans for pure consumption purposes such as meeting marriage/ medical/ educational expenses and other expenses are sanctioned subject to the rules in force. Loans have to be repaid within a maximum period of one year.
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| Eligibility |
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Any properly identified person/existing customers who are properly identified and accepted as a customer as per KYC-AML guidelines
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| Security |
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Hypothecation of the Gold Jewels pledged (Gold Coins sold by various Banks – will be treated as jewelery (loans allowed for non-speculative purposes only)
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| Quantum of Finance per gram (Jewellery) |
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Carats
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Non Hall Marked |
Hallmarked |
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22 carat
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Rs.1600/- per gram or 80% of the market value of Gold whichever is less
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Rs.1650/- per gram or 80% of the market value of Gold whichever is less
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21 carat
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Rs.1500/- per gram or 80% of the market value of Gold whichever is less
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Rs.1600/- per gram or 80% of the market value of Gold whichever is less
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20 carat
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Rs.1400/- per gram or 80% of the market value of Gold whichever is less
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| 19 carat |
Rs.1350/- per gram or 80% of the market value of Gold whichever is less
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| Quantum of Finance per gram (on Gold Coins) |
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Carats
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Our Bank
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Other Banks
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Coins with 999.9 purity
(Corresponding to 24carat)
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Rs.1700/- per gram or 80% of the market value of Gold whichever is less.
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Rs.1700/- per gram or 80% of the market value of Gold whichever is less.
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Coins with 916 purity
(Corresponding to 22 carat)
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NA
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Rs.1600/- per gram or 80% of the market value of Gold whichever is less in case of other bank coins.
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| Nature of Facility |
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- Demand Loans against pledge of gold ornaments
- Secured Overdraft facility against security of gold ornaments (generally to traders, contractors , owners of petrol pumps etc.,
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| Repayment |
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- Non Agricultural Gold Loan ( Demand Loan) is to be repaid within a year from the date of sanction.
- Secured Overdraft against Gold to be renewed once in two years
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| Stamp Duty |
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When the total amount of loan exceeds to a particular person Rs. 1,00,000 stamp duty to be paid as per the regulations of that state
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