Loan Schemes
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Gold Scheme
Interest Rate
10.5%
- Purpose: To cater to business or personal needs or any other genuine end use.
- Quantum of the Loan: As per the scale of finance per gram rate advised by the Management Committee or the amount requested by the borrower, subject to the repayment capacity of the borrower, whichever is less.
- Maximum Loan Limit per Customer per Day: ₹4,00,000/- in a single account.
- Interest Rate: 10.50% per year, calculated on the outstanding amount.
- Repayment Options: Monthly EMI or Bullet Payment (depending upon the loan amount).
- Credit Monitoring: Branches monitor the loans for prompt recovery of instalments or bullet payments every month/year.
- IRAC Norms: The account will slip into NPA if instalments or the loan amount remains overdue for more than 90 days.
- Sanctioning Authority: Branch Manager
- KYC Guidelines: Adherence to normal KYC guidelines.
- Customer Requirement: Borrower must have a Savings Bank (SB) or Current Deposit (CD) account.
- Repayment Capacity: Subject to repayment capacity of the borrower on similar lines as mortgage loans. Necessary columns have been incorporated into the application form.
