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Our gold loan scheme offers best features as follows:
Eligibility
Purpose of Gold Loan
Assessment of loan amount
75%of the appraised value of Gold Ornaments of 22 carat fineness; OR Amount eligible based on the per gram rate fixed by the bank for 22 carat fineness OR Loan amount assessed based on scale of finance for crop production/ actual amount of credit requirement for other than crop production, as the case may be. Whichever is lower
Nature of facility
Maximum amount of Loan
Repayment period for Gold Loan
Forms & Documents
Details of modifications in guidelines for Union Gold Loan Scheme are as under: -
SNO
EXISTING GUIDELINES
MODIFIED GUIDELINES
01
Gold Loan Scheme guidelines- Modified
For Gold Loans above Rs.25. lakhs
For Gold Loans above Rs.25. lakhs.
To continue
Deviation in ClBlL score of less than 650 can be permitted by the Regional Head subject to satisfying reasons for low CIBIL score on a case to case basis to the existing customers not having any credit facility from our Bank.
Minimum CIBIL Score of 650 and equivalent to be ensured for new customers.
Minimum CIBIL score of 650 and equivalent to be ensured for existing customers not having any credit facilities from our Bank. No deviation is allowed in case of ClBlL Score below 650.
Borrower with existing credit facilities and proven track record, CIC score shall not be applicable.
If there are defaults on credit cards or otherwise as reported by ClBlL/Credit Information companies up to Rs 2.00 lakhs and the applicant produces sufficient proof for having removed default, the credit facilities can be sanctioned by the respective delegate on being satisfied with the proof of removal of default.
02
Gold Loans can also be sanctioned for all eligible purposes under other priority Sectors. Typical requirements under other priority sector are loans for day to day working capital requirement of business unit, petty trade, purchase of business tools, furnishing of business premises, purchase of furniture and fixtures etc. The loan amount wiII be sanctioned based on a declaration by the borrower.
Non-agricultural Gold Loans to individuals in the business activity may be classified under MSME. Branches to obtain Udyam registration number of the MSME business activity as per norms including relaxation/extension given by the Government and the same to be mentioned in the appraisal note/sanction letter and fed in finacle for ready reference. Branches can generate Udyam registration number instantly if borrower does not possess.
Additional weightage
Only Hall Mark Gold
4
Union Krishi Kamadhenu Gold Loan scheme: Margin:20%---12 months tenure
Margin as per tenor of Loan
Rate of Interest - Please click here to know our latest interest rates
**Conditions apply.
**Contact our nearest branch for further details**