Product

• SOD against Gold Ornaments for Selected Branches

Eligibility

• Any individual owning gold ornaments/jewellery/coins, either singly or jointly having savings bank accounts with our Bank.
• Branches to ensure that all KYC/AML norms are complied with for all borrowers.
• Pawn brokers and jewellery shop owners are not eligible under the scheme.

Assessment of Loan Amount

• A. Loan amount requested by Applicant/assessed amount on declaration;

OR

• B. 75% of the appraised value of Gold Ornaments of 22 Karat fineness for Agriculture and Allied activities / 70% of the appraised value of Gold Ornaments of 22 Karat fineness for Non-Agriculture end use purposes (65% of the appraised value of Hall mark Gold ornaments of below 22 Karat up to 20 Karat fineness applicable to 7 designated zones i.e., Chandigarh, Delhi, Lucknow, Ranchi, Varanasi, Bhopal and Jaipur).

OR

• C. Amount eligible based on the per gram rate fixed by the bank for 22 Karat fineness (daily Price data and the Quantum of Gold Loan/per gm to be taken from link created in UBINET).

OR

• D. Loan amount assessed based on Credit requirements like Agriculture, Allied activities, MSME, other Priority Sector, Retail, Non-Priority Sector, as the case may be.

Eligible loan amount: A/B/C/D -WHICHEVER IS LOWER

Note:

• Specially minted gold coins sold by any Bank (24 Karat fineness) up to 50 grams shall be treated as gold ornaments (22 karat fineness) for loan assessment purpose.
• If gold ornaments are of Hall mark 22 Karat fineness Rs.50 extra per gram can be given under this scheme.

Quantum of Loan Amount

• Minimum Amount – Rs.5.00 Lakhs
• Maximum Amount – Rs.50.00 Lakhs (For Priority & Non- Priority Sector)

For Hall-marked gold of 20 karat maximum quantum of loan amount shall be restricted to Rs 5.00 lakhs per borrower/customer ID

Margin

• 25% of the appraised value of Gold Ornaments of 22 Karat fineness for Agriculture and Allied activities.
• 30% of the appraised value of Gold Ornaments of 22 Karat fineness for Non-Agriculture end use purposes.

Rate of Interest

For 22 Karat

• Agriculture Loans –

  Rs 5.00 lakhs to Rs 25.00 lakhs – 1 Year MCLR (22 karat)

  Above Rs 25.00 lakhs – 1 Year MCLR +0.10% (22 karat)

• MSME - Other Priority Loans: -

  Rs 5.00 lakhs to Rs 25.00 lakhs – EBLR + 0.50% (22 karat)

  Above Rs 25.00 lakhs – EBLR +0.60% (22 karat)

• Retail -Non-Priority Loans: –

  Rs 5.00 lakhs to Rs 25.00 lakhs – EBLR + 0.95% (22 karat)

  Above Rs 25.00 lakhs – EBLR + 1.10% (22 karat)

Gold Appraisal Charges (Fresh & Renewal)

#Subject to revision from time to time.

Gold loan Calculator

• Updated on daily basis