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Star Mahila Gold Loan Scheme |
Purpose of Loan
For purchase of Gold ornaments, preferably hallmarked, from reputed Jewellers and/or Gold coins of Bank of India.
Target Group
Resident Indian Women
Working Women : Women permanently employed in Central/State Govt./PSUs/ Scheduled Banks/Teachers of Govt. Aided Institutions; and include professionals like Doctors/ C.As/Chartered Engineers etc.,Non
Working Women : Not having income proof. Spouse/other close relative who satisfy income criteria to join as co-borrower .
Age
18- 60 years
Rating Exercise
Applicant should get minimum 20 marks, under banks rating exercise, to be eligible for loan under the scheme.
Type of Advance
Demand/ Term Loan
Quantum of Advance
Working/Non-working women : 10 times of monthly net emoluments (take home salary of self/spouse, in case of non working women) Professional : 50% of Gross Annual Income as per latest Income Tax Return Minimum Rs. 50000/- Maximum Rs.2 lacs.
Margin
20% of the cost of Jewellery/Gold.
Interest
1.25% less BPLR , presently 11.50% p.a, at monthly rests.
Penal Interest
To be levied as per prevailing guidelines in this regard from time to time .
Repayment
Maximum 60 EMIs .However, repayment period not to exceed the age of 65 or retirement age of the borrower, whichever is earlier. Repayment through salary deduction /post dated cheques .
Net take home pay (net of EMI )
Min. 50% of the gross income of the applicant/ spouse, in the case of non-working women.
Security
For Loan over Rs.50,000/- liquid securities [NSC/KVP/Insurance Policies-surrender value] for the amount exceeding Rs.50,000/-.
Disbursement
By DD/ Pay Order favouring the seller ( with the name of the Bank and Account Number). Stamped Receipt/ Invoice for the total cost of jewellery (i.e Loan Amount plus Margin ) to be obtained. Proforma invoice required for a loan amount of Rs. 1 lac and over.
Processing Charge
For Loan upto Rs.50,000 - Rs.500/- . Over Rs.50,000- 1.10% of the loan amount Min. Rs.500/-
Other Charges
Stamp charges for documents at actuals. Loan Agreement copy charges:: As applicable
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