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Corp Mahila Gold - For buying Gold |
Corp Mahila Gold - For acquisition of pure gold and jewellery
This new scheme viz. “CORP MAHILA GOLD” is to finance working & non-working women for acquisition of gold bars / gold ornaments.
The Scheme details are as follows:
1. Loan Amount
Minimum Rs.10,000/- and Maximum Rs.2,50,000/- . In the case of salaried women, 12 times net take home pay, if salary is routed through the branch. If not routed, 6 times of net take home pay subject to the ceiling.
2. Eligibility
Resident Indian (Working/non-working women) of age group 18 to 58 years.
3. Rate of Interest ( with effect from 01.06.2007)
Fully secured 13.25 % p.a.
Unsecured / partly secured 14.25% % p.a.
4. Margin
15% i.e. The bank will finance 85% of the cost of the gold / gold ornaments.
5. Repayment
In Equated Monthly Instalments [EMIs] not exceeding 60 months.
Instalment amount not to exceed 50% of the take home pay or the monthly assessed income.
6. Security
No security will be insisted for loans upto Rs.50000/-, for working women, where the salary is routed though our Bank or an undertaking letter is furnished from the employer to deduct and remit monthly EMI´s to the Branch.
For non-working women: No security will be insisted for loans upto Rs.50,000/- if the loan is availed jointly with a co-obligant (who is husband / brother/ father) drawing salary through our branch and gives an undertaking letter to deduct the monthly instalments from his salary.
Loans beyond Rs.50,000/- to both working and non-working women of the above category shall be fully secured for the loan amount over and above Rs.50000/- by way of securities like NSCs/ LIC policies [surrender values] / Govt. Bonds / KVP´s / Term Deposit of our Bank in the name of applicant / co-obligant.
In all other cases the loan shall be fully secured (i.e., 100% of the loan amount) by way of securities, like. NSCs / LIC policies [ surrender values] / Govt. Bonds/ KVP´s / Term Deposit of our Bank in the name of applicant / co-obligant.
Note
If no tangible securities as mentioned above are available, EMG of land & building of the requisite value shall be obtained by maintaining 50% margin.
7. Service Charges
1.00% of the loan amount.
8. Mode of Disbursement
Direct payment to the jeweller of choice of the applicant by DD / PO. |
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