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Gold Loans |
Gold! The name brings to mind images of wealth. At South Indian Bank, we value this age old preferred investment option and offer you easy avenues for quick finance against this invaluable asset.
Gold Power - Overdraft Against Pledge Of Gold
Gold Rush - Gold Loans with attractive interest rate
Gold Power
To be operated as an overdraft account against pledge of 22 carrot gold ornaments. Lending against gold / silver bullion is prohibited. There is provision for release of the ornaments & re-deposit of the ornaments without any restrictions.
Special features of the scheme
Safety of the ornaments – Under custody of the Bank.
Liquidity of the gold is ensured – by sanctioning an overdrafts under pledge of ornaments.
Availability of the ornaments for use at any time – there is provision for release of the ornaments & re-deposit of the ornaments without any restrictions.
Target group :
Individuals, Partnership & Proprietary Firms.
Type of facility :
Overdraft against pledge of 22 carrot gold ornaments
Loan limits :
Minimum Rs.0.25 lac , Maximum Rs.100 lacs
Security :
Pledge of 22 ct Gold Ornaments
Interest Rate :
BPLR – 1.50% fixed with floor level of 12%
Rate per gram :
as fixed by H.O from time to time
Processing fee :
NIL
Penal interest :
2 %
Period of sanction :
12 months; Can be renewed after paying interest.
Only 22 ct ornaments should be accepted for pledge . Borrower can operate this account as their personal overdraft.
The scheme details are furnished in brief only. For more details please contact any of the branches.
Gold Rush
Minimum amount of advance. :
Rs.10,000/-
Period of Advance :
12 months.
Cutoff date for redemption/auction :
13 months.
Rate of Interest :
BPLR - 1.50%
Rate per gram of 22 ct.Gold Ornament :
changes periodically.
Minimum Interest :
Minimum for 5 days or Rs. 50/- whichever is higher.
The scheme details are furnished in brief only. For more details please contact any of the branches.
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