These loans will be granted on the security of Gold Ornaments wholly belonging to the borrower upto Rs.1,00,00,000/-.  The loans will be sanctioned as per the appraiser’s value appointed by the Bank basing on the purity of the ornaments. 75% of the appraiser value will be sanctioned as loan to the borrower subject to the loan limit of Rs.1,00,00,000/-.  The value of the Gold ornaments will be arrived at after deducting stones and other precious metals lodged in the ornaments.  The valuation of the Gold in the ornaments will be fixed per gram by the Board of Directors basing on the market value of the gold from time to time. 

Rate of interest: As decided by the Board of Directors and calculation will be done on monthly basis.

Period of Repayment: Minimum of 1 Year and upto 3 years on monthly interest basis.  The repayment can be made by the borrower on the monthly basis also.

In the event of the failure to repay the gold loans within the one year, the ornaments will be put to public auction as decided by the Board of Management.  After deducting the dues on account of the gold loan due by the borrower, the surplus amount if any in the sale proceeds will be kept under suspense account of the borrower which will be refunded on application.  Incase of deficit, the Bank is empowered to recover the deficit amount by other means attaching the immovable properties relating to the borrower.

GOLD  LOAN  @  8.50% per Annum (0.70 Paise) from 17-10-2023 onwards