Gold Loan

The New Urban Cooperative bank ltd. Rampur presents

“Loan Against Gold Ornaments”, designed to provide liquidity against gold ornaments without having to sell them.

Gold ornaments lying idle can be put to productive use by availing Loan against Gold and Gold Ornaments.

Target Group:

• Individuals, House wives, Farmers, Agriculturist & other clients

Eligibility

Individuals including directors of bank (except goldsmith, jewel appraisers and their close associates) are eligible.

Age

• Minimum 18 years
• Maximum 70 years

Purpose

• For Agriculture & Allied Activities
• For consumption/ domestic /medical purposes/ Personal Need.

Type of facility

• Term Loan

Margin:

          30 % of the valuation

Security:

Pledge of the gold ornaments only.

Loan Amount

• Maximum loan amount: Rs.2.00 Lac
• The value of the gold is calculated on the basis of the market price.
• The maximum amount of loan available per gram of pure gold is as decided in comparison with the prevailing market rate.
• The available pure gold in the gold Jewelry tendered is determined on the basis of quality of gold that is measured in terms of Karat. The 100% pure gold is 24 Karat.

Part Release

         Not Permitted

Repayment term

May exercise any of the following options –

• 1. Repayment in 12 EMI
  2. Repayment in 4 quarterly installment
  3. Short term loan for 1 year with quarterly servicing of interest and bullet payment of remaining due with interest on one year.

Post Closures Charges:

The interest on post closures account will be charged @1% extra.

Processing charges:

Processing charges will be as per the file charges mentioned in service charges.

Valuation charges:

Rs 10000/-     To        Rs 49999/-      –  100/-

Rs 50000/-     To        Rs 100000/-    – 200/-

Rs 100001/-   To        Rs 500000/-    –  300/-

> Rs 500001/-                                    –  500/-

Documents to be annexed with loan proposal:

1. Application for gold loan.
2. Nominal membership form.
3. Letter of continuing security
4. Letter of Lien & setoff
5. Letter of Authority
6. Appraiser Report
7. Pronote
8. Declaration of ownership of ornaments.
9. Declaration of use of funds.
10. List of inventories.
11. Photographs of Ornaments.