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The scheme is a retail loan facility for women to purchase gold/platinum jewels from reputed jewellers.
Target Group :
- Salaried Class Women
- Professionals and
- Housewives with husband as co-obligant (subject to income eligibility of husband and sanction by Regional Office)
Age of the borrower: Borrowers in the age group of 18 years to 60 years are eligible for the loan.
Income Eligibility: The minimum gross monthly income from salary / profession is Rs.5,000/-. For Housewives, husband's income will be taken into account for considering the loan.
Purpose of loan: For purchase of Hallmarked Gold / Platinum Jewellery, Gold / Platinum Ornaments in Reputed Jewellery shops.
Loan Amount: Loan can be considered up to 10 times gross monthly income (salary or income from profession) subject to a Minimum- Rs.25000/- and a Maximum of Rs.2 Lacs. Net income should be at least 50% of the gross income after taking into account this loan instalment.
Margin: 20% of the cost of jewellery. Loan will be considered up to 80% of cost of jewellery to be purchased.
Interest Rate: Please click Retail credit interest rates
Repayment: In a maximum of 24 EMI
Security: For Loan up to Rs.50,000/-, no collateral security only hypothecation of jewels purchased. For loans above Rs.50,000/- Liquid Securities (NSC, Life Policies etc.,) for equal value of loan is to be provided.
Tie-up arrangement: Purchase of jewellery will be from shops with whom Bank will enter into a tie-up arrangement.
Implementing Branches: Initially the scheme is to be implemented in select branches.
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