Purpose – Any purpose of the customer
Eligibility – Any Individual for Agriculture and Non-Agriculture sector
Repayment – Repayable within 24 months along with interest compounded quarterly in case of Non-Agree; Loans and compounded yearly in case of AGJL
Appraising of Security – Gold ornaments to be taken as security should be appraised appointed by the bank for the purpose. Branches should ensure that the appraisal is done by the appraisers only at the Branch Premises. Selection of the appraiser is to be made by the branches, among the locally available.
Service Charges – As per the guidelines from time to time at present it is 0,5% of the loan amount.
Recovery – If the loan account is not paid within the period of repayment, a registered notice should be sent to the borrower in the format prescribed for the purpose. If the notice is returned undelivered, if the acknowledgement is not received or wherever after receiving the notice there is no response from the borrower, steps should be taken to auction the jewels pledged as per the procedure laid down in our Cir No 7/90 dated 20.2.1990
Genera – Jewel loans are to be granted against gold ornaments only and not against gold coins, bullions, primary gold etc.
Apart from loan against jewel, the bank also offers home loan, personal loan, vehicle loan, agricultural loan, business loan, educational loans etc.