Rajkot Nagarik Sahakari Bank – Advance against Gold

By | March 29, 2011

Rajkot Nagarik Sahakari Bank is a leading Co-Operative Bank in Gujarat State, India. Bank was established on 5th October 1953. Bank was the first co-operative institute to start functioning in the erstwhile region of Saurashtra.

Bank is enjoying the “Scheduled Bank” Status since 1989. In year 2001 Bank was registered under Multi-State Co-Operative Society Act. With opening of branch in Mumbai, the Economic Capital of India the bank became Multi-State Schedule Co-Operative Bank.

 

Purpose: This loan can be availed for any immediate personal or business needs of an individual.

 

Eligibility: Any person can avail this loan pledging gold ornaments as security.

 

Quantum of Loan: This personal loan can be granted immediately. The maximum amount that can be granted as loan is Rs. 1 lakh. For 22 carat gold ornaments, 80% of the value determined subject to a maximum of Rs. 10,080 per 10 gram of gold is granted as loan. In case of 24 carat gold ornaments, 80% of the value determined subject to a maximum of Rs. 11,000/- per 10 gram gold is granted as loan.

Rate of Interest: The rate of interest of for the loan is 12% per annum.

 

Repayment: The maximum period for repayment is 26 months.

 

Security: The gold pledged serves as security.

 

Documents required: Documents are required as per the KYC norms.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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