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.