The bank offers Loan Schemes at very competitive rate of interest & reasonable documentation with fast disposal. The various loan schemes of the bank are Car Loan, Home Loan, Cosmo Credit Loan, Cosmo Mortgage Loan, Cosmo SME Loan, Industrial and Business Loan, Vendor Finance, LC discounting, Gold loan scheme Loan, Educational Loan, Share Overdrafts etc.
Purpose – To provide advance for purchase of gold / gold ornaments
Eligibility – The applicant must be true owner of the gold ornaments to be pledged with the Bank, the applicant must be local resident and must have a saving account with the branch, if no saving account with us then, it will be opened first and KYC norms will have to be completed.
Margin – Margin 25 %
Loan limit – In the form of overdraft – Up to Rs.1.00 lakhs, in the form of Term loan – Above Rs.1.00 lakhs
Security – Gold / gold ornaments + PDCs
Rate of Interest – 11.00%
Guarantors – No guarantor
Period – For Overdraft – Review within 12 months, for Term loan – 3 years to 5 years
Process Charges – 0.10% of loan amount
Agreement Charges – 0.10 % of loan amount
Interest calculation – On daily reducing balance
Prepayment charges – No prepayment charges