Express Gold Loan

Advances will be made against Gold jewels to the Nominal Members of the Bank at the discretion of the managing Director / Manager or any officer authorised by the Board from time to time. Such a person should be a good and regular customer of the Bank properly introduced.

Advance against Jewel shall be made to the extent of 90% of the jewels pledged / to be pledge as per Jewel Appraisers valuation. Further the maximum advance to individuals shall not exceed Rs.10-00 Lakhs. However, this limit may be revised by the Board from time to time. Interest in advance for 90 days shall be recovered while advancing loan.

Advance shall be limited to 90 days and on expiry of the 90 days loan shall foreclosed and action shall be taken to recover the loan as per procedure laid down in the rules. However, if the loanee pays the interest for the next three month loan maybe extended for another 90 days. But in no case extension shall not exceed 12 months.

Managing Director at Head Office shall periodically review about the market rate of the Gold and should communicate the market rate to the all branches and advance as prescribed at the above rate based on the market rate shall be made. And if there is short fall in margin in respect of advance already made, the concern Branch Manager shall take immediate action to make good the deficit in the margin

*Rules are subject to change from time to time. For further details please contact nearest branch.