Gold Loan Scheme In Corporation Bank

Sir I want to know that what is the eligibility to take the gold loan from the corporation bank so can you tell me the same

[Shaleen]

Corporation Bank is a public sector banking company headquartered in Mangalore, India. The bank has pan-India presence with 8,000 functional units


Gold Loan Application requirements

Individuals pursuing activities like retail trade, small business, small manufacturing units, professionals, self-employed and agriculturists.

Individuals having any source of income other than above like – Salaried Class, Pensioners etc.

Purpose Agriculture – short term crop loan and other investment purposes.

Micro and Small Enterprises (manufacturing and services) – including small road and
water transport operators, small business,

professional & self-employed persons, retail trade etc.

Housing – To meet cost of construction of houses and repair of houses.

Education -To meet educational expenses.

Nature of facility: Demand Loan and Secured Overdraft [running account].

Security: Pledge of Gold Jewellery.

Gold Loan Rate (tentative)

Per gram Rs.2000/- on 24 carrat basis for loans with repayment period of 12 months, Rs.1900/- per gram [24 carrat basis] for loans above 12 months repayment period.
No processing charges for loans up to Rs.2.00 lakh.

Rate of Interest:

Linked to Base Rate which is 10.65% at present


Loans up to 12 months : 10.60%

Loans above 12 months and up to 24 months: 11.10%

For Agriculturists, loans sanctioned to short-term crop production up to Rs. 3
lakhs during the current year and repayable with in 12 months, the rate of interest is: 7 %

For Jewel Loans other than agriculture (CADL /CAOD) :


Up to Rs.2 lakhs : 11.60%

Above Rs.2 lakhs : 12.60%

Repayment:

Demand Loan/Maximum 24 months.

Secured overdraft:

Running account facility to be renewed / reviewed every year.

Special Features Secured Over Draft account can be linked to the existing Debit Card of the account holder. Personalized chequebook can be issued as an added benefit