What Is the Interest Rate for Gold Loan at Syndicate Bank

I want to take gold loan from Syndicate Bank so can you please tell me the interest rate on gold loan for Non–Agriculture end-users in this bank?

[Kiran Chandar]

Syndicate Bank is one of the oldest and major commercial banks of India. the bank was established in 1925 and nationalized on 19 July 1969, by the Government of India.

New Gold Loan product for Non–Agriculture end-users with Bullet repayment

Product name and Code -
SyndSwarna- Non Agriculture- Bullet repayment

Purpose –

All purposes under Non Priority and Business purposes against pledge of gold

Rate of Interest - BR+1.50 presently 11.75%

Penal Interest - 2 % above the applicable rate on all overdue loans.

Eligibility –

Existing and new customers who are properly introduced to the Bank (KYC norms to be adhered to).

Amount of Loan -

Upto Rs. 10.00 lakhs for Non priority purposes
Upto Rs. 20.00 lakhs for Business purposes.

Tenor -

The tenor of the loan shall not exceed 12 months from the date of sanction.

Maximum term - 12 months

Repayment holiday - 11 months

Interest Compounding - Frequency Monthly

Repayment Period –

Bullet repayment. The entire loan amount with interest shall be repayable within 12 months from the date of sanction.

No rollover of the loan account beyond due date shall be permitted.

Scale of Finance –

Changes from time to time depending on gold rate. Presently `1580/- per gram of 22 carat gold OR 66% of Net Value of gold whichever is less.