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21st November 2016, 10:44 AM
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Join Date: Mar 2013
Re: Gold Coins From Oriental Bank Of Commerce

Oriental Bank Of Commerce provide Oriental Loan Against Gold Ornaments Scheme.

Oriental Loan Against Gold Ornaments Scheme

Purpose

All type of agriculture / allied activity, Business enterprises, any other activity taken up by the applicant for self employment, Personal consumption needs, non speculative purpose.

Loan Limit-

For non-agriculture purpose : Max- Rs. 50.00 Lacs per borrower

For agriculture purpose : Max- Rs. 10.00 Lacs per borrower

Eligibility-

All individual / proprietors borrowers

Type of facility

For non-agriculture purpose

a) Demand Loan
b) Overdraft

For agriculture purpose

a) Demand Loan
b) Overdraft
c) Term Loan

Assessment of Loan limit-

70% of rate of 22 Carat gold jewellery or 70% of value appraised by Appraiser, whichever is less

Security

Pledge of gold ornament, which has purity between 24 carat to 22 carats only/ pledge of Gold coins specially minted & sold by the bank having per coin weight upto 20 gms.

The aggregate weight of Gold coins shall be restricted upto 50 gms per customer

Margin-

For Non-Agricultural Purposes: 30%

For Agricultural Purposes :

For Demand Loan/ OD: 25% against value of gold ornaments offered as security as assessed / appraised by the approved valuer.

For Term Loan: 50%

Penal Interest

a) Upto Rs. 0.25 lacs - NIL
b) Above Rs. 0.25 lacs & Upto Rs. 2.00 Lacs - 1%
b) Above Rs.2.00 lacs - 2%
c) No prepayment penalty

The penal interest shall be charged on overdue amount and for the period of irregularity.

Customer service: 1800 180 1235


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