Gold Rate in Central Bank of India

Can you tell me about the interest rate for Cent Personal Gold Loan facility offered in CBI (Central Bank of India) for its customers?

[pawan]

Cent Personal Gold Loan in Central Bank of India is provided to meet urgent personal expenses like marriage / medical / educational needs, etc. other than for Agricultural purpose.

Nature of Facility
Demand Loan against pledge of gold ornaments of 22 Carat purity or Gold Coins (Maximum 50 gram per person) sold by Bank.

Rate of Interest
MCLR (12m) +2.00 % p.a. floating

Security
Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by Bank.

Quantum of Loan
Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by Bank.

Margin:
30% of the value at the time of sanction.

Maximum Limit of Loan per Gram
Rs.1750/- per gram of gold ornaments or 70% of the current market price of 22 carat gold whichever is less.
In case of gold coins sold by Bank Rs.1850/- per gram of gold coins or 70% of the current market price of 24 carat gold whichever is less.
The weight of coins pledged should not exceed 50 grams per borrower for advance against security of gold coins.
Drawing power will be revised suitably on monthly basis based on the market value of gold.

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

Processing Fees
0.5% of the loan amount plus tax plus applicable Appraiser Fee.