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10th February 2017, 10:24 AM
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Join Date: Mar 2013
Re: Oriental Bank Of Commerce Gold Coin

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.

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

Margin-

For Non-Agricultural Purposes: 30%
For Agricultural Purposes :

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

b) For Term Loan: 50%

Loan Limit-

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

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

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

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.

Repayment

Demand loan is to be liquidated within a maximum period of 12 months.

Overdraft facility shall be reviewed / renewed every year.

Repayment period for gold loans sanctioned for Agriculture purpose should be linked to harvesting of crops.

Contact-

Corporate Office

OBC
Plot No. 5, Institutional Area
Sector-32
Gurgaon – 122001

Telephone Nos.:

PBX board/ receiption numbers : 0124-4126200 and 0124-4126300

Toll Free Customer Care No. : 1800-180-1235
Toll Customer Care No. : 0120-2580001


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