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Old 29th November 2016, 05:37 PM
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Join Date: Mar 2013
Default Re: Punjab National Bank Gold Loan

Punjab National Bank offers loans against gold ornaments, jeweler and gold coins. The gold loan can be availed for agricultural and allied activities and for non-productive purposes like medical treatments, educational purposes and for other unplanned emergencies.


Features of PNB Gold Loan

Quantum of Finance

For productive purposes, there is no cap on the loan amount approved by Bank.
For non-productive purposes, the maximum loan amount that is generally approved is up to Rs. 10 lakhs.

Loan Margin
The loan margin that has to be brought in by the borrower is 25%.

Security
One has to submit gold ornaments, jewellery or coins issued by any bank while applying for the advance.
When Bank approves a loan against gold coins, the maximum weight per coin per customer should not be more than 50 grams

Valuation
As decided by the RAD, 22 carat gold is accepted for approving loans.
If the gold ornament or jewellery is lesser than 22 carat, then Bank convert the required value into 22 carat and then sanction the loan.

Repayment Tenure
Loans given for agricultural purposes can be repaid in 12 monthly instalments or as four quarterly instalments.
Bank will retrieve the interest on a half-yearly or yearly basis, as per the harvest season.
The loan account can be adjusted to include a maximum tenure of 12 months. The overdraft facility can be renewed on an annual basis.

Loans availed for non-agricultural purposes can be repaid in 12 monthly instalments or as four quarterly instalments.
The overdraft facility can be renewed on an annual basis.
The interest will be levied as required and the principal has to be repaid within the 12-month tenure.


PNB Gold Loan Interest Rates

The interest rates offered by Bank for loans against gold jeweler, ornaments or coins are as follows -

For Productive Purposes Interest Rates
For Agriculture - Loans up to Rs. 10 lakhs MCLR + 1.60%
For other productive purposes MCLR + 2.60%
For Non-Productive Purposes - Loans up to Rs. 10 lakhs MCLR + 2.60%


PNB Gold Loan - Other Fees and Charges


Other Charges
Upfront Fees 0.70% plus service taxes
Documentation Charges Loans up to Rs. 2 lakhs - Rs. 270 plus service taxes Loans above Rs. 2 lakhs - Rs. 450 plus service taxes
Prepayment Charges Nil
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