CC bank gold loan interest rate 2024
CC bank gold loan interest rate
If you are looking for gold loan from Chennai Central Cooperative Bank (CC Bank) then this post will help you out under flexible repayment options for as low as ₹2,000, with a maximum limit that is based on the value on pledged gold. There are detailed breakdown of features of gold loan scheme:
Key Features:
Interest Rates:
CC bank interest rate is approximately about 10% per annum for bullet loans up to Rs 2 lakhs. Its standard repayment options, its interest rate might slight vary depends on the loan amount and repayment tenure.
Loan Tenure:
Gold loan tenure can be repaid over maximum 12 months. There are options for shorter tenure as well which is based on customer preferences. Bullet repayment option allows borrowers to repay up the loan principal and interest will be at the end of loan term.
Gold Requirements and Eligibility:
Gold pledged must be on high purity that is between 18 to 22 carats. Bank doesn’t account for precious stones or gems in the jewellery. Loan amount is based upon the weight and purity of gold with pre gram rate that is calculated at the time of pledge. Loan-to-value (LTV) ratio follows its RBI guidelines that ensure the loan amount doesn’t exceed 75% of the value on gold pledged.
Security and its Collateral:
Borrowers must pledge gold jewellery as collateral. On full repayment, gold is returned to the borrower. If the borrower defaults or unable to repay its loan within a specified time, bank might to sell their gold to recover their outstanding loan.
Repayment and Penalties:
Interest payments must be monthly, quarterly, or at the end of the loan period
Late payment penalties: If interest not paid on time. Late payment is applicable.
People who need quick cash for personal or business purposes can choose this loan. Its approval process is faster due to secured nature of loan. Borrowers must consider the risks, especially the possibility of losing up their gold if they fail to repay loan at a stipulated time.
