Co operative bank gold loan interest rate
Co operative bank gold loan interest
Co-operative banks in India provide gold loans at excellent competitive interest rates ranging from 9% and 14% per annum. All these rates differ on various factors such as loan amount, regional banking policies and repayment tenure
Features of Co-operative Bank Gold Loans:
Interest Rates:
- Interest rates start from 9% and increase up to 14% depends on bank’s lending policies and amount of loan. Some banks also offer special schemes for women or farmers with lowest rates.
- District Co-operative Banks in states such as Kerala provides rates starting from 9%, is among the lowest for gold loans
Loan-to-Value Ratio (LTV):
Co-operative banks that follow RBI guidelines that is set a maximum of LTV ration on 75%. Borrowers will get a loan up to 75% of appraised market value of gold.
Repayment Options:
Various repayment methods are offered below
Bullet Repayment: You can pay full amount through principal + interest at the end of loan tenure
EMI: Both interest and principal must be paid monthly.
Partial Payments: Most of the co-operative banks allow partial repayment at the time of loan tenure which will reduce its interest burden
Processing fee and Other Fees:
Banks often gives a nominal processing fee such as 0.5% to 1% of the loan amount) and have many other charges for gold appraising that slightly increases its total loan cost.
Loan Tenure:
Loan Tenure ranges from 3 months to 12 months through extensions that might be allowed based on repayment records and its bank policies.
Eligibility and Security:
People who are above 18 years with its coins or gold jewelry with 18-24 karat purity) can also apply for gold loan. Banks often release its pledged gold once loan is repaid fully.
EMI Jewel Loan
| Security | Only own gold jewels should be pledged. |
| Loan | Upto Rs.4,600 per gram |
| Quantum * | Min. Rs. 25,000/- and Max. Rs. 2 lakh. |
| Rate of Interest | Flat 6% |
| Repayment period | 12 months |
| Processing charges | 0.5% of loan amount |
| Preclosure charges | Upto 6 months : Rs.500, After 6 months : Nil |
Jewel Loan – Bullet
| Security | Only own gold jewels should be pledged. |
| Loan | Upto Rs.4,500 per gram |
| Quantum * | Min. Rs. 1,000/- and Max. Rs. 2 lakh. |
| Rate of Interest | 9.50% p.a. (On Monthly rests) (subject to change from time to time). |
| Repayment period | 12 months from date of issue. |
Jewel Loan 30
| Security | Only own gold jewels should be pledged. |
| Loan | Upto Rs.4,500 per gram |
| Quantum * | Min. Rs.1,000/- and Max. Rs. 30 lakh. |
| Rate of Interest | 10% p.a.(On Monthly rests) (subject to change from time to time). |
| Repayment period | One year from the date of issue. |
Additional conditions applied, contact branch for more details.
Jewel Loan 5
| Security | Only own gold jewels should be pledged. |
| Loan | Upto Rs.4,500 per gram |
| Quantum * | Min. Rs.1,000/- and Max. Rs. 5 lakh. |
| Rate of Interest | 9.75% p.a.(On Monthly rests) (subject to change from time to time). |
| Repayment period | One year from the date of issue. |
Jewel Loan – 6 Months
| Security | Only own gold jewels should be pledged. |
| Loan | 75% of Current Market Per Gram Rate |
| Quantum * | Min. Rs.10,000/- and Max. Rs. 30 lakh. |
| Rate of Interest | 9.50% p.a.(On Monthly rests) (subject to change from time to time). |
| Repayment period | Six Months from the date of issue. |
