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.