Purpose
To provide credit against security of gold ornaments to distressed poor, farmers, and artisans etc. to prepay their debt to informal sector for a maximum period of 12 months.
Eligibility
Individuals indebted to informal sector.
Loan Amount
Loan amount is decided based on the per gram rate fixed by the Bank from time to time maximum of Rs.100000/-
Documents Needed
Application denoting quantum of amount indebted to informal sector and Gold Loan Pledge Card.
Interest Rate
Refer Rates & Charges Page (take me there)
Repayment
Lump sum on due date with interest i.e. expiry of 3/6/12 months.
Security
Pledge of gold ornaments of 22 carat fineness (Gold coins permitted, Bullion not allowed)