obcindia.co.in Oriental Loan Against Gold Ornaments Scheme : Bank of Commerce

Organization : Oriental Bank of Commerce
Facility : Oriental Loan Against Gold Ornaments Scheme

Scheme : https://www.pnbindia.in/
Home Page : https://www.pnbindia.in/

Loan Against Gold Ornaments Scheme

All type of agriculture / allied activity, Business enterprises, Any other activity taken up by the applicant for self employment, Personal consumption needs, non speculative purpose.

Related : Oriental Bank of Commerce Unnati Deposit Scheme : www.statusin.in/20837.html

Eligibility :
** All individual / proprietors borrowers

Type of facility :
For non-agriculture purpose :
a) Demand Loan
b) Overdraft

For agriculture purpose :
a) Demand Loan
b) Overdraft
c) Term Loan

Loan Limit :
For non-agriculture purpose : Max- Rs. 50.00 Lacs per borrower
For agriculture purpose : Max- Rs. 10.00 Lacs per borrower

Assessment of Loan limit :
70% of rate of 22 Carat gold jewellery or 70% of value appraised by Appraiser, whichever is less.

Security :
** Pledge of gold ornament, which has purity between 24 carat to 22 carats only/ pledge of Gold coins specially minted & sold by the bank having per coin weight upto 20 gms.
** The aggregate weight of Gold coins shall be restricted upto 50 gms per customer

Margin :
For Non-Agricultural Purposes: 30%

For Agricultural Purposes :
a) For Demand Loan/ OD- 25% against value of gold ornaments offered as security as assessed / appraised by the approved valuer.
b) For Term Loan- 50%

Penal Interest :
a) Upto Rs. 0.25 lacs – NIL
b) Above Rs. 0.25 lacs & Upto Rs. 2.00 Lacs – 1%
b) Above Rs.2.00 lacs – 2%
c) No prepayment penalty
Note: The penal interest shall be charged on overdue amount and for the period of irregularity.

Documentation Charges / Prepayment penalty : NIL
Repayment :
a) Demand loan is to be liquidated within a maximum period of 12 months.
b) Overdraft facility shall be reviewed / renewed every year.
c) Repayment period for gold loans sanctioned for Agriculture purpose should be linked to harvesting of crops.

Check points :
** Primary gold i.e. gold in any unfinished or semi finished form & includes ingots, bar blocks, slabs, billets, shots, pellets, rods, sheets, foils and wires shall not be pledged
** Gold Bricks / Biscuits/Sikh Bangles / Kada need not be taken as security for advance
** Silver or Diamond jewellery have not to be accepted for advance
** Gold ornaments with names inscribed of person other than borrower (S) are not to be accepted
** The valuation of the ornaments must be based on the weight and fineness of gold contents only
** No Objection Letter from wife of the borrower, stating no objection for the pledge of the gold ornaments
* For further details please contact the nearby branch or call at 1800-180-1235 & 0124-2340940

About Us :
** Provide quality, innovative services with state-of-the-art technology in line with customer expectations.
** Enhance employees’ professional skills and strengthen cohesiveness.
** Create wealth for customers and other stakeholders.

Contact Us :
Oriental Bank of Commerce,
Plot No. 5, Institutional Area
Sector-32, Gurgaon – 122001