| Purpose of Loan |
For purchase of Gold ornaments, preferably hallmarked, from reputed Jewellers and/or Gold coins of Bank of India. |
| Target Group |
Resident Indian Women
Working Women : Women permanently employed in Central/State Govt./PSUs/ Scheduled Banks/Teachers of Govt. Aided Institutions; and include professionals like Doctors/ C.As/Chartered Engineers etc.,Non
Working Women : Not having income proof. Spouse/other close relative who satisfy income criteria to join as co-borrower. |
| Age |
18- 60 years |
| Rating Exercise |
Applicant should get minimum 20 marks, under banks rating exercise, to be eligible for loan under the scheme. |
| Type of Advance |
Demand/ Term Loan |
| Quantum of Advance |
Working/Non-working women : 10 times of monthly net emoluments (take home salary of self/spouse, in case of non working women) Professional : 50% of Gross Annual Income as per latest Income Tax Return Minimum Rs. 50000/- Maximum Rs.2 lacs. |
| Margin |
20% of the cost of Jewellery/Gold. |
Interest Rate
(Floating, p.a. at monthly rests) |
3.25% over Base Rate |
| Penal Interest |
To be levied as per prevailing guidelines in this regard from time to time . |
| Repayment |
Maximum 60 EMIs .However, repayment period not to exceed the age of 65 or retirement age of the borrower, whichever is earlier. Repayment through salary deduction /post dated cheques. |
| Net take home pay (net of EMI ) |
Min. 50% of the gross income of the applicant/ spouse, in the case of non-working women. |
| Security |
For Loan over Rs.50,000/- liquid securities [NSC/KVP/Insurance Policies-surrender value] for the amount exceeding Rs.50,000/-. |
| Disbursement |
By DD/ Pay Order favouring the seller ( with the name of the Bank and Account Number). Stamped Receipt/ Invoice for the total cost of jewellery (i.e Loan Amount plus Margin ) to be obtained. Proforma invoice required for a loan amount of Rs. 1 lac and over. |
| Processing Charge |
One time @ 2% of loan amount Min. Rs.500/- and Max. Rs.2,000/- |
| Other Charges |
Stamp charges for documents at actuals. Loan Agreement copy charges:: As applicable |