Gold Loan for Individual

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Gold Loan for Individual

Purpose of Loan

The object of the policy is to provide fund to the Individual for personal use.

Eligible Person

Individual account holder of our Bank

Terms and conditions:

Quantum of Loan

Maximum 65% of Valuation of Gold and Maximum `5,00,000/- (Whichever is Lower)

Repayment Period-Maximum Period- 12 Months* * Thereafter if full interest is served, then it may renew for 12 months (Maximum 2 times) i.e. Maximum repayment period is 36 months.

Nominal Membership :

``0.50 per thousand subject to minimum of `50.00 & maximum of `5,000.00 (As per bye-law of the bank). Provided that such membership fee as above shall be collected once only at the time of the first sanction of the loan & shall not be collected consequent upon enhancement of the loan component on subsequent occasions.

Securities

22 carat gold ornaments without stone.

Gold bar / solid gold can be taken with proper 'Purchase Voucher'.

Insurance

Not applicable

Charges

Loan Processing Charges is to be paid directly to the Gold Loan Appraisers /applicable mechanism, at the time of Loan, in the following manner :-

Minimum Rs.400/- and thereafter Rs.5/- per thousand.

Form Cost `100/- but not applicable for confirmed employee of Malda District Central Co-operative Bank (Including contingent and contractual staff).

Valuation of Gold

Gold Loan Appraiser (Appraiser of Malda District Central Cooperative Bank)/ Other approved mechanism will check weight and purity of the gold for valuation. A committee of concerned officers of Malda District Central Cooperative Bank will review and set fair value of gold per gram for gold valuation as and when required (As per RBI guidelines).

Additional Document

Declaration by owner supported with declaration of surety / witness, or any one of the following

Purchase Voucher

Asset declaration given by the owner

Audited Balance Sheet

Any other relevant document which can be legally relied upon and acceptable by Branch Manager.

Documentation

Document	Form No	Purpose of use
Common Application Form		Part of Application Form
KYC Details of Borrower/ Co-Borrower / Guarantor		Part of Application Form
Application for Nominal Membership		Processing of Loan
Agreement Bond		Part of Application Form
Lien/Assignment/Pledge
Demand Promissory Note		On Rs.1/- Revenue Stamp
Declaration as per Section 59 of WBCS Act
Loan Processing & Assessment of Amount of Loan that may be Sanctioned	GOLD - I	Processing of Loan
Sanction Letter	GOLD - II	Processing of Loan

All scheduled and non-scheduled banks - public, private, foreign, cooperative, regional rural and local area banks - will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September 1, 2015.