All registered members of the society are eligible to avail the Gold Loan facility. The applicant must be a member in good standing and meet the necessary documentation requirements.
Loans will be sanctioned strictly against the pledge of gold ornaments. The gold must be of acceptable purity and properly verified by the bank’s gold appraiser. Gold bars or bullion are not accepted.
The maximum loan amount available under the gold loan scheme is ₹5,00,000. The actual eligible amount is subject to appraisal and purity of the gold.
Up to 50% of the current market value of the gold ornaments will be sanctioned as the loan amount. The disbursement is made immediately upon gold appraisal and documentation.
The standard loan duration is 30 days. Borrowers are required to repay the principal along with the applicable interest within this period. Extensions may be considered on a case-by-case basis with applicable charges.
If the borrower fails to repay the loan amount within the stipulated time and does not respond to the registered notices issued by the bank, the pledged gold ornaments will be auctioned as per cooperative banking norms. The proceeds of the auction will be adjusted against the outstanding dues. Any remaining surplus will be refunded to the borrower after deducting costs.
The bank ensures 100% safety and transparency in gold handling. All pledged ornaments are stored in secured vaults and insured for their full appraised value.
Flexible interest rates based on your repayment duration
| Loan Duration | Interest Rate (per annum) |
|---|---|
| 1 Day to 31 Days | 8.50% |
| 32 Days to 90 Days | 9.25% |
| 91 Days to 180 Days | 10.00% |
| 181 Days to 365 Days | 10.75% |