Terms & Conditions:-
- The rate of interest will be @ 12% p.a
- Avail loan amount ranging from Rs.10000 to a maximum of Rs.2,00,000 Lakhs and above.
- The valuation of the gold ornaments will be done by JanaSamruddhi Multipurpose Co-operative Society Ltd. through authorized value, and the cost of valuation will be borne by borrower.
- Two colour photographs of gold ornaments are required.
- Two colour photographs of borrower and his/her ID proof are required.
- The loan interest will be paid on monthly basis.
- In case of non-payment of interest for 12 months, the Gold ornaments will be sold by JanaSamruddhi Multipurpose Co-operative Society Ltd.. The expenditure on sale of Gold ornaments plus due loan amount and 5% penalty rest on due amount interest will be deducted and balance amount will be deposited in to loan account.
- The borrower has to provide an affidavit declaring the ownership of the ornaments.
- In case the borrower does not pay the interest a penalty of 5% has to be paid along with next interest Premiums.
Gold Loan – Eligibility
Anyone who is the member and owns gold ornaments can avail the loan. (Note: Minors are not eligible.) To obtain the loan, you need to submit your gold jewellery (within the Karat range of 18 to 24 k) at your nearest MSMBINL branches. The loan amount will be sanctioned on the basis of gold valuation which involves verification of its purity. The weight of stones etc. fixed on the ornaments will be deducted for the intention of valuation.
Gold Loan - Documents
To abide by the KYC (Know Your Customer) Policy of RBI and approved KYC norms of our Company, we insist to produce one document of identity proof (Such as Ration Card with photo, Driving License, PAN Card, Voter ID card, Passport, Aadhaar Card etc.) and one document of residential address proof (Such as Telephone Bill, Electricity Bill, Water Bill, Bank account / Credit Card Statement, Municipal / Local/House Tax Bill / Receipt, Authentic Rent Receipt / Lease Document, Letter from reputed employer/ Public Authority).There are no end-use restrictions in gold loans.
