Co Operative Bank Gold loan in 2023

District Co Operative Bank Gold Loan

District Co Operative Bank Ltd is a bank in india. It has 6 branches. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, and many more.

Find details about District Co Operative Bank Ltd which includes District Co Operative Bank Ltd Official Website, District Co Operative Bank Ltd ATMs accross the India, District Co Operative Bank Ltd Branches accross the India, District Co Operative Bank Ltd Contact Numbers, District Co Operative Bank Ltd official EmailID, District Co Operative Bank Ltd Headquarter and District Co Operative Bank Ltd Headquarter Address. Find District Co Operative Bank Ltd Gold loan purpos, Eligibility, Margin, Repayment of Gold Loan ,Security, Documents Required for Gold Loan from below.

District Co Operative Bank Ltd Gold Loan Interest Rate

INTEREST RATEPlease Contact Bank Branch
LOAN TENUREContact Bank Branch
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDNo
PRE CLOSURE CHARGESAs decided by the bank from time to time

The purpose of the Gold Loan is to provide loan to borrowers against pledge of their gold |gold ornaments| gold coins to meet their urgent financial needs with lower interest rate and faster disbursement.

District Co Operative Bank Ltd Gold Loan Eligibility:

  1. Person should be at least 18 years old.
  2. Any person who owns gold | gold ornaments | gold coins that needs to be mortgaged with the bank.
  3. Person should have a regular income (optional).
  4. Persons who are having Savings or Current account with the bank (optional).

District Co Operative Bank Ltd Gold Loan Document Required:

  1. Duly filled up and signed gold loan application form
  2. 2 passport size photographs
  3. Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  4. Proof of Address – Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  5. Proof of income -Latest salary slip showing all deductions or Form 16 or Income Tax Returns of 2 previous financial years (optional)

District Co Operative Bank Ltd Gold Loan Amount:

The gold or gold ornaments or gold coins are valued by bank’s valuer immediately to arrive at the loan amount. It also involves verification of its purity. Note that the weight of any other stones, gems or metals fixed on the gold ornaments will be deducted for the purpose of valuation.

Normally, the loan amount is approved upto 70% of current market value of your gold. In case you are ready to pay some higher interest rate, banks can also approve upto 90%. This varies according to each bank’s gold loan scheme.

Security:

Gold or gold ornaments or gold coins etc. and since these can easily get liquidated in case of any default, banks offer these loans easily and at lower rates.

District Co Operative Bank Ltd Gold Loan Tenure:

It is a short term loan. As per RBI guidelines, the tenor is limited to 1 year, in case of non-agriculture use. Some of the banks offer the tenure of upto 36 months too. You can take your gold back from the bank after you repay the loan completely.

District Co Operative Bank Ltd Gold Loan Repayment:

Repayment structure depends on the bank. Mostly, banks permit repayment through EMIs or a bullet repayment at the end of loan term. In case of bullet payment at the end, borrowers need to pay interest on time. The principal amount will be paid in a bullet payment at the end.

Charges Associated with Gold Loan:

  1. Processing Fee: Some banks charge the processing fee which fee can be if negotiated, may be waived off. Valuation Fee: Some banks charge a small amount for valuation of gold. This is paid to the third party valuer.
  2. Pre-payment Penalty: Some banks may charges penalty for pre-payment of loan.
  3. Late payment Penalty: It is charged if you make any delay in payment of interest.

District Co Operative Bank Ltd Contact Details

  • TOTAL BRANCHES – 6
  • HEADQUARTER –
  • BANK ADDRESS –

Things to know before Applying for a Cooperative Gold Loan

In India, we have emotional attraction with gold because usually, it is kept in the form of family jewellery. When we want to avail gold loan, we are required to keep this gold as a collateral which we do not agree so easily.

It is also required for you to be aware of the quality of gold which qualifies for the gold loan. The purity of gold which is required as a collateral for gold loan should be 18-22 carat or above. No value of precious gems studded in the gold jewellery is taken into account. It is also equally important for the borrowers to go through the terms and conditions mentioned in loan agreement thoroughly.

Further, if you are unable to repay the gold loan on time then there are high chances of losing your pledged gold/ gold jewellery. This may cause undue pressure on you. Hence, it is very necessary for you to think beforehand whether you will be able to repay the gold loan conveniently.

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Saraswat Co-Operative Bank Ltd Gold Loan

 In case of any sort of financial need, you can fall back on Saraswat Bank’s Gold Loan to get hassle-free loan upto Rs. 50 Lakh.

Eligibility:

  1. Any individual who is the true owner of the ornaments (preferably hallmark)
  2. Advance can be given to males solely against men ornaments without female applicant.
  3. Advance is given to male applicant against women ornaments,  basis female consent (mandatory).

Loan Amount:

  1. Maximum loan/OD up to Rs. 50.00 lakh*
  2. For the purpose of house repairs/renovation 

      Metro & Urban– Rs. 10.00 lakh
      Semi Urban & Rural – Rs. 6.00 Lakh

  1. For Bullet repayment – Rs. 2 lakh
  2. Overdraft without monthly reduction: Rs. 2.00 lakh

Basis of Advance:

  1. 70% of the valuation of gold ornaments

Security:

  1. Pledge of Gold Ornaments

Repayment Period:

  1. 12 months

Rate of Interest (Floating)

  1. 7.25% p.a., i.e. PLR – 6.75
  2. Present PLR @ 14% p.a.

Processing Fees:

  1. NIL

Valuation Charges:

  1. 0.25% of loan amount, subject to
    Min Rs.500+GST
    Max Rs.1500+GST

Custody Charges:

  1. Custody charges of Rs. 300/- per quarter in case the delivery of ornaments is not taken within one month from the closure of loan account.

Shareholding:

  1. As per extant shareholding norms

Documentation

  1. Duly filled prescribed application form.
  2. KYC documents of applicant i.e. latest photograph, Identity proof, residence proof.
  3. Declaration from borrower that he/she is the true owner of the ornaments.