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NATURE OF FACILITY
- Short Term Loan for a maximum period of one year.
ELIGIBILITY
- Individuals, singly or jointly maintaining account with our Bank.
- Gold Jewellery should be owned by the applicant or any of his family members, i.e. Spouse & Children (who shall be co- borrowers)*
- Loan can also be advanced against the specially minted Gold Coins sold by Banks subject to the condition that the weight of the coin(s) does not exceed 50 grams per customer.
AGE
- 21 to 70 Years
LOAN AMOUNT
- Minimum : Rs 10,000.
- Maximum : Rs 1,500,000.
- The loan to Value(LTV) will be 70%.The LTV shall be based on the value of Gold ornaments (on Net weight basis adjusted to 22 Carat purity ) as apprised by the valuer.
REPAYMENT
- 6-12 months in equated monthly instalments
or
a customer can choose to serve monthly interest only and repay the entire Principal outstanding at the end of the loan tenure.
RATE OF INTEREST (SUBJECT TO CHANGE)
- 1 Year MCLR+ 2.00% p.a. (Floating) 50bps concession to female borrowers(both for sole and joint borrowers)
- Click here for rate of Interest
SECURITY
- Pledge of Gold Jewellery.
PROCESSING CHARGES
- Rs 500.00 plus applicable GST.
VALUATION/APPRAISAL CHARGES (TO BE BORNE BY THE CUSTOMER)
- Up to Rs 5.00 lacs : Rs 500.00 plus applicable GST.
- Above Rs 5.00 lacs : Rs 700.00 plus applicable GST.
PREPAYMENT CHARGES
- Nil
The post JK Bank Loan For Gold Ornaments and Jewellery Check Eligibility appeared first on Kashmir Publication.
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( With inputs from : kashmirpublication.in )
