GOLD LOAN

Gold loan (also called loan against gold) is a secured loan taken by the borrower from a lender by pledging their gold articles (within a range of 18-24 carats) as collateral. The loan amount provided is a certain percentage of the gold, typically upto 80%, based on the current market value and quality of gold.

Details of loan

Max. limit : 25 lakh

Eligibility               : A class or C class membership

Repayment          : Any time

Interest rate         : 7% per annum [A class members]

C class members : 7% for 1 month

  7.25% for 3 month

  7.5% for 6 month

  8% for 12 month

Other charges     : insurance , Appraisal charge