Gold has witnessed a huge appreciation in recent times and without doubt, gold is a valuable investment option. Corporation Bank Corp Gold Loan Scheme will enable you to get a loan against your gold jewellery. Gold loans are not only cheaper than the conventional personal loans but are also easy to get. With Corporation Bank Corp Gold Loan Scheme, money will never be a hindrance to your dreams anymore!
Corporation Bank offers three different variants of gold loan for the benefit of borrowers.
Under this type, borrowers can pledge their gold jewellery to get a suitable loan amount which they can use towards agricultural purposes. This loan amount can be used as short term crop loan and can be used to purchase any farm asset.
Under this scheme, customers can pledge their gold jewellery as security and use the loan amount to meet personal and business fund requirements.
Also check : Use Your Gold Jewellery to Get Yourself a Loan
Borrowers can place their gold jewellery as security to avail a loan which they can use for a range of purposes like housing, education and personal expenses.
Given below are some of the advantages of a Corporation Bank Corp Gold Loan.
The interest rates for Corporation Bank Corp Gold Loan schemes are outlined below.
| Gold Loan Scheme | Rate of Interest |
|---|---|
| Agriculture Jewel Loan |
Tenure up to 12 months - 10. 60 per cent per annum For tenure above 12 months and up to 24 months - 11. 10 per cent per annum Jewel Loan towards short term crop production - 7 per cent per annum |
| Loan by pledging gold jewellery | Linked to base rate, 10. 65 per cent per annum at present. |
| Jewel Loans for purposes other than agricultural requirements |
Loan amount up to Rs. 2 lakhs - 11. 60 per cent per annum Loan amount exceeding Rs. 2 lakhs - 12. 60 per cent per annum |
Check Latest - Todays Gold Prices
The eligibility conditions to apply for a Corporation Bank Corp Gold Loan is described below.
Given below are the documents that a customer must submit at the time of application.
| Repayment Period | Loan per gram of gold |
|---|---|
| Not more than 12 months | Rs. 2000 per gram, on 24 carat basis |
| More than 12 months | Rs. 1900 per gram, on 24 carat basis |
A maximum repayment tenure of 24 months is offered for Corporation Bank Corp Gold Loan.
Agriculture Jewel Loan will be sanctioned to meet the financial requirements of short term crop production after the borrower places suitable gold jewellery as security. A loan amount not exceeding Rs. 3 lakhs will be offered and the amount has to be repaid within a period of 12 months.
No processing charges will be levied for gold loans up to Rs. 2 lakhs. For loans less than Rs. 2 lakh, a nominal processing charge would be levied by Corporation Bank.
Yes, Corporation Bank Corp Gold Loan can be availed by pensioners also.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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