With all the fluctuations in interest rates, opting for a gold loan instead of a personal loan will offer you more advantages. Gold loan will offer you countless benefits including minimal documentation, easy application procedure and fast processing. Vijaya Bank Gold Loan is one of the most sought-after jewel loan products in the market because of the customer - centric features that it offers. Vijaya Bank Gold Loan will be your “friend in need” and will help you realize all your goals without finances being a hurdle.
Vijaya Bank offers two types of gold loan for the benefit of borrowers. The two variants of Vijaya Bank Gold Loan are as follows.
Vijaya Bank Jewel Loan is offered to individuals of all income groups. The loan amount will be based on a daily price quoted by the bank.
Vijaya Gold Cash Credit is offered to existing customers of Vijaya Bank. Under this scheme, the borrower can avail credit facility in form of an operative cash credit facility against pledge of gold jewellery.
Here are some of the features and benefits of Vijaya Bank Gold Loan that sets it apart from other gold loan products in the market.
The interest rates for Vijaya Bank Gold Loan varies from 11% per annum to up to 17% per annum depending on several factors including the loan quantum, repayment period and gold loan scheme. As interest rates are subject to frequent revision, do enquire with Vijaya Bank before applying for a gold loan.
The eligibility criteria for Vijaya Bank Gold Loan schemes are given below.
Individuals from all income groups including salaried, self - employed and professional candidates can apply.
This scheme is offered to existing customers of Vijaya Bank. The borrower must be over 18 years of age.
The applicant has to submit the following documents at the time of application.
The jewel appraisal charges for Vijaya Bank Gold Loan are given below.
|Area of Borrower||Proposed Jewel Appraisal Charges|
|Non - rural areas||0. 25% of the loan amount, minimum of Rs. 102 and maximum of Rs. 510.|
|Rural Areas||0. 10% of the loan amount, minimum of Rs. 51 and maximum of Rs. 510.|
The cash credit is offered for a maximum repayment period of 2 years subject to an annual review of the account during which if the account is within the sanctioned limit or DP (whichever is lower) will be ensured.
The customer must pledge gold ornaments which bear the Hallmark sign or 22 carat gold ornaments as security. The jewel appraiser will indicate in his report of the ornament bears the Hallmark sign or not.
The credit limit will be assessed based on the following points.
The loan amount will be based on the maximum amount per gram or the rate of advance fixed by Vijaya Bank from time to time.
At present, the rate of advance is as follows.
|Type of security||Credit in Rs. per Gram|
|For Hallmarked Jewellery and gold ornaments||Rs. 1900 per gram|
|For 22 carat gold jewellery and ornaments||Rs. 1900 per gram|
The minimum loan quantum is fixed depending on the area.
|Urban, metro and A class cities||Rs. 50, 000|
|Semi Urban||Rs. 15, 000|
|Rural||Rs. 5, 000|
The prescribed margin is 25% to 33%.
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