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Gold Loan Scheme
Name of the Scheme Cosmo Gold Loan Scheme
Eligibility 1) The applicant must be true owner of the gold ornaments to be pledged with the Bank.
2) The applicant must be local resident & must have a saving account with the branch.
3) If no saving account with us then, it will be opened first and KYC norms will have to be completed.
Objective of the scheme To provide advance for purchase of gold / gold ornaments.
Margin 25 %
Loan limit In the form of overdraft – Upto Rs.1.00 lacs
In the form of Term loan – Above Rs.1.00 lacs
Security Gold / gold ornaments + PDCs
Guarantors No guarantor
Period For Overdraft – Review within 12 months
For Term loan – 3 yrs. to 5 yrs.
Process Charges 0.10% of loan amount
Agreement Charges 0.10 % of loan amount
Interest calculation On daily reducing balance
Prepayment charges No prepayment charges

For Interest Rate Click Here.