Saraswat Insta Gold Loan

Purpose:

 To meet urgent financial needs by availing advance against gold ornaments/jewellery/coins

Eligibility:

1. Loan against gold ornaments and coins will be offered only to Individuals.
2. Any individual who is the true owner of the ornaments (preferably hallmark)
3. Advance can be given to males solely against men ornaments without female applicant.
4. Advance is given to male applicant against women ornaments, basis female consent (mandatory) or she should be made co borrower.

Loan Amount:

Margin:

Basis of Advance:

Security:

1. Pledge of Gold Ornaments /jewellery/coins

Repayment Period:

1. Regular Repayment loan – 36 months
2. Overdraft -  subject to payment of accrued interest. (Gold valuation and review to be done every year)
3. Bullet repayment loan - 12 months

Rate of Interest (Floating)

1. Floating (PLR – 6.85) 8.75% p.a.
2. Present PLR: 15.60% p.a. (w.e.f 20.06.2025)

Reset of Floating Interest Rate on Equated Monthly Instalment [EMI] based Loan:

1. Option to Switch ROI Type:
   Borrowers shall have the option to switch their loan from Floating Rate of Interest (ROI) to Fixed ROI and vice versa, subject to a maximum of two (2) switches in a financial year during the entire tenure of the loan.

1. Applicable Charges:
   A request charge of 0.50% shall be levied on the outstanding loan balance at the time of the switch, irrespective of whether the switch is from fixed to floating or floating to fixed ROI.

Penal Charges:

1. Penal charges in the range of 1% to 2% p.a. each, subject to maximum of 2% p.a. for non-compliance of terms and conditions of loan contract, till such time the same is complied with.

Processing Fees:

1. 0.35% of Gold Valuation amount. Minimum Rs.500/- and Max Rs. 9000/- plus GST (Inclusive of charges payable to Gold valuer)

Custody Charges:

1. Custody charges of Rs. 500/-+ GST per quarter to be levied in case the delivery of ornaments is not taken within one month from the closure of loan account.

Shareholding:

1. Upto 1 Cr - Rs. 1000/-
2. Above 1 Cr -  Rs.25000/-

Documentation

1. Duly filled prescribed application form.
2. Annexure II A for individuals to be obtained i.e. end-use declaration with valid proof (if proof is satisfying priority norms account will be classified under priority).
3. KYC documents of applicant i.e. latest photograph, Identity proof, residence proof.
4. Declaration from borrower that he/she is the true owner of the ornaments.
5. Nomination form (Annexed in Policy) duly filled and signed by the borrower/s. (Nomination is mandatory in case gold loan is in single name.)
6. For Salaried –

1. For Businessmen –

1. Consent letter(mandatory) if loan is given to male member against female ornaments.