Product Details
Corp Mahila Gold Loan
Mangalore
A Quality Product from
Corporation Bank [View Profile]
Mangalore - India
Description :
CORP MAHILA GOLD - For acquisition of pure gold and jewellery
This new scheme viz. "CORP MAHILA GOLD" is to finance working & non-working women for acquisition of gold bars / gold ornaments.
The Scheme details are as follows:
1. Loan Amount : Minimum Rs.10,000/- and Maximum Rs.250,000/-
2. Eligibility : Resident Indian (Working/non-working women) of age group 18 to 58 years.
3. Rate of Interest : Fully secured 11.00 % p.a.
Unsecured / partly secured 13 % p.a.
4. Margin : 15% i.e. The bank will finance 85% of the cost of the gold / gold ornaments.
5. Repayment : In Equated Monthly Instalments [EMIs] not exceeding 60 months.
Instalment amount not to exceed 50% of the take home pay or the monthly assessed income.
6. Security For working women: No security will be insisted for loans upto Rs.50000, where the salary is routed though our Bank or an undertaking letter is furnished from the employer to deduct and remit monthly EMI's to the Branch.
For non-working women: No security will be insisted for loans upto Rs.50,000/- if the loan is availed jointly with a co-obligant (who is husband/ brother/ father) drawing salary through our branch and gives an undertaking letter to deduct the monthly instalments from his salary,
Loans beyond Rs.50,000/- to both working and non-working women of the above category shall be fully secured for the loan amount over and above Rs.50000/- by way of securities like NSCs/ LIC policies [surrender values]/ Govt. Bonds/ KVP's/ Term Deposit of our Bank in the name of applicant/ co-obligant.
In all other cases the loan shall be fully secured (i.e., 100% of the loan amount) by way of securities, like. NSCs/ LIC policies [ surrender values]/ Govt. Bonds/ KVP's/ Term Deposit of our Bank in the name of applicant/ co-obligant.
Note :
If no tangible securities as mentioned above are available, EMG of land & building of the requisite value shall be obtained by maintaining 50 margin . In case the applicant or the spouse/close-relatives have availed housing loan from the Bank, who have satisfactory repayment record for at least 2 years, continuing security of property already mortgaged shall be obtained by maintaining not less than 15% margin on the value of the house property for the outstanding.
7. Service Charges : No service charges upto a loan amount of Rs.50,000=00. For loans above Rs.50,000/- a service charge 0.50% of the loan amount.
8. Mode of Disbursement: Direct payment to the jeweller of choice of the applicant by DD /PO or
Reimbursement by credit to the account of the applicant on production of bill.
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