OD against Gold Ornaments



Who can Apply Individuals (Spouse can be accepted as co-borrower)
What should be the purpose? Recurring urgent financial needs.
What is Income Criteria ? Applicant’s income should be sufficient to service monthly interest after deduction of amt for sustenance. Documentary evidence in respect of income proof to be obtained.
How much loan can be granted ? Minimum Rs. 10,000/- and Maximum Rs. 25 lakh
What is Rate of Interest ? 10.50 % p.a.
Penal interest ?
2 % penal interest will be charged on default
What will be Renewal period ? One year (monthly interest to be recovered before 10th of every month positively)
What is Processing Fees ? 0.50% processing fees of limit sanctioned.
What is valuation Fees ? As per Panel Valuer
What is share – Linkage ? 1% of the Loan Amount
What will be the Margin ? 25 %
What will be the Securities ? Pledge of Gold ornaments
What about Guarantors ? N. A.
Other Conditions :
  • KYC norms to be complied.
  • Account to be closely monitored.
  • Limit sanctioned should be round up in thousands of rupees.
  • Declaration from spouse that gold ornaments belongs to her/him.
  • 6 Months latest Bank statement.
  • Branch to closely monitor the market gold price.
  • Branch manager to revise the DP every month.
  • Only those accounts whose interest have been recovered upto date are to be considered for renewal.
  • Revaluation of Gold ornaments by Gold valuer is mandatory at the time of renewal.
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    Concession Rate 0.25% p.a. of Interest to Women borrower for Housing Loan, Education Loan, Gold Loan, Business Loan.



    National Co-operative Bank