Jewel Loan - Bullet Repayment

The Bank provides Jewel Loan-Bullet Repayment against pledge of Gold ornaments to the residents of Bangalore city.


The loan applicant should be/become a nominal member of the Bank. Gold articles should be delivered in person with Address proof or ID proof. In case, the applicant is already not a member of the Bank, a person who is well known to Bank should introduce him to the Bank.
The Bank will engage a Gold Appraiser to value the gold articles. Based on the valuation report 65% of the market value is considered for quantum of loan.

Limit: Maximum Rs. 2.00 lakhs.

Period: 12 Months

Rate of Interest: 10.00% per annum

The Jewel loan interest will be calculated on monthly basis. Principal & interest should be paid at the end of 12th month.
If the borrower fails to pay principal & interest after 12th month, amount shall be treated as overdue & the Bank shall bring the gold ornaments pledged for auction for recovery of Loan & interest thereon.

Service charges along with Jewel Appraisal chargers will be collected for each loan.
The loan will be considered only if the gold is 22 carat.
The ornaments will be kept in a bag with tag and waxed seal and in the joint custody of Br. Manager and Asst. Manager.
The gold article will be delivered only to the borrower, after closing the account and returning the gold loan receipt.