Apex Gold

Loans to individuals for purchase of Gold jewellery.

Purpose:

Loans to individuals for meeting the expenses of marriage of self/relative and/or for purchase of gold jewellary/articles.

Nature of loan:

Non-priority clean.

Eligibility:

The prospective borrower should be an Savings Bank account holder with satisfactory dealings. May be waived in respect of those who are well introduced to the Bank.
The annual gross salary/gross income of the applicant should not be less than Rs.1.00 lakhs.
Net Home Take Salary after taking into account the proposed EMI towards loan should not be less than 40% of the gross salary. May be relaxed up to 25% by the next higher authority.
Salary should be credited to the borrowers account with the branch or mandate to be registered with the employer.
In case of non salaried individuals like business-men, professional, etc., branches should ensure that the applicant has adequate repaying capacity. The post dated cheques shall be deposited by the borrower.

Quantum:

6 months gross salary/gross annual income OR Rs.1.00 lakh, whichever is less.
10 months gross salary/gross annual income OR Maximum of Rs.2.00 lakhs.
20 months gross salary/gross annual income OR Maximum of Rs.3.00 lakhs.
20 months gross salary/gross annual income OR Maximum of Rs.5.00 lakhs.

Security:

Suitable Co-obligation should be maintained.

Repayment:

48 months.

Rate of Interest

14.00% per annum.

Pre-Closer Charges:

1.00% on outstanding balance.

Documentation

Application Pronote/Pronote covering letter.
Photograph of the borrower/co – obligant.
Proof of residential address, proof of income by salary certificate/ITAO.

Processing Charges

1.00 % of loan amount.
Loans to individuals for meeting the expenses of marriage of self/relative and/or for purchase of gold jewellary/articles.