SWARNA SHAKTI
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Purpose
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Loans to individuals for productive and consumption purposes against the security of gold jewellery/ornaments and gold coins (issued by Scheduled Commercial Banks/MMTC).
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Eligibility
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- Credit facilities shall be granted to fully KYC compliant customers.
- Advance against the security of gold coins per customer is restricted to gold coins weighing up to 50 grams only.
Loan is not to be granted for speculative purposes. No loan is to be sanctioned against bullion, primary/smuggled gold and against re-pledge of gold.
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Nature of Credit facility
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1) Demand Loan 2) Term Loan 3) Overdraft
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Quantum of Finance
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Minimum: Rs 10000.00
Maximum: Rs 50.00 Lakh
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Scale of Finance
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75/65% of value of gold ornaments/jewellery arrived at the rate per gram of gold notified by the Bank on daily basis or 75/65% of Appraised value of the gold ornaments/jewellery arrived at by the appraiser, whichever is lower.
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Repayment
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Maximum repayment period
- Overdraft facility-up to 12 months
- Bullet payment/Installment (Quarterly/Half Yearly)-up to 12 months
- EMI option-up to 36 months.
Term Loan facilities shall be repayable in equated installments (monthly/quarterly /HY/Yearly) or on maturity of loan in lumpsum and Overdraft facilities on demand not later than maturity period
Term Loan with EMI – Maximum upto 36 months.
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Processing charges:
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- Loan/Limits up to Rs. 2.00 lakh : 500/-
- Loan/Limits above Rs. 2.00 lakh : 0.50% subject to a maximum of Rs.10000/-
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Documentation Charges :
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- Loan/Limits up to Rs. 2.00 lakh : NIL
- Loan/Limits above Rs.2.00 lakh and up to 50 lakh: Rs.100 per lakh subject to max of Rs.2000/-
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KRISHI SWARNA KANTI
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Purpose
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- To meet Working Capital requirements (including crop cultivation expenses) for Agriculture, Allied Activities viz., dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture and Agro Processing, Repayment of debt taken from Non-Institutional Lenders for Agriculture.
- To meet term loan requirements for capital expenditure.
- Note: Loan is not to be granted for speculative purposes.
- Purpose & genuineness of the credit is to be ascertained.
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Eligibility
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- Owner cultivator, Tenant farmer, Share Cropper, Oral Lessees
- Farmers –engaged in Agriculture Allied Activities.
- Distressed farmers indebted to Non-Institutional lenders.
- Food & Agro Processing units
- Other entities eligible to be classified under Agriculture as per RBI Guidelines.
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Nature of Credit facility
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1) working capital 2) Term Loan
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Quantum of Finance
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Minimum: Rs 10000.00
Maximum: Rs 50.00 Lakh
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Valuation of Gold
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Price of Gold shall be circulated by HO Retail Lending Deptt every day keeping in view average of the closing price of gold for the preceding 30 days as quoted by Indian Bullion and Jewellery Association (IBJA). In case a particular day happens to be holiday at New Delhi or Gold Market, the rate quoted on the previous day is valid.
In case a particular day happens to be holiday at New Delhi or Gold Market, the rate quoted on the previous day is valid.
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Scale of Finance
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Maximum up to 75%/85% of the market value of the gold as case may be
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Repayment
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Keeping in view seasonality of the crop/type of agriculture activity, the account to be adjusted within a maximum period of 12 months or as and when demanded
A. Term Loan
OR
OR
- Equated Monthly/Quarterly/Half yearly/ yearly installments coinciding with the harvesting of crops/type of activity.
- nterest is to be charged and recovered at Monthly/Quarterly/Half yearly/ yearly intervals coinciding with the harvesting of crops/type of activity or along with Bullet Payment of Principal
- Repayment through Bullet Payment i.e. payment of interest and principal by way of Bullet Payment.
B. Working Capital Facility
- Interest is to be charged and recovered at Monthly/ Half yearly intervals coinciding with the harvesting of crops/type of allied activity.
- Account to be renewed annually. However, loan should be adjusted within 12 month
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