| Loan Amount |
Minimum Rs 25,000/-, Maximum Rs 3.00 Lakhs |
| Repayment Period |
12 Months / 18 Months / 24 Months |
| Down Payment |
25% on original Invoice Value (Without GST/ Tax) |
| Security |
Pledge of Gold Ornaments and Jewellery purchased out of Finance |
| Rate of Interest |
For 12 Months – 22.00%, For 18 Months – 23.00%, For 24 Months – 24% IRR |
| Charges |
PF 2.00% + GST (Min. Rs 300/-, Max Rs 3,000/-) and Stamp duty as per applicable Law of state |
| Other Terms & Conditions |
- EMI should be served on monthly basis. For delayed EMI payment Rs 250/- bounce
Charges will be collected. 2% Penal Interest will be collected on EMI due amount
- Non-payment of EMIs for continuous 3 months, auction notice will be sent. If no response received, Gold ornaments will be auctioned as per Bank’s product policy
- Pre-Closure charges of minimum 2%, maximum 4% applicable based on Loan period
- It’s mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
- Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified.
- All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme
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