Shopin

SECURED OVERDRAFT AGAINST GOLD ORNAMENTS

  • (SOD GOLD)
    PURPOSE

    The amount can be used for any purpose but shall not be used for purpose prohibited by law and purchase of Gold. Loan is sanctioned to individual against the security of gold ornaments.

    MAX. AMOUNT / ELIGIBILITY / MARGIN

    Maximum Amount Rs.25.00 Lakh
    SOD Limit on the basis of certified value of 10 gms

    • Tenure of SOD is maximum 1 year.

    Rate of Interest Click here

    Membership

    As per extant shareholding norms.

    SURETIES

    No Surety.

    PRIME SECURITY

    Pledge of Gold Ornaments

    COLLATERAL SECURITY

    Nil

    SERVICE CHARGES
    • @ 0.60% of loan amount subject to min. Rs. 100/- and max. Rs. 1000/-.(Max Rs.500 for Udupi Region Branches.) + applicable GST.
    • Gold appraisal charges as applicable.
    OTHER INSTRUCIONS
    • SOD Limit shall be renewed before expiry of time limit of 1 year and the fresh valuation of gold shall be made with fresh limit.
    • Any over drawing beyond the limit will not be allowed under any circumstances. The borrower should pay monthly interest on or before 10th of succeeding month.
    • No SOD against Gold will be granted against pledge of security of Primary Gold, i.e 24 Carat Gold Bar, Coins and Biscuit.