Maha Gold Loan Scheme

Coverage	The scheme is implemented through 176 selected branches of the bank across India as per the list enclosed
Eligibility	All individuals desirous of availing Gold Loan against their own Gold Ornaments subject to compliance of KYC norms.
Age Limit	Applicant/s should be between 18 to 70 years at the time of availing loan
Purpose of Loan	To cater to the requirements of business, agriculture and meeting other personal expenses etc.
Quantum of Loan	Minimum loan amount would be Rs. 25,000/- & Maximum loan amount would be Rs. 5.00 lakh
Eligible Loan Amount	Rs. 1500/- per gram of 22 carat or 75% of the market value of the net weight of the Gold ornaments, which ever is less and subject to the minimum and maximum ceilings mentioned as above. The gold ornaments to be pledged shall be tested and certified by an appraiser empanelled by the Bank. The gold appraisal charges shall be borne by the borrower.
Rate of Interest	For Agriculture loans (i) For loans eligible under interest subvention scheme: 7% p.a. at present (ii) For other Agricultural loans: As per applicable rate of interest For loans other than Agriculture (i) For Senior citizens : Base Rate + 2.25 % (ii) For others : Base Rate + 3.00 %
Repayment of Loan	Principal: Maximum repayment period is 3 years. Interest: Interest will be charged on monthly basis and should be paid as and when applied.
Processing Charges	0.50% of the sanctioned loan amount payable at the time of availing the loan.