Gold Loans Operational Schemes
| S.NO. | SCHEME NAME | LOAN LIMIT | LOAN TENURE | |||||
|---|---|---|---|---|---|---|---|---|
| EFFECTIVE INTEREST RATE AFTER REBATE (P.A.) |
REBATE %(RANGE) | INTEREST RATE | ANNUALISED INTEREST RATE |
AVAILABLE LOCATIONS |
||||
| 1 | MANAPPURAM KISSAN LOAN GL MKL | MIN. Rs 8 Lakhs |
180 Days | 6.9% | 2% - 19.1% | 26% | 27.43% | PAN INDIA |
| 2 | GL SX+ | MIN. Rs 1000,MAX. Rs 50000 | 180 Days | 23% | 2% - 3% | 26% | 27.43% | |
| 3 | GL MSX+ MIN.Rs1000/- |
MIN. Rs 50000,MAX. Rs 1 LAKH | 180 Days | 21% | 2%-5% | 26% | 29.33% | |
| 4 | GL MA1 | MIN.Rs1LAKH,MAX.2LAKH | 180 Days | 20.5% | 2%-5.5% | 26% | 27.43% | AVAILABLE IN ALL BRANCHES |
| 5 | ||||||||
| 6 | GL MA2 | MIN. Rs 2 LAC,MAX.5 LAKH | 180 Days | 16.5% | 3% - 9.5% | 26% | 27.43% | |
| 7 | GL MA-3 | MIN. Rs 5 LAC,MAX. Rs 8 LAKH | 180 Days | 14% | 4% - 12% | 26% | 27.43% | |
| 8 | GL SS1 | MIN. Rs 5 LAC 90 Days 18% |
90 Days | 18% | 6% | 24% | 24.48% | PAN INDIA |
| 9 | GL SS3 |
MIN. Rs 10 LAC | 90 Days | 12% | 12% | 24% | 24.48% | |
| 10 | GL MT+ | MIN. Rs 1.9 LAC | 180 Days | 10% | 2%-16% | 26% | 29.33% | |
| 11 | GL B1+N | MIN. 2 LAC | 90 Days | 20% | 2% - 8% | 20%/26%/28% | 25.17% | KERALA |
| 23% | 2% - 8% | 23%/26%/28% | 26.21% | REST INDIA | ||||
| 12 | GL B1-N | MIN. 5 LAC | 90 Days | 19% | 2% - 7% | 19%/24%/26% | 23.43% | KERALA |
| 20% | 2% - 6% | 20%/24%/26% | 23.78% | REST INDIA | ||||
| 13 | GL B2+ | MIN. 10 LAC | 90 Days | 17% | 2% - 7% | 17%/22%/24% | 21.36% | KERALA |
| 18% | 2% - 6% | 18%/22%/24% | 21.71% | REST INDIA | ||||
| 14 | GL H3+ | MIN. 25 LAC | 90 Days | 15% | 6% - 9% | 15%/18%/24% | 19.29% | PAN INDIA |
| 15 | SWARNA SHAKTHI (GL-SX) | MIN. Rs 1000/- | 90 Days | 25% | 2% - 4% | 25%/27%/29% | 27.78% | APPLICABLE ONLY IN TAMILNADU, A&N AND PONDICHERY |
| 90 Days | 25.75% | 1.50%-3.25% | 25.75%/27.50%/29% | 28.04% | APPLICABLE ONLY IN KARNATAKA,TELANGANA, AP, J&K, CHANDIGARH,PUNJAB, GUJARAT, GOA AND DELHI | |||
| 90 Days | 25.75% | 1.50%-3.25% | 25.75%/27.50%/29% | 28.04% | *APPLICABLE ONLY IN TIER 1 BRANCHES IN NORTHEN STATES | |||
| 90 Days | 26.75% | 1.50% - 2.25% | 26.75%/27.50%/29% | 28.39% | APPLICABLE ONLY IN NORTHEN BRANCHES OTHER THAN TIER 1 BRANCHES | |||
| 16 | SAMADHAN PLUS GL-SA+ | MIN.Rs 1000 | 365 Days | |||||
| 28% | 1% - 2% | 26%/27%/28% | 31.57% | PAN INDIA | ||||
| 17 | SUPER LOAN PLUS GL-SG+ | MIN.Rs 1000/- | 270 Days | 22% | 1% - 6% | 22%/27%/28% | 29.79% | KERALA |
| 26% | 1% - 2% | 26%/27%/28% | 30.32% | REST INDIA | ||||
| 18 | EXPRESS GOLD LOAN PLUS GL-XG+ | MIN.Rs 1000/- | 180 Days | 22% | 1.50% - 7% | 22%/27.50%/29% | 29.19% | KERALA |
| 26% | 1.50% - 3% | 26%/27.50%/29% | 29.94% | REST INDIA | ||||
| 19 | PRIVILEGE LOAN GL-PL | MIN.Rs 1000/- | 90 Days | 21% | 2% - 5% | 20%/27.50%/29% | N/A | ONLY KERALA(373 BRANCHES) |
| 20 | GL-SY SCHEME | MAX. Rs 1 LAKH | 90 Days | 21% | 2% - 7% | 21%/26%/28% | 24.3% | PAN INDIA |
| 21 | GL-DS SCHEME/MAHILA SCHEME | MIN.Rs 5000/- MAX.Rs 30000/- FOR WOMEN Rs 40000/- | 90 Days | 12% | 2% - 14% | 12%/25%/26% | 22.03% | PAN INDIA |
Rebate in Gold loan Scheme
*Effective Interest Rate is based on inventory concept, meeting the repledge criteria*
- For regular monthly interest paying customers, the initial interest rate slab will be continued during the contracted loan tenure.
- Effective interest rate of various gold loan schemes is applicable after adjusting interest rebate on prompt monthly interest remittance by the customers. The eligibility for interest rebate is based on the interest remittance frequency and available till the end of contracted loan tenure to all customers.
- OGL registered customers will get attractive interest rate rebate by repledging via online mode in PL/SX schemes based on the repledge frequency as follows:
- 4 repledges in every 15 days from the inventory created date - Effective Interest Rate of 12% p.a
- 3 repledges in every 15 days from the inventory created date - 4% interest Rebate
- 2 repledges in every 15 days from the inventory created date - 2% interest Rebate
- 2 repledge in every 30 days from the inventory created date (1st repledge in 1-15 days & next repledge in 16-30 days) -1.5 % interest Rebate
- 1 repledge in every 30 days from the inventory created date - 1% interest Rebate
Note
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Overdue interest is chargeable at 3% p.a. after loan tenure.
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Compounding in all Schemes at monthly rest.
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Processing fee of Rs. 10/- for all schemes at the time of settlement. Additional processing fee on Repledge at 0.07% of new pledge value.
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Individual maximum exposure limit : 25 Lakhs. Requires separate approval for additional exposure.
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** Branches in Mumbai, Mumbai City, Pune, Lucknow, Kanpur Dehat, Kanpur Nagar, Kolkata, Bhopal, Indore, Cuttack & Khordha districts in northern states are considered as Tier1 branches.
Approach for Gradation of Risk
The process of gradation of risk and interest determination is primarily based on the details/attributes of the loan scheme, say, LTV, tenure of the loan and the amount of loan extended. As a result, higher the risk perceived for a loan, based on assessment of the said factors the interest rates are likely to be higher and vice versa. For example, for the loans with lesser tenure (e.g. SX scheme) the risk perceived is higher and thus maximum interest rate is applied.
