A Gold Loan from Janatha Seva Co-operative Bank Ltd. is a quick and convenient way to meet your financial needs by pledging your gold ornaments as security. It offers instant liquidity with minimal documentation, making it an ideal solution for both personal and business requirements.
Key Features
♦ Instant Loan Facility: Quick processing and fast disbursement of funds.
♦ High Loan Value: Get a substantial loan amount based on the value of your gold.
♦ Attractive Interest Rates: Competitive rates for cost-effective borrowing.
♦ Flexible Repayment Options: Choose repayment plans that suit your convenience.
♦ Safe Custody of Gold: Your pledged gold is securely stored by the bank.
♦ Minimal Documentation: Simple and hassle-free process.
Benefits
♦ Quick access to funds during emergencies
♦ No need for income proof in many cases
♦ Lower interest rates compared to unsecured loans
♦ Multipurpose usage for personal or business needs
Eligibility
♦ Individuals owning gold ornaments
♦ Simple eligibility criteria with easy approval
Documents Required
⇒ Identity Proof (Aadhaar, PAN, etc.)
⇒ Address Proof
⇒ Passport-size photographs
Repayment Options
⇒ Flexible repayment through EMIs or bullet repayment (as per scheme)
⇒ Option to repay interest periodically and principal at maturity
⇒ Prepayment facility available as per bank norms
A Gold Loan from Janatha Seva Co-operative Bank Ltd. provides a fast, secure, and reliable financial solution, helping you unlock the value of your gold without selling it.
Gold Loan Valuation Methodology
The Bank reviews its Gold Loan lending rates on a monthly basis. For the purpose of sanctioning Gold Loans, the valuation rate of gold jewellery shall be determined based on the average gold prices published by the India Bullion and Jewellers Association Ltd. (IBJA) during the preceding 30 days.
The Bank shall consider the IBJA-published rates for various gold purities, including 18 Carat, 22 Carat, and 24 Carat gold. In cases where the price for a specific purity is not directly available, the Bank shall adopt the rate applicable to the nearest available purity and proportionately adjust the valuation based on the actual purity of the pledged gold to arrive at the eligible value of the collateral.
Accordingly, the rate per gram for the sanction of Gold Loans shall be fixed on the 1st day of every month and shall remain valid for all Gold Loan sanctions during that calendar month.
For the purpose of collateral valuation, only the intrinsic value of the gold or silver content contained in the pledged asset shall be considered. No additional value shall be assigned to any other components or embellishments attached to the collateral, including but not limited to Precious stones, Diamonds, Gems, Pearls, Other decorative or ornamental elements.
The valuation shall be strictly based on the net weight and purity of the precious metal content in accordance with the Bank's approved Gold Loan policy and applicable regulatory guidelines.
