Gold Over Draft
get loan against pledging gold / gold ornaments
Learn more about our Gold Over Draft Loan Scheme under TMB Retail Loan Products.
Our Gold OD Scheme can help you encash on the gold / jewellery that you have already invested in to pledge it with the bank and avail loan on the same. The terms and conditions are simple and documentation is easy. Even the interest rates are down to earth.
- Purpose
- Agriculture & Allied activities and General purpose.
- Eligibility
- Any Individual who is competent to enter into a valid contract and to create pledge except financiers, jewellers, & jewellery shop owners.
- Amount Permissible
- Presently Rs. 1,550.00 per gram for Hall Marked Jewels and Rs. 1,500.00 per gram for other Gold Jewels (Subject to revision then and there made by Head Office for jewel loans is applicable for this scheme also) or 80% of appraiser / market value whichever is less.
- Part Release
- Not Permitted.
- Loan Quantum
- Minimum Rs. 25,000 and Maximum Rs. 5 Lakhs for Agricultural Purpose & Rs. 10 Lakhs for Other Purpose.
- Nature of Limit
- Overdraft. Facility to draw with ATM card is permitted and optional. At any point of time, a customer should have one TMB GOLD OD account only.
- Period of Loan
- Two years and to be renewed thereafter
- Primary Security
- Gold Jewels and Gold Coins (excluding repledge). Condition: Weight and value of the Precious stones embedded in the Gold Jewels should be disregarded.
- Rate of Interest
- HM - Hall Mark Jewellery, Non HM - Non Hall Mark Jewellery
- For Agricultural Purpose (HM / Non HM) Upto Rs. 50,000 - BR + 2.50% (13.25% p.a.).
- For Agricultural Purpose (HM / Non HM) above Rs. 50,000 - BR + 3.25% (14.00% p.a.).
- For General Purpose (HM) Upto Rs. 2,00,000 - BR + 3.00% (13.75% p.a.).
- For General Purpose (HM) above Rs. 2,00,000 - BR + 4.00% (14.75% p.a.).
- For General Purpose (Non HM) Upto Rs. 2,00,000 - BR + 3.25% (14.00% p.a.).
- For General Purpose (Non HM) above Rs. 2,00,000 - BR + 4.25% (15.00% p.a.).
- Current Base Rate for Lending (BR) is 10.75% p.a.
- Minimum Interest
- For Agricultural Purpose Rs. 90.00.
- For General Purpose Rs. 125.00.
- Minimum 15 days interest for the OD Limit or Above whichever is higher.
- Jewel Appraiser Charges
- Rs. 4.00 per Thousand subject to a maximum of Rs. 100.00.
- ATM Card Charges
- Nil - It’s Free...
- Penal Interest
- Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.
- Processing Charges
- Term Loan: 1.00% of Limit sanctioned without any maximum cap.
- Working Capital [Fund and Non-Fund Based]: 0.50% of the loan amount without maximum cap.
- Operational Procedures
- Including Servicing of Interest, Folio Charges, etc. - as per extant procedures applicable to Overdraft facility.
- Documentation
- As applicable to the existing Agriculture Jewel / Ordinary Jewel loans plus OD continuity letter (Form No.237).
All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Service Tax on All Service Charges extra wherever applicable.
