Gold loans are among the most accepted assets today for quick cash. Especially in countries like India where people need cash for rolling purposes, gold loans can be of great help.
The Taliparamba Service Co-operative Bank has introduced for our dear customers a special gold loan scheme. As per this scheme, gold loans are given for both agricultural and non-agricultural purposes. The highlight of the scheme is that these loans are given at very low interest rates so as to encourage sectors like farming and small trading enterprises. These can be of significant benefit to people whose re-payment capacities would not be so good.
This facility is available daily on all our branches.
Eligibility
A’ Class ‘D’ Class and ‘C’ class members are eligible for availing ‘Gold loan'. The applicant must be a member in good standing and meet the necessary documentation requirements.
Security
Loans will be sanctioned strictly against the pledge of gold ornaments. The gold must be of acceptable purity and properly verified by the bank’s gold appraiser. Gold bars or bullion are not accepted.
Limit of Assistance
The maximum loan amount available under the gold loan scheme is ₹5,00,000. The actual eligible amount is subject to appraisal and purity of the gold.
Loan Amount / Disbursement
Up to 70% of the current market value of the gold ornaments will be sanctioned as the loan amount. The disbursement is made immediately upon gold appraisal and documentation.
Loan Tenure
The standard loan duration is 30 days. Borrowers are required to repay the principal along with the applicable interest within this period. Extensions may be considered on a case-by-case basis with applicable charges.
Interest RateBenefits of Gold Loan
- Quick processing and same-day disbursal
- No income proof or credit score required
- Secure and insured storage of gold
- Competitive interest rates
- Flexible repayment options
- Simple documentation
- Trusted service with full transparency
Auction of Unreleased Gold Ornaments
If the borrower fails to repay the loan amount within the stipulated time and does not respond to the registered notices issued by the bank, the pledged gold ornaments will be auctioned as per cooperative banking norms. The proceeds of the auction will be adjusted against the outstanding dues. Any remaining surplus will be refunded to the borrower after deducting costs.
Note
The bank ensures 100% safety and transparency in gold handling. All pledged ornaments are stored in secured vaults and insured for their full appraised value.