Indian Bank Swarna Abharana Scheme

IB Swarna Abharana Scheme

Target Group

Salaried Class Women / Working Women employed in Organised Sector / Housewives, with minimum gross monthly income of Rs.10,000/-. Income of spouse can be added only in the case of housewives. The applicant should be properly introduced to the Bank.

For working women, income of the spouse can be taken for arriving the quantum of loan.

Purpose

Purpose For purchase of Gold Ornaments/ Jewellery

Age : 18 - 55 years

Quantum of Loan:

10 time the gross monthly income (max.)
Minimum Rs.10,000/- Maximum Rs 2 lakh

Repayment Period : 60 EMI

Interest rate
BPLR + TP minus 1% = 12.00% fixed

Services Charges
NIL upto Rs.50,000/-
0.50% for loans above Rs.50000/-

Security / Margin
No Cash Margin / Collateral for loan amount up to Rs.50000/- (Salary Credit / Undertaking from employer is must. Where the employer has tie-up arrangement with other Banks for salary disbursal, post dated cheques will be obtained.)

Additional security, as under, is a must For Limits above Rs.50,000/-

Margin Nil for Liquid assets like NSC / LIC policy of equal value is offered.

Margin 15% Immovable property is offered as security.

For House-wives, post-dated cheques from self / spouse (12 nos.)

Other Terms:
1. Jewellery/ gold ornaments must be purchased from established/ reputed shops only.
2. Payment should be made by way of crossed DD/ BPO.
3. Only one account should be outstanding at any point of time.
4. Proper bills (indicating the description of the jewels purchased) should be obtained and kept along with the documents.
5. No pre-payment charges are applicable.
6. The credentials of the borrower to be verified before granting the loan.
7. Declaration from the borrower to be obtained that she will not pledge the jewels purchased out of our loan or gift it to any body till the loan is adjusted.

Download Application Form

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