|1.||Name of the Product||Multi Purpose Agricultural Jewel Loan (without interest subvention)|
To meet the short term production/investment credit needs of:
Any person engaged in agriculture & allied activity. A declaration has to be obtained from the applicant that he/she is engaged in agri & allied activities as per Annexure XIII. As the advance against gold ornaments are granted on the basis of the borrower's declaration of bonafide ownership of the ornaments offered to pledge, the onus of determining respectability and identity of the individual borrowers rests with the branches
Maximum Upto Rs. 3.00 lakhs
|5.||Scale of Finance||
70 % of Net value OR scale of finance per gram of 22 carat gold conveyed by HO from time to time, whichever is less and to ensure LTV of 75% throughout the tenure of the loan.
|7.||Rate of Interest||
9.50 % p.a. AND overdue interest 2% over and above the normal rate
Disbursement to be made through KCC/SB account only
The tenor of the loan shall not exceed 12 months from the date of sanction with repayment holiday of 11 months.
LTV Ratio shall not exceed 75% of the value of the pledged Jewellery at any point of time during the tenure of the loan