Gold Loan Scheme
Gold Loan Scheme
Gold Loan related market Important Guidelines:
- Get all the Gold Loan Scheme and Gold Loan related market important guidelines. We know very well about the Gold Loan scheme and offers in Indian market & actually it is most volatile precious metal on earth which is the most trustworthy and symbol of richness. So when we talk about market lending loan against Gold in India, we require to follow some specific parameters like income documents and PAN Card Copy for loan over 5 Lacs irrespective of CIBIL Score.
- All Loans against the gold and any of renewals under the below mention current gold loan scheme having total exposure greater than equal to 1 LAC needs to be made through NEFT/ RTGS/ Cheque.
- Apart from the new Gold Loan disbursal any of existing loan Interest payment received in principal due cases have to be accepted and needs to be part payment passed
Key Points about Gold loan Scheme
ü DealsofLoan brings schemes based on calculation of 60% loan to value of the ornament cost as per RBI guidelines.
ü We are allowing renewals on current schemes only.
ü Gold valuation as per carat value loan to value funding available for all customers
ü No lending against Gold coins /bars / bullion as per RBI guidelines
ü Stone weight deduction to happen on actual
ü No lending against ornament having more than 50% of weight in stone
ü Lending against 18-19 caret gold jewelery only in combination and not more than 40% of the Gross Weight of the gold items pledged
Credit Checks for Gold Loan Scheme
|Checks about Gold Loan Scheme|
Up to 2 Lacs
Above 2 Lacs
|Credit CIBIL Score test|
|Internal Data Check|
|Contact point Verification|
|Actual Income Documents|
|Undated Cheque of Principal & Loan Amt|
Yes for above 5 Lacs
Gold Loan’s Restricted Items
- All kinds of Mangalsutras to be accepted only if borrower is a female. For male borrowers the same needs to be confirmed over telephonic verification from family members or if Mangalsutra is one of the collateral along with other ornaments.
- Gold plated watches
- Gold items used as religious symbols like pooja.
- Human waist Belt greater than 100 grams