Gold loan scheme launched by BoM
By Vaibhav Aggarwal
Dec 7, 2010
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Public sector lender, Bank of Maharashtra has introduced gold loan scheme called 'Maha Jewel' as well as top up loan facility across selective branches of the bank.

The facility of availing top up loans is available only to those customers who make timely repayment of loan installments.

The gold loan scheme, 'Maha Jewel' has been extended across 176 branches of the bank only.

The loan will be available to eligible customers in the age group of 18-70 years who fulfill all KYC norms. The main aim with which the scheme has been introduced is to provide finance to customers for requirements in business, agriculture and for meeting personal needs.

The loan amount would range from Rs 25000 to Rs 5 lakhs. The eligible loan amount is Rs 1,200 per gram of 22 carat gold or 65 % of the market value of the net weight of the Gold ornaments which ever is less, in accordance to the lower and upper limits assigned.

The interest borne on these loans would be 7% in case it is taken for agricultural purposes, and for the rest it is in the range of 10.75% (senior citizens) to 11.25%. The maximum repayment period is 3 years.


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