Gold Loans
A gold loan is a type of secured loan, where individuals borrow money by pledging their gold as collateral. The lender determines the loan amount based on the gold’s value. It provides quick access to funds without extensive documentation, offering lower interest rates due to the collateral
Kanaka Mahalakshmi Bank offers below types of Gold Loans:
1 >> GOL (GOLD LOAN) UPTO Rs 4 lakhs per person
| Duration of the Scheme | 12 Months |
| Rate per Gram | Rs.5000/- |
| Rate Of Interest | 10 % PA |
| Security | Pledge of Gold ornaments/Jewellery |
| Repayment | Loan to be repaid within a maximum period of 12 months from the date of sanction. |
2 >> GOLN (GOLD LOAN ) – EMI BASED above Rs 4 Lakhs per person
| Duration of the Scheme | 12 Months (1year) , 24 Months(2 years) , 36 Months(3years) |
| Rate per Gram | Rs.5000/- |
| Rate of Interest | 10% PA |
| Security | Pledge of Gold ornaments/Jewellery |
| Repayment | Loan to be repaid within a maximum period of 12,24,36 months from the date of sanction in monthly instalments. |
3 >> ODG ( OVER DRAFT AGAINST GOLD)
| Duration of the Scheme | 12 Months |
| Rate per Gram | Rs.5000/- |
| Rate of Interest | 11% PA |
| Security | Pledge of Gold ornaments/Jewellery |
| Repayment | Running account facility subject to servicing interest monthly and review annually. |
NOTE :
- Nomination Facility is available.
- KYC documents (Subject to RBI guidelines from time to time) of applicant