[nilesh]

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Can you tell me in detail about the interest rate and other details of the Cent Personal Gold Loan facility offered by CBI (Central Bank of India) for its customers?

[prince karak]

Cent Personal Gold Loan facility offered by CBI (Central Bank of India) for its customers is basically to meet urgent personal expenses like marriage / medical / educational needs, etc. other than for Agricultural purpose.

Nature of Facility
• Demand Loan against pledge of gold ornaments of 22 Carat purity or Gold Coins (Maximum 50 gram per person) sold by Bank.

Rate of Interest
• MCLR (12m) +2.00 % p.a. floating

Security
• Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by Bank.

Quantum of loan
• Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by Bank.

Margin:
• 30% of the value at the time of sanction.

Maximum Limit of loan per gram
• Rs.1750/- per gram of gold ornaments or 70% of the current market price of 22 carat gold whichever is less.
• In case of gold coins sold by our Bank Rs.1850/- per gram of gold coins or 70% of the current market price of 24 carat gold whichever is less.
• The weight of coins promised should not exceed 50 grams per borrower in case of advance against security of gold coins.
• Drawing power is revised suitably on monthly basis based on the market value of gold.

Repayment
• The tenor of the loan should not exceed 12 months from the date of sanction.

Processing Fees
• 0.5% of the loan amount plus tax plus applicable Appraiser Fee.