State Bank of Mysore

Trusted Service

My Bank Gold Loan Scheme

GOLD  LOAN ( P Segment)

1

Loan amount

Min: Rs 2500/ for Rural & Semiurban,Rs 5,000/- for Urban& Metro Max: Rs 10,00,000/-

2

Loan term

30 Months

3

Interest type                                                        (fixed or floating)

floating

4

a) Interest chargeable                                           (in case of floating Rate Loan)

Gold loan (30%) Margin MCLR+2.45=11.90

Gold loan (25%) Margin MCLR+1.95=11.40

 

 

b)Interest chargeable                                            (in case of Fixed Rate Loan)

NA

5

Date of reset of interest

NA

6

Mode of communication of changes in               interest rates

Website,SMS,New paper

7

Fee payable

 

a

On application

0.20% With a minimum of Rs.500/- and  maximum of Rs.1000/-(Inclusive of Appraiser charges of Rs 50 to Rs 300)

b

During the Term of the loan

NIL

c

On foreclosure

NIL

d

Fee refundable if loan not                                  sanctioned/disbursed

NIL

e

Conversion charges for switching from               floating to fixed and vise-versa

NA

f

Penalty for delayed payments

For loans above Rs.25,000/- if the irregularity exceeds EMI or instalment amount, for a period of one month, then penal interest would be charged @2% p.a. (over and above the applicable interest rate) on the overdue amount for the period of default.  If part instalment or part EMI remains overdue , then penal interest will not be levied

8

EMI payable

NA

9

Details of Security/collateral obtained

Pledge of Gold ornaments with purity not less than 22 carats.Advance value will be advised from time to time.

10

Date on which annual outstanding balance statement will be issued

31th  March

 

 
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