Central Bank of India Gold Loan is categorized as Cent Personal Gold Loan, Cent Business Gold Loan, and Cent Agri Gold Loan Scheme. Thus, the bank offers funds against gold jewellery and bank-purchased coins of 22 Carat and 24 Carat to take care of different financial needs. The loan amount is up to Rs. 20 lakhs. The loan to value ratio is up to 70% of the asset’s market value until altered by RBI and bank policies. The tenure of the loan varies according to the loan scheme, with a maximum limit of up to 60 months.
In the post below, we will discuss Central Bank of India Gold Loan interest rates and charges, types, their features, costs, terms, and conditions, with frequently asked questions.
The Cent Gold Loan Interest Rates are as follows:
Here are the top 3 gold loan schemes by the bank:
The purpose of the loan is to meet immediate personal expenses such as medical, travel, education, marriage, etc. It is also available for agricultural needs. The facility is available as a Demand Loan against gold jewellery pledged with the bank. The purity of gold assets should be at least 22 Carat. If pledging gold coins, then the maximum quantity is 50 grams per borrower. Only the gold coins from the bank are allowed as collateral.
Features of Central Bank of India Personal Gold Loan
Here are more details:
Cent Personal Gold Loan Interest Rate
Central Bank of India Gold Loan Interest Rate is at the repo-based lending rate:
Cent Personal Gold Loan Per Gram Rate
Here are details on the maximum limit of a loan against gold per gram:
Central Bank of India Business Gold Loan is available for individuals of 18 years of age to 60 years old. The facility is available for new as well as existing customers. The eligible customers are individuals, partnerships, and Proprietorship Firms participating in business activities. So, the loan can be used for only business needs. The loan amount is between Rs. 10,000 and Rs. 20 lakhs.
Features of Cent Business Gold Loan
Here is more information:
This Central Bank of India Gold Loan is for people and farmers who undertake agriculture and allied activities. So, the credit is for agricultural purposes only. This includes crop production requirements or investing in specific needs.The primary facility is for short-term production credit – CC/CKCC/OD or Demand Loan (single transaction). You need to repay the due within a year. But for the Term Loan facility, the tenure is up to 60 months.
Features of Cent Agri Gold Loan Scheme
Cent Agri Gold Loan Scheme Interest Rate and Charges
Read further for more information:
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Here are the FAQs on Cent Gold Loan Schemes:
Central Bank of India Gold Loan acts as a financing medium to help borrowers meet any urgent financial expenditure. The bank offers a gold loan to its customers to meet expenses personal in nature like medical expenses, marriage, educational expenses, etc. The loan is also available for agriculture and business needs.
The borrower needs to be at least 18 years of age for applying for this loan. Staff members are also eligible for this scheme as per general/ public terms and conditions. The borrower should already have a savings bank account at any branch of this bank.
The bank has an attractive offer on a gold loan. It charges a nominal rate of interest. The loan amount can be used for a desirable purpose. Loan tenure is flexible and you can get the maximum amount as per the gold weight. The procedure for loan sanctioning is transparent and the bank has helped several customers fulfil their financial needs with a loan against gold.
Gold ornaments/jewellery/bank-purchased coins act as security for the loan. A margin of 20% to 30%of the gold asset value is retained by the bank. Drawing Power of the loan will be revised monthly based on the market value of the security.
The bank sanctions 70% of the current market price of 22 to 24 Carat gold. The weight of gold coins per borrower should be within the limits of 50 grams.
Disclaimer : Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Central Bank of India.
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