|Karnataka Bank Gold Loan||Details|
|Loan Amount||Up to Rs. 25 lakhs|
|Tenure||Up to 1 year|
|Interest Rate||7% to 8.12% onward|
Karnataka Bank Gold Loan is to meet urgent financial needs for personal, business, and agricultural purposes. You need to pledge your gold ornaments or bank-purchased gold coins. The tenure is up to 12 months. On the due date and complete repayment, the bank will close the account.You can borrow up to Rs. 25 lakhs. Also, maximum exposure per customer is for up to 5 accounts. Thus, per account, the bank can sanction up to Rs. 5 lakhs.
In the below post, we will discuss Karnataka Bank Gold Loan features, charges,documents required, agriculture gold scheme, and frequently asked questions.
Here are more details:
Here are the charges and fees for services:
Here are the documents to avail of a loan against gold:
Karnataka Bank Gold Loan for agriculture is to meet short-term expenses for farming and related activities. The eligible borrowers are individuals, Corporates, HUFs engaged in such activities. Primary security is the hypothecation of crops/assets. For collateral, you have to submit gold jewellery or minted gold coins (bank-purchased) not more than 50 grams per borrower.
Here is more information:
Here are the FAQs:
Gold Loan is a perfect scheme for salaried as well as professionals. It fulfils different financial needs without any disruption. You can use the amount for personal and business needs. If you are into agricultural activities, then you can apply for an Agri loan as well and pledge gold jewellery/coins.
The bank has a minimal documentation process. It offers a hassle-free experience. Also, you receive high security for the collateral. The same is returned in a few days after loan account closure..
You can take the loan for up to 12 months. But you can renew the loan every year for up to 10 years.
By the due date, you must return the principal borrowed amount at regular intervals. But you can repay the interest amount on the due date or yearly/monthly basis.
Karnataka Bank has an Overdraft Scheme. Here, the loan amount is credited to the Overdraft account. This is the credit limit just like you would get an approved amount on the Credit Card. So, you can spend the loan amount anytime whenever you wish. There is no need to withdraw the entire sum at once. You will have to pay the interest only the amount utilized and not the entire credit limit.
Disclaimer : Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Karnataka Bank.