Oriental Bank of Commerce (OBC) Gold Loan and Punjab National Bank (PNB) Gold Loan is available for agriculture and related activities, as well as personal expenses. The maximum amount to borrow is Rs. 10 lakhs. The interest rate is according to the Repo Linked Lending Rate + applicable rate. The starting rate for a jewel loan is 8.75%. It is ready to finance, quickly sanctioned in a hassle-free manner. Tenure is flexible for up to a year. But depending on the seasonality of the crop, the same is may extend up to 18 months.
NOTE: OBC was merged with PNB on 1 April 2021. So, the erstwhile OBC scheme no longer exists for new borrowers. You need to apply for a jewel loan as per the scheme offered by PNB.
In the following post, we will discuss OBC/PNB gold loan features, interest rates, documents required, features of the old scheme, and frequently asked questions.
Here are the details of Punjab National Bank or Oriental Bank of Commerce Jewel Loan:
The OBC Gold Loan interest rate depends on various factors. The interest rate before OBC was merged with Punjab National Bank, was 10.85%. The bank has the right to change its interest rates and borrowers have to clarify with the bank about the existing bank rate. As per the current update, the PNB Gold Loan Interest Rate is based on RLLR:
The bank will ask the applicant to provide his/her KYC (know your Customer) documents to process his/her application for a loan against gold. On the other hand, those who are already existing customers with the bank will not have to provide any KYC documents.
Those who are the new customers have to provide their identity proofs (self-attested copies) like Passport, Aadhaar card, PAN card, Ration Card, rental agreement, Driving License, and electricity/telephone/water bill. Also, the applicant has to carry the original documents along with the self-attested copies for verification.
Along with the mentioned documents, the applicant has to also provide his/her two recent passport-sized photographs.
Here is more information:
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Here are the FAQs:
30% is the margin set when the applicant avails the gold loan from Oriental Bank of Commerce for agriculture and farming-related activities. The funds are in form of an overdraft or demand loan. The margin is 25% when the value of the pledged asset is approved by the bank appraiser. The margin becomes 50% when it is a term loan.
If the borrower fails to make timely repayment of the gold loan, the bank will charge penal interest (erstwhile).
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of OBC/PNB for gold loans.
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