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Citizens Gold Loan

Citizens Gold Loan

This facility is for meeting any type of contingent requirements, thus harnessing the yellow metal, which is usually a “non-sweating” asset, for productive purposes. The customer can walk into any nearest branch of the Bank offering Gold Loan with the customers’ jewellery/ gold bullion. The easy documentation and simple process will ensure that a customer can avail a loan across the counter. This helps in making good use of the assets owned.

Purpose:To finance against pledge of gold or gold ornaments to individuals/firms for their private investment.
Nature:Revolving/ Non-Revolving
Loan Size:Up to 10.00 Million
Tenure:1 year (subject to annual review)
Loan PortionMaximum up to 80% of the derived value in case of solid gold and 70% of the derived value in case of gold ornaments.
Rate of Interest:Premium of 2% to 6% p.a. over the Base Rate

Eligibility Criteria:

  • The applicant must be at least 21 years and should not exceed 65 years at the time of maturity.
  • Gold and/or gold ornaments to be minimum of 22 and 24 carats only.