North Malabar Gramin Bank Gold Loan Interest Rates

Hi I would like to have the information about Kerala Gramin Bank (KGB) as well as the details of the Gold Loan offered by Kerala Gramin Bank (KGB) including the interest Rate for the same?

Kerala Gramin Bank (KGB) is a Regional Rural Bank (RRB) instituted on 08.07.2013, under the Sub-Section (1) of Section 3 of the RRB Act 1976 (27 of 1976). The bank was formed by amalgamating the two RRBs of Kerala namely South Malabar Gramin Bank as well as North Malabar Gramin Bank through a notification by the government of India.

Kerala Gramin Bank offers Loan against Gold jewellery through all its branches. It offers a wide range of Gold loan products to cater all your needs

Purpose

• For agricultural crop production as well as crop maintenance purposes.
• Other agricultural as well as allied activities.
• For investment in business / profession/MSME activities.
• Other productive purposes.
• Consumption purposes like purchase of durable articles, medical purposes, for meeting social as well as family expenses.

Features & Benefits

• Easy as well as hassle-free loan process.
• Gold loans will be granted to individuals only.
• Loan will be granted only after getting the jewels duly appraised by the jewel appraiser engaged by the Bank.
• 22 carat Gold’s are accepted as security.

Quantam of Loan

• Quantum of loan differs from one scheme to another.
• Maximum loan amount upto 80% of appraised value of gold can be availed.

Interest Rate Details

One Year Gold Loan Irrespective of Amount 11.99%
Gold Loan Others Irrespective of Amount 12.99%
Gold Loan OD Upto 1 Lakh 12.00%
Above 1 Lakh 12.50%

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Answered By StudyChaCha Member