“SBT Swarna Saphalyam”– Gold Coin Purchase Loan

Name of the product	“SBT Swarna Saphalyam”
Purpose of loan	To purchase Gold Coins sold by our authorized branches Features: a) Best mode of investment especially for marriage purpose. b) Insulation from any future hike in gold price. c) Down payment requirement is only 20% d) No processing fee e) No appraisal fee f) Easy documentation g) Repayable in easy installments. h) No depreciation on resale or exchange for ornaments.
Loan amount	Minimum Rs.25000/- Maximum Rs.10 lakh
Eligibility	Individuals having SB accounts with the Bank who satisfy KYC norms and having adequate income to repay the loan
Quantum of loan	80% of the value of Gold Coins excluding VAT
Margin	20% of security value plus VAT
Repayment period	12 months - Sanctioning Authority can extend the period upto 36 months in deserving cases.
Rate of interest	3% above Base Rate Currently 13.50%
Security	Pledge of Gold Coins with 24 carat purity and fineness of 999.9, retained by our Bank
Authorised Branches	Branches identified to sell Gold Coins.
Other Condition	Partial release of gold coins permitted once in a calendar year against part payments provided repayment is regular and adequate security is available after release to cover the balance outstanding in the account with accrued interest, duly maintaining specified margin.