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Vijaya Gold Cash Credit Use Gold And Jewellery To Get Loan From Vijaya Bank

Gold Loan is the best way to seek cash in case of any emergency and unexpected situations. This jewel loan can be preferred by any person including those categorized under priority sectors. The customer can obtain the credit facility available against the pledge of jewelry through Operative Cash Credit Facility. One can enjoy unlimited withdrawal and credit within the limit of the sanctioned amount in their account. This scheme is specifically targeted towards the borrowers who require cash against gold jewelry for shorter duration but more frequently. This loan is eligible for the customers of Vijaya bank. The major purpose of Vijaya Bank Gold Loan is to generate income using priority sector under non priority sector. The documents should carry valid reason for the loan. Vijaya Gold Cash Credit is not applicable for agriculture needs.

Bank provides INR 1900 as rate of advance per gram of 22 carat Gold Jewelry/Ornaments and Hall Marked Gold Jewelry/Ornaments. Jewel appraisal charges will be collected at 0.10% of the loan amount in rural areas and 0.25% in other areas, however the maximum amount will not exceed INR 510. The cash credit limit for this loan is for maximum duration of 2 years including an annual review of the account. The documents required for the purchase of this loan includes Loan application form, agreement for DD credit against the pledge of the jewels and complete information about the time of closure of the loan.

The advance facility will be categorized under priority and non-priority depending on the purpose of the loan limit. The bank collects 11.75% as their rate of interest for loans up to INR 2 lakh and 12.25% above 2 lakh. The minimum limit fixed under this gold cash credit loan is INR 5000 for rural areas, INR 15000 for semi-urban and INR 50000 for Urban/Metro and ‘A’ class cities. The limit will be in the form of operative account. Depending on the market price of the gold, the credit department-retail Head office may communicate at periodical intervals to provide information about the quantum/rate of advance per gram.

The security required for Vijaya gold cash credit is the pledge of hall-marked or 22 carat gold ornaments. Together with this, an appraisal report has to be provided. A Jewel appraiser should acknowledge the appraisal report indicating whether the ornament is hall-marked or 22 carat gold ornaments. Thus, one can blindly trust Vijaya Bank Gold Loan for all their financial needs.

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