Eligibility

Individuals/ Proprietors/ Partners of MSE units, Professional & Self-employed, artisans etc., primarily engaged in manufacturing and services.

Purpose

To meet all business needs including working capital requirements, to take up income generating activities/self-employment against the prime security of Jewels.

Loan Amount

Minimum Loan amount of Rs.25,000/- and maximum Loan amount is Rs.50 lakhs

Margin

No specific Margin is required

Rate of Interest

RLLR Minus 0.10% (Demand Loan & Cash Credit). At present RLLR of the Bank is 8.85%.

Security

Gold Ornaments/ Jewellery of the borrower pledged to the Bank for the loan, will be treated as prime security

Repayment

Demand Loan: Maximum 12 Months. The entire principal and interest to be repaid in part or bullet repayment any time before maturity.

Cash Credit: To be renewed once in year. Interest to be serviced as and when debited.

Processing Charges

Nil processing charges up to Loan amount of Rs. 1.00 lakh

Other Conditions

• Udyam Registration Number/ Udyam Assist Certificate (UAC) is mandatory
• Part release of the jewel is permitted in Cash Credit account.
• Borrower can avail multiple loans subject to the maximum scheme amount. However, Cash Credit facility shall be given only under one account per borrower.