BANK OF INDIA- STAR MAHILA GOLD LOAN SCHEME

1.Purpose of Loan

For purchase of Gold ornaments, preferably hallmarked, from reputed Jewellers and/or Gold coins of Bank of India.

2Target Group Resident Indian Women

Working Women : Women permanently employed in Central/State Govt./PSUs/ Scheduled Banks/Teachers of Govt. Aided Institutions; and include professionals like Doctors/ C.As/Chartered Engineers etc.,
Non Working Women : Not having income proof. Spouse/other close relative who satisfy income criteria to join as co-borrower.

3.Age 18- 60 years

4.Rating Exercise Applicant should get minimum 20 marks, under banks rating exercise, to be eligible for loan under the scheme.

5.Type of Advance Demand/ Term Loan

6.Quantum of Advance Working/Non-working women : 10 times of monthly net emoluments (take home salary of self/spouse, in case of non working women)

Professional : 50% of Gross Annual Income as per latest Income Tax Return Minimum Rs. 50000/- Maximum Rs.2 lacs.

7.Margin 20% of the cost of Jewelery/Gold.

8.Interest 1.25% less BPLR , presently 11.50% p.a, at monthly rests.

9.Penal Interest To be levied as per prevailing guidelines in this regard from time to time.

10.Repayment Maximum 60 EMIs .However, repayment period not to exceed the age of 65 or retirement age of the borrower, whichever is earlier. Repayment through salary deduction /post dated cheques.

11.Net take home pay (net of EMI )Min. 50% of the gross income of the applicant/ spouse, in the case of non-working women.

12.Security For Loan over Rs.50,000/- liquid securities [NSC/KVP/Insurance Policies-surrender value] for the amount exceeding Rs.50,000/-.

13.Disbursement By DD/ Pay Order favoring the seller ( with the name of the Bank and Account Number). Stamped Receipt/ Invoice for the total cost of jewelery (i.e Loan Amount plus Margin ) to be obtained. Proforma invoice required for a loan amount of Rs. 1 lac and over.

14.Processing Charge For Loan up to Rs.50,000 - Rs.500/- . Over Rs.50,000- 1.10% of the loan amount Min. Rs.500/-

15.Other Charges Stamp charges for documents at actuals.

Loan Agreement copy charges:: As applicable .