CORPORATION BANK -MAHILA LOAN -FOR BUYING GOLD

Corp Mahila Gold - For buying Gold

This new scheme viz. "CORP MAHILA GOLD" is to finance working & non-working women for acquisition of gold bars / gold ornaments.

The Scheme details are as follows:

1. Loan Amount

Minimum Rs.10,000/- and Maximum Rs.2,50,000/- . In the case of salaried women, 12 times net take home pay, if salary is routed through the branch. If not routed, 6 times of net take home pay subject to the ceiling .

2. Eligibility

Resident Indian (Working/non-working women) of age group 18 to 58 years.

3. Rate of Interest ( with effect from 04.05.2009)

* Fully secured: 12.25 % p.a.
* Unsecured / partly secured: 13.00% p.a.

4. Margin

15% i.e. The bank will finance 85% of the cost of the gold / gold ornaments.

5. Repayment

In Equated Monthly Installments [EMIs] not exceeding 60 months.

Installment amount not to exceed 50% of the take home pay or the monthly assessed income.

6. Security

No security will be insisted for loans upto Rs.50000/-, for working women, where the salary is routed though our Bank or an undertaking letter is furnished from the employer to deduct and remit monthly EMI's to the Branch.

For non-working women: No security will be insisted for loans upto Rs.50,000/- if the loan is availed jointly with a co-obligant (who is husband/ brother/ father) drawing salary through our branch and gives an undertaking letter to deduct the monthly installments from his salary,

Loans beyond Rs.50,000/- to both working and non-working women of the above category shall be fully secured for the loan amount over and above Rs.50000/- by way of securities like NSCs/ LIC policies [surrender values]/ Govt. Bonds/ KVP's/ Term Deposit of our Bank in the name of applicant/ co-obligant.

In all other cases the loan shall be fully secured (i.e., 100% of the loan amount) by way of securities, like. NSCs/ LIC policies [ surrender values]/ Govt. Bonds/ KVP's/ Term Deposit of our Bank in the name of applicant/ co-obligant.

Note

If no tangible securities as mentioned above are available, EMG of land & building of the requisite value shall be obtained by maintaining 50 % margin .

7. Service Charges

1.00% of the loan amount.

8. Mode of Disbursement

Direct payment to the jeweller of choice of the applicant by DD /PO