Corporation Bank Gold Loan
Gold has witnessed a huge appreciation in recent times and without doubt, gold is a valuable investment option. Corporation Bank Corp Gold Loan Scheme will enable you to get a loan against your gold jewellery. Gold loans are not only cheaper than the conventional personal loans but are also easy to get. With Corporation Bank Corp Gold Loan Scheme, money will never be a hindrance to your dreams anymore!
Types of Corporation Bank Corp Gold Loan
Corporation Bank offers three different variants of gold loan for the benefit of borrowers.
- Agriculture Jewel Loan (ACADL / ACAOD)Under this type, borrowers can pledge their gold jewellery to get a suitable loan amount which they can use towards agricultural purposes. This loan amount can be used as short term crop loan and can be used to purchase any farm asset.
- Pledge of Gold JewelleryUnder this scheme, customers can pledge their gold jewellery as security and use the loan amount to meet personal and business fund requirements.
- Jewel Loans other than Agriculture (CADL / CAOD)Borrowers can place their gold jewellery as security to avail a loan which they can use for a range of purposes like housing, education and personal expenses.
Features and Benefits of Corporation Bank Corp Gold Loan Scheme
Given below are some of the advantages of a Corporation Bank Corp Gold Loan.
- Corporation Bank Corp Gold Loan is a versatile credit product. Customers can avail this loan to meet the costs of education. Housing, business requirements or personal expenses.
- The rate of interest for Corporation Bank Corp Gold Loan is very nominal and affordable.
- Corporation Bank offers flexible repayment tenures for Corp Gold Loan Scheme.
- The documentation required is very simple and the entire sanction process is transparent and hassle – free.
Corporation Bank Corp Gold Loan Scheme Interest Rates
The interest rates for Corporation Bank Corp Gold Loan schemes are outlined below.
| Gold Loan Scheme | Rate of Interest |
| Agriculture Jewel Loan | Tenure up to 12 months – 10. 60 per cent per annum
For tenure above 12 months and up to 24 months – 11. 10 per cent per annum Jewel Loan towards short term crop production – 7 per cent per annum |
| Loan by pledging gold jewellery | Linked to base rate, 10. 65 per cent per annum at present. |
| Jewel Loans for purposes other than agricultural requirements | Loan amount up to Rs. 2 lakhs – 11. 60 per cent per annum
Loan amount exceeding Rs. 2 lakhs – 12. 60 per cent per annum |
Eligibility for Corporation Bank Corp Gold Loan
The eligibility conditions to apply for a Corporation Bank Corp Gold Loan is described below.
- Individuals involved in activities like small business, retail trade, small manufacturing units can apply for Corporation Bank Corp Gold Loan. Also, agriculturists, self-employed individuals and professionals can apply for a Corporation Bank Corp Gold Loan.
- Salaried individuals and pensioners can apply for a Corporation Bank Corp Gold Loan.
Documentation Required for Corporation Bank Corp Gold Loan Scheme
Given below are the documents that a customer must submit at the time of application.
- Completely filled application form
- Recent passport size photographs
- Address Proof documents (any one of the following)
- Passport
- Driving License
- Aadhaar Card
- Voter ID Card
- Ration Card
- Identity Proof documents (any one of the following)
- PAN Card
- Passport
- Aadhar Card
- Voter ID
- Driving License
Corporation Bank Corp Gold Loan Scheme FAQs
- What is the quantum of loan offered per gram of gold, under Corporation Bank Corp Gold Loan?
Repayment Period Loan per gram of gold Not more than 12 months Rs. 2000 per gram, on 24 carat basis More than 12 months Rs. 1900 per gram, on 24 carat basis - What is the maximum repayment tenure offered for Corporation Bank Corp Gold Loan?A maximum repayment tenure of 24 months is offered for Corporation Bank Corp Gold Loan.
- What are the conditions associated with agriculture jewel loan for short term crop production under Corporation Bank Corp Gold Loan?Agriculture Jewel Loan will be sanctioned to meet the financial requirements of short term crop production after the borrower places suitable gold jewellery as security. A loan amount not exceeding Rs. 3 lakhs will be offered and the amount has to be repaid within a period of 12 months.
- What are the processing charges for Corporation Bank Corp Gold Loan less than Rs. 2 lakh?No processing charges will be levied for gold loans up to Rs. 2 lakhs. For loans less than Rs. 2 lakh, a nominal processing charge would be levied by Corporation Bank.
- I am a pensioner. Can I avail Corporation Bank Corp Gold Loan?Yes, Corporation Bank Corp Gold Loan can be availed by pensioners also.
