The borrower should be an ordinary or nominal member of the Bank and should have an account with the Bank
The gold ornaments will be valued by the Approved Appraiser of the
Bank at the prevailing rate. The Appraiser’s and all other incidental
charges to be borne by the borrower
Advance against gold ornaments will be allowed at maximum 70% of the
value or at such other rates fixed from time to time by the Bank
Prevailing rate of interest will be charged at the time of making
any advance, which is subject to change from time to time at Bank’s
discretion
Normally the advance will be sanctioned for a period of one year,
repayable in monthly/quarterly installments along with accrued interest.
Longer period of repayment upto 2 years may be allowed in deserving
cases
In case the advance is not paid when demanded, the concerned
ornaments and any other assets in possession of the Bank shall be sold
for the recovery of the dues and the shortfall, if any, shall be
recovered by any other means from the borrower
