The Mayyil Service Co-operative Bank Ltd. presents "Loan Against Gold Ornaments", a scheme designed to provide liquidity against gold ornaments without having to sell them.Gold ornaments lying idle can be put to productive use by availing the Mayyil Bank's Gold Loan. This product is ideal to meet your immediate requirement of cash.
A’ Class and ‘C’ Class members are eligible for availing ‘Easy Gold’ loan
The loan will be issued on the security of gold ornaments
The maximum amount of a loan is fixed as Rs.500000/-
50% of the market value of gold ornaments will be disbursed as loan amount
The duration of the loan will be 30 days
The interest rate will be fixed as 12% and it may be changed as per the decision of the director Board from time to time. An additional 2% interest will be charged after the due date
Interest will be charged only for the days in which loan amount remains unclosed
The unreleased gold ornaments will be auctioned if the borrower fails to repay and there is no response from the part of the borrower after getting registered notices to repay the loan
The Mayyil Service Co-operative Bank Ltd. presents "Loan Against Gold Ornaments", a scheme designed to provide liquidity against gold ornaments without having to sell them.Gold ornaments lying idle can be put to productive use by availing the Mayyil Bank's Gold Loan. This product is ideal to meet your immediate requirement of cash.
A’ Class and ‘C’ Class members are eligible for availing ‘Easy Gold’ loan
The loan will be issued on the security of gold ornaments
The maximum amount of a loan is fixed as Rs.1,00,000/- for three month loan and Rs. 5,00,000/- for 6 month loan.
50% of the market value of gold ornaments will be disbursed as loan amount
The duration of the loan will be
The interest rate will be fixed as 14% and it may be changed as per the decision of the director Board from time to time. An additional 2% interest will be charged after the due date
Interest will be charged only for the days in which loan amount remains unclosed
The unreleased gold ornaments will be auctioned if the borrower fails to repay and there is no response from the part of the borrower after getting registered notices to repay the loan