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Gold Loans - (Loans against gold)

Gold Loans - (Loans against gold ornaments)

Details of the scheme :- Shri Rajkot District Co-Operative Bank Ltd. provides the RDC Gold Ornaments Loan, which offers quick and easy financing at very attractive interest rates. With this offering, RDC brings you a product designed to make your future full of golden opportunities and growth.

1. Instant loan
2. Utmost safety of your gold
3. Minimal documentation
4. Higher Loan to Value
5. Easy repayment
6. Applicants who are not the existing customers of Shri Rajkot District Co-Operative Bank Ltd. can also avail this facility
7. The gold ornaments proposed to be pledged by the customer will be assessed and valued immediately, in order to arrive at the loan amount eligibility.

1. Age: Minimum 18 years
2. Constitution:Resident Individual
3. Security: Gold ornaments / ornaments above 18 carat

1. For RDC customers: Latest address proof (only if the address of the customer as updated in the bank records is different from the address stated in this application) and 2 passport size photographs
2. For non-RDC customers: Identity Proof, Address Proof, Signature Proof (KYC Documents) and 2 passport size photographs

Q1. What is Gold Loan?
It is a personal loan secured against the gold ornaments which a customer pledges with the bank. The loan amount can be utilized for personal / business & any other non-speculative & for approved purposes.

Q2. Which all ornaments can I pledge?
Customer can pledge all types of gold ornaments which are 18 carat & above in purity. However the bank does not accept ornaments such as "Mangalsutra", "Thali", "Raksha", Kodi", "Karimanimala", "Gold Statues" & "Gold wrist watches".

Q3. Which all documents do I need to provide to avail the loan?
Customer needs to provide KYC documents which include identity, address & signature proof along-with 2 passport size photographs. Existing customers of the bank need to provide only latest address & signature proof and 2 passport size photographs.

Q4. Do I need to provide any income documents?
No income documents required.

Q5. Do I need to be an existing customer of the Bank?
The customer need not be an existing customer of the bank. However we recommend that while availing Gold Loan, customer should open a savings bank account facility with the bank which will enable the customer to not only enjoy banking services of the bank, but also assist them in servicing the loan conveniently.

Q6. What are the different loan tenures available?
Gold Loan facility is available for 12 months:

  • Loan facility (12 months)
    Wherein customer will be provided with loan limit which he/she can utilize as per their needs during the tenure of 12 months and can repay the same with interest during the tenure given.

Q7. How much loan amount can I avail?
Minimum Loan amount: Rs. 7,000/- Maximum Loan Amount: Rs. 2,00,000/-

Q8. Do I need a guarantor to avail this loan?
Guarantor is not required while availing Gold Loan.

Q9. What are the different modes of disbursement?
Disbursement can happen by way of Cash only, Fund Transfer (to customer's existing Shri Rajkot District Co-Operative Bank Ltd. account), NEFT & RTGS (to customer's other bank account).

Q10. Can I avail gold ornaments loan facility for my business needs?
Yes. Customer can avail gold ornaments loan facility which will be valid for a period of 12 months. Customer can utilize funds as per his/her requirement to the extent of limit sanctioned based on the value of gold ornaments being pledged.

Q11. Can I avail EMI facility?
No. Customer can not avail EMI facility. Customer can repay the amount of loan with interest during the annual given.

Q12. Can I foreclose the loan earlier?
Yes. You can choose to foreclose the loan any time after 1 month of availing the loan.Customer will have to pay minimum interest for one month in the case of foreclose before one month.

Disclaimer :-
For loans: *Conditions apply: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time.

Fixed Deposite Interest Rates applicable
W.E.F Dt. : 03-04-2023:

   15 days to 45 days : 3.70% | 46 days to 90 days : 4.50% | 91 days to 179 days : 4.75% | 180 days to below 1 year : 6% | 1 year to less than 2 years : 7% | 2 years to 3 years: 7.10%|Saving Deposit-All(With Sp. Savings Deposit : 3.25%