Eligibility

Working & Non Working Women:

The women who are permanent employees of Central / State Government Offices, Public Sector Undertakings, Reputed Public Limited Companies, Educational Institutions owned by Govt. and other reputed Educational Institutions, etc are eligible for loan under the scheme.

However, other women (non working) will be eligible for the loan only when her working spouse will join as a co-obligant as his income will be considered as the source of repayment for the loan.

Age:

18-60 years (in case of salary tie up cases, maximum eligible age at the time of loan should be such that the loan is fully repaid before her/ his retirement from service)

Purpose

For purchase of Gold and Diamond Jewellery

Loan Amount

For salaried persons:

Amount of loan will be restricted to 15 times of net take home salary of borrower/s or Rs.2 lacs, whichever is less.

However, take home salary taking into account all deductions & EMIs for all loans (proposed loan for purchase of Jewellery & existing loan, if any) should not be less than 40% of the monthly Gross Salary.

For others:

In case of borrowers other than salaried persons, amount of loan will be restricted to net annual income of borrower/s or Rs. 2 lacs, whichever is less.

However, EMI for all loans (proposed loan for purchase of Jewellery & existing loan, if any) should not exceed 50% of average monthly income computed on the basis of average of three years Income Tax Returns

Margin

10% of the Cost of Jewellery

Click here for Rate of interest

Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges

Security:

For salary tie-up cases:

It there is a tie-up arrangement for realisation of installment from the salary of borrower / spouse, any additional security should not be insisted upon.

Security for Non-Salary tie-up cases

1. The loan should be collaterally secured by way of tangible securities, like NSCs / LIC Policies (Surrender values)/ KVP's/ Bank's own Deposit in the name of applicant/ third party/ Co-obligant to the extent of 80% of the loan amount.
   OR

2. Equitable mortgage of Residential Property valued 100% of the loan amount should be obtained. In case of existing borrowers whose residential property is mortgaged with previous loan, a supplemental mortgage covering the new loan may be created but it should be ensured that value of property is not less than 100% of aggregate loan amount (Existing Loan & Loan for the Jewellery)

However in cases where collateral security is not available (i.e. salary tie-up advances), guarantee from the spouse/ adult working family member and/ or other person with good means and standing will be obtained

Mode of Disbusement:

Disbursement should be made by way of Pay Order in favour of the Jewelers on the basis of Bill / Quotation or on the basis of self-declaration by borrower. The submission of bill is not mandatory.

Repayment Period:

Repayable in 60 equated monthly installments, first installment will fall due on 30th day of the date of disbursement.

Mode of repayment:

In salary tie-up cases:

EMI to be deducted from monthly salary and credited in loan account.

In other cases:

24 PDCs for the EMI to be obtained at the time of disbursal and fresh 24 PDCs to be obtained one month before exhaust of the same

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