Gold Over Draft

get loan against pledging gold / gold ornaments

Learn more about our Gold Over Draft Loan Scheme under TMB Retail Loan Products.

Our Gold OD Scheme can help you encash on the gold / jewellery that you have already invested in to pledge it with the bank and avail loan on the same. The terms and conditions are simple and documentation is easy. Even the interest rates are down to earth.

Purpose
Agriculture & Allied activities and General purpose.
Eligibility
Any Individual who is competent to enter into a valid contract and to create pledge except financiers, jewellers, & jewellery shop owners.
Amount Permissible
Presently Rs. 1,800.00 per gram for Hall Marked Jewels and Rs. 1,800.00 per gram for other Gold Jewels (Subject to revision then and there made by Head Office for jewel loans is applicable for this scheme also) or 75% of appraiser / market value whichever is less.
Part Release
Not Permitted.
Loan Quantum
Minimum Rs. 25,000 and Maximum Rs. 5 Lakhs for Agricultural Purpose & Rs. 10 Lakhs for Other Purpose.
Nature of Limit
Overdraft. Facility to draw with ATM card is permitted and optional. At any point of time, a customer should have one TMB GOLD OD account only.
Period of Loan
Two years and to be renewed thereafter
Primary Security
Gold Jewels and Gold Coins (excluding repledge). Condition: Weight and value of the Precious stones embedded in the Gold Jewels should be disregarded.
Rate of Interest
  • HM - Hall Mark Jewellery, Non HM - Non Hall Mark Jewellery
  • For Agricultural Purpose (HM / Non HM) Upto Rs. 3,00,000 - BR + 1.25% (12.00% p.a.).
  • For Agricultural Purpose (HM / Non HM) above Rs. 3,00,000 & Upto Rs. 10,00,000 - BR + 2.00% (12.75% p.a.).
  • For Agricultural Purpose (HM / Non HM) above Rs. 10,00,000 - BR + 2.25% (13.00% p.a.).
  • For General Purpose (HM / Non HM) Upto Rs. 50,000 - BR + 1.00% (11.75% p.a.).
  • For General Purpose (HM / Non HM) above Rs. 50,000 & upto Rs. 2,00,000 - BR + 1.50% (12.25% p.a.).
  • For General Purpose (HM / Non HM) above Rs. 2,00,000 & upto Rs. 10,00,000 - BR + 2.00% (12.75% p.a.).
  • For General Purpose (HM / Non HM) above Rs. 10,00,000 - BR + 2.25% (13.00% p.a.).
  • Current Base Rate for Lending (BR) is 10.75% p.a.
Minimum Interest
  • For Agricultural Purpose Rs. 90.00.
  • For General Purpose Rs. 125.00.
  • Minimum 15 days interest for the OD Limit or Above whichever is higher.
Jewel Appraiser Charges
Rs. 4.00 per Thousand subject to a maximum of Rs. 100.00.
ATM Card Charges
Nil - It’s Free...
Penal Interest
Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.
Processing Charges
  • Term Loan: 1.00% of Limit sanctioned without any maximum cap.
  • Working Capital [Fund and Non-Fund Based]: 0.50% of the loan amount without maximum cap.
Operational Procedures
Including Servicing of Interest, Folio Charges, etc. - as per extant procedures applicable to Overdraft facility.
Documentation
As applicable to the existing Agriculture Jewel / Ordinary Jewel loans plus OD continuity letter (Form No.237).

All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Service Tax on All Service Charges extra wherever applicable.