ആഭരണ വായ്പ

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.

Eligibility

A’ Class and ‘C’ Class members are eligible for availing ‘Easy Gold’ loan

Security

The loan will be issued on the security of gold ornaments

Limit of Assistance

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.

Disbursement

50% of the market value of gold ornaments will be disbursed as loan amount

Duration

The duration of the loan will be

• 3 months upto 1 Lakh
• 6 months upto 5 Lakh

Interest Rate

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

Unreleased Gold Ornaments

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