| Purpose of Facility |
BOP Sonay pe Sohaga is a running / cash / demand finance facility against pledged gold bullion / gold ornaments for consumers to meet cash requirements.
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| Target Market |
1. Individuals
2. Small & Medium Enterprises
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| Eligibility Criteria |
• Clean e-CIB
• Income proof/ Bank Statement/ Income estimation
• Age should be between 21yrs and 60 years
• Satisfactory market check
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| Minimum Loan Limit |
Rs. 0.05 million
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| Maximum Loan Limit |
Rs. 50 million
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| Loan Entitlement (lowest of factors) |
Rs. 3,000/- per gram of 24K gold OR 65% of the bank’s approved appraiser’s value whichever is lower
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| Tenure |
May vary from on-demand to 5 years
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| Frequency of Repayment |
Preferably monthly but can be allowed quarterly with increase in markup by 50 (fifty) basis point.
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| Security |
Pledge over Gold Bullion owned by the customer/ client/ borrower / sponsors with specified margin and top-up clause as per bank policy under the scheme
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| Insurance |
The pledged Gold Bullion / Gold Ornaments will be insured by the bank at Customer/Client/Borrower’s cost
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| Renewal |
Auto roll-over allowed at expiry under intimation to the customer/ client/ borrower upon markup servicing at the discretion of the bank
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| Pricing / Mark-up |
As per prevailing market rates
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| Processing Fee |
As per SOC
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| Gold Valuation Charges |
Rs. 200 per 10 gram of 24 Karat Gold
Valuation is done by two approved jewelers
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