Rate Table
Gold Loan Interest Rate
Mode Of Calculation
- Interest rate will be quoted on annualized basis only.
- Interest amount will be calculated on the daily outstanding balance in the loan account at the contracted rate.
- Interest will be calculated on the basis of 365 days a year.
- Compounding, if any, will be provided in specific loan schemes.
- All loans carry the fixed contracted rate till closure of account.
Risk Related Rate Of Interest
- Since a higher LTV (loan per gram) translates to a higher risk interest rate and LTV will be correlated.
- Assuming all other factors to be the same a higher LTV loan will attract a correspondingly higher interest rate as compared with a lower LTV loan.
- The interest rate applicable will vary from time to time and will be mentioned against the specific operative schemes / loan products.
Penal / Overdue Interest
- When the loan remains outstanding beyond the 'normal' tenure overdue / penal interest will be charged at 3% pa on the amount due and payable till the account is regularized / close
