An Overdraft facility Against Gold Jewellery from Tamilnad Mercantile Bank
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Tamilnad Mercantile Bank TMB Gold Overdraft
This Overdraft (OD) facility helps borrowers access needed funds by pledging their 22-carat gold jewellery or gold coins sold by banks. This OD can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 10 lakh.
Features of TMB Gold Overdraft
Why this Loan?
- The TMB Gold Overdraft is meant for borrowers who want to get funds by pledging gold jewellery/ornaments and specially-minted gold coins sold by banks to meet their financial needs
- This OD facility can also be availed by borrowers to pay off their high-interest credit card debts and loans, thereby consolidating their debts
Loan Amount
- The minimum loan amount sanctioned under this loan is Rs. 10,000. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 10 lakh
Interest
- As of October 2020, the interest rate applicable to this loan may range from 8.65% to 10.15%
Repayment
- This loan is repayable within 2 years
Eligibility
- Borrowers should be above 18 years of age and have a steady source of income
- Borrowers must be the true owners of the gold ornaments/jewellery or specially-minted gold coins
Margin Money (Borrowers Contribution to Total Cost)
- The bank charges 25% of the value at the time of sanction
Security Needed
- The bank accepts pledging of 22-carat gold ornaments or gold coins duly verified for quality and quantity to secure this loan
Processing Charges
- The bank charges 1.00% of the loan amount for processing this loan
Documents Needed
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Reference Facts
- Tamilnad Mercantile Bank Website: www.tmb.in
- Headquarters: Tuticorin, Tamil Nadu
- Call Centre Number: +91 461 2321382, +91 461 2321929, +91 461 2321932