Kooturavu Bank Gold Loan Interest Rates 2024: Latest Updates

It provides the Best gold loan rates in Tamil Nadu. It is widely recognized and respected for its excellent financial services. Kooturavu Bank provides Affordable gold loan options in Tamil Nadu, with gold as collateral, which typically comes with lower interest rates.

When it comes to emergency situations, a gold loan plays the most important role. It allows you to use your gold's value to access funds quickly. Hence, it is considered the safest loan option. Kooturavu Bank understands the importance of timely financial support.

It offers attractive gold loan interest rates. This helps you manage your needs efficiently. Their commitment to providing flexible terms guarantees that you can meet your financial requirements with ease and confidence. But, before getting the gold loan read below to learn about the Cooperative bank gold loan rates, repayment options, and so on to make an informed decision.

About Kooturavu bank

Having cash on hand helps you during a financial emergency. But everyone doesn't have enough money in their hand. Well, this issue is addressed effectively with the help of the Kooturavu Bank gold loan. It provides the Best gold loan rates in Tamil Nadu. It is widely recognized and respected for its excellent financial services.

Why Opt for a Cooperative Bank Gold Loan?

Some of the main benefits of choosing a gold loan include:

Kooturavu Bank provides Affordable gold loan options in Tamil Nadu, with gold as collateral, which typically comes with lower interest rates.
You only need to pledge your gold jewelry. You don't require additional security or collateral to apply.
Unlike specific-purpose loans like car or home loans, the funds can be utilized for a wide range of needs.
The documentation required is straightforward and fewer compared to other types of loans.
Co-operative Bank processes and disburses gold loans quickly, often within an hour.
The bank ensures complete transparency with no hidden charges, making the process clear for customers.
The minimum loan amount is Rs. 15.000, but it can be lower in rural areas.
The bank provides reliable protection for your gold. They store it in a fire-resistant vault.
The tenure of the loan can be chosen from three months to two years, allowing flexibility based on your needs.
Special Gold loan interest for farmers is available for agricultural use.
The bank will only seize the gold jewelry without imposing additional debt if repayment is not possible.
There are no income limits for obtaining a gold loan, making it accessible to individuals regardless of their earnings.

Types of Co-operative Bank Gold Loans:

Loan Against Gold

Tamil Nadu State Cooperative Bank provides gold loans at affordable interest rates to satisfy urgent financial demands. This type of loan is very secure. Because, the bank faces minimal risk in lending the amount. It provides these loans at lower interest rates compared to other loan products.

Loan Against Gold for Agriculture

The bank also provides gold loans specifically for agricultural purposes at special interest rates for farmers. These loans come with unique offers. Farmers must present land proof to demonstrate that the loan will be used for agricultural activities.

Eligibility for Corporation Bank Gold Loan

The Kooturavu bank gold loan eligibility includes:

Individuals engaged in small businesses and retail trade. It also includes small manufacturing units.
Agriculturists and self-employed individuals. Professionals can also apply for this gold loan.
Salaried individuals and pensioners are eligible to apply as well.

Required Documents for Corporation Bank Gold Loan Scheme

To apply for the Corporation Bank Corp Gold Loan, you need to submit the following documents:

A completed application form
Recent passport-sized photographs
For address proof choose one from the list below
Passport
Driving License
Aadhaar Card
Voter ID Card
Ration Card
For identity proof choose one from the list below
- PAN Card
- Passport
- Aadhaar Card
- Voter ID
- Driving License

Calculating Gold Loan Interest Rate

To calculate the interest on a cooperative bank multiply the loan amount with interest rate and loan tenure.

Otherwise, you can use the online Kooturavu bank loan calculator available to quickly determine the interest amount based on your loan details, such as gold value, interest rate, and repayment period.

Lending Process

In the Kooturavu bank gold loan process, the borrower must provide all requested information in the loan application.
The borrower must hand over the jewelry to the manager.
The manager will confirm that the jewelry matches the information supplied in the application.
The weight of the jewelry should be checked in the borrower's presence.
The bank manager should be knowledgeable about jewelry estimation.
The jewelry's value should be determined based on its weight and quality.
The net weight should be calculated by excluding any stones or materials other than gold.
Verify that the jewelry is 22 carats or higher.
Ensure it is not composed of other metals.

Estimating the loan amount

The loan amount will be determined according to the instructions issued by the Registrar from time to time.
The maximum loan amount will be the lower of either the amount based on 75% of the market value per gram or the maximum amount set by the Registrar per person. A deduction of 500 ml per gram or 1.50 will be applied.
The loan amount can be disbursed in multiples of Rs.100.
A second loan cannot be granted on jewelry that is already deposited with the bank.

Prepayment of loan

If you repay the loan before one year, interest will be computed from the date you got it to the date you reimburse.
Interest on the Kooturavu bank gold loan repayment should be charged within 15 days after the loan is given.

Lending

After the loan is approved, the borrower must sign the debit slip, and then the payment will be made.
The borrower should sign the details of the gold jewelry in the loan book, which helps ensure the jewelry is covered.

Charges

Associate Membership Fee
Jewelry Appraisal Fee
Any Additional Fees to be Collected

What Happens If Interest Is Not Paid:

Your jewelry will stay with the bank for up to a year if you don't pay the Tamil Nadu cooperative bank gold loan interest. You can extend the loan by paying the interest due if you can't pay back within that time. However, extra interest will be added if you still don't pay.

Wrapping it Up

Kooturavu Bank's gold loan is a fast and safe way to get money when you need it urgently. You can use your gold as security and benefit from low interest rates and easy terms. The Kooturavu bank loan application process is simple and it's a practical choice for managing your finances.