The “District Central Cooperative Banks and through its Branches: For Jewel Loan” scheme is launched by the Co-operation, Food and Consumer Protection Department, Tamil Nadu. This scheme enables citizens to obtain loans by pledging their gold and jewelry. It is designed to offer quick and accessible credit facilities to residents of Tamil Nadu by leveraging the security provided by their jewelry.
Benefits
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Loan Access:
Borrow up to ₹1,00,000/- against your gold and jewelry. -
Competitive Interest Rate:
The loan carries an interest rate of 12%, although this rate is subject to change as per prevailing bank policies.
Eligibility
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Residency:
The applicant must be a resident of Tamil Nadu. -
Collateral:
The loan is specifically applicable for loans secured by jewels (gold and jewelry). -
Income Requirement:
There is no specific income requirement mentioned for eligibility.
Application Process
Offline
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Form Collection:
Visit the District Central Cooperative Banks or its branches to collect the application form. -
Form Completion:
Fill in all mandatory fields in the application form, paste a passport-sized photograph (signed across if required), and attach copies of all the required documents (self-attested if necessary). -
Submission:
Submit the duly filled and signed application form along with the supporting documents to the concerned authority at the bank. -
Acknowledgment:
Request a receipt or acknowledgment upon submission, ensuring that it includes essential details such as the date and time of submission and a unique identification number (if applicable).
Documents Required
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Identity Proof:
Aadhaar Card, PAN Card, or similar. -
Address Proof:
Any valid address proof. -
Valuation Certificate:
A certificate for the pledged jewelry, typically provided by an authorized evaluator. -
Additional Documents:
Any other documents as required by the bank.
Frequently Asked Questions
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What is the objective of this scheme?
To enable citizens to access loans by pledging their gold and jewelry, thereby providing a secured and convenient credit option. -
What is the maximum loan amount available?
The maximum loan amount available under this scheme is ₹1,00,000/-. -
What is the interest rate on the loan?
The interest rate is 12%, subject to changes as per the bank’s policies. -
Who is eligible for the Jewel Loan?
The loan is available to residents of Tamil Nadu who pledge their gold or jewelry. -
Is there a specific income requirement for eligibility?
There is no specific income requirement mentioned for this scheme. -
What documents are required to apply for the loan?
Applicants need to provide identity proof, address proof, a valuation certificate for the pledged jewelry, and any additional documents required by the bank. -
Where can one apply for the Jewel Loan?
Applications can be submitted at the District Central Cooperative Banks or their branches in Tamil Nadu. -
Is there a minimum loan amount that can be borrowed?
The scheme focuses on a maximum limit of ₹1,00,000/-, and while the minimum amount is not explicitly specified, it is typically determined by the value of the pledged jewelry. -
Is the interest rate fixed or can it change?
The interest rate is set at 12%, but it is subject to change as per the bank’s policies. -
Is there any processing fee involved for this loan?
Specific details about processing fees are determined by the individual banks and may vary.