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The South Canara District Central Cooperative (SCDCC) Bank will launch a loan scheme for the purchase of gold on November 15.
Addressing presspersons here on Friday, Mr M.N. Rajendra Kumar, President of SCDCC Bank, said that the bank is launching the scheme to mark the 58th cooperative week in the State.
Stating that parents are finding it difficult to buy gold at the time of the marriage of their children, he said the scheme will provide an opportunity for them to buy gold three to five years ahead of the marriage.
Explaining this, he said if a parent is arranging the marriage of his daughter in the next three to five years, and he wants to buy Rs 10 lakh worth gold for this purpose, he can go in for this loan.
The bank will offer 80 per cent of the loan and the remaining 20 per cent will have to be borne by the customer.
The customer will have to bring invoices from the jewellers identified by the bank and will have to pay 20 per cent of the margin money to the bank for availing this loan.
The bank will send the money directly to the jeweller concerned.
Asked about the security of the loan, he said the borrower will have to deposit the gold at the bank till he closes the loan in the bank.
To a query on the rate of interest for this loan, Mr Rajendra Kumar said the borrower will be charged an interest of 12.5 per cent for this loan. The tenure of the loan ranges from three years to eight years, he added.
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