Following the footsteps of SBI, the State Bank of Hyderabad (SBH) has announced Loan Scheme for the purchase of precious metal, Gold. The scheme will be implemented from 19th January 2012 with starting offers and rebates on interest rates. The SBH customers can avail these loan for the purchase of gold and gold jewellery / ornaments. The general loan cap is fixed at 15 lakh. The interest rate for loans for gold purchase is 13 percent per annum. The SBH loan scheme for purchase of Gold is available in Andhra Pradesh, Karnataka and Maharashtra and likely to be extended to other states. The SBH is offering 1 percent interest rate discount as part of the initial offer in the scheme.
Under this innovative scheme which is targeted at the lovers of precious metal, customer has to pay 25 per cent of the gold or jewellery price. Remaining 75 percent of the amount will be credited to the jeweller’s account by SBH. Customers have to hand over the ornament to the Bank till the repayment of all EMIs and will take it to home after the clearance of the loan. The maximum repayment period is 60 monthly installments. The PSU Bank’s are pipe-lining new loan schemes for their customers with attractive interest rates. Recently Andhra Bank launched an exclusive loan scheme, AB Professional Loan Scheme for IT, software, accounts and other professionals.
SBH has entered into MoUs with 15 reputed gold jewellery shops in Hyderabad (Andhra Pradesh) including Khazana and Kalyan Jewellers. The scheme will be jointly implemented by Jewellers and SBH. The bank is targeting to provide Rs 100 crore gold purchase loans by June 2012. Customers can get loan upto Rs 15 lakh to buy gold. The interested customers can visit the SBH branches or can see www.sbhyd.com. You may also apply online for the gold purchase loan scheme of SBH.
Do we have any tax benefit on this loan?
There is no such provision. But should have been a good idea as so many people purchase Gold for long term use.