Jewel Loan is a boon to those who are in need of money. To get a Jewel loan, you need to pledge your Jewel at the bank. Anyone can get the loan by pledging their Jewel. One of the easiest and most convenient means of service that the bank offers us is to get a Jewel loan.

What are the documents required to get a Jewel loan?

There is no need to submit any document to the bank to get a Jewel loan. But those who want to get a Jewel loan have to show the Passbook in his/her name as a document. Only those who have a savings account in his/her name in the bank can get the Jewel loan. A separate Loan Card will be issued to the recipient of a Jewel loan from the bank.

How is the Jewel rating estimated?

Loan amounts are provided based on the Market Value, Purity of the Jewel. Regardless of the total weight of the Jewel being pledged, only 90% of them will be taken into account. But when the Jewels with stone are pledged and borrowed, the weight of the stone will be completely deducted.

While pledging Hallmark stamped Jewel ,it gets a loan of Rs.50/- upto Rs.100/- per gram in addition to that of Hallmark non-stamped Jewel. If the Jewel is very old, the Jewel loan will be provided by considering the weight of the Jewel left over from the Jewel waste and by examining the quality, quantity and purity of the Jewel..

Jewel Appraiser:

The Jewel Appraiser at the bank will check the value of the Jewel that the customer is pledging. He himself will determine the quality and weight of the Jewel. Only after that the Jewel loan will be calculated. Therefore while receiving a Jewel loan, a separate amount called Appraising Charge will be charged from the customer.

In how many years should the Jewel loan be repaid?

The period of repayment of the loan in full at the bank is one year. The Jewel loan must be repaid within one year of receiving the loan, with the principal and interest paid in full.

How is the interest calculated?

Generally, Jewel loans do not charge compound interest like other loans, but charge ordinary interest. It will not be charged as Interest to Interest. So the amount of the interest that the customer pays for the Jewel loan will be less than that of other loans. The lump sum interest and the principal amount should be paid completely by the end of the year.

If you want to repay the Jewel loan within a year, the interest will be charged only from the date of the Jewel loan to that date. There is no need to pay monthly interest on the Jewel loan.

Can I renew my Jewel Loan?

It is mandatory to complete the interest on the Jewel loan obtained from the bank within one year. If it is not possible, Renewal of the Jewel loan from the bank can be done. But when the Renewal is done, it is mandatory that the full interest should be paid. For example, if you have received a Jewel loan in the month of May, then you can renew the loan in the same month(May) the next year.

How to pay off debt and redemption Jewel?

The Jewel can be redeemed by paying the full amount of interest and principal within one year of availing the Jewel loan. Once the Jewel is recovered, the Loan Card should be handed over to the bank.

What is the action taken by the bank when the Jewel loan is not repaid?

If the customer does not renew or repay the loan (Renewal or Redemption) even after one year of availing the Jewel loan, a notice will be sent to the customer from the bank. The notice states that due to non-repayment of the Jewel loan, the Jewel pledged by the customer will be put up for auction on the specified date. The Jewel can be recovered by repaying the loan by that date. But when the customer does not come forward for anything, the Jewel will be put up for auction on the due date and the bank loan will be repaid. If there is any balance left over from the loan, it will be handed over to the customer.