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Saravana Stores Gold Schemes

The Saravana Stores has brought out two schemes that allow for savings in the form of jewellery by way of advance payments. The schemes enable users to save money now to buy gold in the near future. The schemes are available for 11 months. Customers are free to choose their investment amount as per their convenience and affordability.

Saving Scheme

The objective of this scheme is to allow people to make savings in various pre-decided advance instalment payments. Investors get bonus of a month’s contribution towards the scheme’s end.

Points to Note While Investing in Saravana Stores Gold Scheme

Investors can invest as per their own convenience in various segments in amounts of INR 1,000, INR 2,000, INR 4,000 and INR 8,000.
These instalments must come in on a monthly criterion for 11 months straight.
Saravana scheme will deposit one instalment at the term’s end.
In the last month, the investors can purchase jewellery that they wish to purchase.
Many types of gold, platinum, diamond, and silver jewellery are also available for purchase.
Making charges and GST charges will apply.

Consider the Table Below:

Monthly investment	Total investment	Profit	Total value
INR 8,000	INR 88,000	INR 8,000	INR 96,000
INR 4,000	INR 44,000	INR 4,000	INR 48,000
INR 2,000	INR 22,000	INR 2,000	INR 24,000
INR 1,000	INR 11,000	INR 1,000	INR 12,000

Payment For Saravana Stores Gold Scheme

The payment instalment should come by the 10th of each month.

An investor is allowed to invest for one month only. Multiple months’ payments cannot be clubbed together.

Whenever there is default in the payment of any customer, then the tenure is extended. It is only after all 11 months instalments are done then the customer becomes eligible to redeem the complete amount.

The benefit will be applicable only after 11 instalments are completed.

Accepted modes of payment:
- Cash
- Demand Draft / Cheque towards “Saravana Stores Thanga Nagai Maligai”.
- Debit Card & Credit Card.

Required Information For Investing in Saravana Stores Gold Scheme

The passbook is given upon joining. This should be kept up to date.
If there is a discrepancy in this passbook, Saravana’s Chit section needs to be immediately prompted.
Cash payments and refunds are not permitted.
Only investors can buy jewellery under this scheme.
When a customer wants to end the scheme before date of maturity, they may also buy jewellery for the total amount. In case the investor is in defaults for three months consecutively, the scheme will involuntarily get terminated, and no incentive will be given.
GST is paid by the customer.
Investors may join this scheme and invest into their gold fund.
One may pay the prevailing rate of 22 karat gold as charged on that day.
One can contribute up to 8 grams in a month.
The least applicable credit is 0.5 grams.
Contributions of 0.5 grams, 1 gram, 2 grams, 4 grams and 8 grams can be made.
Contributions can be made any day.
At least one monthly instalment needs to be made for eleven months straight.
After 1 month from the last paid instalment, the value may be redeemed in the form of 916 gold jewellery.
Charges on waste go up to 12% only.
In a situation when the customer selects an ornament of excess weight, then the excess weight price will become the prevailing rate of that day in addition to average wastage charges and value added tax.

Gold Savings Policy by Saravana Stores

This policy is designed to allow investors to convert their investments to their fund in terms of gold. They may invest into the fund multiple times and at least once in one month.

Necessary Points to Remember

Refund in cash is not permitted.
Under this policy, diamond, silver, platinum and gift articles cannot be bought.
In case of corals, pearls and precious stones on the ornament, extra charges will apply.
For special nag ornaments, making charges will be applicable.
A passbook shall be issued upon joining. This has to be kept up-to-date.
The fund scheme attracts GST at applicable rates. Gold is an instrument of safe haven investment, especially considering that the value of the yellow metal goes up with time. The Saravana Stores Gold Schemes give incentives to investors to save for gold purchases. This unique policy assists clients to level the fluctuating gold rates and receive best price on their investment.

FAQ’S On Saravana Stores Gold Scheme

What if I have a low CIBIL score, will Bank of India still give me a personal loan?

No, a good or high CIBIL score is very important if you need a personal loan.

Does skipping my ICICI bank payment affect my CIBIL score?

Yes, skipping any payment serves as a drawback for you and can cause a decline in your CIBIL score.

Had a loan settlement with Bank of India, will this affect my CIBIL score?

Yes, although the bank considered your appeal and situation, to the CIBIL bureau, this does not matter. This will prove your incapability of repaying loans and decrease your CIBIL score by 75-100 points.

Can I get more than 3 Bank of India personal loans if I have a good CIBIL score?

Yes, you can, provided you have an excellent credit score.

What types of personal loans does Bank of India offer?

Along with secured and unsecured loans, the Bank of India offers a Star Mitra Personal Loan, Star Personal Loan and Star Pensioner’s Personal Loan.

What makes Bank of India personal loan stand out from the rest?

It’s multipurpose use, affordable interest rates, easy repayment plans and thoughtful schemes.

Is it compulsory to have an insurance when applying for a personal loan?

No, it is good to have an insurance, however, it’s not a necessity when applying for a loan.