Bank loan for purchase of jewellery
If credit facilities for perishable household consumable items can be extended by banks, it is more feasible and justifiable to do the same for purchase of durable items like gold ornaments. All commercial banks may come forward with this type of loan scheme in the greater interest of the middle class / lower middle class buyers and the manufacturers and traders of jewelry. It may be stated that the bankers who may provide credit facility for purchase of jewelry items can also provide the same facility for purchase of gold bullion from the authorized dealers to the bona fide goldsmiths who possess valid licence from the competent authorities. The gold licence issued by the deputy commissioners of respective districts and the trade licences issued by the city corporations in Dhaka, Rajshahi, Chittagong and Khulna may be accepted as security for the loan in addition to the personal guarantee of any responsible figure like members of the parliament, Class-I government officers, bank officers, government and non-government college teachers and the renowned business-magnets having transactions with the banks. There are a large number of goldsmiths in Dhaka metropolis alone who possess valid licence of goldsmithing (manufacturing and repairing gold ornaments). It has been established from a field survey that they are in dire need of working capital for running their age old trade. A loan to the extent of Tk. 1 lakh can easily be sanctioned to a bona fide goldsmith on the security of his licence and personal guarantee. The terms of repayment of such loan may be fixed at 50 monthly installments of Tk 2,000. This will be a good, safe and sound investment for the banks on the one hand and shall create scope for income-generation to hundreds and thousands of goldsmiths, who are dependent on this profession for decades.
The commercial banks, particularly the private banks, may consider the issue in right earnest.
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