GOLD LOAN complaint by Vinay Dadmal

Grievance with State Bank of India filed

 by Vinay Dadmal

I have saving bank account number 00000011315827829 with State Bank of India ,Warora District : Chandrapur, Maharashtra. Branch Code :00501 IFSC  SBIN0000501.Today I went to SBI to get Gold Loan as per their ad distributed through newspaper attached herewith.Bank official gave me cloth bag small and sent me to Goldsmith/Appraiser Shri Kochar.He weighed the ornaments and filled the form [ Annexure VI ].The total ornaments gross weighed 93.2 Gm  and net weight 80.5 Gm valued for Rs338100/-[ The form attached herewith ].He sealed the cloth bag after putting the ornaments inside.I went back to SBI branch and the officer told me that I can get Rs 220000/-.The other lady officer opened the bag and checked the quantity ornaments and gave me receipt and immediately Rs 220000/- deposited in my account .I want to know following information.

1.     How the Goldsmith checked PURITY { Carat ] and filled the column in the appraiser certificate.He used no machine .

2.     How the Goldsmith filled the column –Market rate per gram Rs 4200/- though today 24 carat Gold rate is Rs 4900/- per gram .

3.     On what ground the SBI officer valued the sanctionable gold loan amount.

4.     What is the authenticity of APPRAISER CERTIFICATE.

5.     In the SBI ad the particulars for loan given in that they advertised Rs 11.30 per day per one lac.Does this mean for 360 days / 1 year at this rate for Rs 220000/- gold loan I will have to pay Rs 8949.60/- as an interest.