Gold Loan in 5 Lowest Rate of Interest

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South Indian Bank Gold Loan

South Indian bank is one of the renowned banks in India. It was founded in 1929. The bank has a wide range of network and it is serving in more than 27 states and three union territories of the country. The bank provides financial products like credit cards, consumer banking, mortgage loan, wealth management and insurance. The gold loan comes under the category of loans. South Indian bank provides you the gold loan at very rational and easy rates of interest. Let us discuss the South Indian Bank gold loan briefly.

What is a South Indian Bank Gold Loan?

In a gold loan, you borrow the money from the bank at some rate of interest for a given tenure at some rate of interest. But bank keeps your gold as the security and return it to you when you repay the loan with the rate of interest on time. The gold loan comes in the category of secured loan that is the reason for the low rates of interest of the gold loan. The lender doesn’t have that much risk, because if you fail to return your loan amount on time than the bank is completely liable to recover the loan amount from your gold.

Why Gold loan?

The gold loan can save you from the financial crises. If you are having the shortage of funds, and you have sufficient gold then you can make use of this gold to fight with the financial problem. Instead of asking for money from your relatives and friends you can use your own gold and get it back after returning the loan. Your gold assets are kept in the bank’s locker so there is no risk of safety. The bank is completely responsible for any kind of miss happening with your gold. This is also known as “loan against gold”. So many banks and non-banking financial organizations are providing the gold loan but South India bank provides a gold loan at very attractive rates of interest.

Why South Indian Bank Gold Loan?

Presently, the standard of living is higher. There are many people who are not able to pay their expenses and need some sort of financial assistance. A Loan is the best option for all of these people. There are many loans provided by the banks like personal loan, business loans, gold loans, etc. Gold Loan comes with the lowest interest rate among these loans. South Indian Bank provides Gold Loan with extreme benefits. The loan has an added advantage in that it requires simple documentation and zero processing charges.

 

Features of South Indian Gold Loan

There are some features of South Indian gold loan. Let us discuss them one by one.

1.       First of all the bank provides the gold loan online. So there is no need to go here and there. You can easily apply online for South Indian gold loan.

2.       The process of the application for the gold loan is not complex. It is very easy and hassle-free.you can easily understand and the fill the form.

3.       Besides that, you can check your eligibility, rates of interest and can calculate your EMI’s online.

4.       South Indian Bank gold loan is available all over India.

5.       There is no processing fee charged by the bank.

6.       The tenure of the loan is from 6 months 12 months after it can be renewed.

7.       All kind of gold jewelry is accepted.

8.       Gold coins weight less than 50 grams are acceptable.

9.       Besides that, the bank does not accept the minted gold coins.

10.   A customer can loan maximum on 50 grams of gold.

11.   Your gold assets are kept under very tight security.

12.   You can return the loan within 36 months and three years.

13.   Bank also accepts 24 carats gold coins issued by South Indian Bank only.

Eligibility

1.       The age of the applicant should be more than 18 years.

2.       The applicant should be a citizen of India.

3.       The applicant should have at least 10 grams of gold.

4.       The purity of the gold should lie in between 18 carats to 22 carats.

5.       Self-employed as well as the salaried person is eligible to get the gold loan.

6.       A housewife and a student can also apply for a gold one.

Simply anybody more than 18 years and having gold with India citizenship is eligible to get a gold loan.

Documents

1.       Two passport size colored photographs. (without wearing glasses)

2.       One identity proof. (Aadhar Card/ PAN Card/ Voter ID card/Passport /Driving License/Ration Card) you can use any one of them.

3.       One residence proof. (Aadhar Card/ PAN Card/ Voter ID card/Passport /Driving License/Ration Card) any one of them is valid.

Interest Rates

Basically, the rate of interest starts at 11%. But it varies from the scheme to scheme.

The bank offers the gold loan under 7 schemes.

1.       Gold Power- under this scheme you can get the amount of loan to start from0.25 lakhs and can be up to Rs. 1000 lakhs. Furthermore, under this scheme, the bank accepts only 22 carats of gold jewelry. Bank charges 0.10% of the sanctioned amount as the processing fees.

2.       Gold Max Plus- under this scheme the bank can provide you the loan amount starting from Rs. 5000 to Rs. 10 crores.

3.       Gold Agriculture- This loan is provided specially for the agricultural activities. The amount of loan can be as low as Rs. 5000 and can be stretched up to Rs. 10 crores. The tenure in this scheme is 12 months.

4.       Gold Loan Monthly Interest- This loan is provided for 12 months and the amount is Rs. 5000 to Rs. 10 crores.

5.       Gold Rush- Under this scheme the amount of loan provided is Rs. 10000 to Rs. 10 Crores.

6.       Gold Max- This loan is given to meet the personal requirements of the customer. The tenure of this loan is 6 months. The bank accepts 22 carats of gold jewelry as a security.

7.       Swarnanidhi- Under this scheme the bank won’t give a loan on more than 50 grams of gold for a customer. There are no processing fees for the loan under this scheme.

Loan Tenure / Period

Rate of Interest (p.a.)

Valuation Fee

 12 months

11 % to 14 %

Nil

 

Eligibility Criteria for South Indian Bank Gold Loan

Age

For Salaried Individuals: 21 – 60 years

For Self Employed Individuals: 21 – 75 years

 Carat Range of Gold

22 to 24

Tenure of the loan

6 months or 12 months

The rate of Interest Charged

11.40% to 16.50%

EMI Option

Loan Duration can be extended to 36 months

 

 

South Indian Bank Gold Loan Procedure

1.       First of all, apply online for Loan against Gold.

2.       Afterwards, borrower will have to submit an application form along with his / her valuable Gold asset.

3.       Then the bank will evaluate the real value of your Gold in terms of its purity and weight.

4.       Finally the Loan is sanctioned to the applicant after checking the genuineness of the asset provided.

5.       The whole Gold Loan process takes around.

* For any assistance regarding Gold Loan, call us on 60011600, our trained Relationship Managers will solve all your queries.

What are the Advantages of South Indian Gold Loan?

1.       South Indian Bank provides gold loans to proprietary firms, individuals and partnerships.

2.       A person can avail a Loan amount between Rs. 25,000 and Rs. 100 lacs.

3.       They charge the processing fee of 0.20% which is the lowest compared to other banks.

4.       Any individual who is applying for a Personal Loan or a Business Loan, but, is not eligible for them can apply for a gold finance.

 

 

Why Dialabank?

Dialabank is the best platform to apply for the gold loan. There are some reasons behind this.

1.       Dialabank is India's first financial helpline, so you can easily trust the policies.

2.       First of all the process is very easy and hassle-free.

3.       Besides that, your loan will get approved within 5 minutes.

4.       If you are eligible and you have all the documents than your gold loan is disbursed on the same day.

5.       Furthermore, there is no need to go to the bank to submit the documents. If you apply on the dialabank.com you will get a document pickup facility from your doorstep.

6.       For more information may call on 60011600.

7.       You won’t be charged to get information or to apply gold loan.

 

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