Indian Bank Gold Loan

Indian Bank offers a Gold Loan to meet financial requirements of customers who require immediate cash or in case of financial emergency. Primarily, catering to borrowers from the middle and lower income group, Gold loan offers instant credit for multiple purposes. We provide a practical solution to meet temporary monetary contingencies. The funds from the Indian Bank Gold loan can be used for weddings, education, business expansion or any other similar purpose. With minimal documentation and secure storage, a gold loan is a simple funding option to meet your needs. Indian Bank Gold Loan has certain benefits such as quick processing time, low-interest rates, medium-term tenure, etc. The Bank helps you meet an urgent need for cash when you are suffering from a money crisis. 

Indian Bank Gold Loan Interest Rates

In general Loan on Gold, the credit is available at a low-interest rate. Moreover, the reason behind it is that gold loans come in the category of secured loans. So the loan interest rates are less than that of a personal loan or any other kind of loans. Though the gold loan rate keeps on changing with the passage of time as well as person to person. The Indian Bank Gold Loan is available at 1% per month interest rate.
  1. Gold Loan Interest rate - 10.70% Per Annum
  2. Also, offer low processing fee -  0.85%
  3. Further, pre-closer charges range from 0 – 2%.
  4. Besides Tenure minimum six months; maximum five year
  5. Amount - Thousand to a crore         

Indian Bank Gold Loan Features & Benefits

  1. Multipurpose – Indian Bank Gold loan can be used for any genuine purpose, ranging from education to housing or to business.
  2. Quick approval – You can avail this loan without any hassles, with minimal paperwork and lenient eligibility criteria.
  3. High quantum – Borrowers can avail a Gold loan of different denominations, subject to their requirement and background.
  4. Competitive interest – Indian Bank Gold loan comes at a competitive rate of interest on Term Loan, Overdraft and EMI based loan and making repayment light on the pocket. Repay your gold loan in lower EMIs, over a tenor of your choice.
  5. Prepayment – Borrowers can choose to prepay the Indian Bank Gold loan without any worry of prepayment charges.
  6. Collateral Held securely- Any gold surrendered to the Indian bank as collateral is kept safely in a locker, so you don't have to concern about the safety or security of your gold.
  7. Quick and Efficient Servicing- Over the counter disbursement in just 50 minutes with minimal documentation
  8. Complete Transparency- Gold Loan rates and other charges are communicated up front in writing, along with the quotation, so you don't have to worry about any hidden costs or fees.

 

Know More -  Gold Loan Features and Benefits

Indian Bank Gold Loan Purpose

You can use the Gold Loan to fulfill your personal needs. You can start a new business by using the given amount of loan. Farmers can use the gold loan for agricultural purposes. You can also use this amount of loan to get over the financial crisis. This loan can also apply for educational purposes.
 

Different forms of Gold accepted

  1. Gold Bangles, Gold rings, Gold anklets and Gold necklace many more, and Gold coins are acceptable.
  2. The purity of Gold that is acceptable here is 18 carats to 22 carats.

Eligibility for Indian Bank Gold Loan

The loan seeker can avail a Gold Loan only if the eligibility criteria are fulfilled:

  1. Firstly, the applicant should lie in the age group 18-70 years. Hence, Any applicant who is either above 70 years or less than 18 years will not be considered for loan approval.
  2. Moreover, you should be a citizen of India. That is, the nationality of a person should be Indian.
  3. Next, employment status is not considered. Therefore, both salaried and self-employed can apply. The bank is not bothered about your employment status.
  4. Furthermore, the weight and quality of gold are equally important. As a result, the gold should weight at least 10 grams, and purity should lie between 18 carats to 22 carats.
  5. Finally, maximum funding that can be availed is up to 1 Crore.

Why Apply for Indian Bank Gold Loan?

  1. Indian Bank follows a very simple and hassle-free process.
  2. Faster loan disbursal.
  3. Minimum documentation.
  4. Improves customer service in a much shorter response turn around time.
  5. 100% safety as well as protection of your gold ornaments.

Know More - 5 Must factor to keep in mind before availing a Gold Loan

Indian Bank Gold Loan Documentation

  1. Firstly, an Identity Proof is required. It can be an Aadhar Card/ Voter ID Card/ PAN Card/Driving License/ Passport.
  2. Secondly, one proof of residence is also needed while applying for a gold loan; it can be an Aadhar Card/ Voter ID card/ PAN Card/ Driving License/ Passport/ Ration Card/ Electricity or Water bills of last three months with the name of the applicant.
  3. Two colored photographs.

Additional Documentation for Loan on Gold

The bank needs a proof of ownership of land if you are applying for an agriculture gold loan.
  1. Land Proof - In case of Agriculture Loan on gold of more than Rs. 1 lakh, the proof is not required for allied agriculture purposes.
  2. Needed a Demand Promissory Note - Certificate by the Jewel Appraiser (Bank will arrange).
  3. Besides Income Proof of Salary Certificate as well as Form No.16

Indian Bank Gold Loan Process

  1. The bank checks the purity of the gold.
  2. The bank checks the market rate for gold and the price of the previous day is take into consideration.
  3. The LTV (Loan to Value) set by the RBI is 75%.
  4. If you have acknowledged the Gold loan amount and terms, the lender processes your application. The processing fees & other charges are deducted from your Gold loan amount.
  5. After signing the agreement, the loan amount is disbursed to your account.
Know More - What is CIBIL Score?

Why Should You Choose Indian Bank Gold Loan?

So many banks and non-financial organizations provide a Gold Loan. Then why should you choose Indian Bank for a Gold Loan? Here are some reasons:

  1. Firstly, the bank is very dedicated to its customers.
  2. Secondly, high loan amount from a minimum in thousands to 1 crore.
  3. Thirdly, quick processing.
  4. Bad credit history/ CIBIL score, not an issue.
  5. Instant processing and disbursal.
  6. Also, the lowest interest rate.
  7. Minimum documentation required.
  8. Furthermore, flexible repayment option.

Know More - Best Gold Loan Services

Why Dialabank for online Gold Loan?

  1. Firstly Dialabank offers a very easy process of application for Online Gold Loan.
  2. After that, the applicant gets a good comparison of the gold interest rates of other banks as well.
  3. Furthermore, the company provides the document pickup facility from your doorstep.
  4. Lastly, you will get the best as well as the lowest interest rate. Moreover, for more information call 9592046860 or 60011600 with your city code.
 

Gold Loan VS. Personal Loan

  1. Firstly you get at least 75% of your actual gold value as a Gold Loan amount.
  2. Secondly, gold loan application takes only  1-day processing time and an hour to disburse.
  3. Thirdly, on gold Loan customer can repay the loan before time with no foreclosure charge.
  4. Also, you get lower or in some cases no processing fees.
  5. Likewise, a borrower with low credit score/CIBIL can avail a Gold Loan.
  6. Similarly, bank gives loan amount by your Gold purity.

Frequently Asked Questions (FAQs)

How does Gold Loan work?
Loan on gold is very simple to understand. The Bank/NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight and the purity of your gold.

Is Gold Loan secured?
Yes, it is essential to note that the loan on gold comes in the category of secured loans. Because in a gold loan you put your gold ornaments into the bank’s locker as security or as collateral.

What happens when you don’t repay a Gold Loan?
 If the borrower is unable to return the loan amount on time, then the bank is liable to sell his/her gold ornaments.

Do I need a co-applicant to get a gold loan?
No, to avail a gold loan you don’t need any co-applicant.

Is a gold loan better than a personal loan?
Yes, a gold loan is better than personal loan because in a gold loan bank/NBFC takes your gold ornament as well as a gold coin as collateral and in case of a personal loan it is un-secured and hence carries higher interest than a gold loan.

What is the best online platform to avail gold loan?
Dialabank is the best platform to avail the service of a gold loan. Dialabank provides you stress-free process as well as the lowest interest rate in the market as compared to others in the industry.
 
 
Is there any fee payable for the gold loan?
Yes, you have to pay the loan processing fee (non-refundable) as well as evaluation fee.
 
How can I avail a gold loan?
You can avail the service of a gold loan in few clicks.

Fill in your expected details in the web-form on Dialabank.

Now all you have to do is, wait; our relationship managers will get back to you within 30 minutes.
We will suggest you the loan which meets your requirements, in your specific region.
Submit the required documents with our representative, who will be in touch with you.
Lastly, accept the loan amount in just 30 minutes.
Bank  Gold Loan Rate 
HDFC Bank 10.70%
Yes Bank  10.85%
Axis Bank 10.90%
SBI Gold Loan 11.50%
ICICI Bank 11.75%
IIFL Gold Loan 11.75%
Allahabad Bank Gold Loan 11.75%
Muthoot Gold Loan 12.00%
Federal Bank Gold Loan 12.00%
Manappuram Gold Loan  12.25%
IDBI Bank 12.25%
PNB Gold Loan 12.25%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* For any assistance regarding Gold Loan, call us on 95920-46860, our trained Relationship Managers will solve all your queries.