About Catholic Syrian Bank Gold Loan
Catholic Syrian Bank came into being in November, 1920 in Thrissur. They are one of the many banks that were started in this city. The city has the highest number of banks in the south. The bank is a provider of many financial services, such as loans, insurance and money transfer, and much more. One of the recent products launched by them is the gold loan.
The Catholic Syrian Bank provides a finance of up to Rs. 2100 per gram in their Kanakashree Gold Loan Scheme at an Interest Rate 10.50% per annum. However, if a person applies for the loan on their agricultural land they provide a discount on the interest rate.
|Catholic Syrian Bank Gold Loan at a Glance|
|Interest Rate||Starts at 10.50%|
|Gold Loan Per Gram||Up to ₹2100 varies depending on the purity of gold|
|Tenure||Up to 12 months|
|Processing Fee||1% + GST|
Catholic Syrian Bank Gold Loan Eligibility
Catholic Syrian Bank Gold Loan is a financial product provided by the bank which caters to your needs of short term or long term funds. It is easy to avail financial service provided by Catholic Syrian Bank at low rates of interest and also requires minimal documentation for the same. Catholic Syrian Bank gives you the Loan amount within an hour of application as the valuation and approval process is quickly done keeping in mind your urgency regarding the need for funds.
Major Eligibility criteria for availing the Catholic Syrian Bank Gold Loan is:
- The applicant should be a permanent Indian citizen who is at least 18 years of age and not more than 70 years (In most cases).
- The applicant should be the rightful owner of the Gold that he/she wishes to pledge with the bank.
- The Minimum weight of Gold that can be pledged is 10 grams and the applicant becomes ineligible for Gold Loan if he/she has less than 10 grams of gold.
- The Minimum purity of Gold required to be eligible for Loan is 18 carats. Also, Gold coins issued by banks are accepted up to 50 grams (In most cases).
- 24 Carat Gold in any form, Gold bars, Gold biscuits, and etc. are not recognised as valid forms of Gold to be kept as security for the Catholic Syrian Bank Gold Loan.
- A good Credit or CIBIL score is not required to apply for the Gold Loan as it is a fully secured financial service against your Gold as collateral security.
Catholic Syrian Bank Gold Loan Features
- You can avail Loan up to Rs.1 Crore or more & up to 70% of value for any purpose.
- You get 100% Safety & Security of your Gold Jewellery
- Get your Catholic Syrian Bank Gold Loan processed in less than 30 minutes
- Enjoy Anytime Liquidity.
- No EMI, Service only Interest and enjoy the Loan facility
- Lower Interest Rates for Catholic Syrian Bank Gold Loan
- Catholic Syrian Bank Gold Loan has Simple documentation and fast processing.
- Overdraft limit varies depending on the market rate of gold.
- Interest rate for Catholic Syrian Bank Gold Loan is payable only amount of the overdraft that you use.
- Canara Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
Catholic Syrian Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Catholic Syrian Bank wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant are kept as security by the bank in exchange for the funds. The entire Catholic Syrian Bank Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures high security of your gold ornaments till the loan is closed.
Documents required for Applying for Catholic Syrian Bank Gold Loan are :
A duly filled and signed Gold Loan application form shall be submitted along with the following documents:
- 2 latest passport-sized photographs
- Basic KYC documents :
- Identity Proof (Only one is required): Aadhar Card, Pan Card, Passport, Voter ID, and etc.
- Residence Proof (Only one is required): Aadhar Card, Pan Card, Voter ID, Ration Card, Electricity or Water Bills in the name of the applicant, or Rental Agreement(In case you live in a rented house).
- Agricultural Land Proof and Income Statement of the applicant are required in the case the applicant wants the Catholic Syrian Bank Gold Loan for Agricultural purposes.
- If you are an existing customer of the bank you may not be required to submit any documents as the bank will already have your verified details.
**Any other documents as requested by the bank shall be duly submitted.**
Catholic Syrian Bank Gold Loan Advantages
- No income and salary criteria– Catholic Syrian Bank Gold Loan do not require any documentation or validation of income or salary of the person. So even if you are unemployed and unsalaried you can still avail a gold loan. This is because you are pledging a valuable asset i.e. gold in return of the money.
- Can be provided in cases of bad credit history as well as low-income level.
- Relatively Lower interest rates– Another advantage of taking Catholic Syrian Bank Gold Loan is that they are available at low-interest rates say 12-16% annually in comparison to the personal loans interest rates of 15-26% per annum.
- You need to repay only the interest– You have the option to pay only the interest during the tenure of the entire Gold Loan and at the end of tenure, you can pay the entire borrowed amount in a single shot.
- Total Convenience– The most convenient of all the loans is gold loan. This is because in this all you have to do is pledge your gold with a bank or a private finance institute and the work is done. You can get a loan up to 80% or more of its market value immediately.
- Less processing time– No tedious and lengthy documentation is required in case of Catholic Syrian Bank Gold Loan, hence it can be resorted to in times of urgent needs. Banks take a few hours in the processing of the gold loan whereas some NBFC’s state that they only take a few minutes for the same task.
Catholic Syrian Bank Gold Loan Interest Rate
Catholic Syrian Bank Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by the Catholic Syrian Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Bank starts at 10.70% per annum.
Catholic Syrian Bank also charges some additional fees along with the rate of interest in some cases, which are :
- Processing fee – 1% of the loan amount or ₹1000 whichever is higher
- Documentation charges
- Gold Valuation charges
- The bank charges no additional fees for part payment or the foreclosure of the Gold Loan.
Catholic Syrian Bank Gold Loan Rate per Gram
The amount of Gold Loan that you get per gram of your gold is directly dependent on the purity of your gold and the current prevailing rates of that purity of Gold in the market. The rate of gold changes daily in the market and therefore, the Catholic Syrian Bank Gold Loan Rate per Gram also varies every day. The amount that you will get for a gram of Gold varies depending on its purity and the market price for your Catholic Syrian Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
Catholic Syrian Bank Gold Loan Apply Online
Applying for the Catholic Syrian Bank Gold Loan service is a simple and hassle-free process which can be done from the comfort of your home. You can do it online by visiting the bank’s official website and submitting a form with basic information regarding yourself and the Gold Loan you wish to avail. You will then need to visit the branch with the required documents and your gold.
You can also apply with Dialabank by following the below mentioned steps to get a Gold Loan as per your need.
- Visit Dialabank’s digital platform, where you will have to just fill a form without any registration.
- Our Relationship Manager will contact you and assist you throughout the Gold Loan process and guide you in fulfilling your financial needs.
- You will get personalised service giving you the option of comparing and taking the best deal according to your needs without any extra charges.
- With Dialabank you can compare the different offers and schemes from different banks on the basis of funding provided and the rate of interest charged to choose the best loan deal for yourself.
Difference Between a Personal Loan and a Gold Loan
A personal loan comes into the category of unsecured loans however a gold loan is a secured loan. The consequence of this is the rates of interest of a personal loan are quite high because of high risk.
- The bank provides a gold loan at very low rates of interest. Catholic Syrian Bank interest rate is 11% per annum and onwards.
- Loan processing charges are 1 percent plus GST.
- Valuation Fee will be Rs. 250 for a loan up to Rs 1.5 lacs and Rs. 500 for a loan which is over and up to Rs. 1.5 lacs.
- Foreclosure charges: If closed within three months then it will be 2 percent with GST foreclosure charges and if closed within six months later it will be 1 percent plus GST foreclosure charges.
- Charges you pay for late loan payment, are 2 percent per annum as penal interest over and up to Interest Rate.
- Renewal processing fees will more than Rs. 350 including tax.
- Prepayment or part payment charges will be more than 2 percent including GST (within three months).
Know More – What is CIBIL Score?
Use of Catholic Syrian Bank Gold Loan
The funds acquired by availing the Catholic Syrian Bank Gold Loan service can be used for a number of purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, and etc.
- For all your business needs such as buying raw material, expansion of business, and etc.
- You can also avail a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
FAQs About Catholic Syrian Bank Gold Loan
Q. How much Gold Loan can I get per gram in Catholic Syrian Bank?
The CSB Bank per gram rate for Gold Loan varies based on the purity of your gold. CSB Bank provides funding of up to 75% of your gold’s market value.
Q. What is Catholic Syrian Bank Gold Loan?
CSB Bank provides Gold Loans at a competitive rate of interest for a maximum tenure of 12 months. The Bank gives the maximum value for your gold with low processing charges and quick disbursal. You can take loans from a minimum of Rs. 25000 and a maximum of Rs. 10 lacs.
Q. What is the Gold Loan interest rate in Catholic Syrian Bank?
The rate of interest charged on the Gold Loan by CSB Bank varies from 10.50% to 11.50% per annum. The Bank also charges a processing fee on the loan amount sanctioned.
Q. How to pay Catholic Syrian Bank Gold Loan online?
CSB Bank has various ways through which you can repay your Gold Loan. The most common being monthly interest deduction from your bank account in the form of EMIs.
Q. How to apply Gold Loan in Catholic Syrian Bank?
You can apply for CSB Bank Gold Loan either offline or online. Visit the nearest branch with your gold and fill an application form or apply online at Dialabank.com to avail of personalized assistance.
Q. How to renew Catholic Syrian Bank Gold Loan online?
You can renew your CSB Bank Gold Loan by visiting the loan branch with your documents. You will be required to fill out a form for the renewal of your Gold Loan.
Q. How to take Gold Loan from Catholic Syrian Bank?
You can easily take a quick disbursing Gold Loan from CSB Bank by visiting the nearest branch or through online application at Dialabank’s online portal.
Q. What is Gold Loan in Catholic Syrian Bank?
Gold Loan from CSB Bank is an easy and hassle-free process. The bank provides quick disbursal with a low rate of interest and flexible modes of repayment. The bank charges low processing fees and also takes the responsibility of your gold ornaments to the fullest. You can avail loans for a minimum of Rs 25000 and a maximum of Rs. 10 lacs.
Q. How to get Catholic Syrian Bank Gold Loan?
Getting a Gold Loan from CSB Bank is a piece of cake. You get same-day speedy disbursal of the loan amount by visiting the bank branch. You can also apply online with Dialabank from the comfort of your home.
Q. How to check Catholic Syrian Bank Gold Loan status?
You can check your Gold Loan status by contacting the CSB Bank on their customer care number or by personally visiting your loan branch.
Q. How to close Catholic Syrian Bank Gold Loan?
Close your Gold Loan by visiting the bank branch and paying your loan amount in full. Your gold will be returned back to you once your payment has been verified.
Q. How to renew Catholic Syrian Bank Gold Loan?
Renewal of CSB Bank Gold Loan is a simple and hassle-free process wherein you just need to reach the branch with all loan-related documents and get the gold kept as security evaluated according to the new prices and accept the new terms for the renewal.
Q. What happens if someone defaults Catholic Syrian Bank Gold Loan?
If someone defaults the CSB Bank Gold Loan repayment then the bank charges a penalty fee. Also, defaulting on your loan gives the bank the legal right to auction your gold.
Q. How many branches of Catholic Syrian Bank Gold Loan?
CSB Bank Limited is an Indian private sector bank with its headquarters at Thrissur, Kerala, India. The bank has a network of over 426 branches across India.
Table of Contents
- 1 About Catholic Syrian Bank Gold Loan
- 2 Catholic Syrian Bank Gold Loan Eligibility
- 3 Catholic Syrian Bank Gold Loan Features
- 4 Catholic Syrian Bank Gold Loan Documents Required
- 5 Catholic Syrian Bank Gold Loan Advantages
- 6 Catholic Syrian Bank Gold Loan Interest Rate
- 7 Catholic Syrian Bank Gold Loan Rate per Gram
- 8 Catholic Syrian Bank Gold Loan Apply Online
- 9 Difference Between a Personal Loan and a Gold Loan
- 10 Use of Catholic Syrian Bank Gold Loan
- 11 FAQs About Catholic Syrian Bank Gold Loan
- 11.1 Q. How much Gold Loan can I get per gram in Catholic Syrian Bank?
- 11.2 Q. What is Catholic Syrian Bank Gold Loan?
- 11.3 Q. What is the Gold Loan interest rate in Catholic Syrian Bank?
- 11.4 Q. How to pay Catholic Syrian Bank Gold Loan online?
- 11.5 Q. How to apply Gold Loan in Catholic Syrian Bank?
- 11.6 Q. How to renew Catholic Syrian Bank Gold Loan online?
- 11.7 Q. How to take Gold Loan from Catholic Syrian Bank?
- 11.8 Q. What is Gold Loan in Catholic Syrian Bank?
- 11.9 Q. How to get Catholic Syrian Bank Gold Loan?
- 11.10 Q. How to check Catholic Syrian Bank Gold Loan status?
- 11.11 Q. How to close Catholic Syrian Bank Gold Loan?
- 11.12 Q. How to renew Catholic Syrian Bank Gold Loan?
- 11.13 Q. What happens if someone defaults Catholic Syrian Bank Gold Loan?
- 11.14 Q. How many branches of Catholic Syrian Bank Gold Loan?