IDBI Bank Gold Loan

IDBI Bank Gold Loan

IDBI Bank Gold Loan Key Features- Apply Now

IDBI Gold Loan Amount
Up to Rs. 1 Crore (With Income Proof)
IDBI Gold Loan Interest Rate 7% per annum
IDBI Gold Loan Per Gram
The rate Per Gram is ₹ 3,506 to ₹ 4,621
IDBI Bank Gold Loan Processing Fee
1.0% of the Principal Loan Amount
IDBI Bank Gold Loan Prepayment Charges
2%+GST (Within 3 Months), 0 (After 3 months)
IDBI Bank Gold Loan Repayment Tenure
Up to 24 Months
IDBI Bank Gold Loan Repayment Scheme
Bullet Payment Scheme, Overdraft Scheme

IDBI Gold Loan Introduction

if you want to have a gold loan in spite of any other option then it might help you to fulfil your requirement of cash if you are in urgent need of it. emergencies occur without any call and in such scenarios, if you have idle gold kept in your house, then you can easily be able to fix your problems without any burden on your pocket.


gold loan

About IDBI Bank Gold Loan

IDBI Bank Gold Loan

IDBI Bank offers loans against gold at contentious interest rates. bank as one of the major gold loan providers understand the needs of the customers and disburse the loan amount in one hour. The pledged gold is locked safely in the vault and the borrower does not have to worry about its safety. The gold rates and all other charges are announced to the borrower upfront in a transparent manner before sanctioning the loan amount. Hence borrower does not have to worry about the hidden charges and fees on their gold loan.

  • Gold Loan Interest Rate is 7% per annum
  • Gold Loan Per Gram Rate is ₹ 3,506 to ₹ 4,621
  • Gold Loan Tenure: Up to 24 months
  • Gold Loan Processing Fee is Up to 1.0% of the Loan Amount + GST

gold loan

Why Choose IDBI Bank Gold Loan?

IDBI Bank offers loans against gold at the lowest Interest rate. Being one of the significant gold loan suppliers, IDBI Bank understands the necessities of the clients and disburses the loan amount in 60 minutes. The gold promised is securely secured in the bank locker, and you don’t need to stress over its safety.


gold loan

Advantages of IDBI Bank Gold Loan 

    1. IDBI Bank gold loan is approved very quickly and without many requirements.
    2. It can be used for almost all financial purposes of your life.
    3. The bank provides special offers for its existing customers. The process is even simpler for them.
    4. The bank only requires basic identification and address verification documents. It does not demand income proof.
    5. The bank keeps tight surveillance for the gold and keeps the jewellery in fire and water-resistant lockers.
    6. The Gold loan interest rate charged by the bank is low as the loan is secured.
    7. IDBI Bank charges a borrower up to .50% on the principal amount in case of a Gold Loan Foreclosure.

gold loan

IDBI Gold Loan Eligibility

IDBI 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 of financial services provided by banks at low rates of interest and also requires minimal documentation for the same. 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 of the IDBI Bank Gold Loan is: 

Age 18-70 years of age
Nationality Indian
Employment Status Salaried, Self-Employed
Gold Quality, Quantity Minimum 18 Carats, minimum 10 grams
Requirements
Gold ornaments (18-22 carats)
CIBIL score Above 500
Maximum gold coin weight 50 grams

gold loan

How Much Can Gold Loan can I Get Through IDBI Bank Gold Loan 

According to the latest gold prices, IDBI Bank is offering gold loans per gram is ₹ 3,506 to ₹ 4,621. The highest IDBI Bank gold loan rate per gram today is ₹ 3,506 to ₹ 4,621 for 24-carat jewellery calculated at a maximum LTV of 75% and average gold loan prices of the last 30 days in 2021 are ₹ 3,506 to ₹ 4,621 of 22 carats.


gold loan

IDBI Bank Gold Loan Documents Required

IDBI Bank Gold Loan per gram or Loan Against Gold is a loan product offered to the borrowers by the 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 IDBI Bank Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures the high security of your gold ornaments till the loan is closed.

Documents required for Applying for IDBI Bank Gold Loan are :

A duly filled and signed Gold Loan application form shall be submitted along with the following documents:

Photographs 2 Passport Size pictures of the applicant without spectacles should be very clear and recognizable
Identity Proof
Aadhar Card, Passport, PAN Card, etc. (Only 1 is required)
Residence Proof
Aadhar Card, Driving License, Ration Card, etc. In the case of Rented House then the rent agreement or water/electricity bills for the last three months can be considered. (Only 1 is required)
Agricultural Land Proof
Required only if the Loan is taken for Agricultural Purpose

**Any other documents as requested by the bank shall be duly submitted.**


gold loan

IDBI Bank Gold Loan Interest Rate, Fees, and Charges

IDBI Bank Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. IDBI Bank Gold Loan interest rates offered by the bank are lower in comparison to other loans because it is a fully secured loan.

Bank Gold Loan Interest Rate 7% per annum
Processing Fee
1.0% of the Principal Loan Amount
Prepayment/Foreclosure Charges
2%+GST (Within 3 Months), 0 (After 3 months)
Valuation Fee
Rs 250 for a loan up to Rs 1.5 lacs and Rs 500 for a loan over and above Rs 1.5 lacs
Late Repayment Charges
2% p.a. + Applicable rate of interest.
Renewal Processing Fees
Rs 350 + GST

gold loan

IDBI Bank Gold Loan Rate Per Gram – Oct 27 2021

Gold loan rate per gram for the bank is ₹ 3,506 to ₹ 4,621 You can get a high amount if your gold collateral is 22 karats pure and is worth a lot in the market, and vice versa. According to the RBI guidelines, the gold loan amount sanctioned is usually 70% the value of the collateral. This can go up to 90% if the interest rates are high.

**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**


gold loan

IDBI Bank Gold Loan Apply Online

If you wish to apply for the Gold loan offline, you will have to make multiple visits to your nearest ranch personally with your gold ornaments and the documents. This will be an extremely cumbersome process and you still won’t be able to avail of the best available offers. The Dialabank website makes the process a lot easier for you.

When you apply through our website, by clicking on the gold loan link on the homepage and filling up a form, we will use our information to shortlist the best offers for you. We will then give you a call on your provided number.


gold loan

IDBI Bank Gold Loan EMI Calculator

Rate of Interest 6 months 1 Yr 2 Yrs 3 Yrs
7.00% 17008 8652 4477 3088
8.00% 17058 8699 4523 3134
8.50% 17082 8722 4546 3157
9.00% 17107 8745 4568 3180
9.50% 17131 8678 4591 3203
10.00% 17156 8791 4614 3227
10.50% 17181 8815 4637 3250
11.00% 17205 8838 4661 3274
11.50% 17230 8861 4684 3298
12.00% 17254 8885 4707 3321
12.50% 17279 8908 4731 3345
13.00% 17304 8932 4754 3369
13.50% 17329 8955 4778 3393
14.00% 17354 8979 4801 3418
14.50% 17378 9002 4825 3442
15.00% 17403 9026 4845 3466

Individuals or applicants can use the Gold Loan EMI Calculator to figure out how much interest they can pay on a gold loan they intend to take out against their own gold or gold ornaments.

Their personal gold or gold ornaments will be held as collateral or insurance by the lender (bank or NBFC) before the loan is completely repaid. Gold Loan EMI calculator will assist a borrower in calculating the approximate EMI that must be charged to repay the borrowed sum. 

Applicants can experiment with different interest rates and repayment terms provided by leading financial institutions by using the Gold Loan EMI calculator.

To use the Gold Loan EMI Calculator, you will need to provide the following information:

  1. The interest rate that the lender is willing to pay.
  2. The principal of the Gold loan that has been subscribed/required
  3. The repayment period that will be used

After entering these three data, the EMI calculator will measure the monthly instalments due from the borrower (taking into account current gold prices).


gold loan

IDBI Bank Gold Loan Details

IDBI Bank provides an Agricultural Finance Gold Loan, which is a loan secured by gold that is used to meet immediate agricultural or allied requirements. The loan sum obtained against the borrower’s gold guarantee may also be used to fulfil social and medical obligations. The loan sum obtained against the borrower’s gold guarantee may also be used to fulfil social and medical obligations. Traders, small companies, and distributors may also apply for this loan to help fund their operations.

Features of IDBI bank:

  • Minimum Loan amount: The minimum loan sum that a borrower can get under this scheme is Rs. 10,000.
  • Maximum loan amount: A borrower may take out a maximum loan sum of Rs. 5,00,000 under this scheme.
  • Loan tenure: The IDBI Agricultural Finance Gold Loan has a minimum loan tenure of one month and a cumulative loan tenure of 24 months.
Amount of IDBI Bank Gold Loan
Up to Rs. 1 Crore (With Income Proof)
Interest Rates on Gold Loans from IDBI Bank 7% per annum
Per Gram Gold Loan from IDBI Bank The rate Per Gram is ₹ 3,506 to ₹ 4,621
Processing Fee for Gold Loans at IDBI Bank
1.0% of the Principal Loan Amount
Prepayment Fees for IDBI Bank Gold Loans
2%+GST (Within 3 Months), 0 (After 3 months)
IDBI Bank Gold Loan Repayment Tenure
Up to 24 Months


gold loan

What are the Benefits of the gold loan?

  • Faster processing – Since gold loans are secured loans, they have fewer eligibility requirements and require less paperwork. It doesn’t even ask for a credit score to approve a loan. As a result, lenders usually disburse loans within a few hours. Those who qualify for an online gold loan will receive their funds in as little as a few minutes.
  • Lower interest rate –Gold loans, which are secured loans, have a lower interest rate than unsecured loans like personal loans. The gold loan interest rate can also be reduced if you use another commodity as leverage.
  • No processing fees – On gold loans, several banks and NBFCs charge no transaction fees. And if a lender charges processing fees, they are usually 1 percent of the loan amount.
  • No foreclosure charges – Some lenders do not charge pre-payment penalties, while others charge a 1% penalty.
  • Income proof is not needed –Due to the fact that gold loans are backed by gold, lenders seldom ask for proof of profits. As a result, anybody, whether or not they are working, can apply for a gold loan.
  • The credit score is not required – Unlike other loans, the acceptance of a gold loan is not contingent on your credit score. The loan amount is determined in the case of most loans based on the borrower’s repayment ability and credit history, but in the case of a gold loan, the loan amount is determined based on the market value of gold.

gold loan

How to Repay Your IDBI Bank Gold Loan?

There are many ways to repay a gold loan:

  1. You can choose the standard method of Equated Monthly Installments (EMI) Payment
  2. You can pay only the interest every month and pay the principal when the tenure ends
  3. You can pay the entire amount lump sum when the tenure ends. This is known as bullet repayment.
  4. You can also opt to prepay or foreclose.

gold loan

Gold Ornaments Accepted by IDBI Bank Gold Loan

To avail of a gold loan from a bank, you can give the following as collateral (purity should be between 18 to 22 carats):

  • Gold rings
  • Gold bracelets
  • Gold necklaces
  • Gold earrings
  • Gold anklets
  • Minted gold coins up to 50 grams

You cannot avail of a loan against gold bars and biscuits.


gold loan

What gold can be taken to secure your gold loan?

Ornaments have a higher emotional value, which can encourage borrowers to pay back their loans on time. As a result, creditors in India tend to take gold ornaments as collateral. Banks do not consider gold bars or bullion as collateral for a gold loan. You will get a gold loan if you have gold coins that are 99.99 per cent pure and weigh less than 50 grams. Borrowers must also fully consider loan terms and conditions, in addition to the points listed above. Prepayment penalties are uncommon on gold loans, but if your lender does, bargain or looks for an alternative.


gold loan

Uses of IDBI Bank Gold Loan

The Gold Loan can be used for:

  1. Personal expenses
  2. Education Expenses
  3. Business Expenses
  4. Agricultural Expenses

gold loan

IDBI Bank Agricultural Jewel Loan Scheme

Scheme IDBI Bank Agricultural Jewel Loan Scheme
Interest Rate  Starting from 7% per annum (depends on the sum of the loan)
Least amount of Loan Depends on the value of the jewel which is being kept as security
Loan period Adjustment of advance sum inside 2 months from the date of reap of yields


gold loan

Benefits of IDBI Bank Agricultural Jewel Loan Scheme

  • IDBI Bank does not charge a processing fee of up to ₹ 25,000
  • 0.30% of the loan amount, Minimum of ₹ 300 is charged to the amount ranging from above ₹  25,000 – less than ₹ 5 lakh
  • 0.28% of the credit sum, subject to at least Rs.1,500 is applicable to the amount more than Rs.5 lakh however under Rs.1 crore

gold loan

Apply through the Dialabank website?

Dialabank is one of the most trusted websites for serving our clients, with the primary goal of resolving all the complexities of our clients’ queries. Regardless of the situation, the Dialabank believes in providing the highest level of service to our customers. To apply for a gold loan online, fill out the gold loan application form and attach the relevant KYC documents. The following are important documents for a gold loan: Evidence of identity: PAN Card, Aadhaar Card, Voter ID, Passport, Driver’s License, or any other government-issued card

  1. Representatives who are trustworthy and pleasant
  2. Bank loan appointments can be scheduled quickly and easily.
  3. Assuring that funds are distributed quickly to the customer.
  4. We are always available to assist you via phone call.

gold loan

IDBI Bank Gold Loan Overdraft Scheme

IDBI Bank offers an Overdraft Scheme. With this, the loan amount is provided as an overdraft facility. It functions as a Credit Card, where you can spend your Gold Loan Amount as per your wishes, anytime anywhere. The overall loan amount will have a Credit/Loan Limit. In the Muthoot Finance Gold Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize.


gold loan

FAQs About IDBI Bank Gold Loan

✅ What is IDBI Bank Gold Loan?

IDBI Bank Gold loan is a financial service provided at low interest rates to fulfil the urgent money needs of a person. You can avail of this loan for a tenure of 6 to 24 months for a maximum loan amount of ₹ five lacs. A Gold Loan is a quick disbursing loan that can be easily availed by visiting your nearest Bank branch.

✅ How Can I Get Gold Loan From IDBI Bank?

You can get an IDBI Bank Gold loan either by visiting the branch in person or through the Dialabank online platform. You need just your Aadhar Card and PAN Card to avail of a Gold Loan.

✅ How much Gold Loan Can I get per gram from IDBI Bank?

The IDBI Bank Gold Loan per gram depends on the quality of your gold that is to be pledged. It also depends on the price of the gold currently prevailing in the market. Currently, you can easily get ₹ 3,506 to ₹ 4,621 for a gram of gold.

✅ How Does IDBI Bank Gold Loan work?

An IDBI Bank Gold Loan works in easy steps:

  • Visit the branch and fill the application form.
  • Get your documents verified and your gold valued.
  • Accept the offer given by the bank.
  • Enjoy a quick disbursing loan to meet your needs.

✅ What is the Gold Loan interest rate in IDBI Bank?

The IDBI Bank Gold Loan interest rate starts at 7% per annum.

✅ How to check gold loan status in IDBI Bank?

You can quickly check the status of your IDBI Bank Gold Loan by contacting your loan officer or through the customer care number of the bank. You can also track its status by visiting the bank branch in person. You will have to provide the bank with your application details.

✅ How to calculate gold loan interest in the IDBI Bank?

To calculate the IDBI Bank gold loan interest which you are expected to pay, deduct the loan principal from the loan amount.

✅ What is the maximum gold loan amount I can avail of on a gold loan from IDBI Bank?

The IDBI Bank gold loan amount you can apply for ranges from a minimum of Rs. 20000 to Rs. 5 lakhs. The bank provides funding of 70% of the value of your gold jewellery.

✅ What is the loan tenure of the IDBI Bank gold loan?

The maximum IDBI Bank gold loan tenure can be as long as 2 years. However, the loan can be renewed when this tenure ends. You can choose the tenure yourself.

✅ How much processing fee is applicable to the IDBI Bank Gold loan?

The processing fee for an IDBI Bank gold loan is a meagre  1% of the outstanding loan amount you have to pay plus the applicable taxes or Rs. 1000, whichever is higher.

✅ What are the charges for pre-payment in the IDBI Bank gold loan?

The IDBI Bank gold loan can be prepaid or foreclosed by the borrower without paying any extra fee. This makes it very convenient for the borrower to reduce the burden of repaying the gold loan through EMIs.

✅ How to renew IDBI Bank Gold Loan online?

You can renew your IDBI Bank Gold Loan by visiting your loan branch. The gold submitted will be revalued according to the latest market rates, and upon payment of a minimal renewal fee, your Gold Loan will be renewed.

✅ How to pay IDBI Bank Gold loan interest online?

You can pay your IDBI Bank Gold Loan interest online through a standing instruction on your IDBI Bank account or through ECS on your other bank’s account.

✅ What if I can’t pay the interest on the IDBI Bank Gold loan for 3 months?

Defaulting on your IDBI Bank Gold Loan for 3 months decreases your CIBIL score and also makes you liable to pay a penalty fee as imposed by the bank. Upon continued defaults, the bank can even auction your gold to recover the loan amount.

✅ How can I apply for the EMI moratorium on the IDBI Bank Gold loan?

You can apply for an IDBI Bank gold loan EMI moratorium, I.e. a predefined period wherein you are not liable to pay EMIs, by providing the bank with your loan details online or in-person by visiting the bank branch.

✅ How to pay the IDBI Bank Gold loan through a credit card?

The IDBI Bank gold loan cannot be repaid through a credit card. It can be repaid through:

  1. Cash
  2. Cheque
  3. DDs
  4. Debit card
  5. Net banking apps
  6. PayTM

What is the Overdraft Scheme for IDBI Bank Gold Loan?

IDBI Bank does provide an Overdraft Scheme and the overall loan amount will have a Credit/Loan Limit. In the IDBI Bank Gold Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize.

What is the IDBI Bank Gold Loan closure procedure?

Once the loan is paid, the bank will close your gold loan immediately.

What is the IDBI Bank customer care number?

1800 209 4324

✅ What are IDBI Bank Gold Loan Preclosure charges?

Nil

 What is the maximum gold loan tenure?

24 months

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