Bank Gold Loan Key Features
Up to Rs. 1 Crore (With Income Proof)
|Gold Loan Interest Rate||7.0% per annum|
Gold Loan Per Gram
|The rate Per Gram is ₹ 5,121|
1.0% of the Principal Loan Amount
2%+GST (Within 3 Months), 0 (After 3 months)
Up to 24 Months
Bullet Payment Scheme, Overdraft Scheme
Each Feature Explained in Detail Below
About Bank Gold Loan
Bank offers loan 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 7.0% per annum
- Gold Loan Per Gram Rate is ₹ 5,121
- Gold Loan Tenure: Up to 24 months
- Gold Loan Processing Fee is Up to 1.0% of the Loan Amount + GST
Why Choose Bank Gold Loan?
Bank offers loan against gold at the lowest Interest rate. Being one of the significant gold loan suppliers, 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.
Advantages of Gold Loan
- Bank gold loan is approved of very quickly and without many requirements.
- It can be used for almost all financial purposes of your life.
- The bank provides special offers for its existing customers. The process is even simpler for them.
- The bank only requires basic identification and address verification documents. It does not demand an income proof.
- The bank keeps tight surveillance for the gold and keeps the jewellery in fire and water-resistant lockers.
- The interest rates charged by the bank are low as the loan is secured.
Gold Loan Eligibility
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 the Bank Gold Loan is:
|Age||18-70 years of age|
|Employment Status||Salaried, Self-Employed|
|Gold Quality, Quantity||Minimum 18 Carats, minimum 10 grams|
Gold ornaments (18-22 carats)
|CIBIL score||Above 500|
|Maximum gold coin weight||50 grams|
How Much Can Gold Loan can I Get Through Bank Gold Loan
According to the latest gold prices, Bank is offering gold loans per gram is ₹ 5,121. The highest Bank gold loan rate per gram today is ₹ 5,121 for 24-carat jewellery calculated at a maximum LTV of 75% and average gold loan prices of the last 30 days in 2020 are ₹ 5,121 of 22 carats.
Gold Loan 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 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 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|
Aadhar Card, Passport, PAN Card, etc. (Only 1 is required)
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.**
Bank Gold Loan Interest Rate, Fees and Charges
Bank Gold Loan can fulfill 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. 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||7.0% per annum|
1.0% of the Principal Loan Amount
2%+GST (Within 3 Months), 0 (After 3 months)
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|
Bank Gold Loan Rate Per Gram
Gold loan rate per gram for bank is Rs 5121 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**
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.
Bank Gold Loan EMI Calculator
|Rate of Interest||6 months||1 Yr||2 Yrs||3 Yrs|
How to Repay Your Bank Gold Loan?
There are many ways to repay a gold loan:
- You can choose the standard method of Equated Monthly Installments (EMI) Payment
- You can pay only the interest every month and pay the principal when the tenure ends
- You can pay the entire amount lump sum when the tenure ends. This is known as bullet repayment.
- You can also opt to prepay or foreclose.
Gold Ornaments Accepted by 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.
Uses of Bank Gold Loan
The Gold Loan can be used for:
- Personal expenses
- Education Expenses
- Business Expenses
- Agricultural Expenses
FAQs About Bank Gold Loan
✅ What is Bank Gold Loan?
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 Bank?
You can get a 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 Bank?
The 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 Rs 5,121 for a gram of gold.
✅ How Does Bank Gold Loan work?
A 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 Bank?
The Bank Gold Loan interest rate starts at 7.0% per annum.
✅ How to check gold loan status in Bank?
You can quickly check the status of your 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 Bank?
To calculate the 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 Bank?
The 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 Bank gold loan?
The maximum 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 Bank Gold loan?
The processing fee for a Bank gold loan is a meager 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 Bank gold loan?
The 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 Bank Gold Loan online?
You can renew your 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 Bank Gold loan interest online?
You can pay your Bank Gold Loan interest online through a standing instruction on your Bank account or through ECS on your other bank’s account.
✅ What if I can’t pay the interest on the Bank Gold loan for 3 months?
Defaulting on your 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 Bank Gold loan?
You can apply for a 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 Bank Gold loan through credit card?
The Bank gold loan cannot be repaid through a credit card. It can be repaid through:
- Debit card
- Net banking apps