About IDBI Bank Gold Loan
IDBI Bank offers loan against gold at contentious interest rates. IDBI 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 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.
|IDBI Bank Gold Loan at a Glance|
|Interest Rate||Starts at 11.50%|
|Gold Loan Per Gram||Varies depending on the purity of gold|
|Tenure||6 to 24 months|
IDBI Bank Gold Loan Features
- IDBI Bank India Gold Loan is an easy to avail service for which quick approval is given by the bank.
- IDBI Bank gives quick approval to the already existing accountholders of the bank as they do not require any documents because the IDBI Bank has their KYC documents already.
- After the approval of the gold loan, if the borrower has its complete documents it can be disbursed quickly. One can say it can be disbursed within a period of a few hours.
- The responsibility of the gold is all at the bank’s end. Borrower’s gold assets will be kept under very tight and fireproof security.
- The bank provides low rate of interests on the Gold Loans as these are fully secured loans and the bank has no risk in lending this amount.
- The application process involves low paperwork and easy documentation.
- The bank does not as the reason for the loan and therefore, the amount received can be used for any purpose of the borrower except for speculative reasons.
IDBI Bank 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 financial service provided by banks at low rates of interest and also requires minimal documentation for the same. IDBI 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 IDBI 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 IDBI 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.
IDBI Bank Gold Loan Interest Rate
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 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. IDBI Bank Gold Loan interest rates offered by the 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.
The 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.
IDBI 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 IDBI Bank Gold Loan Rate per Gram also varies every day. IDBI Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
The amount that you will get for a gram of Gold varies depending on its purity and the market price for your IDBI Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
Form of Gold Accepted for IDBI Bank Gold Loan
- Any jewelry carries with the quality of 18 carats to 22 carats is acceptable.
- Gold coins weigh less than 50 grams can get a gold loan.
- Bank does not accept minted/forged gold coins.
- Bars and bricks are not acceptable.
- Raw gold is not acceptable.
IDBI Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the IDBI 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 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:
- 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 IDBI 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.**
IDBI Bank Gold Loan Apply Online
Applying for the IDBI 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.
Use of IDBI Bank Gold Loan
The funds acquired by availing the IDBI 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 IDBI Bank Gold Loan
Q. How much Gold Loan can I get per gram in IDBI Bank?
The per gram Gold Loan 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.
Q. What is IDBI Bank Gold Loan?
IDBI Gold Loan is a loaning scheme through which you can use to fulfill your urgent monetary needs. A Gold Loan is a quick disbursing loan that can be easily availed by visiting your nearest IDBI Bank branch.
Q. What is the Gold Loan interest rate in IDBI Bank?
The rate of interest starts for IDBI Gold Loan starts at 11.5% per annum and can as high as 15.5% per annum.
Q. How to pay IDBI Bank Gold Loan online?
You can pay your Gold Loan EMI through a standing instruction on your IDBI Bank account or through ECS on your other bank’s account.
Q. How to apply Gold Loan in IDBI Bank?
You can apply for a Gold Loan from IDBI Bank by visiting the nearest branch with your Gold. You are only required to carry your Aadhar card(for identity and address verification) and PAN card to avail a Gold Loan.
Q. 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.
Q. How to take Gold Loan from IDBI Bank?
You can take a Gold Loan from IDBI Bank either by visiting the branch in person or through Dialabank’s online platform. You need just your Aadhar Card and PAN Card to avail a Gold Loan.
Q. What is Gold Loan in IDBI Bank?
Gold Loan by IDBI Bank is a financial service provided at low-interest rates to fulfill 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 ₹5 lacs. To know more about Gold Loans and to compare and choose from a variety of options available in the market, visit Dialabank.
Q. How to get IDBI Bank Gold Loan?
You can get an IDBI Bank Gold Loan 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 quick disbursing loan to meet your needs.
Q. How to check IDBI Bank Gold Loan status?
You can easily check the status of your Gold Loan by contacting your loan officer or through the customer care number of the bank.
Q. How to close IDBI Bank Gold Loan?
You can close your Gold Loan when you reach the end of your tenure or before by paying your loan amount in full. Once your payments have been verified, your gold will be given back to you and the loan will be closed.
Q. How to renew IDBI Bank Gold Loan?
Renew your IDBI Bank Gold Loan by visiting the branch and meeting with the officer in charge of your loan file. You will be required to fill an application form and pay a renewal fee to renew your Gold Loan.
Q. What happens if someone defaults IDBI Bank Gold Loan?
Defaulting on your Gold Loan 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 also auction your gold to recover the loan amount.
Q. How many branches of IDBI Bank Gold Loan?
IDBI is has a network of 1400 branches across all states of India through which it offers customized Gold Loans for all your needs.
Table of Contents
- 1 About IDBI Bank Gold Loan
- 2 IDBI Bank Gold Loan Features
- 3 IDBI Bank Gold Loan Eligibility
- 4 IDBI Bank Gold Loan Interest Rate
- 5 IDBI Bank Gold Loan Rate per Gram
- 6 Form of Gold Accepted for IDBI Bank Gold Loan
- 7 IDBI Bank Gold Loan Documents Required
- 8 IDBI Bank Gold Loan Apply Online
- 9 Use of IDBI Bank Gold Loan
- 10 FAQs About IDBI Bank Gold Loan
- 10.1 Q. How much Gold Loan can I get per gram in IDBI Bank?
- 10.2 Q. What is IDBI Bank Gold Loan?
- 10.3 Q. What is the Gold Loan interest rate in IDBI Bank?
- 10.4 Q. How to pay IDBI Bank Gold Loan online?
- 10.5 Q. How to apply Gold Loan in IDBI Bank?
- 10.6 Q. How to renew IDBI Bank Gold Loan online?
- 10.7 Q. How to take Gold Loan from IDBI Bank?
- 10.8 Q. What is Gold Loan in IDBI Bank?
- 10.9 Q. How to get IDBI Bank Gold Loan?
- 10.10 Q. How to check IDBI Bank Gold Loan status?
- 10.11 Q. How to close IDBI Bank Gold Loan?
- 10.12 Q. How to renew IDBI Bank Gold Loan?
- 10.13 Q. What happens if someone defaults IDBI Bank Gold Loan?
- 10.14 Q. How many branches of IDBI Bank Gold Loan?