About IDFC First Bank Gold Loan
IDFC First Bank is a private bank and an Indian Banking company, Headquartered in Mumbai. It is a private bank and was set up in October 2015. IDFC First Bank provides services like internet banking, credit cards, insurances, banking, and mortgage loan and wealth management.
Moreover, IDFC First Bank has 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad, as well as Kolkata.
IDFC First Bank Gold Loan has certain benefits, such as quick processing time, low-interest rates, medium-term tenure, etc. Secondly, The IDFC First Bank Gold Loan can help you meet an urgent need for cash. Thirdly, Different gold assets are acceptable to get the IDFC First Bank Gold Loan, but mostly the preferred gold type is jewelry and coins and not biscuits or bars.
IDFC First Bank of India offers loan against gold at contentious interest rates. Besides that, the pledged gold ornament is locked safely in the IDFC bank locker moreover the applicant doesn’t need to worry about gold safety.
|IDFC First Bank Gold Loan at a Glance|
|Interest Rate||Starts at 10.75%|
|Gold Loan Per Gram||Varies depending on the purity of gold|
|Tenure||Up to 12 months|
|Processing Fee||1% + GST|
IDFC First Bank Gold Loan Interest Rates
IDFC First 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 IDFC First 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.
IDFC First 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.
Features of IDFC First Bank Gold Loan
- Firstly, IDFC Bank Gold Loan is very easy to apply. One can apply for the Gold Loan Online within a few minutes.
- Secondly, If a borrower is eligible, the loan can be approved within 30 minutes
- After the approval of the loan, if the borrower has its complete documents, it can be disbursed quickly.
- Moreover, The rates of interest provided by the IDFC bank are quite affordable.
- Besides that, IDFC Bank Gold Loan comes with competitive interest rates on Term Loan, Overdraft and EMI based loan. Repay your gold loan in easy lower EMIs, over a tenure of your choice.
- After that, The documentation process is easy and simple
- IDFC Bank will not ask the reason of taking gold loan; one can use this loan amount according to their requirement.
- Moreover, Different forms of Gold ornaments are acceptable
- Lastly, Gold Bangles, Gold rings, Gold anklets and Gold necklace many more, Gold bars, Gold Bricks, Gold biscuits, and Gold coins are acceptable.
- The purity of Gold that is acceptable here is 18karat-22karat.
Use of IDFC First Bank Gold Loan
The funds acquired by availing the IDFC First 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.
IDFC First 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 IDFC First Bank Gold Loan Rate per Gram also varies every day. IDFC First Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
You will get ₹2430 to ₹2970 for a gram of Gold depending on its purity and the market price for your IDFC First Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
Why Apply for IDFC First Bank Gold Loan?
- Firstly, IDFC Bank follows a very simple and hassle free process
- Secondly, Faster loan disbursal.
- Thirdly, Minimum documentation.
- Moreover, 100% safety as well as protection of gold ornaments.
IDFC First Bank Gold Loan Eligibility
IDFC First 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. IDFC First 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 IDFC First 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 IDFC First 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.
IDFC First Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the IDFC First 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 IDFC First 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 IDFC First 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 IDFC First 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.**
IDFC First Bank Gold Loan Process
- Firstly, The bank checks the purity of the gold.
- Secondly, The bank verifies the market rate for gold and the price of the previous day is take into consideration
- Thirdly, The LTV (Loan to Value) set by the RBI is 75%.
- Moreover, If you have acknowledged the Gold loan amount and terms, the lender processes the application. The processing fees & other charges are deducted from your Gold loan amount.
- Also, After signing the agreement, the loan amount is disbursed to your account.
IDFC First Bank Gold Loan Apply Online
Applying for the IDFC First 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.
Why Dialabank for online IDFC First Gold Loan?
- Firstly www.dialabank.com offers a very easy process of application for Online Gold Loan
- After that, the applicant gets a good comparison of the gold interest rates of other banks as well.
- Furthermore, the company provides the document pickup facility from your doorstep.
- 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.
FAQs About IDFC First Bank Gold Loan
Q. How much Gold Loan can I get per gram in IDFC First Bank?
Per gram rate of Gold Loan varies depending on your Gold’s purity. The IDFC First Bank offers maximum funding of 75% of your Gold’s market price.
Q. What is IDFC First Bank Gold Loan?
IDFC First Bank Gold Loan is a scheme through which you can avail quick disbursing loans against your Gold ornaments. Maximum funding of 75% of your gold’s market price with a competitive rate of interest can be availed by visiting the nearest bank branch.
Q. What is the Gold Loan interest rate in IDFC First Bank?
The rate of interest for Gold Loan in IDFC First Bank starts from 10.70% per annum depending on the weight and purity of the pledged gold.
Q. How to pay IDFC First Bank Gold Lon online?
You can pay IDFC First Bank through a Standing Instruction on your IDFC First Bank account or an ECS on another bank’s account for the automated deduction of EMIs.
Q. How to apply Gold Loan in IDFC First Bank?
You can apply for an IDFC First Bank Gold Loan by visiting the bank branch with the documents and your gold to complete the application process. You can also alternatively apply for a Gold Loan online using Dialabank’s digital platform to avail the best offers according to your needs.
Q. How to renew IDFC First Bank Gold Loan online?
IDFC First Bank Gold Loan can be renewed by visiting the branch and contacting the loan officer. You may be required to pay a renewal fee.
Q. How to take Gold Loan from IDFC First Bank?
Take a Gold Loan from IDFC First Bank by walking into the nearest branch with your gold and documents for verification. Upon agreement of loan terms, the amount will be transferred to your bank account.
Q. What is Gold Loan in IDFC First Bank?
Gold Loan is a financial product that you can avail of to meet all your urgent financial needs. Funding of up to 75% of your gold’s market price means you can meet a wide array of your expenses by making your gold work for you.
Q. How to get IDFC First Bank Gold Loan?
Get an IDFC Bank Gold Loan by visiting the nearest branch with your gold or apply online with Dialabank and let our relationship managers walk you through the effortless loaning procedure.
Q. How to check IDFC First Bank Gold Loan status?
IDFC First Bank Gold Loan status can be easily checked by contacting your loan officer.
Q. How to close IDFC First Bank Gold Loan?
Close your Gold Loan by making the full payments of your pending dues and visiting your branch to collect your gold after the payments have been realized by the bank.
Q. How to renew IDFC First Bank Gold Loan?
You can renew your IDFC First Bank Gold Loan by visiting the loan branch with your loan documents. A small renewal fee might be charged and after the revaluation of your pledged gold, the loan will be renewed for another term.
Q. What happens if someone defaults IDFC First Bank Gold Loan?
First, you will need to pay a penalty fee in addition to your loan amount and interest. Second, your credit score will take a hit and availing a loan in the future will become difficult. Third, the bank may even auction your gold in order to recover the amount.
Q. How many branches of IDFC First Bank Gold Loan?
IDFC First Bank has 203 bank branches, 129 ATMs and 454 rural business correspondent centers to meet your banking needs.
Table of Contents
- 1 About IDFC First Bank Gold Loan
- 2 IDFC First Bank Gold Loan Interest Rates
- 3 Features of IDFC First Bank Gold Loan
- 4 Use of IDFC First Bank Gold Loan
- 5 IDFC First Bank Gold Loan Rate per Gram
- 6 Why Apply for IDFC First Bank Gold Loan?
- 7 IDFC First Bank Gold Loan Eligibility
- 8 IDFC First Bank Gold Loan Documents Required
- 9 IDFC First Bank Gold Loan Process
- 10 IDFC First Bank Gold Loan Apply Online
- 11 Why Dialabank for online IDFC First Gold Loan?
- 12 FAQs About IDFC First Bank Gold Loan
- 12.1 Q. How much Gold Loan can I get per gram in IDFC First Bank?
- 12.2 Q. What is IDFC First Bank Gold Loan?
- 12.3 Q. What is the Gold Loan interest rate in IDFC First Bank?
- 12.4 Q. How to pay IDFC First Bank Gold Lon online?
- 12.5 Q. How to apply Gold Loan in IDFC First Bank?
- 12.6 Q. How to renew IDFC First Bank Gold Loan online?
- 12.7 Q. How to take Gold Loan from IDFC First Bank?
- 12.8 Q. What is Gold Loan in IDFC First Bank?
- 12.9 Q. How to get IDFC First Bank Gold Loan?
- 12.10 Q. How to check IDFC First Bank Gold Loan status?
- 12.11 Q. How to close IDFC First Bank Gold Loan?
- 12.12 Q. How to renew IDFC First Bank Gold Loan?
- 12.13 Q. What happens if someone defaults IDFC First Bank Gold Loan?
- 12.14 Q. How many branches of IDFC First Bank Gold Loan?