Indiabulls Gold Loan Balance Transfer

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    Indiabulls Gold Loan Balance Transfer

    What is an Indiabulls Gold Loan Balance Transfer?

    India Bulls Bank offers gold loans for its customers which can be issued to the borrower in order to fund his/her business needs like working capital requirements or personal needs such as education fees, holidays, etc against the gold ornaments.  The Indiabulls Gold Loan Balance Transfer is a process by which you can move your gold loan from one lender to other. There can be any reason like attractive interest rates or if you are unsatisfied with the previous lender. But not every money lender provides this service.

    The moneylender determines the ease with which one can obtain a gold loan by various criteria such as interest rate, loan to value ratio (LTV), and much more. A loan provider may not offer you the best bargain for your gold in many circumstances, prompting you to refinance your gold loan. You might look for a gold loan transfer if this happens. These businesses can help you transfer your existing gold loan from a bank to a lender better suited to your needs.

    What are the Benefits of Indiabulls Gold Loan Balance Transfer?

    The main benefit you can get from transferring a gold loan is:-

    • Increase in your per-gram rate. You can acquire a more considerable loan if a new lender offers a loan with a more excellent LTV ratio than your prior lender.
    • Most public and private sector banks will lend up to 65 percent of the current gold value, while NBFCs will lend up to 70 percent.
    • You can get a cheaper interest rate as low as 9.00 percent each year with a new lender.
    • You can see that reduced EMIs result from a lower interest rate, which saves money.
    • You can get superior loan features like no processing costs and flexible payback arrangements.
    • Finally, you can increase the security of the gold you’ve promised. For example, you can purchase insurance against robbed and other damages while in transit.

    Why should you choose Indiabulls Gold Loan Balance Transfer? 

    Apart from the fact that you would save money on interest, there are a few other reasons to consider transferring your gold loan to a different bank. Here are a few of them:

    • You will get an increase in the value of your existing loan by 30%.
    • You will get flexible loan repayment choices.
    • You will be increasing your savings by taking out a loan at a low-interest rate.
    • You will get a loan extension in 30 minutes or less.
    • You will get service for 365 days.
    • Annual Percentage Rate (APR) offered to customers from April 21 to March 21*.
    • The minimum APR is 12%, while the maximum APR is 18%.
    • Monthly payments are required, with a maximum of six months between charges.
    • There are no processing fees.

    Best Banks Interest Rates for Gold Loan Transfer Service 

    Bank Gold Loan Rate
    HDFC Bank 9.00%
    Yes Bank 9.00% – 15.00%
    Axis Bank 7.35% – 14.50%
    SBI Gold Loan 7.30%
    ICICI Bank 10.00% – 19.76%
    IIFL Gold Loan 6.48% – 27%
    Allahabad Bank Gold Loan 7.00%
    Muthoot Gold Loan 12.00%
    Federal Bank Gold Loan 8.50%
    Manappuram Gold Loan 9.90%
    IDBI Bank 7.00%
    PNB Gold Loan 8.75%

    Indiabulls Gold Loan Balance Transfer Charges

    The charges involved in transferring a gold loan vary for every bank, depending on the existing lender and a new lender. However, some actual costs which are incurred are:

    • Foreclosure Charges – Foreclosure charges are also known as pre-closure charges, are the charges are incurred by a lender to compensate for interest lost owing to the early closure of a loan account. Every bank has a varied foreclosure rate, which ranges from zero to one percent.
    • Processing Fees– Banks and NBFCs impose a processing fee for loan processing that can be as high as 1% of the loan amount.
    • Administration Charges – When a person applies for a loan, a lender charges a non-refundable cost. The administrative charge varies between 2,500 and 6,500 dollars.
    • Inspection Charges – The bank will levy fees when they evaluate collateral pledged.
    • Low-Interest Rate: Compared to other types of loans, such as personal loans, the Loan against Gold offers the lowest interest rate because banks maintain the gold as security.

    Eligibility Criteria for Indiabulls Gold Loan Balance Transfer

    The qualifying conditions for transferring gold loans from one bank to another change by a financial institution, but the following are the common criteria:-

    • Age- between 18 and 75.
    • The person must have paid 6-12 Equated Monthly Installments (EMIs) or 1-5 percent of the outstanding principal on your gold loan.
    • Pledged gold should be in the 18K-22K range.

    Documents Required for Indiabulls Gold Loan Balance Transfer

    In the case of a gold loan transfer, a lender will often request the following documents:-

    • Gold loan application form
    • Aadhaar card, PAN card, Passport, Driving License, Voter ID, and Job card issued by NREGA are all acceptable forms of identification.
    • Electricity bills, Gas bills, Water bills (latest), Passport, Driving License, office address- lease/ownership/rent certificate, Job card issued by NREGA are all acceptable forms of proof of address.
    • Documents proving your identity (signature proof)
    • Photographs in passport size

    Indiabulls Gold Loan Balance Transfer Process

    Follow the below-given steps to transfer the gold loan from one lender to another bank:-

    • Firstly, check out the current exchange rate.
    • Choose the amount you will save on interest.
    • Calculate the value of processing fees and other costs.
    • Choose a new money lender to which you want to transfer your gold loan.
    • Examine a new lender’s eligibility requirements.
    • Close the gold loan account with your current bank.
    • Obtain all of the documentation of a prior lender.
    • Give the new lender your existing gold loan pledge card.
    • Make an application for a gold loan with a new bank.
    • Complete the application form and attach the necessary documents.
    • Complete the KYC procedure.
    • Complete a new gold loan contract.
    • Take a distribution from the new bank in a check or demand draft payable to the old bank and deposit it.

    When should you use a Indiabulls Gold Loan Balance Transfer Service?

    • When you are in immediate need of cash.
    • When you need instant money for education, business, or other purposes.
    • When you have already taken a gold loan and are paying its EMIs.
    • When you want a loan that requires less documentation and can be completed quickly.
    • When you require a gold loan with a lower interest rate than you already have.

    FAQs About Indiabulls Gold Loan Balance Transfer

    Which bank is best for a Indiabulls Gold Loan Balance Transfer?

    Gold loans in India are offered by most of the banks and NBFCs. Muthoot, Federal Bank, Manappuram are considered acceptable because they provide balance transfers on loans at the lowest interest rate of 6.90%, 6.99%, and 7.00%, respectively.

    Can the gold loan be transferred from one bank to another?

    Yes, you can transfer a gold loan from one bank to another if you get a lower interest rate with another bank or are not happy with the service of a lender. Also, you must have paid at least a few EMIs with your old lender to transfer the loan. In general, lenders prefer at least 12 EMIs to be paid before moving the loan.

    Can we get a top-up on a gold loan?

    Yes, you can get top up on a gold loan if your lender offers this facility. Generally, lenders allow top-up loans if you have made all your EMI payments on time.

    Are there any charges for gold loan transfer?

    Yes, you will have to pay various charges for the balance transfer of the gold loan. For example, you will have to pay foreclosure charges to your old bank, and to the new lender, you will have to pay processing fees. These charges may vary from bank to bank.

    Is a balance transfer of gold loan a good idea?

    A balance transfer of a gold loan is a good idea if you transfer your loan to a bank that offers gold loans at a lower interest rate. The reduced interest rate can significantly bring down your EMI and help you save money.

    What is the best way for you to repay your gold loan?

    It’s just as simple to foreclose on a gold loan as it is to get it approved.

    Borrowers must, however, select a repayment strategy that meets their needs and does not feel burdensome. Salaried people, for example, should choose EMI payments over bullet payback if they have a long credit cycle.

    What happens if you don’t pay back your gold loan?

    Gold is put up for auction.

    Because the gold was pledged as collateral, failing to repay the loan (three consecutive installments or more) will result in the gold being auctioned off by the bank or financial institution. As a result, this is now a non-performing asset liquidated.

    How does a gold loan affect your credit score?

    When you take out a gold loan, all of your EMI repayment information is sent to CIBIL at regular intervals so that your credit score can be updated in your credit history. Pay the EMIs on time to return the Gold Loan: Like any other type of loan, the gold loan has a defined interest rate and term.