Indiabulls Gold Loan Documents Required


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Indiabulls Gold Loan Documents Required

Features of Indiabulls Gold Loan

  • Indiabulls Gold Loan Documents RequiredHigh loan amount: With a gold loan, you can borrow as much as you want against your pledged jewellery. Lenders use theLoan-to-Value Ratio to determine the loan amount (LTV). This ratio can range from 65 % to 90 % in the case of a gold loan.
  • Repayment Flexibility:- Another advantage of applying for a Gold Loan is the possibility to select the most convenient repayment option for you. Any lending facility demands repayment, and you have some gold loan repayment choices to choose from.
  • Minimal Foreclosure Charges – Some banks and lenders either don’t charge or have minimal prepayment charges of 1% on gold loans.
  • EMI Method:- This is a monthly paid tenure. The principal and interest are to be paid every month.
  • No income proof:- Because the loan is secured against the borrower’s gold commitment, most gold loan applications do not require income evidence.
  • Faster Processing:- Banks and other lending institutions can easily make gold loans since physical gold is used as collateral. Lending against gold is a safer choice for banks because the gold can be easily sold if the borrower defaults. As a result, banks are more likely to disburse these loans within a few hours. As a result, borrowers will benefit from faster processing times and greater ease.
    However, disbursing the funds does not take long.
  • Zero Processing Fees – Because gold loans are granted promptly with gold as collateral stored by the bank, many banks and NBFCs do not charge any processing fees.
  • Lower Interest Rates: Banks charge a lower interest rate on gold loans since they are secured loans instead of unsecured loans like personal loans. Gold loans include interest rates ranging from 13 to 14 %. Personal loan interest rates, on the other hand, are often around 15%. In addition, the bank lowers the interest rates on gold loans for applicants who can supply additional collateral.
  • Interests paid regularly:– Amount to be paid on regular intervals – monthly, quarterly, semi-annually, or annually and the principal at the end of the term.
  • Payments made in Advance:- Payment will be a complete interest payment in the starting and principal amount at the end of the term.
  • There is no requirement for credit history:-
    A gold loan may be a good choice because the lenders do not consider the credit history while approving the loan. This is due to the security supplied in the shape of gold ornaments or bank-minted money. A gold loan is ideal for those who are looking for a loan with lenient eligibility requirements.
  • Security of Physical Gold:- It is the lender’s responsibility to keep the physical gold safe. Borrowers do not have to worry about it because it is generally kept safe in the bank’s locker. The bank returns the gold once they have paid back the loan.

Indiabulls Gold Loan Comparision with banks

Bank / NBFC Rate Per Gram Interest Rate Gold Loan Tenure Min – Max Loan Amount
₹ 3,506 to ₹ 4,621 0.099 3 to 24 months ₹ 10 thousand to 5 crore
Private Gold Loan ₹ 3,506 to ₹ 4,621 0.1 6 to 12 months ₹ 10 thousand to 5 crore
₹ 3,506 to ₹ 4,621 0.12 7 days to 36 months ₹ 3 thousand to 1 crore
₹ 3,506 to ₹ 4,621 0.1225 12 months ₹ 3 thousand to 1 crore
₹ 3,506 to ₹ 4,621 0.1025 36 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.1 3 to 36 months ₹ 10 thousand to 5 crore
SBI Gold Loan ₹ 3,506 to ₹ 4,621 0.0975 12 to 36 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.075 3 to 36 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.1025 12 months ₹ 20 thousand to 50 lakh
₹ 3,506 to ₹ 4,621 0.1025 12 months ₹ 10 thousand to 5 crore
IIFL Gold Loan ₹ 3,506 to ₹ 4,621 0.12 11 months ₹ 3 thousand to 50 lakh

Indiabulls Gold Loan EMI calculator

Indiabulls Gold Loan Documents Required

At the time of application the following documents are required:

  • Proof of the citizenship of India
  • Duly filled application form
  • 2 passport-sized photographs
  • Applicant’s KYC documents to establish Identity and Address
  • Salary/ Income Proof
  • Witness Letter in case of illiterate borrowers
  • In the case of Agriculture Loan of more than Rs. 1 lac, land proof
  • Certificate by the Jewel Appraiser (Bank will arrange)

At the time of disbursement the following documents are required:

  • Demand Promissory Note & Demand Promissory Note Take Delivery Letter
  • Gold Ornaments Take Delivery Letter
  • Arrangement Letter

Indiabulls Gold Loan Documents Required – FAQs

Is it true that a gold loan has an impact on a person’s credit score?

So, certainly, a gold loan or credit, in general, has an impact on your credit score. Your credit score will improve if you pay off your credit card or gold loan on time.

✅  Is it required to have a bank account to borrow gold?

You don’t need to submit any income or salary evidence to get a gold loan because banks and non-financial organisations offer gold loans with only a few pieces of identification and proof of address.

So what is the rate of interest for a gold loan?

The interest rate on your gold loan differs depending on the lender. For additional information, visit our website and look at the gold loan offers from various banks and private organisations.