Indian Bank Gold Loan Key Features – Apply Now
|Indian Bank Gold Loan Interest Rate||7.0% per annum|
|Indian Bank Gold Loan Per Gram Rate||Rate Per Gram is Rs. 4,680
|Indian Bank Gold Loan Processing Fee||Up to 0.23%, Maximum ₹ 20,381.|
|Indian Bank Maximum Gold Loan Amount||Up to Rs. 75 Lakh|
|Indian Bank Minimum Gold Loan Amount||75% LTV|
|Indian Bank Gold Loan Prepayment Charges||1%+ GST of the Loan Amount|
|Indian Bank Gold Loan Repayment Tenure||Up to 36 months|
|Indian Bank Gold Loan Repayment Scheme||Bullet Payment Scheme, Overdraft Scheme|
RBI has increased the LTV (Loan to Value) ratio for Gold Loan from 75% to 90% till 31st March 2021.
Indian Bank issues a Gold Loan per gram rate of ₹ 2,506 to ₹ 3,168 in line with the current gold rate. The best Indian Bank Gold Loan Rate per gram is ₹ 3,017 for 22 Carat gold, measured at a maximum 85% loan to value and the average gold price for the last one month for 22-carat is ₹ 4,469.
Indian Bank provides agricultural gold loans that the borrowers can use for any short-term requirements. Borrowers can use Indian Bank Gold Loan for different agricultural needs, including the purchase of pesticides, fertilisers, seeds, and much more.
Indian Bank Gold Loan Explanation
Indian Bank gold loan can be profited to meet a dire requirement for money by vowing your gold decorations or gold coins as insurance. Gold advance is probably the speediest type of acquiring and can be benefited by existing clients of just as new borrowers. With Indian Bank, you won’t just profit from the gold credit effectively yet additionally at a serious loan fee. Here is all you require to think about Bank of Baroda gold credit financing cost, residency, sum, and different terms and conditions.
Indian Bank Comparision With Other Banks
|Particulars||Indian Bank||SBI||HDFC Bank|
|Interest Rate||7.00%||7.50% – 7.50%||9.90% – 17.55%|
|Processing Fees||Up to 0.23% of the loan amount||0.50% of the loan amount||1.50% of the loan amount|
|Loan Tenure||3 months to 36 months||3 months to 36 months||3 months to 24 months|
|Loan Amount||Up to Rs. 1 Crore||₹ 20,000 to ₹ 20 Lakh||₹ 25,000 to ₹ 50 Lakh|
|Foreclosure Charges||1%+ GST of the Loan Amount||Nil||Nil after 3 months|
|Lowest EMI Per Lakh||₹ 5,121 per lakh||₹ 3,111 per lakh||₹ 4,610 per lakh|
Tips To Get Gold Loan From Indian Bank Fast
- Indian Bank acknowledges both hallmarked and non-hallmarked adornments for getting a gold advance. In any case, you can get the most elevated gold credit per gram for trademark adornments, as it decreases the odds of under-valuation by the valuer. Likewise, a few banks charge lower preparing expenses on hallmarked gold gems.
- Indian Bank changes the cost of 22-carat gold for immaculateness of gold. Consequently, consistently attempt to get against higher virtue adornments as it will bring you the most elevated sum for gold advance.
- Indian Bank will compute the net load of gems to ascertain the measure of advance against the gold you can get. Continuously, attempt to pick adornments that have the least jewels and stones. A large portion of the banks will lessen the heaviness of pearls and stones from a complete load of adornments. Indian Bank will depend on the report of his gold valuer to compute the net weight.
- Higher the heaviness of pearls and stones in adornments, bring down the net weight and estimation of gems which brings about the lower measure of gem advance you can are qualified to get Further, Indian Bank won’t acknowledge jewel gems if the gold utilized is under 18-carat immaculateness. The vast majority of the precious stone adornments is made in 16 carats to 18-carat gold and henceforth, will bring about low gold advance per gram.
- Continuously attempt to get the greatest LTV on the estimation of gold. Indian Bank is permitted by RBI to charge a most extreme LTV of up to 85% to compute the measure of gold credit you are qualified for.
About Indian Bank Gold Loan
Indian Bank offers a Gold Loan to meet the financial requirements of customers who require immediate cash or in case of a financial emergency. Primarily, catering to borrowers from the middle and lower-income groups, Gold loan offers instant credit for multiple purposes. We provide a practical solution to meet temporary monetary contingencies.
The funds from the Indian Bank Gold loan can be used for weddings, education, business expansion, or any other similar purpose. With minimal documentation and secure storage, a gold loan is a simple funding option to meet your needs. Indian Bank Gold Loan has certain benefits such as quick processing time, low-interest rates, medium-term tenure, etc. The Bank helps you meet an urgent need for cash when you are suffering from a money crisis.
- Indian Bank Gold Loan Interest Rate is 7% per annum.
- Indian Bank Gold Loan Rate Per Gram Today is ₹ 5,121.
- Indian Bank Gold Loan Tenure is from a minimum of 6 months to 36 months.
- Indian Bank Gold Loan Processing Fee is Up to 1% + GST of the Loan Amount.
How Much Gold Loan Can I Get Through Indian Bank
According to the recent gold rates, Indian Bank offers a gold loan of ₹ 4,680 per gram. Indian Bank Gold Loan Rate Per Gram Today is ₹ 4,680 for 22-carat adornments determined at the greatest LTV of 90% and normal gold loan costs of most recent 30 days in 2021 is ₹ 4,680 of 22 carat.
Indian Bank Gold Loan Per Gram – Updated Apr 17 2021
|Updated – Gold Loan Per Gram Rate w.e.f Apr 17 2021|
|Gold Weight||Gold Purity||Gold Purity||Gold Purity||Gold Purity|
|24 Carat||22 Carat||20 Carat||18 Carat|
Why Choose Indian Bank Gold Loan?
So many banks and non-financial organizations provide a Gold Loan. Then why should you choose Indian Bank for a Gold Loan? Here are some reasons:
- The bank is very dedicated to its customers.
- High loan amount from a minimum in thousands to 1 crore.
- Quick processing.
- Bad credit history/ CIBIL score, not an issue.
- Instant processing and disbursal.
- The lowest interest rate.
- Minimum documentation required.
- Flexible repayment option.
Know More – Best Gold Loan Services
Advantages Of Indian Bank Gold Loan
- Multipurpose – Indian Bank Gold loan can be used for any legitimate purpose, ranging from education to housing or business.
- Quick approval – You can avail of Indian Bank Gold Loan without any hassles, with minimal paperwork and lenient eligibility criteria.
- High quantum – Borrowers can avail of a Gold loan of different denominations, subject to their requirement and background.
- Competitive interest – Indian Bank Gold loan rate of interest is competitive on Term Loan, Overdraft, and EMI based loan and making repayment light on the pocket. Repay your gold loan in lower EMI, over a tenor of your choice.
- Prepayment – Borrowers can choose to prepay the Indian Bank Gold loan without any worry of prepayment charges.
- Collateral Held securely– Any gold surrendered to the Indian bank as collateral is kept safely in a locker, so you don’t have to concern about the safety or security of your gold.
- Quick and Efficient Servicing– Over the counter disbursement in just 50 minutes with minimal documentation.
- Complete Transparency– Gold Loan rates and other charges are communicated up front in writing, along with the quotation, so you don’t have to worry about any hidden costs or fees.
- Foreclosure – Indian Bank charges a borrower up to .50% on the principal outstanding in case of a Gold Loan Foreclosure.
Indian Bank Gold Loan Eligibility
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 commercial service provided by banks at low rates of interest and also requires minimal documentation for the same. Indian 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.
Basic Eligibility Criteria for availing an Indian Bank Gold Loan is:
|Age Criteria||18 to 75 years|
|Gold Requirements||Gold Ornaments (18-22 carats)|
|CIBIL Score||Above 500|
Documents Required For Indian Bank Gold Loan
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Indian 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 Indian 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.
Following are the documents:
|Identity Proof||Aadhaar Card/Pan Card/ Passport/ Voter ID (Anyone)|
|Residence Proof||Aadhaar Card /Pan Card/ Ration Card/ Utility Bills on the name of the applicant/ Rental Agreement of applicant/ Voter ID card (Anyone)|
|Agriculture Proof ( if applicable)||Agriculture Land Ownership Proof|
|Photographs||2 Passport sized colored|
Indian Bank Gold Loan Interest Rate
A Gold Loan can fulfill all your urgent short term and long term monetary requirements. The Jewel Loan Interest Rate in Indian Bank 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 rate in Indian Bank is lower in comparison to other loans because it is a fully secured loan.
|Indian Bank Gold Loan Interest Rate
|Indian Bank Jewel Loan Interest Rate||7.0% per annum|
|Pre-payment Charges||1% of the outstanding amount|
|Processing Fee||up to 1%|
Indian Bank Gold Loan Apply Online
Applying for the Indian Bank Gold Loan service is a hassle-free and straightforward process that 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 necessary information regarding yourself and the Gold Loan you wish to avail yourself. 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 just to 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 personalized 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 various banks based on the funding provided and the rate of interest charged for choosing the best loan deal for yourself.
Steps to Apply for Indian Bank Gold Loan Offline-
- Visit any Indian Bank nearby with your pledged gold.
- The Branch staff will evaluate your gold.
- Based on the evaluation and purity of gold ornaments, your Gold Loan amount will be sanctioned.
How To Pay Your Indian Bank Gold Loan EMI?
Your Indian Bank gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with Indian Bank, Standing Instruction is the best method of repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the Indian Bank account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilized if you have a non-Indian Bank account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
- Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-Indian Bank account at your closest Indian Bank Loan branch. A new arrangement of PDCs should be submitted on time. It will be ideal if you note Post Dated Checks will be gathered in non-ECS areas as it were.
Gold Ornaments Accepted By Indian Bank
Gold jewelry such as Gold Bangles, Gold rings, Gold anklets, and Gold necklaces, all of these are accepted for availing a Gold Loan.
Uses Of Indian Bank Gold Loan
The funds acquired by availing the Indian Bank Gold Loan service can be used for several purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, etc.
- For all your business needs, such as buying raw material, expansion of business, etc.
- You can also avail of a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
Indian Bank Agricultural Jewel Loan Scheme
|Scheme||Indian Bank Agricultural Jewel Loan Scheme|
|Interest Rate||Starting from 7% (depends on the sum of the loan|
|Least amount of Loan||Depends on the value of the jewel which is being kept as security|
|Loan period||Adjustment of advance sum inside 2 months from the date of reap of yields|
Benefits Of Indian Bank Agricultural Jewel Loan Scheme
- There is no processing fee is applicable up to ₹ 25,000.
- 0.30% of the loan amount, Minimum of ₹ 300 charge applies to the amount ranging from above ₹ 25,000 – less than ₹ 5 lakh.
- 0.28% of the credit sum, subject to at least Rs.1,500 applies to the amount more than Rs.5 lakh however under Rs.1 crore.
Indian Bank Gold Loan Overdraft Scheme
Indian Bank Offers an Overdraft Scheme. With this, you are provided a loan amount as an overdraft facility. It works like a Credit Card, where you can spend your Gold Loan Amount as you want anytime anywhere. The overall loan amount will have a Credit/Loan Limit. In the Indian Bank Gold Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize.
Indian Bank Agriculture Gold Loan Interest Rate For Different Scheme
Indian Bank offers gold advance for horticultural necessities under two unique classifications Bumper Agri Jewel Loan and Other Agri Jewel Loan. The financing costs on these two classes are demonstrated as follows:
|For Bumper Agri Jewel Loan||For Other Agri Jewel Loan Products|
|Fixed: 8.50%||starting from 11.50 %|
Please Note RBI has decided to increase the LTV ratio for Gold Loan from 75% to 90% till 31st March 2021
Indian Bank Gold Loan Highlights
|Age||18 – 70 years|
|Minimum Loan Amount||Rs. 1000|
|Maximum Loan Amount||Rs. 1 Crore|
|Indian Bank Gold Loan Interest Rate||7.00% p.a. onwards|
|Loan Tenure||From 3 months to 60 months|
|Gold Items accepted||Jewelry and gold coins sold by banks|
|Indian Bank Gold Loan Processing Charges||0.23% of the loan amount|
How Does The Indian Bank Gold Loan Work, Here’s An Example
The advance sum qualification is settled based on the immaculateness of gold, LTV, and weight of gold. Assume Mr. An and his two companions Mr. B and Mr. C own various measures of gold with shifting immaculateness. Mr. A has 50 grams of gold with a virtue of 22 carats. Mr. B has 60 grams of gold with a virtue of 20 carats and Mr. C has 70 grams of gold with virtue or 22 carats. They approach the Indian Bank to profit a gold advance. The value applied to ascertain their gold credit sum qualification dependent on the most extreme LTV of 85% will differ by the virtue of gold and consequently, will bring about shifting gold advance qualification.
FAQs About Indian Bank Gold Loan
The rundown of records that should be submitted to profit the advance is referenced underneath:
- Application form.
- Evidence of address, for example, Driving License, Aadhaar Card, Passport, Voter ID, and so on
- Evidence of personality, for example, Driving License, Aadhaar Card, Passport, PAN Card, Voter ID, and so on
- Agribusiness land evidence in the candidate’s name.
- Evidence that harvest will be developed.
Since the loan is given on agriculture, every farmer is instantly eligible for a loan.
The fundamental highlights of the Agricultural Jewel Loan Scheme are referenced underneath:
- No undisclosed charges
- Gem appraiser and handling charges will be material
- The Indian Bank Gold Loan Rate of Interest is low
- The reimbursement plan is advantageous
- The advance cycle is simple and hassles free
- Indian Bank Jewel Loan Per Gram is ₹ 5,121 per gram
The Indian Bank gold loans are secured loans that come with quick disbursement to meet your urgent financial needs. Gold loans from India Bank can be availed at attractive interest rates.
You can avail Indian Bank Gold Loan Per Gram at ₹ 5,121 per gram, depending on the quality of your gold.
The Gold Loan Interest Rate in Indian Bank starts at 7.0% per annum. This Indian Bank Gold Loan Interest Rate varies and depends on the purity of gold and the loan amount to be disbursed.
You can check your Indian Bank Gold Loan status online by visiting the Bank’s online portal and filling in the form your Gold Loan application details
You can avail yourself of a maximum of up to 90% of the gold jewelry’s value from the Indian Bank.
Indian Bank gold loan tenure is between 3 to 36 months.
Indian Bank charges a processing fee of up to 1% of the Loan Amount on their Gold Loan.
Indian Bank charges up to 1% of the outstanding loan amount as charges for prepayment of its gold loan.
You can renew your Indian Bank Gold loan online by simply logging into your i-mobile app account and renew your gold loan under the Gold Loan section by entering the loan account details.
To repay the Indian Bank Gold loan interest online you can use the payment options available on the bank’s website or can make your loan payments through net banking, debit cards, or through the i-mobile app.
If you fail to repay the Indian Bank gold loan amount, you will be first warned by the bank against making any more defaults. But if the defaults continue your gold jewelry kept as collateral might be sold off.
You can apply for the Indian Gold loan moratorium online by logging in with your credentials or can also visit the bank personally.
✅ How to pay an Indian Bank Gold loan through a credit card?
Paying an Indian Bank gold loan through a credit card is not allowed.
✅ How much Gold Loan can I get per gram in Indian Bank?
The Indian Bank Gold Loan for 1 Gram Rate depends on the quality of your gold and the price of gold in the market. Indian Bank provides 75-90% funding on the market price of the gold.
You can Indian Bank Gold Loan online payment through the Indian Bank website, internet banking, debit cards, or through the i-mobile app.
Apply for Gold Loan with Indian Bank by visiting the branch and enquiring about the same with your banker. You can also apply online with Dialabank and get the offers and deals as per your needs.
To renew your Gold Loan, you will be required to visit the loan branch with your loan documents and apply for a renewal. A renewal fee may be charged, and after revaluation of your gold, your loan will be renewed.
You can take a Gold Loan from Indian Bank by visiting the branch with your Gold, Aadhar Card, and PAN Card. You may also apply online with Dialabank and look out for different options offered by banks across India.
You can get a quick Gold Loan from Indian Bank by visiting the branch or through online inquiry at Dialabank’s digital platform.
Check your Gold Loan status by calling the Indian Bank on their customer care number. You may also visit the branch in person and ask your banker for any updates.
You can close your Indian Bank Gold Loan once you have paid all your pending dues. The bank after documentation will close your loan and return to you the gold that was pledged.
If you desire to renew your Gold Loan with Indian Bank, all you need to do is visit the branch with your documents and apply for a renewal. Your gold will be revalued, and new loan terms will be decided. After you pay a minimal renewal fee, your loan will be renewed for a new tenure.
When you default on your Gold Loan, the bank will at first remind you of your pending dues. Then a legal notice is issued at your given address. On continuous defaulting, the bank gets the legal rights to sell your pledged gold to recover the entire sum overdue.
Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India. It has nearly 3000 branches to meet your banking needs.
✅ What is the Indian Bank Gold Loan closure procedure?
- Just go to the bank with the documents.
- Write a letter for pre-closure of the Indian Gold loan account.
- Pay the pre-closure charges as per Indian Gold Loan.
✅ What are the Indian Bank Gold Loan preclosure charges?
Indian Bank Gold Loan preclosure charges are up to 1%+ GST.
✅ What is the Indian Bank Gold Loan overdraft scheme?
For simplifying the process and providing you with a hassle-free service while processing an overdraft scheme at an Indian bank is provided, it gives you an online way to get your own overdraft, also known as Smartdraft – Overdraft Against Salary. You do not need to visit bank branches and go through a boring process. Just log in to the Indian online banking portal and from there you can fill out a simple form and get an overdraft under your name.
✅ What is the Indian Bank Gold Loan maximum tenure?
The Indian Gold loan’s maximum tenure is 36 months.
✅ What is the Indian Bank Gold Loan minimum tenure?
The Indian Bank Gold Loan minimum tenure is 3 months.
✅What is the customer care number for Indian Bank Gold Loan?
All the queries regarding the Indian bank Gold Loan are answered at 9878981144.
✅What is the foreclosure procedure for Indian Bank Gold Loan?
Indian Bank asks from a borrower up to 0.50% on the principal amount if there is an event of a Gold Loan Foreclosure.
Table of Contents
- 1 Indian Bank Gold Loan Key Features – Apply Now
- 2 Indian Bank Gold Loan Explanation
- 3 Indian Bank Comparision With Other Banks
- 4 Tips To Get Gold Loan From Indian Bank Fast
- 5 About Indian Bank Gold Loan
- 6 How Much Gold Loan Can I Get Through Indian Bank
- 7 Indian Bank Gold Loan Per Gram – Updated Apr 17 2021
- 8 Why Choose Indian Bank Gold Loan?
- 9 Advantages Of Indian Bank Gold Loan
- 10 Indian Bank Gold Loan Eligibility
- 11 Documents Required For Indian Bank Gold Loan
- 12 Indian Bank Gold Loan Interest Rate
- 13 Indian Bank Gold Loan Apply Online
- 14 Steps to Apply for Indian Bank Gold Loan Offline-
- 15 How To Pay Your Indian Bank Gold Loan EMI?
- 16 Benefits Of Indian Bank Agricultural Jewel Loan Scheme
- 17 Indian Bank Gold Loan Overdraft Scheme
- 18 Indian Bank Gold Loan Highlights
- 19 FAQs About Indian Bank Gold Loan
- 19.1 ✅What are the documents needed to profit the Indian Bank Gold Loan?
- 19.2 ✅Who can apply for the Loan?
- 19.3 ✅What are the primary highlights of the Agricultural Jewel Loan Scheme?
- 19.4 ✅ What is Indian Bank Gold Loan?
- 19.5 ✅ What is Gold Loan Per Gram in Indian Bank?
- 19.6 ✅ What is the gold loan interest rate in Indian Bank?
- 19.7 ✅ How to check gold loan status in Indian Bank?
- 19.8 ✅ What is the maximum gold loan amount I can avail myself of on a gold loan from Indian Bank?
- 19.9 ✅ What is the loan tenure of the Indian Bank gold loan?
- 19.10 ✅ How much processing fee is applicable on Indian Bank Gold loan?
- 19.11 ✅ What are the charges for pre-payment in Indian Bank gold loan?
- 19.12 ✅ How to renew Indian Bank Gold Loan online?
- 19.13 ✅ How to pay Indian Bank Gold loan interest online?
- 19.14 ✅ What if I can’t pay the interest on the Indian Bank Gold loan for 3 months?
- 19.15 ✅ How can I apply for an EMI moratorium on an Indian Bank Gold loan?
- 19.16 ✅ How to pay an Indian Bank Gold loan through a credit card?
- 19.17 ✅ How much Gold Loan can I get per gram in Indian Bank?
- 19.18 ✅ How to make an Indian Bank Gold Loan online payment?
- 19.19 ✅ How to apply for Gold Loan in Indian Bank?
- 19.20 ✅ How to renew Indian Bank Gold Loan online?
- 19.21 ✅ How to take Gold Loan from Indian Bank?
- 19.22 ✅ How to get Indian Bank Gold Loan?
- 19.23 ✅ How to check Indian Bank Gold Loan status?
- 19.24 ✅ How to close Indian Bank Gold Loan?
- 19.25 ✅ How to renew Indian Bank Gold Loan?
- 19.26 ✅ What happens if someone defaults Indian Bank Gold Loan?
- 19.27 ✅ How many branches of Indian Bank Gold Loan?
- 19.28 ✅ What is the Indian Bank Gold Loan closure procedure?
- 19.29 ✅ What are the Indian Bank Gold Loan preclosure charges?
- 19.30 ✅ What is the Indian Bank Gold Loan overdraft scheme?
- 19.31 ✅ What is the Indian Bank Gold Loan maximum tenure?
- 19.32 ✅ What is the Indian Bank Gold Loan minimum tenure?
- 19.33 ✅What is the customer care number for Indian Bank Gold Loan?
- 19.34 ✅What is the foreclosure procedure for Indian Bank Gold Loan?