About IndusInd Bank Gold Loan
IndusInd Bank Limited is a financial organization having its headquarters in Mumbai, Maharashtra, India. The founder of Induslnd bank is Manmohan Singh inaugurated S.P Hinduja in 1994. The bank offers considerable services to the customer like a commercial, transactional and electronic banking products, and services. Induslnd Bank provides Gold Loan to its customers with the low-interest rate when you apply through Dialabank.
Why Choose IndusInd Bank Gold Loan?
- Multipurpose – Indusland Bank Gold loan can be used for any legitimate purpose, ranging from education to housing to business.
- Quick approval – These loans can be avail without additional hassles, with minimal paperwork and documentation required.
- High quantum – Borrowers can avail a Gold loan of different denominations, subject to their requirement and background.
- Competitive interest – Induslnd Bank Gold loan comes at a competitive rate of interest on Term Loan, Overdraft and EMI based loan and making repayment light on the pocket. Repay your gold loan in lower EMIs, over a tenor of your choice.
- Prepayment – Borrowers can choose to prepay the Induslnd Bank Gold loan without the worry of prepayment charges.
- Collateral Held securely– Any gold surrendered to the Induslnd bank as collateral is kept safely in a locker, so you don’t have to worry 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.
Advantages of IndusInd Bank Gold Loan
- IndusInd bank gold loan is very easy to apply. You can apply for the Gold Loan Online within a few minutes.
- If you are eligible, your loan gets approved within 5 minutes.
- If you have complete documents, it can be disbursed very quickly.
- The bank is fully responsible for the safety of your gold ornaments. Gold assets will be kept under very tight security.
- The interest rates provided by the bank are very affordable.
- The documentation process is very less as well as simple. Bank only asks for essential documents of yours.
- Bank will not ask the reason for the gold loan. You can use this loan amount anywhere you want.
Induslnd Bank Gold Loan Eligibility
Gold Loan is a financial product provided by the IndusInd 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. IndusInd 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 IndusInd 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 a 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, etc. are not recognised as valid forms of gold to be kept as security for the IndusInd 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.
Induslnd Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the IndusInd 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 IndusInd 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 IndusInd 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, 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 IndusInd 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.**
IndusInd Bank Gold Loan Interest Rate, Fees and Charges
IndusInd 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 IndusInd Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the bank start at 9.90% per annum.
IndusInd 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.
IndusInd Bank Gold Loan Rate per Gram
The amount of IndusInd Bank 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 IndusInd Bank Gold Loan Rate per Gram also varies every day. IndusInd Bank gives funding of up to 70% of the total market price of your gold keeping the remaining 30% as a security margin.
You will get ₹2430 to ₹2970 for a gram of gold depending on its purity and the market price for your IndusInd Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
IndusInd Bank Gold Loan Apply Online
Applying for the IndusInd Bank Gold Loan service is a hassle-free and straightforward 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 necessary 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 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 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 based on funding provided and the rate of interest charged for choosing the best loan deal for yourself.
IndusInd Bank Gold Loan EMI Calculator
How to Pay Your IndusInd Bank Gold Loan EMI?
Your IndusInd Bank gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with IndusInd 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 IndusInd Bank account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilised if you have a non-IndusInd 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-IndusInd Bank account at your closest IndusInd Bank Loan Center. A new arrangement of PDCs should be submitted on time. It will be ideal if you note Post Dated Checks will be gathered non-ECS areas as it were.
Gold Ornaments Accepted by IndusInd Bank
- All jewellery of 18 karats to 22 karats is acceptable.
- Gold coins weighing less than 50 grams in total can be used to get a gold loan.
- IndusInd Bank does not accept minted gold coins.
- Bars and bricks are not accepted.
- Besides that, raw gold is not accepted.
Uses of IndusInd Bank Gold Loan
The funds acquired by availing the IndusInd 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 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 IndusInd Gold Loan
IndusInd Bank provides quick Gold Loans. You can get Rs. 2,422 to Rs. 2,960 on per gram of gold depending on the purity.
IndusInd Bank Gold Loan can be availed by anyone between the age of 21-70 years with possession of gold. The bank provides loans at interest rates starting from 11.25% per annum with tenure of 3 to 12 months. You can apply online or walk into the branch carrying your gold. The loan amount of up to Rs 10 lacs can be availed and can be used for any personal or business purpose. The bank provides additional discounts for women borrowers and agriculture.
IndusInd Bank provides gold loans with an interest rate of 11.15% to 15.50% per annum. They also charge a processing fee of 1% of the loan amount or a minimum of Rs. 750 and a gold valuation fee of Rs 300 for a loan amount of up to Rs. 2 lacs and Rs 500 for a loan amount above Rs. 2 lacs.
You can make online payments for you IndusInd Gold Loan via net-banking. For further details and information, you can contact the customer care number of the bank.
Apply for your IndusInd Bank gold loan by visiting the nearest branch or through their website. You can also apply online with Dialabank to avail of personalised assistance and gest the best offers.
For the renewal of your IndusInd Bank Gold Loan, you will have to visit the branch where your loan was done. The gold you had pledged will be released and revalued. You may be charged with a renewal processing fee of Rs 550. For more details, you can contact the customer care number or visit the nearest branch.
To get a Gold Loan from IndusInd, you will need to visit the nearest branch with your gold ornaments. IndusInd Bank does not provide Gold Loan services at every location in the country and thus for your convenience, you can apply online at Dialabank to avail personalised assistance and get the best financial advice from our relationship managers.
Gold Loan facility by IndusInd Bank comes with attractive rates and minimal documentation. The bank provides extra benefits to already existing customers in terms of repayment facilities. The rate of interest ranges from 11.25% to 15.50%.depending on the amount of your loan. Customers can obtain a maximum of Rs 10 lacs by pledging their gold. Repayment of the loan can be made either online or offline on a bullet payment basis. The bank also gives the option of prepayment and foreclosure of the loan account.
Getting a gold loan from IndusInd Bank is a hassle-free and quick process. You only need to visit the branch with the required documents (Aadhar card, Pan card) and your gold. You can alternatively apply with Dialabank and compare the offers from different lenders to choose the best option available for you.
You can check the status of your Gold Loan application online and stay updated with the details of your loan. You can also contact IndusInd Bank on their customer care number or visit the branch to take updates from your banker.
IndusInd Bank does not provide an EMI option on Gold Loan; it is done on a bullet payment basis where the amount and the interest are paid together at the end of the tenure of the loan. You can pay the amount due online using the Net banking facility or visit the bank with a Cheque or DD to make the payment. The gold will be released once the bank realises the amount.
Renewal of your IndusInd Gold Loan can be done after your tenure ends in the same branch where the loan was previously taken from. The gold pledged undergoes revaluation, and a small renewal fee may be charged.
If someone defaults the IndusInd Bank Gold Loan payment, then they are obliged to pay a penal interest of 24% per annum over the existing rate of interest. If the loan defaults again, the bank has the right to sell the pledged gold for recovering the amount.
IndusInd Bank has more than 1500 branches spread across different regions of the country, providing quick and hassle-free financial services to the people, processing fee (non-refundable) as well as the Valuation fee.
Table of Contents
- 1 About IndusInd Bank Gold Loan
- 2 Why Choose IndusInd Bank Gold Loan?
- 3 Advantages of IndusInd Bank Gold Loan
- 4 Induslnd Bank Gold Loan Eligibility
- 5 Induslnd Bank Gold Loan Documents Required
- 6 IndusInd Bank Gold Loan Interest Rate, Fees and Charges
- 7 IndusInd Bank Gold Loan Rate per Gram
- 8 IndusInd Bank Gold Loan Apply Online
- 9 IndusInd Bank Gold Loan EMI Calculator
- 10 How to Pay Your IndusInd Bank Gold Loan EMI?
- 11 Gold Ornaments Accepted by IndusInd Bank
- 12 Uses of IndusInd Bank Gold Loan
- 13 FAQs About IndusInd Gold Loan