All About Induslnd Bank Gold Loan
IndusInd Bank Limited is a financial organization having its headquarters in city Mumbai, State 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.
About IndusInd Bank Gold Loan
Gold Loan is a kind of loan where you get a loan in return of your gold. It is also known as “loan against the gold.” In this loan, the bank provides you and keeps your gold as a security. The moment when you return the loan amount bank releases your gold. The safety of gold is the bank’s responsibility. Loan on Gold is considered as the best way to get over your debts.
What are Induslnd Bank Gold Loan Interest Rates?
In general Loan on Gold, the credit is available at a low-interest rate. Moreover, the reason behind that the gold loan comes in the category of secured loans. So the Gold interest rates are less than that of a personal loan or any other kind of loan. Though the Gold Loan rate keeps on changing with the passage of time as well as person to person. The Induslnd Bank Gold Loan is available at 1% per month interest rate.
1. Gold Loan Interest rate – 10.70 %
2. Also, offer low processing fee – 0.85%
3. Further, pre-closer charges range from 0% – 2%.
4. Besides minimum tenure of six months; maximum five year
5. Lastly Amount – Thousand to a crore
Features of Induslnd Bank Gold Loan
1. IndusInd bank gold loan is very easy to apply. You can apply for the Gold Loan Online within a few minutes.
2. If you are eligible, your loan approves within 5 minutes.
3. Thirdly, if you have complete documents, it can be disbursed very quickly.
4. The responsibility of the gold is all in the bank’s end. Gold assets will be kept under very tight security.
5. The interest rate provided by the bank is very affordable.
6. The documentation process is very less as well as simple. Bank only asks for essential documents of yours.
7. Bank will not ask the reason for the gold loan. You can use this loan amount anywhere you want.
Gold Loan Amount Uses
You can use this amount of loan wherever you want. Here some basic reasons are given for which people get the gold loan.
1. Most people get the gold loan for the wedding purposes.
2. Sometimes people prefer to get a gold loan in case of a medical emergency.
3. Education can be a reason for the gold loan.
4. You can also boost your business by using the gold loan.
5. You can get a gold loan to pay your credit card bills too.
The form of Gold Accept
1. All jewellery of 18 karats to 22 karats is acceptable.
2. Gold coins weigh less than 50 grams can get a gold loan.
3. Bank does not accept minted gold coins.
4. Bars and bricks are not accepted.
5. Besides that raw gold is not accepted.
Induslnd Bank Gold Loan Highlight
1. Multipurpose – Indusland Bank Gold loan can be used for any genuine purpose, ranging from education to housing to business.
2. Quick approval – These loans can be avail without additional hassles, with minimal paperwork and documentation required.
3. High quantum – Borrowers can avail a Gold loan of different denominations, subject to their requirement and background.
4. 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.
5. Prepayment – Borrowers can choose to prepay the Induslnd Bank Gold loan without the worry of prepayment charges.
6. 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.
7. Quick and Efficient Servicing- Over the counter disbursement in just 50 minutes with minimal documentation
8. Complete Transparency- Gold Loan rates and other charges are communicated upfront in writing, along with the quotation, so you don’t have to worry about any hidden costs or fees.
Eligibility criteria to avail Induslnd Bank Gold Loan
1. Firstly, the age of the customer should not be less than 18 years.
2. Secondly, the applicant should be a citizen of India.
3. The applicant should have gold in an appropriate form.
4. The quality of the gold should be 18 karats to 22 karats.
Induslnd Bank Gold Loan Documentation
1. Firstly, an identity Proof is required. It can be an Aadhar Card/ Voter ID card/ PAN Card/Driving License/ passport.
2. Moreover, One proof of residence is also required while applying for a gold loan; it can also be an Aadhar Card/ Card/ Voter ID card/ PAN Card/Driving License/ Passport/Ration Card/Electricity/water bills of last three months with the name of the applicant.
3. Two colored photographs.
Additional Documentation for Loan on Gold
The bank needs a Proof of ownership of Land if you are applying for an agriculture gold loan.
1. Land Proof – In the case of Agriculture Loan on gold of more than Rs. 1 lakh the proof is not required for allied agriculture purposes.
2. Needed a Demand Promissory Note – Certificate by the Jewel Appraiser (Bank will arrange).
3. Besides Income Proof of Salary Certificate as well as Form No.16
Why Apply for Induslnd Bank Gold Loan?
1. Induslnd Bank follows a very simple and hassles free process
2. Faster loan disbursal.
3. Minimum documentation.
4. Improves customer service in a much shorter response turn around time.
5. 100% safety as well as protection of gold ornaments.
Induslnd Bank Gold Loan Process
1. The bank checks the purity of the gold.
2. The bank verifies the market rate for gold and the price of the previous day is take into consideration
3. The LTV (Loan to Value) set by the RBI is 75%.
4. 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.
5. After signing the agreement, the loan amount is disbursed to your account.
Why Should You Choose Induslnd Bank Gold Loan?
So many banks and non- financial organizations provide a Gold Loan. Then why should you choose Induslnd Bank for a Gold Loan? Here are some reasons
1. Firstly, the bank is very dedicated to its customers.
2. Secondly High Loan amount from a minimum in thousands to a crore.
3. Thirdly, Quick processing.
4. Bad credit history/ CIBIL score, not an issue.
7. Instant Processing and Disbursal.
8. Also, the lowest interest rate.
9. Minimum documentation required.
10. Furthermore, there are flexible repayment options.
Why Dialabank for online Gold Loan?
Dialabank is the best platform to apply for a gold loan. Gold loan is easily approved and quickly disbursed. You will get proper guidance from our sides. You will get low rates of interest if you apply on dialabank.com. Besides that, there is no need to go to the bank to submit the documents. If you apply on dialabank you will get a document pick up facility from your doorstep. The most important thing is that Dialabank is the first financial helpline in India. So you can apply without worrying. You won’t be charged anything to apply for a gold loan.
1. Firstly Dialabank offers a very easy process of application for Online Gold Loan
2. After that, the applicant gets a good comparison of the gold interest rates of other banks as well.
3. Furthermore, the company provides the document pick up facility from your doorstep.
4. 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.
Gold Loan VS. Personal Loan
1. Firstly you get at least 75% of their actual gold value as a Gold Loan amount.
2. Secondly, Gold loan application takes only 1-day processing time and an hour to disburse.
3. Thirdly, on Gold Loan customer can repay the loan before time with no foreclosure charge
4. Also, you get lower or in some cases no processing fees but in Personal loan these charges are higher.
5. Similarly, the bank gives loan amount by your Gold purity
6. Therefore a borrower with low credit score/CIBIL can also get Gold Loan
Q. How does Induslnd Bank Gold Loan Work?
Loan on gold is very simple to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.
Q. Is Induslnd Bank Gold Loan secured?
Yes, it is essential to note that the loan on gold comes in the category of secured loans. Because in a gold loan the applicant put their gold ornaments into the bank’s locker as security or as collateral.
Q. What happens when you don’t repay a Gold Loan?
If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.
Q. To get a gold loan do I need a co-applicant?
No, to avail Gold loan you don’t need any co-applicant
Q. Gold loan better than a Personal loan?
Yes, Gold loan is better than personal Loan because in Gold Loan banks/NBFC’s takes Gold ornament as well as gold coin as collateral and in case of Personal loan it is unsecured and hence carries higher interest than a gold loan.
Q. What is the best online platform to avail a gold loan?
Dialabank is the best platform to get a loan. Dialabank provides you a hassle-free process as well as the lowest interest rate in the market as compared to others.
Q. Is there any fee payable for the Gold Loan?
Yes, you have to pay the loan processing fee (non-refundable) as well as the Valuation fee.
Table of Contents
- 1 All About Induslnd Bank Gold Loan
- 1.1 About IndusInd Bank Gold Loan
- 1.2 What are Induslnd Bank Gold Loan Interest Rates?
- 1.3 Features of Induslnd Bank Gold Loan
- 1.4 Gold Loan Amount Uses
- 1.5 The form of Gold Accept
- 1.6 Induslnd Bank Gold Loan Highlight
- 1.7 Eligibility criteria to avail Induslnd Bank Gold Loan
- 1.8 Induslnd Bank Gold Loan Documentation
- 1.9 Additional Documentation for Loan on Gold
- 1.10 Why Apply for Induslnd Bank Gold Loan?
- 1.11 Induslnd Bank Gold Loan Process
- 1.12 Why Should You Choose Induslnd Bank Gold Loan?
- 1.13 Why Dialabank for online Gold Loan?
- 1.14 Gold Loan VS. Personal Loan
- 1.15 FAQ