About Karur Vysya Bank Gold Loan
Karur Vysya Bank began its operations in 1916 in Karur. The bank provides many financial services and products to retail and institutional consumers. These include loans for personal needs. There are many people who need instant finance for certain expenses and a Gold Loan is the best suited for such short term needs. It provides instant loan against gold. Gold Loan is basically taken to overcome short term requirements of a person. Karur Vysya has it’s gold loan scheme named as Swarna Mitra which has many features.
Gold is one of the most precious and costly metals in India. Its value in our lives cannot be ignored because every person is attached to it emotionally. However, what is the point of keeping your gold in a closed drawer when it can help you in times of an emergency? Taking a Loan Against Gold can help you to overcome any drastic situation. Gold Loan is the best way to get cash in a short span.
|Karur Vysya Bank Gold Loan at a Glance|
|Interest Rate||Starts at 10.85%|
|Gold Loan Per Gram||Starts at ₹2400 and varies depending on the purity of gold|
|Tenure||Up to 12 months|
Features of Karur Vysya Bank Gold Loan
- It is a Short Term Loan.
- Karur Vysya Bank Gold Loan is for those individuals who own Gold Jewellery
- The loan is specifically for personal purposes.
Why Karur Vysya Bank Gold Loan?
- Loan Amount: A maximum amount of Rs.10,00,000 can be availed.
- EMI options: Hassle-free payment of EMIs.
- Instant liquidity: Enjoy liquidity of cash at any time. Generate instant cash in time of an urgent need.
- Security: The customer is assured that his/her gold is kept safe inside the bank vault.
- Interest Rates: Individual can get the advantage of lower interest rates for this Loan.
- A person can also apply for Gold Finance on Agricultural Land on their name and get a discount of 1% on the interest rate charged.
Karur Vysya Bank Gold Loan Eligibility
Karur Vysya Bank 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 financial service provided by banks at low rates of interest and also requires minimal documentation for the same. Karur Vysya 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 Karur Vysya 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 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 whether it be Gold bars, Gold biscuits, and etc. are not recognised as valid forms of Gold to be kept as security for the Karur Vysya 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.
Details of Karur Vysya Bank Gold Loan
|Primary security||Pledge of Gold Jewellery with Minimum purity of 22 Carats and Gold Ingots sold by banks.|
|Collateral security||Nil (Optional)|
|Processing charges||0.50 Per Loan of Rs.100.00 (inclusive of Appraisal charges)|
|Minimum Loan Amount||Rs.1.00 Lakhs|
|Repayment Tenor||12 Months (Overdraft Facility). The Limit can be renewed for a further period of 12 months, subject to the discretion of sanctioning authority.|
Karur Vysya Bank Gold Loan Interest Rate
Karur Vysya 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 Karur Vysya Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Bank starts at 10.85% per annum.
Karur Vysya 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.
Karur Vysya Bank Gold Loan Rate Per Gram
The amount of 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 Karur Vysya Bank Gold Loan Rate per Gram also varies every day. Karur Vysya Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as a security margin.
You can get upto Rs 1900 for a gram of Gold depending on its purity and the market price for your Canara Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
|S.No||Jewel Loan Products||Per Gram Rate (Rs.)||Rate Of Interest (%) With Effect From 24.02.2016||Maximum Limit|
|JEWEL LOAN (AGRI)|
|1||JEWEL LOAN (AGRI)-12 MONTH|
(Based on extend of land and cultivation)
|2||KVB QUICK JEWEL LOAN (AGRI)-6 MONTH|
|JEWEL LOAN – OTHERS (NON-AGRI)|
|3||JEWEL LOAN (OTHERS)-12 MONTH||1625||12.00|
|3||JEWEL LOAN (TRADE)-12 MONTH||1625||11.75|
|4||KVB QUICK JEWEL LOAN (TRADE) – 6 MONTH||1725||12.15|
|5||KVB QUICK JEWEL LOAN (PERSONAL) – 6 MONTH||1725||12.15|
|6||KVB-SWARNA MITHRA SCHEME|
OVERDRAFT (OD) PRODUCT
Karur Vysya Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Karur Vysya 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 Karur Vysya 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 Karur Vysya 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, and 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 Karur Vysya 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.**
Karur Vysya Bank Gold Loan Apply Online
Applying for the Karur Vysya Bank Gold Loan service is a simple and hassle-free 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 basic 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 to just 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 on the basis of funding provided and the rate of interest charged to choose the best loan deal for yourself.
Use of Karur Vysya Bank Gold Loan
The funds acquired by availing the Karur Vysya Bank Gold Loan service can be used for a number of purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, and etc.
- For all your business needs such as buying raw material, expansion of business, and 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 Karur Vysya Bank Gold Loan
Q. How much Gold Loan can I get per gram in Karur Vysya Bank?
You can get up to ₹1900 for your Karur Vysya Gold Loan on per gram of your gold depending on the quality of the gold.
Q. What is Karur Vysya Bank Gold Loan?
Gold Loan by Karur Vysya Bank is an easy to avail financial service for the fulfilment of your financial needs at attractive rates of interest and a maximum tenure of 12 months. The bank requires minimal documentation and has convenient modes of repayment.
Q. What is the Gold Loan interest rate in Karur Vysya Bank?
The rate of interest for Karur Vysya Bank Gold Loan starts at 10.85% per annum. These rates depend on the amount of Gold Loan sanctioned and the purpose of use.
Q. How to pay Karur Vysya Bank Gold Loan online?
You can pay for your Karur Vysya Bank Gold Loan online through the net-banking facility of the bank. You can also give a Standing Instruction or use ECS to pay your EMIs directly from your bank.
Q. How to apply Gold Loan in Karur Vysya Bank?
Apply for a Karur Vysya Bank Gold Loan by visiting the nearest bank branch to you. For better convenience and personalized assistance, you can also apply with Dialabank.
Q. How to renew Karur Vysya Bank Gold Loan online?
You can renew your Gold Loan with Karur Vysya Bank by applying for renewal with your loan branch. Your gold will be released and valued again at the latest market prices and upon agreement of terms, your loan will be renewed.
Q. How to take Gold Loan from Karur Vysya Bank?
You can take a Gold Loan from Karur Vysya Bank in quick and easy steps:
- Visit the branch and submit a duly filled application form along with your documents.
- Present your gold for a valuation process.
- Upon agreement, sign the loan contract.
- Submit your gold with the bank and get your money in your bank account within an hour.
Q. What is Gold Loan in Karur Vysya Bank?
Karur Vysya Bank offers loan against gold as a financial service to help the borrowers fulfill their monetary needs without the need for any income statement or a good credit score. The bank provides the loan for a maximum period of 12 months and can be renewed for another period of 12 months.
Q. How to get Karur Vysya Bank Gold Loan?
Get a Karur Vysya Bank Gold Loan by visiting the nearest bank branch to you with your KYC documents and gold ornaments. You can visit Dialabank to compare offers and rates of different banks and apply for the one that best suits your needs.
Q. How to check Karur Vysya Bank Gold Loan status?
You can easily check the status of your Gold Loan by visiting your loan branch and asking your banker in person. You can also contact the customer care number of the bank to stay updated with all your loan details.
Q. How to close Karur Vysya Bank Gold Loan?
To close your Karur Vysya Bank Gold Loan you will just have to visit the branch and submit the proof of your payments and pay any pending amount. Upon realization of your payments, the bank will close your loan and return back your pledged gold.
Q. How to renew Karur Vysya Bank Gold Loan?
Once you reach the end of your Gold Loan tenure, you can renew it by visiting your loan branch and submitting a renewal form. For more information, you can contact your loan officer.
Q. What happens if someone defaults Karur Vysya Bank Gold Loan?
Defaulting on your Gold Loan will decrease your credit score and will also give the legal rights to the bank to auction your Gold and recover the money.
Q. How many branches of Karur Vysya Bank Gold Loan?
There are more than 780 branches of Karur Vysya Bank in 20 States and 3 Union Territories to facilitate all your banking needs.
Table of Contents
- 1 About Karur Vysya Bank Gold Loan
- 2 Features of Karur Vysya Bank Gold Loan
- 3 Why Karur Vysya Bank Gold Loan?
- 4 Karur Vysya Bank Gold Loan Eligibility
- 5 Details of Karur Vysya Bank Gold Loan
- 6 Karur Vysya Bank Gold Loan Interest Rate
- 7 Karur Vysya Bank Gold Loan Rate Per Gram
- 8 Karur Vysya Bank Gold Loan Documents Required
- 10 Karur Vysya Bank Gold Loan Apply Online
- 11 Use of Karur Vysya Bank Gold Loan
- 12 FAQs About Karur Vysya Bank Gold Loan
- 12.1 Q. How much Gold Loan can I get per gram in Karur Vysya Bank?
- 12.2 Q. What is Karur Vysya Bank Gold Loan?
- 12.3 Q. What is the Gold Loan interest rate in Karur Vysya Bank?
- 12.4 Q. How to pay Karur Vysya Bank Gold Loan online?
- 12.5 Q. How to apply Gold Loan in Karur Vysya Bank?
- 12.6 Q. How to renew Karur Vysya Bank Gold Loan online?
- 12.7 Q. How to take Gold Loan from Karur Vysya Bank?
- 12.8 Q. What is Gold Loan in Karur Vysya Bank?
- 12.9 Q. How to get Karur Vysya Bank Gold Loan?
- 12.10 Q. How to check Karur Vysya Bank Gold Loan status?
- 12.11 Q. How to close Karur Vysya Bank Gold Loan?
- 12.12 Q. How to renew Karur Vysya Bank Gold Loan?
- 12.13 Q. What happens if someone defaults Karur Vysya Bank Gold Loan?
- 12.14 Q. How many branches of Karur Vysya Bank Gold Loan?