Kerala Gramin Bank Gold Loan

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Rates as low as 1% p.m.
Get Money in 30 Mins
Loan Amount Up to 1 Crore
Loan Tenure Up to 48 Months
Unbiased Experts Advice

About Kerala Gramin Bank Gold Loan

Kerala Gramin Bank Gold Loan

Kerala Gramin Bank (KGB) is known as Regional Rural Bank (RRB). The bank was formed by amalgamating South Malabar Gramin Bank and North Malabar Gramin Bank in 2013. Besides that headquartered at Malappuram in state Kerala, India. Moreover, the bank is jointly owned by Central as well as  State Governments & sponsored by Canara Bank. It is the largest Gramin Bank in India, as of 2018.

What is Gold Loan?

Do you have gold jewelry? If yes! Then you can use this jewelry of gold to overcome the financial problems of life. Gold Loan is a secured service. Thus the applicant has to put gold ornaments in the bank to avail a loan against them.
 
After the applicant repays the amount of loan, the jewelry is returned to the applicant. Most of the people avail this service because Gold Loan Interest Rates are quite low in contrast to other services.
 
 

Kerala Gramin Bank Gold Loan Interest Rate

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 personal loan or any other kind of loans.

Though the Gold loan rate keeps on changing with the passage of time as well as person to person. The Kerala Gramin Bank Gold Loan is available at 1% per month interest rate.

  • Gold Loan Interest rate – 10.70 %
  • Low processing fee –  0.85%
  • Pre-closer charges range from 0 – 2 %.
  • Tenure minimum six months; maximum five year
  • Amount – Thousand to a crore

Why should Farmers choose Kerala Gramin Bank Gold Loan?

Gold Loan is a good service for the farmers. Because, if the loan amount has to be used for farming purposes. Then, the banks provide a further discount on the interest rates.
 
Therefore, the farmers can avail the service of the gold loan at a discount of 1% on the interest rate. Finally, if you want to use the loan amount for agricultural purposes and you have gold jewelry then, Gold Loan is the best option for you.

Kerala Gramin Bank Gold Loan Eligibility

  • The age of the customer should not be less than 18 years.
  • The applicant should be a citizen of India.
  • The applicant should have gold in an appropriate form.
  • The quality of the gold should be 18 karats to 22 karats.

Documentation required for Kerala Gramin Bank Gold Loan

  • An Identity Proof is required. It can be an Aadhar Card/ Voter ID card/ PAN Card/Driving License/ passport.
  • 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.
  • Two colored photographs.

Additional Documentation for Loan on Gold

  1. Land Proof – In the case of Agriculture Loan on gold of more than Rs. 1 lac. The proof is not needed for allied agriculture purposes.
  2. Required 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

Kerala Gramin 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 deducted from your Gold loan amount.
  5. After signing the agreement, the loan amount is disbursed to your account.

FAQs About Kerala Gramin Bank Gold Loan

Q. How much Gold Loan can I get per gram in Kerala Gramin Bank?

The rate of the loan per gram of gold depends on the rate of gold in the market. The bank only accepts 22K gold ornaments as security for the loan.

Q. What is Kerala Gramin Bank Gold Loan?

Kerala Gramin Bank offers various Gold Loan schemes and gives you the option for choosing one depending on your use and need of the loan. The bank charges a rate of interest depending on the scheme you have opted for and the tenure of a minimum of 6 months. The bank gives quick disbursement with low processing charges.

Q. What is the Gold Loan interest rate in Kerala Gramin Bank?

The bank’s rate of interest varies from 11.99% per annum to 12.99% per annum and is charged based on the amount of the loan and the scheme that you have opted for.

Q. How to pay Kerala Gramin Bank Gold Loan online?

You can easily pay your Gold Loan with Kerala Gramin Bank through Standing Instructions on your account for automatic deductions in the form of EMIs. For further information, visit the nearest branch of the bank providing the Gold Loan service.

Q. How to apply Gold Loan in Kerala Gramin Bank?

Applying for the Gold Loan is a simple and easy process and you can do it by carrying our gold and documents in the bank branch and filling a form. You can also apply through Dialabank’s digital platform to avail personalized offers on your Gold Loan.

Q. How to renew Kerala Gramin Bank Gold Loan online?

You have to be in the bank branch for the renewal process with all your loan-related documents as the gold ornaments have to be dealt with in the process. For further information contact the loan officer by visiting the bank branch.

Q. How to take Gold Loan from Kerala Gramin Bank?

Taking Gold Loan from Kerala Gramin Bank is a simple and easy process and all you need is 22K gold for keeping it as security against the loan with the bank. The bank requires minimal documents for applying and the approval is quickly given. You can apply offline or online through Dialabank’s digital platform to get the best offers and deals.

Q. What is Gold Loan in Kerala Gramin Bank?

Kerala Gramin Bank Gold Loan is an easy way to avail quick financing. You can take a loan against gold within minutes for all your monetary requirements. You need 22K gold to apply for the loan. The loan amount and the interest depending on the scheme you choose and the market price of the gold. Kerala Gramin Bank provides Gold Loan with an LTV ratio of up to 80% of your gold’s market value.

Q. How to get Kerala Gramin Bank Gold Loan?

You can easily get a Kerala Gramin Bank Gold Loan by visiting the bank branch and applying for the same. Once your gold has been valued and your documents have been verified, the loan amount is disbursed on the same day.

Q. How to check Kerala Gramin Bank Gold Loan status?

You can check the status of your Gold Loan by contacting the customer care helpline of the bank or by visiting the branch physically and meeting the loan officer.

Q. How to close Kerala Gramin Bank Gold Loan?

Closure of Gold Loan takes place once the bank has realized the due amount of your loan and has released your gold and has given you an NDC.

Q. How to renew Kerala Gramin Bank Gold Loan?

Renewal of Gold Loan takes place when the customer visits the branch with the documents related to the loan and gets the gold pledged earlier released and revalued at the latest market prices.

Q. What happens if someone defaults Kerala Gramin Bank Gold Loan?

Defaulting on your Gold Loan will give the bank legal rights to confiscate and sell your Gold. You may also become liable for further legal actions in case the bank is unable to recover the entire overdue amount.

Q. How many branches of Kerala Gramin Bank Gold Loan?

The bank has over 600 branches in the state and is the second-largest bank of Kerala in terms of the branch network.

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