Lakshmi Vilas Bank Gold Loan

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About Lakshmi Vilas Bank Gold Loan

Lakshmi Vilas Bank Gold LoanLakshmi Vilas Bank Gold Loan offers loan against gold at contentious interest rates. Laksmi Vilas Bank as one of the major gold loan providers understand the needs of the customers and disburse the loan amount in one hour. The pledged gold is locked safely in the bank locker and the borrower does not have to worry about its safety. The gold rates and all other charges are announced to borrower upfront in a transparent manner before sanctioning the loan amount. Hence borrower does not have to worry about the hidden charges and fees on their Lakshmi Vilas Bank Gold Loan.

Gold loan is a loan in which a borrower can get a loan against gold. It is a secured loan. In the gold loan, the bank will take borrower’s gold in order to give Lakshmi Vilas Bank Gold Loan to the borrower. Bank will take a borrower’s gold as a security.  Bank will take the full responsibility of borrower’s gold.

Lakshmi Vilas Bank Gold Loan at a Glance
Interest RateStarts at 11.50%
Gold Loan Per Gram₹2,450
TenureUp to 12 months
Processing Fee1% + GST

Lakshmi Vilas Bank Gold Loan Features

  1. Laksmi Vilas Bank gold loan is very easy to apply. One can apply for the gold loan online within a few minutes.
  2. If a borrower is eligible, the loan can be approved within 5 minutes.
  3. After the approval of the gold loan, if the borrower has its complete documents it can be disbursed quickly.  One can say it can be disbursed within a period of a few hours.
  4. The responsibility of the gold is all at the bank’s end. Borrower’s gold assets will be kept under very tight and fireproof security.

Lakshmi Vilas Bank Gold Loan Eligibility

Lakshmi Vilas 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. Lakshmi Vilas 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 Lakshmi Vilas 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, Gold bars, Gold biscuits, and etc. are not recognised as valid forms of Gold to be kept as security for the Lakshmi Vilas 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.

Lakshmi Vilas Bank Gold Loan Documents Required

Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Lakshmi Vilas 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 Lakshmi Vilas 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 Lakshmi Vilas Bank Gold Loan are :

A duly filled and signed Gold Loan application form shall be submitted along with the following documents:

  1. 2 latest passport-sized photographs
  2. 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). 
  3. Agricultural Land Proof and Income Statement of the applicant are required in the case the applicant wants the Lakshmi Vilas Bank Gold Loan for Agricultural purposes.  
  4. 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.**

Uses of Lakshmi Vilas Bank Gold Loan

The borrowers can use the amount of loan wherever one wants. Following are some basic reasons given for which one can get the gold loan.

  1. Most people use the gold loan for the wedding purposes.
  2. Sometimes one can prefer to get a gold loan in case of a medical emergency.
  3. Education can also be a reason for the usage gold loan.
  4. One can also boost their business by using the gold loan.
  5. The customer can get a gold loan to pay the bills related credit cards.

Who can get Lakshmi Vilas Bank Gold Loan?

  1. Any salaried individual.
  2. Any self-employed.
  3. Housewives/homemaker
  4. Students (age should more than 18 years)
  5. A farmer

Form of Gold that can be pledged

  1. Any jewelry carries with the quality of 18 carats to 22 carats is acceptable.
  2. Gold coins weigh less than 50 grams can get a gold loan.
  3. Bank does not accept minted/forged gold coins.
  4. Bars and bricks are not acceptable.
  5. Raw gold is not acceptable.

Lakshmi Vilas Bank Gold Loan Documents Required

Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Lakshmi Vilas 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 Lakshmi Vilas 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 Lakshmi Vilas Bank Gold Loan are :

A duly filled and signed Gold Loan application form shall be submitted along with the following documents:

  1. 2 latest passport-sized photographs
  2. 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). 
  3. Agricultural Land Proof and Income Statement of the applicant are required in the case the applicant wants the Lakshmi Vilas Bank Gold Loan for Agricultural purposes.  
  4. 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.**

Lakshmi Vilas Bank Gold Loan Interest Rate

Lakshmi Vilas 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 Lakshmi Vilas 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 11.50% per annum.

Lakshmi Vilas 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.

How to apply for Lakshmi Vilas Bank Gold Loan?

You can apply for a gold loan at Laksmi Vilas Bank online on www.dialabank.com very easily. One just has to fill a simple application form providing basic information with an individual’s contact number. Customer will get a call back with all the assistance and guidance.

Lakshmi Vilas 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 Lakshmi Vilas Bank Gold Loan Rate per Gram also varies every day. Lakshmi Vilas Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.

You can get upto Rs. 2450 for a gram of Gold depending on its purity and the market price for your Lakshmi Vilas Bank Gold Loan. 

**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**

Lakshmi Vilas Bank Gold Loan Apply Online

Applying for the Lakshmi Vilas 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.

Why Dialabank?

  1. Dialabank is the most preferred platform to apply for a gold loan. There are following reasons after this
  2. First of all the process of applying for the gold loan is very easy and simple.
  3. After that, the other reason is that you will get the amount of loan at very low rates of interest.
  4. The process of disbursal of the loan amount is very quick.
  5. One more thing is that if you apply for the gold loan on the website of dialabank and your loan gets approved you will get a document pickup facility from your doorstep.
  6. For more information, you may call on 60011600.

FAQs About Lakshmi Vilas Bank Gold Loan

Q. How much Gold Loan can I get per gram in Lakshmi Vilas Bank?

Lakshmi Vilas Bank gives Gold Loan at low rates of interest and against only 22K Gold ornaments. The per gram rate of Gold Loan is ₹2,450.

Q. What is Lakshmi Vilas Bank Gold Loan?

Lakshmi Vilas Bank provides the Gold Loan facility against 22K Gold for a maximum of ₹30 lacs. They provide the loan at low-interest rates with easy repayment options. The loan is offered against the pledge of gold ornaments with minimal documents for meeting your personal and business expenses.

Q. What is the Gold Loan interest rate in Lakshmi Vilas Bank?

The Gold Loan rate of interest starts at 11.50% per annum and can go up to 15.50% per annum at Lakshmi Vilas Bank. The rate of interest charged on Gold Loans is less in comparison to other loans as it is a fully secured loan.

Q. How to pay Lakshmi Vilas Bank Gold Loan online?

Lakshmi Vilas Bank provides you with different methods to pay the amount due on your Gold Loan. You can pay the amount online or offline. You may contact the customer care helpline of the bank for more information.

Q. How to apply Gold Loan in Lakshmi Vilas Bank?

Apply for a Lakshmi Vilas Bank Gold Loan by visiting the nearest branch with your Gold ornaments. You may also apply online with Dialabank and avail the best offers and deals.

Q. How to renew Lakshmi Vilas Bank Gold Loan online?

You have to be physically present in the bank branch for the renewal process of your Gold Loan. Your pledged undergoes a revaluation and new loan terms are decided based on the same. For more information on the process of renewal, contact the loan officer in charge of your file.

Q. How to take Gold Loan from Lakshmi Vilas Bank?

You can take a Gold Loan from Lakshmi Vilas Bank for your personal or business expenses for a maximum amount of Rs. 30 lacs at low rates of interest with minimal documentation. If you are an existing customer you will not require any documents.

Q. What is Gold Loan in Lakshmi Vilas Bank?

Gold Loan from Lakshmi Vilas Bank is a financial service provided by the bank in exchange for your gold ornaments as the security of the loan. You do not need an income proof or a good credit score to avail this service. The amount of loan depends on the quality and weight of the gold and the prevailing market prices. The bank also provides easy repayment options.

Q. How to get Lakshmi Vilas Bank Gold Loan?

You can get a Gold Loan from Lakshmi Vilas Bank by filling an application form either online or offline at their branch. There are no eligibility criteria, you just need to be in possession of gold ornaments. You can also apply at Dialabank’s digital platform to avail the best offers and deals on Gold Loans.

Q. How to check Lakshmi Vilas Bank Gold Loan status?

You can check the status of your Gold Loan application by visiting the bank’s branch and contacting your loan officer. You can also dial the customer care number of the bank to stay updated with all your loan details.

Q. How to close Lakshmi Vilas Bank Gold Loan?

You can close your Gold Loan by visiting the branch and paying all your due amount. Once your payments have been verified your Gold will be returned back to you and your loan will be closed.

Q. How to renew Lakshmi Vilas Bank Gold Loan?

Renew your Gold Loan by visiting the bank branch with all the loan related documents and contact the Gold Loan officer to apply for a renewal.

Q. What happens if someone defaults Lakshmi Vilas Bank Gold Loan?

If you are unable to pay the amount due on or before the date of maturity then the bank charges a penalty from you. Upon continuous defaults of the payments, the bank has the right to auction your gold ornaments for recovery of the loan.

Q. How many branches of Lakshmi Vilas Bank Gold Loan?

Lakshmi Vilas Bank’s operations are spread over a network of 362 branches.

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