About Punjab and Sind Bank Gold Loan
Punjab and Sind Bank of India is a significant public sector bank in India. The bank provides so many financial products to the customers. Punjab and Sind Bank Gold Loan includes a car loan, personal loan, gold loan, banking, internet banking, wealth management, and credit cards. The bank is well known for its financial services and products.
Gold Loan is a kind of secured loan where a customer pledges his gold as a security to the bank and get the required amount of loan. Gold loan is also known as a loan against gold. In Punjab and Sind Bank Gold Loan, you have to give some amount of interest to the bank along with the principal amount. Furthermore, The moment you return your loan you will get your pledged gold back. The bank is entirely responsible for the security of the gold.
Why choose Punjab and Sind Bank Gold Loan?
You can use this amount of Gold Loan to fulfil your personal needs. An individual need can be anything, whether related to a wedding or education. Punjab and Sind Bank Gold Loan can be linked to your business or agricultural activities. Bank doesn’t put any restriction on the use of the loan amount.
Besides that instead of keeping your gold jewellery in your home locker, you can put it in o the bank’s locker under security and can get loan benefits. Bank won’t charge any money for the safety of your gold. Furthermore, you can make use of this amount of Punjab and Sind Bank Gold Loan to get a financial boost.
Advantages of Punjab and Sind Bank Gold Loan
- Instant Gold Loan: To begin with, loan on gold the bank sanctions Gold Loan quickly. The sum of the loan ranges from Rs. Ten thousand to Rs. 15 Lacs. The amount of quantity can be availed over the counter rapidly.
- Gold Coins: Secondly, Punjab and Sind Bank Gold Loan can also be avail against the security of 24-Karat gold coins which holds complete purity issues by banks operating in India. However, the weight of gold cannot exceed more than fifty grams per customer. The rules are laid down by RBI and are subject to change.
- Loan Tenure: Also, When it comes to availing Punjab and Sind Bank Gold Loan, then it holds the minimum duration of a half year to a most of extreme of a year.
- Attractive interest rates: the Fascinating rate of interest: On per gram of gold, the borrower can get the fascinating interest rate. Take a glimpse at the gold’s recent running interest rate.
Punjab and Sind Bank Gold Loan Eligibility
Punjab and Sind 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. Punjab and Sind 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 Punjab and Sind 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 Punjab and Sind 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.
Punjab and Sind Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Punjab and Sind 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 Punjab and Sind 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 Punjab and Sind 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 have required in the case the applicant wants the Punjab and Sind 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.**
Punjab and Sind Bank Gold Loan Interest Rate, Fees and Charges
A Punjab and Sind 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 Punjab and Sind Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Punjab and Sind Bank starts at 10.25% per annum.
The 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.
Punjab and Sind 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 Punjab and Sind Bank Gold Loan Rate per Gram also varies every day. The amount that you will get for a gram of gold varies depending on its purity and the market price for your Punjab and Sind Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
Punjab and Sind Bank Gold Loan Apply Online
Applying for the Punjab and Sind 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 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 various banks based on funding provided and the rate of interest charged for choosing the best loan deal for yourself.
Punjab and Sind Bank Gold Loan EMI Calculator
How to Pay Your Punjab and Sind Bank Gold Loan EMI?
Your Punjab and Sind Bank gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with Punjab and Sind 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 Punjab and Sind Bank account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilised if you have a non-Punjab and Sind 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-Punjab and Sind Bank account at your closest Punjab and Sind Bank Loan Branch. 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 Punjab and Sind Bank
- Bank accepts only gold of 18 carats to 22 carats.
- The bank accepts gold jewellery and gold coins weigh less than 50 grams.
- That minted coins are not accepted.
- The applicant should have a minimum of 10 grams of gold to get a gold loan.
Use of Punjab and Sind Bank Gold Loan
The funds acquired by availing the Punjab and Sind 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 Punjab and Sind Bank Gold Loan
Punjab and Sind Bank’s Gold Loan comes with attractive features and benefits. The per gram rate for Gold Loan depends on the purity of your gold.
Gold Loans are a secured loaning scheme that can be used for urgent monetary needs. Interest Rates in Punjab and Sind Bank starts from 10.25% per annum for a minimum tenure of 6 months and a maximum of 12 months. The loan can be used for productive as well as non-productive purposes.
Gold Loans from Punjab and Sind Bank starts from 10.25% per annum for a tenure of 6 to 12 months.
You can pay for your Punjab and Sind Bank Gold Loan as a bullet payment at the end of tenure. The loan tenure ranges from 6 to 12 months.
Apply for Punjab and Sind Bank Gold Loan by walking into your branch with your gold or through the online portal of Dialabank where you can compare offers from different banks.
Renew your Gold Loan with Punjab and Sind Bank by visiting your Gold Loan branch. Your pledged gold has to be released and revalued for the renewal process.
Gold Loans are your answer for urgent financial needs. You can take a Gold Loan from Punjab and Sind Bank by walking into your branch with your gold and documents. Once verified and valued, the loan amount will be transferred to your bank account.
Punjab and Sind Bank give Gold Loans for a maximum of Rs 2 lacs for non-productive purposes and loans for the maximum amount of Rs 30 lacs for productive purposes at an attractive rate of interest for a maximum period of 12 months. The average disbursal time is about 90 minutes.
You can get a Punjab and Sind Bank Gold Loan by going into the nearest branch with your gold and documents or through the online channel of Dialabank in few easy steps.
You can check the status of your Gold Loan by contacting your Punjab and Sind Bank branch either in person or through customer care number.
Punjab and Sind Bank gives you different and convenient methods to repay your loan within your loan tenure of 6-12 months. Once all the payments are cleared, you can close your loan and get your pledged gold back. For more information on repayment, you can contact your bank executive.
Visit your loan branch with all the loan documents and apply for a renewal with your banker. After revaluation of your gold and payment of any fee as applicable, your loan will be renewed for another term.
Defaulting your Gold Loan would lead to a decrease in credit score, making it difficult to avail loans in the future. Also, the bank can auction off your gold to recover the money if there is continuous default.
Punjab & Sind Bank is a government-owned bank with headquarters in New Delhi. It has a network of over 1550 branches catering to your day to day banking needs.
Table of Contents
- 1 About Punjab and Sind Bank Gold Loan
- 2 Why choose Punjab and Sind Bank Gold Loan?
- 3 Advantages of Punjab and Sind Bank Gold Loan
- 4 Punjab and Sind Bank Gold Loan Eligibility
- 5 Punjab and Sind Bank Gold Loan Documents Required
- 6 Punjab and Sind Bank Gold Loan Interest Rate, Fees and Charges
- 7 Punjab and Sind Bank Gold Loan Rate per Gram
- 8 Punjab and Sind Bank Gold Loan Apply Online
- 9 Punjab and Sind Bank Gold Loan EMI Calculator
- 10 How to Pay Your Punjab and Sind Bank Gold Loan EMI?
- 11 Gold Ornaments Accepted by Punjab and Sind Bank
- 12 Use of Punjab and Sind Bank Gold Loan
- 13 FAQs About Punjab and Sind Bank Gold Loan