About RBL Bank Gold Loan
Ratnakar Bank Limited is located in Mumbai, Maharashtra, India. The bank is a scheduled commercial bank and has Rs.0.06 million Crore gross business size. RBL has 266 Branches, 199 Banking Outlets and 369 ATMs in 20 Indian states and Union Territories.
Primarily catering to borrowers from the middle and lower income group, RBL Bank offers instant credit for multiple purposes. RBL Bank Gold Goan provides an effective solution to meet temporary monetary contingencies. The funds received from the RBL Bank Gold loan can be used for weddings, education, business expansion or any other similar purpose. With minimal documentation and secure storage, the RBL Bank Gold Loan is a simple funding option to meet your financial requirements.
Why Choose RBL Bank Gold Loan?
RBL Bank offers loan against gold at the lowest Interest rate. Being one of the significant gold loan suppliers, RBL Bank understands the necessities of the clients and disburses the loan amount in 60 minutes. The gold promised is securely secured in the bank locker, and you don’t need to stress over its safety.
Advantages of RBL Bank Gold Loan
- Multipurpose – RBL Bank Gold Loan can be availed to fulfil any monetary requirement of the borrower. The amount that will be disbursed can be used for any personal or business need.
- Quick approval – RBL Bank Gold Loan gives fast approval to applications from its already existing account holders as no documents are required for taking the approval because the bank already has the KYC documents of the customer.
- High quantum – The bank gives high funding against your gold and gives you the option of choosing the denomination in which you wish to receive the amount.
- Competitive interest – Bank provides the Gold Loan at a competitive rate of interest as these are fully secured loans, and the banks have no risk in lending the amount to the applicant.
- Prepayment – RBL Bank charges no additional fees in case the borrower wishes to make the prepayment of the loan.
RBL Bank Gold Loan Eligibility
Gold Loan is a financial product provided by the RBL 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. RBL 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 RBL 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 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.
RBL Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the RBL 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 RBL 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 RBL 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 are required in the case the applicant wants the RBL 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.**
RBL Bank Gold Loan Interest Rate, Fees and Charges
RBL 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 RBL Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the bank start at 10.75% per annum.
RBL 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.
RBL 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 RBL Bank Gold Loan Rate per Gram also varies every day. RBL Bank gives funding of up to 70% of the total market price of your gold keeping the remaining 30% as a security margin.
The amount that you will get for a gram of gold varies depending on its purity and the market price for your RBL Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
RBL Bank Gold Loan Apply Online
Applying for the RBL 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.
How to Pay Your RBL Bank Gold Loan EMI?
Your RBL Bank gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with RBL 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 RBL Bank account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilised if you have a non-RBL 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-RBL Bank account at your closest RBL Bank Loan Center. 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 RBL Bank
Gold jewellery such as Gold Bangles, Gold rings, Gold anklets, and Gold necklaces, all of these are accepted for availing a Gold Loan.
Quality: The quality of gold should lie between 18 Carat to 22 Carat. Aby gold ornament which is 24 Carat, cannot be used for availing a gold loan.
Uses of RBL Bank Gold Loan
The funds acquired by availing the RBL 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 RBL Bank Gold Loan
The Gold Loan rate per gram depends upon the quality of the gold and current rates of gold in the market. RBL gives you a funding of approximately 75% of the total value of your gold.
RBL Bank provides loan against gold for a minimum amount of Rs 10000 at an attractive rate of interest with tenure of your choice starting from a week up to a year. The bank gives quick approval and disbursal of the loan amount with secure repayment options.
RBL Bank’s Gold Loan starts at 10.75% per annum. The rates charged by the bank are lower on the Gold Loan products as these are fully secured.
You can pay the monthly servicing interest on your Gold Loan by making a Standing Instruction or an ECS on your bank account to deduct the amount automatically.
You can apply for a Gold Loan with RBL Bank by visiting the nearest branch with your gold ornaments, KYC documents, and two passport-sized photographs. You can also use Dialabank’s digital platform from the comfort of your home.
You can renew your gold loan by visiting the nearest branch and contacting the loan officer in charge of your file. You can also call the customer care executive on their toll-free helpline number for more information.
You can take a Gold Loan from RBL Bank by visiting the nearest branch with your gold. Your gold will be valued, and loan terms will be decided on. After an agreement has been reached, the amount will be sent to your bank account.
RBL Bank offers Loan Against Gold with a minimum purity of 20 Carat. You can get funding of up to 75% of the total market value of your gold for a maximum tenure of 12 months. The bank offers easy repayment methods and charges a low rate of interest on the loan.
Get a Gold Loan from RBL Bank by applying for the loan at the nearest bank branch or online at Dialabank. You can get a maximum credit of ₹50 lacs from the bank.
You can check the status of your Gold Loan by contacting the officer in charge of your file or by contacting the bank through different online modes such as email and customer care number.
You will have to make a bullet payment of your principal loan amount at the end of the tenure to close your Gold Loan account. The gold will be released and returned to you once the payment is realised by the bank.
To renew your Gold Loan, you need to visit the branch with all the documents that are related to your loan and get the gold released and evaluated based on new market prices of the gold.
If you default on your Gold Loan, the bank gains the legal right to auction off your gold for recovery. Your credit score also takes a hit, making it difficult to avail a loan in future.
RBL has 266 Branches, 199 Banking Outlets and 369 ATMs in 20 Indian states and Union Territories.
Table of Contents
- 1 About RBL Bank Gold Loan
- 2 Why Choose RBL Bank Gold Loan?
- 3 Advantages of RBL Bank Gold Loan
- 4 RBL Bank Gold Loan Eligibility
- 5 RBL Bank Gold Loan Documents Required
- 6 RBL Bank Gold Loan Interest Rate, Fees and Charges
- 7 RBL Bank Gold Loan Rate per Gram
- 8 RBL Bank Gold Loan Apply Online
- 9 How to Pay Your RBL Bank Gold Loan EMI?
- 10 Gold Ornaments Accepted by RBL Bank
- 11 Uses of RBL Bank Gold Loan
- 12 FAQs About RBL Bank Gold Loan