South Indian Bank Gold Loan

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All about South Indian Bank Gold Loan

South Indian Bank Gold Loan

Gold Loan in 5 Lowest Rate of Interest

Call us at 60011600 (Single Number across 18 Cities)

Delhi | Mumbai | Kolkata | Bangalore | Hyderabad | Ahmedabad | Chandigarh | Jalandhar | Ludhiana | Chennai | Pune | Jaipur | Lucknow | Baroda | Surat | Indore | Coimbatore | Bhopal

9878981166 (Other Cities)


South Indian Bank Gold Loan

South Indian bank is one of the renowned banks in India. It was founded in 1929. The bank has a wide range of network, and it is serving in more than 27 states and three union territories of the country. The bank provides financial products like credit cards, consumer banking, mortgage loan, wealth management and insurance. The gold loan comes under the category of investments. South Indian bank provides you with the gold loan at very reasonable and natural rates of interest. Let us discuss the South Indian Bank gold loan briefly.

What is a South Indian Bank Gold Loan?

In a gold loan, you can borrow the money from the bank at rate of interest for a given tenure at some rate of interest. But the bank keeps your Gold as the security and return it to you when you repay the Loan amount. The gold loan is a secured Loan, and that’s why the rate of interest is reasonalbly low. The lender doesn’t have that much risk, because if you fail to return your loan amount on time than the bank is entirely liable to recover the loan amount from your Gold.

Why Gold loan?

The gold loan can save you from the financial crises. If you are having the shortage of funds, and you have sufficient Gold, then you can make use of this Gold to fight with the financial problem. Instead of asking for money from your relatives and friends, you can use your Gold and get it back after returning the Loan. Your gold assets are kept in the bank’s locker, so there is no risk of safety. The bank is entirely responsible for any miss happening with your Gold. This is also known as “loan against gold”. So many banks and non-banking financial organizations are providing the gold loan, but South India bank provides a gold loan at desirable rates of interest.

Why South Indian Bank Gold Loan?

Presently, the standard of living is higher. Many people are not able to pay their expenses and need some financial assistance. A Loan is the best option for all of these people. There are many different types of loans being provided by banks like personal Loan, business loans, gold loans, etc. Gold Loan comes with the lowest interest rate among these loans. South Indian Bank provides Gold Loan with extreme benefits. The Loan has an added advantage in that it requires simple documentation and zero processing charges.

Features of South Indian Gold Loan

There are some features of South Indian gold loan. Let us discuss them one by one.
  1. First of all, the bank provides a gold loan online. So there is no need to go here and there. You can easily apply online for South Indian gold loan.
  2. The process of the application for the gold loan is not complicated. It is, and hassle-free.you can easily understand and fill the form.
  3. Besides that, you can check your eligibility, rates of interest and can calculate your EMI’s online.
  4. South Indian Bank gold loan is available all over India.
  5. There is no processing fee charged by the bank.
  6. The tenure of the Loan is from 6 months 12 months after it can be renewed.
  7. All kind of gold jewellery is accepted.
  8. Gold coins weight less than 50 grams are acceptable.
  9. Besides that, the bank does not accept the minted gold coins.
  10. A customer can loan maximum on 50 grams of Gold.
  11. Your gold assets are kept under very tight security.
  12. You can return the Loan within 36 months and three years.
  13. Bank also accepts 24 carats gold coins issued by South Indian Bank only.

Eligibility for South Indian Bank Gold Loan

  1. Applicant should be at least 18 years old.
  2. Along with this the applicant should be a citizen of India.
  3. The applicant should have at least 10 grams of Gold.
  4. The purity of the Gold should lie in between 18 carats to 22 carats.
  5. Self-employed as well as the salaried person is eligible to get the gold loan.
  6. A homemaker as well a student can also apply for a gold one.
Simply anybody more than 18 years and having Gold with India citizenship is eligible to get a gold loan.

Documentation Required for South Indian Bank Gold Loan

The documents should be mainly from the following options.

Applicant Identity Verification Documents can be amongst the below  documents (ANY):

  1. Passport: Valid Copy of passport both front and last page
  2. Voters ID card: Copy of Valid Voter Identity Card
  3. Driving License: Copy of Driving license which is valid.
  4. Adhar card: Copy of Adhar Card with current information

Applicant Address Verification Proof can be amongst the below documents(ANY):

  1. Passport: Valid Copy of passport both front and last page
  2. Voters ID card: Copy of Valid Voter Identity Card
  3. Driving License: Copy of Driving license which is valid.
  4. Adhar card: Copy of Adhar Card with current information
  5. Utility Bills on the name of the applicant.
  6. Sales Tax Certificate
  7. Rental Agreement

Signature Verification Documents required are namely:

  1. Valid Copy Passport
  2. Bank’s Verification Certificate
  3. Cheque

 Additional Documents Required for South Indian Bank Gold Loan:

  1. First of all, The banks generally demand the above-given documents. However, few banks demand some other materials, which are mentioned below:
  2. Next, Land Proof: In case of Agriculture Loan of more than Rs. 1 lac. The proof is not required for allied agriculture purposes.
  3. Also, A Demand Promissory Note.
  4. Also, Certificate by the Jewel Appraiser (Bank will arrange).
  5. Finally, Income Proof: Salary Certificate and Form No.16.

Interest Rates for South Indian Bank Gold Loan

The rate of interest starts at 11%. But it varies from the scheme to scheme.
The bank offers the gold loan under seven schemes.
  1. Gold Power- under this scheme you can get the amount of Loan to start from0.25 lakhs and can be up to Rs. 1000 lakhs. Furthermore, under this scheme, the bank accepts only 22 carats of gold jewellery. Bank charges 0.10% of the sanctioned amount as the processing fees.
  2. Gold Max Plus- under this scheme, the bank can provide you with the loan amount starting from Rs. Five thousand to Rs. 10 crores.
  3. Gold Agriculture- This Loan is provided, primarily for agricultural activities. The amount of Loan can be as low as Rs. 5000 and can be stretched up to Rs. 10 crores. The tenure in this scheme is 12 months.
  4. Gold Loan Monthly Interest- This Loan is provided for 12 months, and the amount is Rs. Five thousand to Rs. 10 crores.
  5. Gold Rush- Under this scheme, the amount of Loan provided is Rs. Ten thousand to Rs. 10 Crores.
  6. Gold Max- This Loan is given to meet the personal requirements of the customer. The tenure of this Loan is six months. The bank accepts 22 carats of gold jewellery as security.
  7. Swarnanidhi- Under this scheme, the bank won’t give a loan on more than 50 grams of Gold for a customer. There are no processing fees for the Loan under this scheme.

Loan Tenure / Period

Rate of Interest (p.a.)

Valuation Fee

 12 months

11 % to 14 %

Nil

Eligibility Criteria for South Indian Bank Gold Loan

Age

For Salaried Individuals: 21 – 60 years

For Self Employed Individuals: 21 – 75 years

 Carat Range of Gold

22 to 24

Tenure of the loan

6 months or 12 months

The rate of Interest Charged

11.40% to 16.50%

EMI Option

Loan Duration can be extended to 36 months

South Indian Bank Gold Loan Procedure

  1. First of all, apply online for Loan against Gold.
  2. Afterwards, the borrower will have to submit an application form along with his / her valuable Gold asset.
  3. Then the bank will evaluate the real value of your Gold in terms of its purity and weight.
  4. Finally, the Loan is sanctioned to the applicant after checking the genuineness of the asset provided.
  5. The whole Gold Loan process takes around.
* For any assistance regarding Gold Loan, call us on 60011600, our trained Relationship Managers will solve all your queries.

What are the Advantages of South Indian Gold Loan?

  1. South Indian Bank provides gold loans to proprietary firms, individuals and partnerships.
  2. A person can avail a Loan amount between Rs. 25,000 and Rs. 100 lacs.
  3. The bank charges the processing fee of 0.20%, which is the lowest compared to other banks.
  4. Any individual who is applying for a Personal Loan or a Business Loan, but, is not eligible for them can apply for gold finance.

FAQs About South Indian Bank Gold Loan

1. How does South Indian Bank Gold Loan work?

 Loan on gold is straightforward to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.

2. Is Gold Loan secured?

Yes, it is essential to note that the Loan on gold comes in the category of secured loans. Because in a gold loan, the applicant put their gold ornaments into the bank’s locker as security or as collateral.

3. What happens when you don’t repay a Gold Loan?

 If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.

4. Do I need a co-applicant to get a gold loan?

 No, to avail the Gold loan you don’t need any co-applicant.

5. Is Gold loan better than a Personal loan?

Yes, a Gold loan is better than personal Loan because in Gold Loan banks/NBFC’s takes Gold ornament as well as a gold coin as collateral and in case of Personal Loan it is un-secured and hence carries higher interest than a gold loan.

6. What is the best online platform to avail gold loan?

Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.

7. Is there any fee payable for the Gold Loan?

Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.

8. Is gold loan a good option?

A gold loan is an excellent choice because:

  1. Minimal Documentation
  2. Disbursal in 30 minutes
  3. Flexible Loan Tenure
  4. Wide-ranging Repayment Options
  5. Pre-payment option
  6. Negligible Processing Fees

9. How can I avail a gold loan?

  1. You can avail the service of a gold loan in a few clicks.
  2. Fill in your expected details in the web-form on Dialabank.
  3. Now all you have to do is, wait; our relationship managers will get back to you within 30 minutes.
  4. We will suggest you the Loan which meets your requirements, in your specific region.
  5. Submit the required documents with our representative, who will be in touch with you.
  6. Accept the loan amount in just 30 minutes.

10. Is Gold Loan better than a personal loan?

Yes, a gold loan is far better than a personal loan. Reasons being:

  1. A gold loan does not require a CIBIL score or any proof of your income.
  2. Gold loans are less time-consuming and hustle free in comparison with Personal Loans.
  3. A gold loan is a secured loan and therefore, is the most opted Loan nation-wide. Gold Loan Interest Rate of Different Banks – Updated on 2019

11. What is the benefit of gold loan?

Gold loans have various benefits, which are why it is the most opted Loan in the country. Some of the benefits are listed below:

  1. Proof of your income is not needed Loan
  2. Disbursal in just 30 minutes
  3. CIBIL score is not required
  4. Less Documentation
  5. Maximum Funding
  6. It is a Secure Loan
  7. Instant  Approval

Why Dialabank?

Dialabank is the best platform to apply for the gold loan. There are some reasons for this.
  1. Dialabank is India’s first financial helpline, so you can easily trust the policies.
  2. First of all, the process is straightforward and hassle-free.
  3. Besides that, your Loan will get approved within 5 minutes.
  4. If you are eligible and you have all the documents than your gold loan is disbursed on the same day.
  5. Furthermore, there is no need to go to the bank to submit the documents. If you apply on the dialabank.com, you will get a document pickup facility from your doorstep.
  6. For more information may call on 60011600.
  7. You won’t be charged to get information or to apply for gold loan.

Major Banks Proving Gold Loan

Bank 

Gold Loan Rate 
HDFC Bank10.75%
Yes Bank 10.85%
Axis Bank10.90%
SBI Gold Loan11.50%
ICICI Bank11.75%
IIFL Gold Loan11.75%
Allahabad Bank Gold Loan11.75%
Muthoot Gold Loan12.00%
Federal Bank Gold Loan12.00%
Manappuram Gold Loan 12.25%
IDBI Bank12.25%
PNB Gold Loan12.25%

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