About 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 serves 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 rates of interest.
In a gold loan, you can borrow the money from the bank for a given tenure at some rate of interest. But the bank keeps your Gold as the security and returns 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 then the bank has the legal authority to recover the loan amount from your Gold.
|South Indian Bank Gold Loan at a Glance|
|Interest Rate||Starts at 11%|
|Gold Loan Per Gram||Up to 70% of your Gold’s market value|
|Tenure||Up to 36 months|
|Processing Fee||1% + GST|
South Indian Gold Loan Features
- You can apply for the loan from the comfort of your home as the South Indian Bank provides you with the option of applying for the Gold Loan online. However, you will still be required to visit the branch for the valuation process.
- Application process for South Indian Bank Gold Loan is not a complicated one and is a simple and hassle-free process. The entire process can be completed on the same day within a few minutes.
- You can not only apply for your Gold Loan online but also you can check your eligibility for the loan, check the EMI on your loan using the EMI calculator and also check the status of your Gold Loan online.
- South Indian Bank provides the their Gold Loan product throughout the country.
- The bank does not charge any processing fee on the loan. The bank also does not charge any valuation or documentation charges.
- The bank loans the amount for a maximum period of 12 months. After the tenure is completed, the borrower has the option of renewing their loan with the South Indian Bank
- All kinds of gold jewellery is accepted.
- Gold coins weighing less than 50 grams in total are acceptable.
- The bank does not accept minted gold coins.
- Your gold assets are kept under very tight security.
- You can return the Loan amount within 36 months.
- The South Indian Bank accepts 24 carats gold coins issued only by the bank itself.
South Indian Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the South Indian 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 South Indian 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 South Indian 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, 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).
- Agricultural Land Proof and Income Statement of the applicant are required in the case the applicant wants the South Indian 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.**
South Indian Bank Gold Loan Interest Rate
- 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.
- Gold Max Plus- under this scheme, the bank can provide you with the loan amount starting from Rs. Five thousand to Rs. 10 crores.
- 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.
- Gold Loan Monthly Interest- This Loan is provided for 12 months, and the amount is Rs. Five thousand to Rs. 10 crores.
- Gold Rush- Under this scheme, the amount of Loan provided is Rs. Ten thousand to Rs. 10 Crores.
- 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.
- 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.)|
|11 % to 14 %|
South Indian Bank Gold Loan Apply Online
Applying for the South Indian 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.
South Indian Bank Gold Loan Eligibility
South Indian 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. South Indian 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 South Indian 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 South Indian 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.
South Indian 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 South Indian Bank Gold Loan Rate per Gram also varies every day. South Indian Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
The amount of loan that you will get for a gram of Gold varies depending on its purity and the market price for your South Indian Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
South Indian Bank Gold Loan Procedure
- You need to apply for the Gold Loan either by visiting the neareast loan branch or online through Dialabank.
- You will have to submit an application form along with your valuable Gold assets for valuation.
- The bank will then evaluate the real value of your Gold in terms of its purity and weight.
- The Loan is sanctioned to the applicant after checking the purity of the assets provided by you.
- The whole Gold Loan process takes about 90 minutes to complete.
Use of South Indian Bank Gold Loan
The funds acquired by availing the Gold Loan service can be used for a number of purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, and etc.
- For all your business needs such as buying raw material, expansion of business, and 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.
What are the Advantages of South Indian Gold Loan?
- South Indian Bank provides gold loans to proprietary firms, individuals and partnerships.
- A person can avail any amount between Rs. 25,000 and Rs. 10 crores if he/she avails the South Indian Bank Gold Loan service.
- The bank charges a processing fee of 0.20% on the total loan amount which is the lowest compared to other banks.
- Any individual who is applying for a Personal Loan or a Business Loan, but is not eligible for them can apply for Gold Loan as these do not require a good credit score or income proof for being eligible for the loan.
FAQs About South Indian Bank Gold Loan
Q. How much Gold Loan can I get per gram in South Indian Bank?
The Gold Loan per gram in South Indian Bank depends upon the quality of the gold to be pledged and the market price of the gold. The bank gives funding of about 70% of the total market value of your gold.
Q. What is South Indian Bank Gold Loan?
One of the best ways to resolve any financial emergency is to avail a Gold Loan. South Indian Bank offers various gold loan schemes to its customers at competitive rates of interest to meet the urgent financial needs with lesser paperwork. Loans can be taken for a maximum amount of ₹10 crores for a period of up to 36 months.
Q. What is the Gold Loan interest rate in South Indian Bank?
The rates of interest for Gold Loan in South Indian Bank start from 11% per annum. These rates depend on the amount of the loan that has to be taken.
Q. How to pay South Indian Bank Gold Loan online?
South Indian Bank provides various payments methods for your Gold Loan. You can do it either on a monthly or bullet payment basis. For more information, visit the nearest branch of the bank today.
Q. How to apply Gold Loan in South Indian Bank?
You can apply for a Gold Loan from South Indian Bank by visiting the nearest bank branch that provides Gold Loan service. You just need to fill a form and submit it with the required documents. You can also apply for Gold Loan online through Dialabank’s digital platform from the comfort of your own home.
Q. How to renew South Indian Bank Gold Loan online?
You can easily renew your Gold Loan by visiting your loan branch. Your gold will be revalued at current market prices and a small renewal fee will be charged.
Q. How to take Gold Loan from South Indian Bank?
Take a Gold Loan from South Indian Bank by visiting the nearest branch. Submit your application and get your gold evaluated. After you accept the offer, the loan amount will be transferred into your bank account.
Q. What is Gold Loan in South Indian Bank?
South Indian Bank has various Gold Loan schemes which you can choose depending on your need. They have a Gold Power scheme, Gold Loan Monthly Interest scheme, Gold Max scheme, Gold Max Plus scheme, Gold Rush scheme, and Swarnanidhi scheme. Each of them has a separate rate of interest, loan tenure and maximum loan amount.
Q. How to get South Indian Bank Gold Loan?
Getting the South Indian Bank Gold Loan is a simple and hassle-free process. The application process is simple with minimal paperwork and you get quick disbursal of the loan for meeting your urgent need of funds by simply walking into the nearest branch of the bank.
Q. How to check South Indian Bank Gold Loan status?
You can check for your Gold Loan status by contacting the bank branch either in person or through customer care number.
Q. How to close South Indian Bank Gold Loan?
You can close your Gold Loan when the amount due to the bank is fully paid by you. Your pledged gold will then be released and returned back to you by the bank. You can choose the repayment option depending on the gold loan scheme you have opted for.
Q. How to renew South Indian Bank Gold Loan?
For the renewal of your South Indian Bank Gold Loan, the applicant has to visit the branch with all the loan-related documents. There, the gold will be revalued at the latest prices and new terms for the loan will be decided upon after which renewal is done.
Q. What happens if someone defaults South Indian Bank Gold Loan?
If someone defaults the repayment of the Gold Loan, the bank charges a fee for the fault and may also auction your gold for the recovery of the amount.
Q. How many branches of South Indian Bank Gold Loan?
South Indian Bank Limited is a major private sector bank headquartered at Thrissur in Kerala, India. It has 970 branches spread across 27 states and 3 union territories in India.
Table of Contents
- 1 About South Indian Bank Gold Loan
- 2 South Indian Gold Loan Features
- 3 South Indian Bank Gold Loan Documents Required
- 4 South Indian Bank Gold Loan Interest Rate
- 5 South Indian Bank Gold Loan Apply Online
- 6 South Indian Bank Gold Loan Eligibility
- 7 South Indian Bank Gold Loan Rate per Gram
- 8 South Indian Bank Gold Loan Procedure
- 9 Use of South Indian Bank Gold Loan
- 10 What are the Advantages of South Indian Gold Loan?
- 11 FAQs About South Indian Bank Gold Loan
- 11.1 Q. How much Gold Loan can I get per gram in South Indian Bank?
- 11.2 Q. What is South Indian Bank Gold Loan?
- 11.3 Q. What is the Gold Loan interest rate in South Indian Bank?
- 11.4 Q. How to pay South Indian Bank Gold Loan online?
- 11.5 Q. How to apply Gold Loan in South Indian Bank?
- 11.6 Q. How to renew South Indian Bank Gold Loan online?
- 11.7 Q. How to take Gold Loan from South Indian Bank?
- 11.8 Q. What is Gold Loan in South Indian Bank?
- 11.9 Q. How to get South Indian Bank Gold Loan?
- 11.10 Q. How to check South Indian Bank Gold Loan status?
- 11.11 Q. How to close South Indian Bank Gold Loan?
- 11.12 Q. How to renew South Indian Bank Gold Loan?
- 11.13 Q. What happens if someone defaults South Indian Bank Gold Loan?
- 11.14 Q. How many branches of South Indian Bank Gold Loan?