About Syndicate Bank Gold Loan
Syndicate bank offers loan against gold at very low interest rates. They are one of the major Gold Loan providers who understand the need of the customers and disburse the loan amount in one hour. The Syndicate Bank Gold Loan rates and all other charges are announced to borrower upfront in a transparent manner before sanctioning the loan amount. Also, The pledged gold is locked safely in the vault and the borrower does not have to worry about its safety.
|Syndicate Bank Gold Loan at a Glance|
|Interest Rate||Starts at 9.90%|
|Gold Loan Per Gram||₹2430 to ₹2970 depending on the purity of gold|
|Tenure||Up to 12 months|
|Processing Fee||1% or ₹1000 whichever is higher|
Features of Syndicate Bank Gold Loan
- Syndicate Bank Gold Loan is very easy to apply. One can apply for the gold loan online within a few minutes through Dialabank.
- If a borrower is eligible, Syndicate Bank Gold Loan can be approved within 5 minutes.
- After the approval of gold loan, the loan amount is disbursed quickly if the borrower is in possession of all the documents that are required.
- Responsibility of your Gold is completely of the bank. Borrower’s gold assets will be kept under very tight and fireproof security.
- The Gold Loan Interest Rates provided by the bank are quite affordable.
- The documentation process is very easy and simple.
- Bank will not ask the reason behind the gold loan, one can use Syndicate Bank Gold Loan amount according to their needs.
Syndicate bank Gold Loan Eligibility
Gold Loan is a financial product provided by the Syndicate 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. Syndicate 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 Syndicate 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 Syndicate 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.
Uses of Syndicate bank Gold Loan
The funds acquired by availing the Syndicate bank 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.
Who can get a Syndicate Bank Gold Loan?
- Any salaried individual.
- A self-employed person.
- Students (age should more than 18 years)
- A farmer.
Forms of Gold
- Any jewelry of 18 karats to 22 karats is acceptable to avail the loan.
- Gold coins weighing less than 50 grams in total.
- Bank does not accept minted/forged gold coins.
- Gold Bars and bricks are not acceptable.
- Raw gold in any form is not acceptable.
Syndicate Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Syndicate 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 Syndicate 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 Syndicate 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 Syndicate 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.**
Syndicate Bank Gold Loan Interest Rate
Syndicate 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 Syndicate 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 9.90% per annum.
Syndicate 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.
Syndicate 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 Syndicate bank Gold Loan Rate per Gram also varies every day. Syndicate bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
You will get ₹2430 to ₹2970 for a gram of Gold depending on its purity and the market price for your Syndicate bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
Syndicate bank Gold Loan Apply Online
Applying for the Syndicate 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.
FAQs About Syndicate Bank Gold Loan
Q. How much Gold Loan can I get per gram in Syndicate Bank?
Rate of Gold Loan per gram depends upon the quality of the gold to be pledged and the prevailing market prices. The bank gives maximum funding of 66% of your Gold’s market price as the loan amount.
Q. What is Syndicate Bank Gold Loan?
Syndicate Bank gives you Loan Against Gold for personal and professional use for a maximum loan amount of ₹10 lacs for non-priority sectors and a maximum of ₹20 lacs for business use for a maximum period of 12 months. The Gold Loan comes with quick approval and minimal paperwork to fulfil your urgent monetary requirements.
Q. What is the Gold Loan interest rate in Syndicate Bank?
The Gold Loan interest rate in Syndicate Bank start 1.5% higher than the base rate, that is, Interest Rate = Base Rate + 1.5%.
Q. How to pay Syndicate Bank Gold Loan online?
The Syndicate Bank Gold Loan can be paid online through fund transfer at the end of the tenure (RTGS/NEFT). For more details, you can contact the loan officer in the branch or call on the customer care helpline of the bank.
Q. How to apply Gold Loan in Syndicate Bank?
You can apply for a Gold Loan from Syndicate Bank by visiting the branch physically and submitting an application form with the requisite documents. You can also apply online from the comfort of your own home through Dialabank’s digital platform.
Q. How to renew Syndicate Bank Gold Loan online?
Visit your Gold Loan branch with all your loan-related documents and contact the loan officer to apply for a renewal.
Q. How to take Gold Loan from Syndicate Bank?
Taking Gold Loan from Syndicate Bank is a hassle-free process as you just need to fill a form and submit it with the required documents. Syndicate Bank gives you quick disbursal of the loan amount once your loan application is approved. You may also visit Dialabank and compare offers from different banks and financial companies for all your financial needs.
Q. What is Gold Loan in Syndicate Bank?
Gold Loan or Loan against Gold by Syndicate Bank is provided to fulfil the urgent requirement of funds for personal or business use. You can avail a maximum of ₹20 lacs for a maximum period of 12 months. The bank provides loan at competitive interest rates with easy repayment options.
Q. How to get Syndicate Bank Gold Loan?
You can apply for a Gold Loan by visiting the nearest bank branch with your Gold or online through Dialabank’s digital platform. To avail the Gold Loan service of Syndicate Bank you need to be an existing customer or shall open an account with the bank to become eligible to apply.
Q. How to check Syndicate Bank Gold Loan status?
You can check the status of your Gold Loan by visiting the branch or calling the customer care executive.
Q. How to close Syndicate Bank Gold Loan?
To close your Syndicate Bank Gold Loan you just need to pay the amount due at the end of the tenure. Syndicate Bank lets you make a bullet payment at the end of the tenure consisting of the principal loan amount and the interest due on it.
Q. How to renew Syndicate Bank Gold Loan?
Renewal of the Gold Loan can be done by visiting the bank’s branch with all your documents, releasing the gold ornaments kept as security and getting them revalued. Accept the new terms and your loan will be renewed.
Q. What happens if someone defaults Syndicate Bank Gold Loan?
If someone defaults with the repayment of the Gold Loan by Syndicate Bank, the bank charges a penalty fee from the borrower and also has the right to auction off the gold to recover the amount if the defaults are continued.
Q. How many branches of Syndicate Bank Gold Loan?
Syndicate Bank is one of the oldest and major commercial banks of India, it has over 4000 branches and all branches are offer core banking-e-banking services under anywhere-anytime-anyhow banking.
Table of Contents
- 1 About Syndicate Bank Gold Loan
- 2 Features of Syndicate Bank Gold Loan
- 3 Syndicate bank Gold Loan Eligibility
- 4 Uses of Syndicate bank Gold Loan
- 5 Who can get a Syndicate Bank Gold Loan?
- 6 Forms of Gold
- 7 Syndicate Bank Gold Loan Documents Required
- 8 Syndicate Bank Gold Loan Interest Rate
- 9 Syndicate Bank Gold Loan Rate per Gram
- 10 Syndicate bank Gold Loan Apply Online
- 11 FAQs About Syndicate Bank Gold Loan
- 11.1 Q. How much Gold Loan can I get per gram in Syndicate Bank?
- 11.2 Q. What is Syndicate Bank Gold Loan?
- 11.3 Q. What is the Gold Loan interest rate in Syndicate Bank?
- 11.4 Q. How to pay Syndicate Bank Gold Loan online?
- 11.5 Q. How to apply Gold Loan in Syndicate Bank?
- 11.6 Q. How to renew Syndicate Bank Gold Loan online?
- 11.7 Q. How to take Gold Loan from Syndicate Bank?
- 11.8 Q. What is Gold Loan in Syndicate Bank?
- 11.9 Q. How to get Syndicate Bank Gold Loan?
- 11.10 Q. How to check Syndicate Bank Gold Loan status?
- 11.11 Q. How to close Syndicate Bank Gold Loan?
- 11.12 Q. How to renew Syndicate Bank Gold Loan?
- 11.13 Q. What happens if someone defaults Syndicate Bank Gold Loan?
- 11.14 Q. How many branches of Syndicate Bank Gold Loan?