Vijaya Bank Gold Loan

About Vijaya Bank Gold Loan

Vijaya Bank is a public sector bank with its corporate office in city Bangalore as well as in Karnataka, India. Secondly, the bank offers a wide range of financial products and services to customers through its various delivery channels. Moreover, the bank has a network of 2031 branches in India as well as over 4000 customer touchpoints, including 2001 ATMs.

Besides, that government of India announced the merger of Bank of Baroda, Vijaya Bank, and Dena Bank on September 17, 2018, to create the country’s third-largest lender.

• Interest Rate Starts at 10.70%
• Loan Per Gram From Rs. 2,472 to Rs. 3,023
• Tenure Up to 36 months
• Processing Fee Up to 1% + GST

Vijaya Bank Gold Loan Features

1. Vijaya Bank Gold Loan is very easy to apply. One can apply for the gold loan online within a few minutes.
2. If a borrower is eligible, the loan can be approved within 30 minutes
3. After the approval of the loan, if the borrower has its complete documents, it can be disbursed quickly.
4. The rates of interest provided by the Vijaya Bank are quite affordable.
5. Vijaya Bank Gold Loan comes with competitive interest rates on Term Loan, Overdraft and EMI based loan. Repay your gold loan in easy lower EMIs, over a tenor of your choice.
6. The documentation process is easy and simple
7. Vijaya Bank will not ask the reason behind the gold loan; one can use this loan amount according to their requirement.
8. Different forms of Gold ornaments accepted
9. Gold Bangles, Gold rings, Gold anklets and Gold necklace many more, Gold bars, Gold Bricks, Gold biscuits, and Gold coins are acceptable. The purity of Gold that is acceptable here is 18karat-22karat.

Why Choose Vijaya Bank Gold Loan?

So many banks and non- financial organizations provide a Gold Loan. Then why should you choose Vijaya Bank for a Gold Loan? Here are some reasons

• The bank is very dedicated to its customers.
• High Loan amount from a minimum in thousands to a crore.
• Quick processing.
• Lousy credit history/ CIBIL score, not an issue.
• Instant Processing and Disbursal.
• The lowest interest rate.
• Minimum documentation required.
• Flexible repayment option.

Advantages of Vijaya Bank Gold Loan

Vijaya Bank Gold Loan has many benefits such as quick processing time, low-interest rates, medium-term tenure, etc. The Vijaya Bank Gold Loan can help you meet your urgent monetary needs for a short period of time. Different gold assets are eligible to get the Vijaya Bank Gold loan, but the preferred gold type is in jewellery form and not biscuits or bars. Vijaya Bank Gold Loan offers credit against Gold at low-interest rates and tenures of ones choosing. The pledged gold ornament is locked safely in the Vijaya bank locker, and the borrower does not have to worry about their Gold safety.

Vijaya Bank Gold Loan Eligibility

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 commercial service provided by banks at low rates of interest and also requires minimal documentation for the same. 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 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 recognized 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.

Vijaya Bank Gold Loan Documents Required

Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the 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 Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures high protection of your gold ornaments till the loan is closed.

Documents required for Applying for 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 needed): 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 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 provided.**

Vijaya Bank Gold Loan Interest Rate, Fees and Charges

In general Loan on Gold, the credit is available at a low-interest rate. Moreover, the reason behind that the gold loan comes in the category of secured loans. So the Gold interest rates are less than that of a personal loan or any other kind of loans. Though the gold loan rate keeps on changing with the passage of time as well as person to person. The Vijaya Bank  Gold Loan is available at 1% per month interest rate.

• Gold Loan Interest rate – 10.70 %
• Offer a low processing fee – 0.85%
• Pre-closer charges range from 0 – 2 %.
• Besides Tenure minimum of six months; maximum five year
• Amount – Thousand to a crore

Vijaya 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 price of gold changes daily in the market and therefore, the Vijaya Bank Gold Loan Rate per Gram also varies every day. Vijaya 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 receive for a gram of Gold depends on its purity and the market price for your Vijaya Bank Gold Loan.

**Keep in mind that only the weight of Gold is considered and not the weight of stones on your jewellery**

Vijaya Bank Gold Loan Apply Online

Applying for the Gold Loan service is a hassle-free and straightforward 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 personalized 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 Vijaya Bank Gold Loan EMI?

Your Vijaya Bank gold advance can be reimbursed in the following three different ways.

1. Standing Instruction (SI): If you are a current record holder with Vijaya 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 Vijaya Bank account you indicate.
2. Electronic Clearing Service (ECS): This mode can be utilized if you have a non-Vijaya Bank account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
3. Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-Vijaya Bank account at your closest Vijaya 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 Vijaya 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.

Use of Vijaya Bank Gold Loan

The funds acquired by availing the Vijaya 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 Vijaya Bank Gold Loan

Q. How does Vijaya Bank Gold Loan Work?

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

Q. Is Vijaya Bank Gold Loan a secured loan?

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.

Q. 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.

Q. To get a gold loan, do I need a co-applicant?

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

Q. Is Gold loan better than a Personal loan?

Yes, the Gold loan is better than a 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 unsecured and hence carries higher interest than a gold loan.

Q. What is the best online platform to avail a 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.

Q. Is there any fee payable for availing Gold Loan?

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