Indian Bank Gold Loan Key Features
|Up to Rs. 5 Lakh.
|Indian Bank Gold Loan Interest Rate
|7.0% per annum
|Indian Bank Gold Loan Per Gram
|Rate Per Gram is Rs. 5,340
|Indian Bank Gold Loan Processing Fee
|Up to 0.23%, Maximum ₹ 20,381.
|Indian Bank Gold Loan Prepayment Charges
|1%+ GST of the Loan Amount
|Indian Bank Gold Loan Repayment Tenure
|Up to 36 months
|Indian Bank Gold Loan Repayment Scheme
|Bullet Payment Scheme, Overdraft Scheme
About Indian Bank Gold Loan
Indian Bank offers a Gold Loan to meet the financial requirements of customers who require immediate cash or in case of a financial emergency. Primarily, catering to borrowers from the middle and lower-income groups, Gold loan offers instant credit for multiple purposes. We provide a practical solution to meet temporary monetary contingencies.
The funds from the Indian Bank Gold loan can be used for weddings, education, business expansion, or any other similar purpose. With minimal documentation and secure storage, a gold loan is a simple funding option to meet your needs. Indian Bank Gold Loan has certain benefits such as quick processing time, low-interest rates, medium-term tenure, etc. The Bank helps you meet an urgent need for cash when you are suffering from a money crisis.
Indian Bank Gold Loan Interest Rate is 7% per annum
Indian Bank Gold Loan Per Gram Rate is ₹ 5,340.
Indian Bank Gold Loan Tenure is from minimum 6 months to 36 months
Indian Bank Gold Loan Processing Fee is Up to 1% + GST of the Loan Amount
How Much Gold Loan Can I Get Through Indian Bank
According to the most recent gold costs, Indian Bank offers a gold credit for every gram of ₹ 5,340. Most elevated Indian Bank gold advance rate per gram today is ₹ 5,340 for 22-carat adornments determined at the greatest LTV of 75% and normal gold credit costs of most recent 30 days in 2020 is ₹ 5,340 of 22 carat
Indian Bank Gold Loan Per Gram
Updated - Gold Loan Per Gram Rate w.e.f Mar 03 2024
Why Choose Indian Bank Gold Loan?
So many banks and non-financial organizations provide a Gold Loan. Then why should you choose Indian 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 1 crore.
- Quick processing.
- Bad credit history/ CIBIL score, not an issue.
- Instant processing and disbursal.
- The lowest interest rate.
- Minimum documentation required.
- Flexible repayment option.
Know More – Best Gold Loan Services
Advantages of Indian Bank Gold Loan
- Multipurpose – Indian Bank Gold loan can be used for any legitimate purpose, ranging from education to housing or business.
- Quick approval – You can avail of Indian Bank Gold Loan without any hassles, with minimal paperwork and lenient eligibility criteria.
- High quantum – Borrowers can avail a Gold loan of different denominations, subject to their requirement and background.
- Competitive interest – Indian Bank Gold loan comes at a competitive rate of interest on Term Loan, Overdraft and EMI based loan and making repayment light on the pocket. Repay your gold loan in lower EMI, over a tenor of your choice.
- Prepayment – Borrowers can choose to prepay the Indian Bank Gold loan without any worry of prepayment charges.
- Collateral Held securely– Any gold surrendered to the Indian bank as collateral is kept safely in a locker, so you don’t have to concern about the safety or security of your gold.
- Quick and Efficient Servicing– Over the counter disbursement in just 50 minutes with minimal documentation
- Complete Transparency– Gold Loan rates and other charges are communicated up front in writing, along with the quotation, so you don’t have to worry about any hidden costs or fees.
Indian 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. 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.
Basic Eligibility Criteria for availing an Indian Bank Gold Loan is:
|18 to 75 years
|Gold Ornaments (18-22 carats)
Documents Required for Indian Bank Gold Loan
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the 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 Indian Bank Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures the high security of your gold ornaments till the loan is closed.
Following are the documents:
|Aadhaar Card/Pan Card/ Passport/ Voter ID (Any one)
|Aadhaar Card /Pan Card/ Ration Card/ Utility Bills on the name of the applicant/ Rental Agreement of applicant/ Voter ID card (Any one)
|Agriculture Proof ( if applicable)
|Agriculture Land Ownership Proof
|2 Passport sized coloured
Indian Bank Gold Loan Interest Rate, Fees and Charges
A 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 Indian Banks are lower in comparison to other loans because it is a fully secured loan.
|Gold Loan Interest Rate
|7.0% per annum
|1% of the outstanding amount
|up to 1%
Indian Bank Gold Loan Apply Online
Applying for the Indian Bank Gold Loan service is a hassle-free and straightforward process that 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 Indian Bank Gold Loan EMI?
Your Indian Bank gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with Indian 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 Indian Bank account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilized if you have a non-Indian 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-Indian Bank account at your closest Indian Bank Loan branch. 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 Indian Bank
Gold jewellery such as Gold Bangles, Gold rings, Gold anklets, and Gold necklaces, all of these are accepted for availing a Gold Loan.
Uses of Indian Bank Gold Loan
The funds acquired by availing the Indian 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 of 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 Indian Bank Gold Loan
The Indian Bank gold loans are secured loans that come with quick disbursement to meet your urgent financial needs. Gold Loan from India Bank can be availed at attractive interest rates.
You can avail of a Gold Loan of ₹ 5,340 per gram from the Indian Bank, depending on the quality of your gold.
The Interest rate for gold loan in Indian Bank starts at 7.0% only for farmers.
You can check your Indian Bank Gold Loan status online by visiting the Bank’s online portal and filling in the form your Gold Loan application details
You can avail a maximum of up to 75% of the gold jewellery’s value from Indian Bank.
The maximum tenure of your Indian Bank gold loan is up to 36 months.
Indian Bank charges a processing fee of up to 1% + GST is applicable on Indian Bank gold loan.
Indian Bank charges up to 1% of the outstanding loan amount as charges for prepayment of its gold loan.
You can renew your Indian Bank Gold loan online by simply logging into your i-mobile app account and renew your gold loan under the Gold Loan section by entering the loan account details.
To repay the Indian Bank Gold loan interest online you can use the payment options available on the bank’s website or can make your loan payments through net banking, debit cards, or through the i-mobile app.
If you fail to repay the Indian Bank gold loan amount, you will be first warned by the bank against making any more defaults. But if the defaults continue your gold jewellery kept as collateral might be sold off.
You can apply for the Indian Gold loan moratorium online by logging in with your credentials or can also visit the bank personally.
How to pay Indian Bank Gold loan through credit card?
Paying Indian Bank gold loan through credit card is not
How much Gold Loan can I get per gram in Indian Bank?
The rate of Gold Loan per gram depends on the quality of your gold and the price of gold in the market. Indian Bank provides a 70-75% funding on the market price of the gold.
What is Indian Bank Gold Loan?
Gold Loans are secured loans that come with quick disbursement to meet your urgent financial needs. Gold Loan from India Bank can be availed at attractive interest rates.
The rate of interest in the Indian Bank for Gold Loan starts at 7% per annum. This rate varies depending on the purity of gold and the loan amount to be disbursed.
You can pay for your Gold Loan from Indian Bank in easy monthly instalments or through post-dated cheques.
Apply for Gold Loan with Indian Bank by visiting the branch and enquiring about the same with your banker. You can also apply online with Dialabank and get the offers and deals as per your needs.
To renew your Gold Loan, you will be required to visit the loan branch with your loan documents and apply for a renewal. A renewal fee may be charged, and after revaluation of your gold, your loan will be renewed.
You can take a Gold Loan from Indian Bank by visiting the branch with your Gold, Aadhar Card, and PAN Card. You may also apply online with Dialabank and look out for different options offered by banks across India.
You can get a quick Gold Loan from Indian Bank by visiting the branch or through online inquiry at Dialabank’s digital platform.
Check your Gold Loan status by calling the Indian Bank in their customer care number. You may also visit the branch in person and ask your banker for any updates.
You can close your Indian Bank Gold Loan once you have paid all your pending dues. The bank after documentation will close your loan and return to you the gold that was pledged.
If you desire to renew your Gold Loan with Indian Bank, all you need to do is visit the branch with your documents and apply for a renewal. Your gold will be revalued, and new loan terms will be decided. After you pay a minimal renewal fee, your loan will be renewed for a new tenure.
When you default on your Gold Loan, the bank will at first remind you of your pending dues. Then a legal notice is issued at your given address. On continuous defaulting, the bank gets the legal rights to sell your pledged gold to recover the entire sum overdue.
Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India. It has nearly 3000 branches to meet your banking needs.