About Indian Bank Gold Loan
Facing financial needs? Consider Indian Bank Gold Loan! This secured loan, offered against your gold ornaments, provides quick access to funds. Gold Loan Interest Rate In Indian Bank ranges from 7% to 9.15%, making it an affordable option for emergencies or planned expenses. Explore its benefits, schemes, and easy application process for a hassle-free solution. Remember, this blog is for informational purposes only and doesn’t offers financial advice.
Advantages of Indian Bank Gold Loan
- Competitive interest rates: Indian Bank offers competitive interest rates compared to other lenders, making it an affordable option for borrowers.
- Flexible repayment options: You can choose a flexible repayment plan that suits your budget and income.
- Minimal documentation: The loan application process requires minimal documentation, making it hassle-free and convenient.
- No credit score check: Unlike other loans, Indian Bank Gold Loans don’t require a credit score check, making them accessible to individuals with limited or no credit history.
- High loan-to-value ratio: You can borrow up to 75% of the market value of your pledged gold, providing you with substantial financial support.
Why Choose Indian Bank Gold Loan?
Indian Bank is a trusted and reputed public sector bank with a wide network of branches across India. They offer a seamless and transparent gold loan experience with:
- Quick loan processing: Get your loan approved and disbursed quickly.
- Transparent fees and charges: No hidden charges or fees, ensuring complete transparency.
- Safe and secure gold storage: Your gold ornaments are stored securely in bank vaults, giving you peace of mind.
- Excellent customer service: Indian Bank provides excellent customer support to assist you throughout the loan process.
Who is Eligible for the Indian Bank Gold Loan Scheme?
- Indian residents with a valid KYC document (PAN card, Aadhaar card, etc.)
- Self-employed individuals, businessmen, professionals, and salaried individuals
- Individuals with no credit history or a low credit score
How Much Gold Loan Can I Get Through Indian Bank?
The maximum loan amount you can avail depends on the market value of your pledged gold ornaments and the bank’s loan-to-value ratio (LTV). Indian Bank typically offers an LTV of up to 75%.
What are the Documents Required for the Indian Bank Gold Loan Scheme?
- KYC documents (PAN card, Aadhaar card, etc.)
- Gold ornaments with purity certificate
- Proof of income (salary slips, bank statements, etc.) for self-employed individuals and businessmen
Gold Loan Interest Rate In Indian Bank
Indian Bank offers various gold loan schemes to cater to different needs:
- Jewel Loan: This is the most common type of gold loan, offered against pledged gold ornaments like necklaces, bangles, and bracelets. The interest rate ranges from 8.65% to 9.00% per annum.
- Agricultural Jewel Loan: This scheme is speziell designed for farmers and agriculturalists, offering a concessional interest rate of 7% per annum.
- Over Draft (OD) Against Gold Jewels: This scheme allows you to withdraw funds against your pledged gold ornaments up to a certain limit, similar to an overdraft facility (Interest Rate: 9.90% to 10.40%).
- Sovereign Gold Bond Issued By Indian Bank: This scheme allows you to invest in gold in the form of Sovereign Gold Bonds, issued by the Government of India, and avail a loan against them (Interest Rate: 9.05% to 9.90%).
Gold Loan Interest Rate In Indian Bank Source: IndiaBank.in
Gold Loan Interest Rate In Indian Bank Per Gram Rate:
The gold loan per gram rate is based on the prevailing market value of gold, as determined by Indian Bank. You can check the latest gold loan per gram rate on the Indian Bank website or by contacting their branch.
Indian Bank Gold Loan Fee & Charges
- Processing fee: Up to 1% of the loan amount
- Documentation fee: As per applicable charges
- Late payment charges: As per bank norms
How to Apply for the Gold Loan Scheme from the Indian Bank?
You can apply for an Indian Bank Gold Loan online or offline:
Online
- Visit the Indian Bank website and navigate to the gold loan section.
- Fill out the online application form with your details and preferred loan amount.
- Upload scanned copies of your KYC documents and gold purity certificate.
- Submit the application online.
- A bank representative will contact you to verify your information and schedule a gold valuation appointment.
Offline:
- Visit any Indian Bank branch.
- Meet a customer service representative and express your interest in a gold loan.
- Fill out a physical application form and submit it along with your KYC documents and gold purity certificate.
- The bank representative will assess your gold and verify your documents.
- Upon approval, your loan will be processed and disbursed within a few days.
How Do You Pay The EMI On An Indian Bank Gold Loan?
You can repay your Indian Bank Gold Loan EMI through various methods:
- Electronic Clearing System (ECS): Set up an ECS mandate for automatic deduction of your EMI amount from your bank account.
- Standing instruction: Set up a standing instruction with your bank to transfer your EMI amount on a specific date.
- Online payment: Pay your EMI through the Indian Bank online banking portal.
- Cash payment: Make a cash payment at any Indian Bank branch.
Also Read: Public Provident Fund: Best Time To Invest In PPF To Maximize Returns 2024
Conclusion
Indian Bank Gold Loan can be a convenient and affordable option to meet your financial needs. With its competitive interest rates, flexible repayment options, and minimal documentation, it’s a good choice for individuals and businesses looking for quick and hassle-free financial assistance.
