Interest Rate & Loan Details
- Interest Rate: Starts from 8.75% per annum.
- Loan Amount:
- Bullet Repayment Method: Up to 35 lakh
- Monthly Repayment Method: No upper limit specified
- Overdraft Facility: 25,000 to 10 lakh
- Loan Tenure:
- Bullet Repayment Method: Up to 12 months
- Monthly Repayment Method: Up to 35 months
- Overdraft Facility: 1 year (renewable)
- Processing Fee: 0.50% of the loan amount.
- Loan-to-Value (LTV) Ratio: Up to 70% of the market value of the pledged gold or the advance value per gram, whichever is lower.
Purpose of Gold Loan
- Personal expenses
- Business needs
- Agricultural investments
- Medical emergencies
- Educational expenses
Eligibility Criteria
- Age: Individuals aged 21 years and above.
- Ownership: Individuals owning gold jewelry.
- KYC Compliance: Valid KYC documents required.
Documents Required
- Application Form: Duly filled and signed.
- Photographs: Two recent passport-size photos.
- Identity Proof (Any one):
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Driving License
- Address Proof (Any one):
- Aadhaar Card
- Utility Bills
- Ration Card
- Lease Agreement
Repayment Options
- Bullet Repayment: Entire loan amount and interest payable at the end of the loan tenure.
- Monthly Instalment Method: Loan amount repaid in monthly instalments, including interest.
- Overdraft Facility: Flexible withdrawals and repayments within the sanctioned limit.
Charges & Fees
- Processing Fee: 0.50% of the loan amount.
- Gold Appraiser Charges: Applicable as per bank’s policy.
Key Considerations Before Applying
- Gold Quality: Loans are based on the purity and net weight of the gold.
- Loan Terms: Review the loan agreement carefully before signing.
- Gold Security: Non-repayment may lead to forfeiture of the pledged gold.
Benefits of Indian Bank Gold Loan
- Quick Loan Approval: Instant processing and disbursal, often on the same day of application.
- Attractive Interest Rates: Competitive rates starting from 8.75% per annum.
- High Loan Value: Loan up to 70% of the gold’s market value.
- Flexible Repayment: Options for bullet repayment, monthly instalments, or overdraft facility.
- No Guarantor Required: The pledged gold itself serves as collateral.
Contact Indian Bank
Disclaimer: The above information is subject to change. For the latest updates, please refer to the official Indian Bank website or contact your nearest branch.
