Benefits of IDBI Gold Loan

IDBI Bank is one of the most prominent gold loan suppliers in the country with a proven track record. The interest rates charged by the bank are among the lowest in the segment. The gold loan disbursement process is quick – just 60 minutes from application as claimed by the bank – and the borrower need not worry at all about the safety of their pledged gold.

Some other advantages are:

  • The IDBI gold loan can be used to meet any of your financial needs. There are diverse gold loan schemes.
  • As long as you have good quality gold to pledge, the loan application, approval and disbursement processes are hassle-free and without many requirements.
  • No income proof is needed till the loan amount of Rs 20 Lakh. The bank only demands basic KYC documentation (identity and address proofs).
  • For existing customers of the bank, the process is even more streamlined. Also, they can make use of the bank’s special offers.
  • Door-step service in 30 minutes.
  • You can avail of the loan amount in single visit.
  • The IDBI Bank gold loan interest rate is low as it’s a secured loan.
  • Flexible repayment tenures.
  • Availability of overdraft facility.
  • The bank claims to offer maximum amount against your gold.
  • No hidden charges.
  • Access to your loan account 24x7.
  • All the pledged gold is stored in fire-and-water-proof locks under strict surveillance. No extra charges for this facility.
  • If the borrower decides to opt for a gold loan foreclosure, the IDBI Bank charges a small fee – only up to .50% on the principal amount.
  • Pre-and-part payment facility.

IDBI Bank Gold Loan Interest Rate

While the IDBI Bank is known to charge low interest rates against gold loans, the exact rate of interest that a borrower is charged depends on factors like:

  • The loan amount applied for 
  • Quality or purity of the gold being pledged with the bank

Here’s a quick look at some essential figures:

IDBI Gold Loan Interest Rate

Starting at 5.88% p.a.

Loan Processing Fee

1% of the Principal Amount

Other fee and charges, such as the valuation fee, loan foreclosure charges, late repayment charges, and renewal fee, etc., are all spelt out clearly to the borrower. There are no hidden charges.

Types of Gold Loan Offering by IDBI Bank

IDBI bank offers gold loans to address under the following categories:

  1. Agricultural gold loans
  2. Business gold loans
  3. Loan to meet personal needs

The bank also offers gold loans to address urgent financial requirements concerning education, social obligations, medical needs, margin amount to purchase a home, etc. 

Small traders and businesses can also apply for this loan.

Eligibility Criteria of IDBI Gold Loan

As the IDBI gold loan is a fully secured loan, the eligibility requirements are not very high. Unlike a home loan or other personal loans, no income proof is needed till the loan amount of Rs 20 Lakh. 

The documentation process is mainly KYC related and the loan disbursement take just around an hour after the application is submitted. The valuation and approval process are super quick.

Eligibility at a glance: 

Age 18-70 years
Employment statusSalaried / self-employed
Key requirementGold articles / coins / jewellery
Gold quality and quantity18 to 24 carats

Documents Required for IDBI Bank Gold Loan

The IDBI Bank Gold Loan per gram requires minimal documentation. So, if you have spare gold jewellery and require some extra capital to meet your financial needs, all you need to do is apply for the IDBI gold loan.

You will have to fill up the gold loan application form and submit it to the bank along with the following documents:

Identity ProofAadhar Card / Passport / PAN Card / Voter’s ID, etc.
Address Proof

Aadhar Card / Driving License / Ration Card, etc.

If you live in rented accommodation, you will need to submit the rent agreement or water / electricity bills for the last three months.

PhotographsTwo passport size photos of the applicant (The face must be clear and recognizable. No spectacles)
* Agricultural land proof This is needed only if the loan is for agricultural purposes.
* Any other documents requested by the bank on case-to-case basis

IDBI Gold Loan Calculator

Applicants can use the IDBI Gold Loan EMI Calculator to know the monthly instalments that they would be required to repay to the bank. 

However, to use the gold loan rate calculator, you should have the following information:

The rate of interest that the lender is charging

The principal amount

The repayment tenure offered by the lending financial institution

* Prevailing gold price at the time of application will also be a factor that decides your EMI

For a gold loan of Rs 5 Lakh, here’s a chart to give you an idea of how your EMIs will change with different interest rates and repayment tenures: 

Rate of InterestLoan Repayment TenureEMI amount Total interest payable
5.88%1 YearRs 43,005Rs 16,067
2 YearsRs 22,133Rs 31,198
3 YearsRs 15,183Rs 46,616
7%1 YearRs 43,263Rs 19,160
2 YearsRs 22,386Rs 37,270
3 YearsRs 15,483Rs 55,787
10%1 YearRs 43,957Rs 27,495
2 YearsRs 23,072Rs 53,739
3 YearsRs 16,133Rs 80,809

Comparing IDBI Gold Loan to Other Lenders

IDBI Bank charges the lowest interest rate on gold loan. Here’s a comparison with other banks / non-banking financial companies that also offer gold loans at competitive interest rates.

BanksAmountInterest RatePer Gram RateTenureProcessing Fee
IDBI Gold Loan

Rs 10,000 to Rs 20 Lakh

Up to Rs 1 Crore (with income proof)

Starts at 5.88% per annumRs 2,940 to Rs 3,4503 Months to 12 Months1% of the outstanding loan amount the borrower has to pay + applicable taxes or Rs. 1,000 – whichever is higher.
Muthoot Gold LoanUp to Rs 1 CroreStarts at 9.95% per annumRs 2,940 to Rs 3,4503/6/9/12/24/36 Months

Rs 999 per 6 months (if the limit is not used over 6 months)

Part release charges of Rs 499 per transaction

If the transaction is through branches, Rs 99 per transaction

PNB Gold LoanRs 20,000 to Rs 10 Lakh 7.95% to 9.00%Rs 2,940 to Rs 3,45012 to 18 Months

0.75% of the loan amount plus GST

Rs 500 to 5,000 including taxes (Documentation Charges

Canara Bank Gold LoanRs 5,000 to Rs 35 Lakh Rs 5,000 to Rs 35 Lakh Rs 2,940 to Rs 3,450

6 to 12 Months

Overdraft: Subject to Annual Review

0.50% of the Loan Amount 
Minimum of Rs 500; Maximum of Rs 5,000.
ICICI Bank Gold LoanRs 5,000 to Rs 35 Lakh Starts at 10.00% per annumRs 2,940 to Rs 3,4506 to 12 Months1.00% of the Loan Amount

Fee & Charges of IDBI Bank Gold Loan

IDBI Gold Loan is a safe and convenient way to meet any sudden financial requirements without adding any extra burden on yourself. All you need are some spare gold articles, coins, jewellery, etc., which may be lying untouched in a locker or at your home. 

In general, the interest rates charged by the bank against gold loans are low. However, the exact interest rate offered to you will primarily depend upon two factors:

The loan amount you’re applying for

The quality of the gold that you’re depositing with the bank

Here’s a breakdown of the fee and charges levied by IDBI Bank against gold loans:

Interest RateStarts at 5.88% p.a.
Processing Fee1.00% of the Loan Amount
Prepayment & Foreclosure charges2% plus GST (within 3 months) 0 (after 3 months) 
Valuation Fee

Rs 250 for loans up to Rs 1.5 Lakh

Rs 500 for loans above Rs 1.5 Lakh

Late Repayment Charges2% p.a. along with the interest rate applicable
Renewal Processing FeeRs 350 plus GST

IDBI Bank Gold Loan Customer Care

The tollfree numbers for contacting the IDBI Bank customer care are:

  • 1800-209-4324
  • 1800-22-1070

Call centre numbers, chargeable for customers, are:

  • 022-67719100
  • 0091-22-67719100

For more information, visit: https://www.idbibank.in/customer-care-centre.aspx#ProductsRelatedSupport

Gold Loan offers from India’s most
trusted banks


Get Gold Loan with No EMI Option from Rupeek

Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 8.88% p.a. You can avail of emergency loan ranging from Rs 50000 to Rs 20 Lakhs against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.

IDBI Gold Loan FAQs

What is a gold loan per gram?


Gold loan per gram rate is the amount that a bank or non-banking financial corporation will extend to you for every gram of gold you pledge to it. Let’s say, you have 100 grams of gold to deposit and according to the gold rate today, your lending bank is offering Rs 3,450 per gram of pledged gold. The total loan amount that will be offered to you in this case would be Rs 3,45,000.

How can I get the Gold Loan from the IDBI Bank?


You can contact the bank through one of its branches or on the toll-free numbers mentioned on its website. All you need to apply for a gold loan at IDBI Bank is the gold that you would deposit (18-24 carats quality) and KYC related documents. Once you submit your filled-up application form along with the required documents, the loan amount would be available to you within an hour. This would require just one visit to the bank. IDBI Bank provides door-step service, too. 

How to check gold loan status in IDBI Bank?


You can easily track the status of your IDBI Bank Gold Loan. A few simple ways are to contact your loan officer or to visit the nearest local branch in person with your application details. You can also check the status of your gold loan from the convenience of your home by contacting the customer care number of the bank. 

How to calculate gold loan interest in IDBI bank?


IDBI Bank provides gold loans at attractive low interest rates starting at 5.88% per annum. However, the exact interest rate that the bank offers against any individual application may vary. The interest rate will be determined on the basis of two key factors – 1) The gold loan amount that you are applying for 2) The quantity and quality of gold that you will be depositing with the bank or NBFC.

What is the maximum tenure of a gold loan in IDBI?


For gold loans in the range of Rs 10,000 to Rs 20 Lakh, the repayment tenure varies from 3 months to a maximum of 12 months. For higher loan amounts, you may negotiate a longer repayment tenure with your lender.

Can gold loan tenure be extended?


The maximum IDBI Bank gold loan repayment tenure is 2 years. Once this tenure ends, the applicant can renew the loan by paying a loan renewal fee. 

Which is better gold loan or personal loan?


Both types have their own advantages. However, if you have spare gold ornaments in your locker or at home, a gold loan may be a better option. As the gold loan is secured, backed by pledged gold, it attracts a lower interest rate when compared to a personal loan, which is unsecured.