Following are the attractive benefits of the Indian Bank gold loan or Jewel Loan scheme:
Indian Bank gold loan interest rates are floating in nature. Following are the details of Indian Bank gold loan rates of interest for different schemes:
|Product Name||Applicable Rate of Interest (Per Annum)|
Non-Priority Jewel Loan (Repo-Linked)
|Short Term (Up to 35 months tenure)||8.75%|
|Bullet Payment (Up to 12 months tenure)||8.25%|
|Senior Citizens (Up to 35 months tenure)||8.75%|
OD Against Gold Jewels (Repo-Linked)
If you want to apply for an Indian Bank gold loan, you will have to meet the following basic eligibility criteria:
The documents requirement for Indian Bank gold loan is minimal as mentioned below:
You can use the Indian Bank gold loan calculator available on the internet to calculate your loan amount eligibility against your gold jewellery. This calculator will help you estimate how much loan amount you can get instantly on your gold jewellery/coins.
To use the gold loan interest calculator, you just need to enter the loan tenure (in months), the number of gold ornaments/jewellery you have, the weight of the pledged ornaments, and gold carat details. As soon as you enter these details, the calculator will give you the estimated loan amount eligibility based on the information you have entered.
Below is the comparison of Indian Bank gold loan with gold loan schemes of other lenders. You can check that you can get the lowest gold loan interest rate in which bank before applying for the loan.
|Bank||Rate of Interest (p.a.)||Loan Amount||Processing Fee||Tenure|
|Indian Bank||8.25% onwards||No upper limit||0.50%||Up to 35 months|
|HDFC Bank||7.60% - 16.81%||Rs. 25,000 onwards (Rs. 10,000 onwards in rural markets)||1%||3 months - 2 years|
|SBI||8%||Rs. 20,000 - Rs. 50 Lakhs||Nil till 31.01.2023||Up to 3 years|
|Kotak Mahindra Bank||8% - 17%||Rs. 20,000 - Rs. 1.5 Crores||Up to 2% + GST||Up to 4 years|
|Bank of Baroda||9.20% - 9.30%||Up to Rs. 25 Lakhs||Applicable charges +GST||1 year - 3 years|
|ICICI Bank||10% - 17.95%||Rs. 50,000 - Rs. 1 Crore||1%||6 months - 1 year|
|Canara Bank||13% onwards||Rs. 5,000 - Rs. 35 Lakhs||1%||6 months - 1 year|
|Axis Bank||17% - 19%||Rs. 25,001 - Rs. 25 Lakhs||Up to 0.50%||6 months - 3 years|
The applicant has to bear the following charges for Indian Bank gold loan:
Follow the steps mentioned below to complete the online Indian Bank gold loan application process:
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.
Indian Bank's gold rate today is Rs. 2,900 to Rs. 3,450. Please note that the Indian Bank gold loan per gram rate may change when you apply for the loan.
Gold loan interest rate in Indian Bank starts from 8.25% per annum.
You can repay your Indian Bank gold loan in any of the following two methods:
Yes. To repay the Indian Bank Gold loan interest online, use the payment options available on the Indian bank's website or make your loan payments via net banking, debit card, or the i-mobile app.
The failure in repayment (usually 3 consecutive payments or more) will lead to the gold being auctioned off by the lending bank since the gold has been pledged as collateral against the loan. The gold will be sold off for recovery as it will become a non-performing asset.
Depending on the policy of the lending bank, you can prepay your gold loan as and when desired. Most lenders do not levy any prepayment penalty or a minimum lock-in period for prepayment.
No, there is no need to submit any income proof, including bank account details. You can avail of a gold loan without any bank account. Most lenders provide a gold loan with minimum documents like identity and address proof.
Yes, a gold loan affects your CIBIL. Therefore, it is advised to repay your gold loan in a timely manner.
In Indian Bank, the maximum tenure for a gold loan is up to 35 months.
A PAN Card can be provided as an identity proof document. It is not a mandatory requirement.