South Indian Bank Gold Loan

Below are the key features of the South Indian Bank gold loan

Below are some of the key benefits of South Indian Bank gold loan: 

• Multiple schemes: South Indian Bank offers gold loans with repayment at the end of the loan tenure, gold loans with monthly repayment options, and gold loan takeover scheme
• Flexible loan amount: You can avail of as low as Rs. 5,000 and as high as Rs. 10 Crores as loan amount.
• Affordable interest rate: South Indian Bank gold loan rate of interest is highly affordable and depends on the type of scheme to be applied for.
• Gold Loan Takeover Scheme: The bank offers takeover scheme for individuals having gold loan facilities with other banks/ NBFCs.  
• High rate per gram/ LTV: You can get up to 85% rate per gram/ LTV, depending on the type of scheme and gold’s value.
• Different benchmark rates: The bank offers gold loan interest rates linked to current Repo Rate decided by the RBI as well as its current MCLR.
• Multipurpose: The loan amount can be used for meeting any lawful personal and consumption needs.

Zero processing fee: No processing charges are involved in getting a gld loan from South Indian Bank.

Following are the details of the South Indian Bank gold loan interest rates:

Floating Rate Schematic Loans Linked to Repo Rate

Note: As of February 7, 2025, the repo rate in India is 6.25%.

Schematic Loans Linked to MCLR

Note: 3-Month, 6-Month and 1-Year and MCLRs effective from 20th January 2025 are 9.95%, 10% and 10.10% respectively.

Below is the comparison between South Indian Bank gold loan interest rates with other lenders:

South Indian Bank offers the following types of gold loan schemes:

• Gold Loans with repayment at the end of the loan tenure
• Loan amount: Rs. 5,000 - Rs. 10 Crores
• Security: Pledge of 22 carat gold jewellery/ ornaments
• Type: Demand Loan/ Term Loan
• Tenure: 3 months, 6 months, and 12 months variants
• Rate per gram/ LTV: Up to 73% as fixed by bank from time to time
• Gold Loans with monthly repayment options
• Loan amount: Rs. 5,000 - Rs. 10 Crores
• Security: Pledge of 22 carat gold jewellery/ ornaments
• Type: Demand Loan/ Term Loan/ Overdraft
• Tenure: 12 Months to 36 Months through monthly interest servicing or EMI
• Rate per gram/ LTV: Up to 75% as fixed by bank from time to time
• Gold Loan Takeover Scheme
• Target customers: Individuals having gold loan facilities with other banks/ NBFCs 
• Security: Pledge of 22 carat gold jewellery/ ornaments
• Type: Term Loan with Bullet Repayment options
• Tenure: 3 months, 6 months, 12 months variants 
• Rate per gram/ LTV: Up to 85% as fixed by bank from time to time

The fees and charges involved in availing of a South Indian Bank gold loan are:

• Processing fee: Nil 
• Handling charges: Nil to Rs. 2.50 per Rs. 1,000 of the loan amount
• Penal interest: 2% p.a. for the defaulted amount for the defaulted period
• Service charge: 6% p.a. on the defaulted amount for the defaulted period

The basic eligibility criteria to apply for a gold loan at South Indian Bank are: 

• Minimum age: The applicant should be at least 18 years old when applying for the loan. 
• Maximum age: The maximum age of the borrower should not be beyond 65 years on loan maturity.
• Nationality: The borrower must be a citizen of the country where the loan is being availed.
• Gold: The borrower should own 22 carat gold jewellery or ornaments that can be pledged as collateral.

You will be required to submit the following documents to apply for South Indian Bank’s gold loan:

• Identity proof: Such as an Aadhaar Card, PAN Card, Passport, etc.
• Address proof: Ssuch as Utility Bills. Rental Agreement, Passport, etc.
• Recent passport-sized photograph.
• The gold jewelry that will be used as collateral.