Indian Bank Gold Loan Interest Rate
Indian Bank gold loan interest rates are highly affordable and vary depending on the type of loan, repayment tenure, and loan amount. The interest rate for Jewel Loan (Non-Priority) ranges from 8.65% to 9.15% p.a., the Indian gold loan interest rate for the Agricultural Jewel Loan Scheme is 7% p.a., and for OD against Gold Jewels is 9.30% to 9.80% p.a.
Indian Bank Gold Loan Interest Rates For Different Schemes
Indian Bank offers a range of gold loan schemes with varying interest rates based on the product type and borrower classification. Below are the current interest rates for different schemes:
Jewel Loan (Non-Priority)
| Product Type | Loan Classification | Interest Rate (p.a.) |
|---|---|---|
| Short Term (up to 35 months, EMI-based) | Irrespective of loan amount | 9.15% |
| Bullet Payment (up to 12 months) | Up to ₹10 Lakhs | 8.65% |
| Senior Citizens (up to 35 months, EMI-based) | Irrespective of loan amount | 9.15% |
Agricultural Jewel Loan Scheme
| Scheme | Interest Rate (p.a.) |
|---|---|
| Bumper Agri Jewel Loan | 7% (Floating) |
| Other Agri Jewel Loan Products | 7% (Floating) |
Overdraft (OD) Against Gold Jewels
| Borrower Category | Interest Rate (p.a.) |
|---|---|
| General Public | 9.80% |
| Women | 9.30% |
| COVID Warriors | 9.30% |
Features of Indian Bank Gold Loan
The key features of the Indian Bank gold loan are mentioned below:
- Purpose: The loan can be availed of for domestic needs, consumption, family functions, medical expenses, any bankable activity, other than speculative.
- Loan amount: You can get up to Rs. 10 Lakhs per borrower for the Bullet Repayment method. There is no limit for the maximum loan amount under the Monthly Repayment method.
- Repayment tenure: The loan can be repaid in a maximum tenure of 12 months (for the Bullet Repayment method) and a maximum of 35 months (for the Monthly Repayment method).
- Security: The Indian Bank Jewel Loan can be availed against the pledge of jewels.
- Type of facility: Bullet Repayment and Monthly Repayment.
- Gold loan types: Jewel Loan, Agricultural Jewel Loan Scheme, and OD against Gold Jewels.
- Interest rate: Gold loan interest rate at Indian Bank varies between 7% to 9.80% p.a., depending on the loan type, loan amount, tenure, and other factors.
Compare Indian Bank's Interest Rates with Leading Banks in India
Below is a comparison of the Indian gold loan interest rate with the gold loan interest rates of other banks. You can check which bank offers the lowest gold loan interest rate in India before applying for a gold loan:
| Bank | Rate of Interest (p.a.) | Loan Amount | Processing Fee | Tenure |
|---|---|---|---|---|
| Indian Bank Gold Loan | 8.25% onwards | No upper limit | 0.50% | Up to 35 months |
| IDBI Bank Gold Loan | 5.88% onwards | Rs. 10,000 - Rs. 20 Lakhs | 1% | 3 months - 1 year |
| UCO Bank Gold Loan | 7.40% - 7.90% | No upper limit | Up to 0.20% | Decided by the bank |
| PNB Gold Loan | 8.65% | Rs. 25 000 to Rs. 25 Lakhs | 0.30% or Rs. 500 + GST, whichever is higher | Up to 1 year |
| Bank of Baroda Gold Loan | 9.20% - 9.30% | Up to Rs. 25 Lakhs | Up to 0.50% + GST | 1 year - 3 years |
| Canara Bank Gold Loan | 13% onwards | Rs. 5,000 - Rs. 35 Lakhs | 1% | 6 months - 1 year |
| SBI Gold Loan | 8% | Rs. 20,000 - Rs. 50 Lakhs | Nil till 31.01.2023 | Up to 3 years |
| ICICI Bank Gold Loan | 10% - 17.95% | Rs. 50,000 - Rs. 1 Crore | 1% | 6 months - 1 year |
| Kotak Mahindra Bank Gold Loan | 8% - 17% | Rs. 20,000 - Rs. 1.5 Crores | Up to 2% + GST | Up to 4 years |
| Axis Bank Gold Loan | 17% - 19% | Rs. 25,001 - Rs. 25 Lakhs | Up to 0.50% | 6 months - 3 years |
| Muthoot Fincorp Gold Loan | 12% - 26% | Rs. 1,500 onwards | Rs.50/loan onwards | 1 - 3 years |
Types of Gold Loans in Indian Bank
The Indian Bank offers the following three types of gold loan schemes:
#1. Jewel Loan:
This gold loan can be obtained for domestic needs, consumption, family functions, medical expenses, or any bankable activity, other than speculative ones.
- Eligibility: To meet this gold loan eligibility, you must be an individual (including senior citizens) aged between 21 to 70 years.
- Type of facility:
- Bullet Repayment: The Entire loan amount has to be repaid at the end of the tenure along with interest.
- Loan to Value (LTV) ratio: For loans up to Rs. 5 Lakhs, you can avail of 70% of the market value of the pledged jewels or per gram advance value of jewels, whichever is lower. For loans above Rs. 5 Lakhs and up to Rs. 10 Lakhs, you can get 65% of the market value of the pledged jewels or per-gram advance value of jewels, whichever is lower.
- Loan amount: The Maximum loan amount available is Rs. 10 Lakhs per borrower.
- Repayment tenure: Maximum up to 12 months
- Monthly Repayment: This loan is repayable in monthly instalments along with interest.
- LTV ratio: 70% of the market value of the pledged jewel or per per-gram advance value of jewels, whichever is lower
- Loan amount: There is no cap on the maximum loan amount under this scheme.
- Repayment tenure: Maximum up to 35 months
- Bullet Repayment: The Entire loan amount has to be repaid at the end of the tenure along with interest.
- Interest rate: The Indian Bank gold loan interest rate for this scheme varies between 8.65% and 9.15% p.a.
- Documents required: Documents required for a gold loan include a duly filled-in loan application form, identity proof, and address proof.
#2. Agricultural Jewel Loan Scheme:
This loan can be availed of to meet the short-term credit requirements for crop cultivation, repairing farm assets, allied activities like dairy, poultry, and fisheries, purchase of inputs like fertilizers, seeds, pesticides, repayment of debt availed of from non-financial institutional lenders, etc.
- Eligibility: All individual farmers are eligible to apply for this loan.
- LTV ratio:
- Bumper Agri Jewel Loan: 85% of the market value of pledged gold jewels or scale of finance/ unit cost approved by NABARD/DLTC, whichever is lower.
- Other Agri Jewel loan Products: 80% of the market value of pledged gold jewels or scale of finance/ unit cost approved by NABARD/DLTC, whichever is lower.
- Repayment tenure: 6 months for Bumper Agri Jewel Loan and 12 months for Other Agri Jewel Loan Products:
- Interest rate: Indian gold loan interest rate for this scheme is 7% p.a. for both Bumper Agri Jewel Loan as well as Other Agri Jewel Loan Products.
- Documents required: You will need the following documents to apply for this loan:
- Duly filled in the loan application form
- Proof of agricultural land in the applicant’s name and proof of crop cultivation.
- Identity proof such as voter ID card, PAN card, passport, aadhaar card, driving license, etc.
- Address proof such as voter ID card, passport, aadhaar card, driving license, etc.
#3. OD Against Gold Jewels:
It is a new product (overdraft facility) for the customers wherein an overdraft (OD) limit is fixed instead of a Term Loan facility, along with additional benefits. Apart from the general public and women, the bank has added a new target group, ‘COVID Warriors’, to give due respect and value their services during the pandemic scenario.
- Purpose: The loan can be availed of for any purpose other than speculative.
- Eligibility: General public, women applicants, and COVID Warriors aged at least 21 years old. COVID Warriors include:
- Healthcare professionals across the discipline
- Police staff, including Home Guard
- Sanitation staff (State Government employees and employees engaged by various municipal bodies)
- Anganwadi and ASHA
- Fire staff
- Dak Sewak
- NSS volunteer
- Ex-servicemen
- LTV: 75% of the market value of the pledged jewels or per gram advance value of jewels, whichever is lower.
- Loan amount: Minimum Rs. 25,000 to maximum Rs. 10 Lakhs.
- Repayment: Interest to be paid as and when charged to the account.
- Renewal of account: The Account should be renewed within 1 year from the date of the original/ latest sanction, and the overdraft limit will be reassessed based on the value of pledged jewels, considering the margin requirements as of that date.
- Add-on benefits: Issuance of Rupay Card and Personalised Cheque Books
- Documents required: Duly filled in loan application form, identity proof, and address proof.
Gold Loan Per Gram Rate in Indian Bank
Gold loan rate per gram today in Indian Bank is Rs. 2,900 to Rs. 3,450. The rate depends on various factors, including the current gold rate, loan amount, weight and quality of the gold to be pledged, and so on. You can use the online gold loan calculator to know the gold loan amount and eligibility before applying for the loan.
Indian Bank Gold Loan Fee & Charges
Apart from the Indian gold loan interest rate, you will be required to pay the following charges for the Indian Bank gold loan:
- Appraiser Fee: To be borne by the applicant as decided by the bank.
- Processing fees for Jewel Loan (Non-Priority): Nil for loan limit up to Rs. 1 Lakh.
- Processing fees for OD against Gold Jewels: Rs. 100 per lakh or part thereof + GST (18% as of date) for loan limit above Rs. 1 Lakh.
FAQs
- Jewel Loan: You must be individuals (including senior citizens) aged between 21 to 70 years.
- Agricultural Jewel Loan Scheme: All individual farmers are eligible to apply for this loan.
- OD Against Gold Jewels: General public, women applicants, and COVID Warriors aged at least 21 years old. COVID Warriors include:
- Healthcare professionals across the discipline
- Police staff, including Home Guard
- Sanitation staff (State Government employees and employees engaged by various municipal bodies)
- Anganwadi and ASHA
- Fire staff
- Dak Sewak
- NSS volunteer
- Ex-servicemen
- A duly filled-in loan application form
- Identity proof: Voter ID card, PAN card, passport, aadhaar card, driving license, etc.
- Address proof: Voter ID card, passport, aadhaar card, driving license, etc.
- For the Agricultural Jewel Loan Scheme, you will be required to submit the following additional documents:
- Proof of agricultural land inthe applicant’s name
- Proof for crop cultivation.
To apply for Indian Bank Gold Loan, you can visit the nearest Indian Bank branch along with a duly filled-in gold loan application form and required documents.
You can check your Indian Bank gold loan status by calling on 1800 425 00 000 or 1800 425 4422. You can also visit the nearest Indian Bank branch.
The Indian Bank gold loan can be repaid in maximum tenure of 12 months (for the Bullet Repayment method) and maximum of 35 months (for the Monthly Repayment method).
You can renew your Indian Bank Gold loan online by logging into your i-mobile app account and then renew your loan under the Gold Loan section by entering the required loan account details. The Account should be renewed within 1 year from the date of the original/ latest sanction, and the overdraft limit will be re-assessed based on the value of pledged jewels, considering the margin requirements as of that date.
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