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., Indian gold loan interest rate for 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 are:
Jewel Loan (Non-Priority)
|Product Name||Classification||Rate of Interest|
|Short Term - Up to 35 months (EMI)||Irrespective of limit||9.15% p.a.|
|Bullet Payment - Up to 12 months||Upto Rs.10 lakhs||8.65% p.a.|
|Senior Citizens - Up to 35 months (EMI)||Irrespective of limit||9.15% p.a.|
Agricultural Jewel Loan Scheme
|Classification||Rate of Interest|
|Bumper Agri Jewel Loan||7% p.a. - Floating|
|Other Agri Jewel loan Products:||7% p.a. - Floating|
OD Against Gold Jewels
|Classification||Rate of Interest|
|General Public||9.80% p.a.|
|COVID Warriors||9.30% p.a.|
The key features of Indian Bank gold loan are mentioned below:
Below is the 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||7% - 9.80% p.a.||No upper limit||Nil||Up to 35 months|
|UCO Bank Gold Loan||7.40% - 7.90% p.a.||No upper limit||Up to 0.20%||Decided by the bank|
|PNB Gold Loan|
|Rs. 25 000 to Rs. 25 Lakhs||0.30% or Rs. 500 + GST, whichever is higher||Up to 12 months|
|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|
|HDFC Bank Gold Loan||7.60% - 16.81%||Rs. 25,000 onwards (Rs. 10,000 onwards in rural markets)||1%||3 months - 2 years|
|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|
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.
The Indian Bank offers the following three types of gold loan schemes:
This gold loan can be obtained for domestic needs, consumption, family functions, medical expenses or any bankable activity, other than speculative ones.
This loan can be availed of to meet the short-term credit requirements for crop cultivation, repairing farm assets, allied activities like dairy, poultries, and fisheries, purchase of inputs like fertilizers, seeds, pesticides, repayment of debt availed of from non-financial institutional lenders, etc.
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.
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.
Apart from the Indian gold loan interest rate, you will be required to pay the following charges for the Indian Bank gold loan:
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.