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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., 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.

Updated:

Indian Bank Gold Loan Interest Rates For Different Schemes

Indian Bank gold loan interest rates for different schemes are:

Jewel Loan (Non-Priority)

Product NameClassificationRate of Interest
Short Term - Up to 35 months (EMI)Irrespective of limit9.15% p.a.
Bullet Payment - Up to 12 monthsUpto Rs.10 lakhs8.65% p.a.
Senior Citizens - Up to 35 months (EMI)Irrespective of limit9.15% p.a.

Agricultural Jewel Loan Scheme

ClassificationRate of Interest
Bumper Agri Jewel Loan7% p.a. - Floating
Other Agri Jewel loan Products:7% p.a. - Floating

OD Against Gold Jewels

ClassificationRate of Interest
General Public9.80% p.a.
Women9.30% p.a.
COVID Warriors9.30% p.a.

Features of Indian Bank Gold Loan

The key features of 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 maximum tenure of 12 months (for the Bullet Repayment method) and 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 Interest Rate of Top Banks from Indian Bank

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:

BankRate of Interest (p.a.)Loan AmountProcessing FeeTenure
Indian Bank Gold Loan7% - 9.80% p.a.No upper limitNilUp to 35 months
UCO Bank Gold Loan7.40% - 7.90% p.a.No upper limitUp to 0.20% Decided by the bank
PNB Gold Loan

8.65% p.a.

Rs. 25 000 to Rs. 25 Lakhs0.30% or Rs. 500 + GST, whichever is higherUp to 12 months
Bank of Baroda Gold Loan9.20% - 9.30%Up to Rs. 25 LakhsUp to 0.50% + GST1 year - 3 years
Canara Bank Gold Loan13% onwardsRs. 5,000 - Rs. 35 Lakhs1% 6 months - 1 year
HDFC Bank Gold Loan7.60% - 16.81%Rs. 25,000 onwards (Rs. 10,000 onwards in rural markets)1%3 months - 2 years
SBI Gold Loan8%Rs. 20,000 - Rs. 50 LakhsNil till 31.01.2023Up to 3 years
ICICI Bank Gold Loan10% - 17.95%Rs. 50,000 - Rs. 1 Crore1%6 months - 1 year
Kotak Mahindra Bank Gold Loan8% - 17%Rs. 20,000 - Rs. 1.5 CroresUp to 2% + GSTUp to 4 years
Axis Bank Gold Loan17% - 19%Rs. 25,001 - Rs. 25 LakhsUp to 0.50%6 months - 3 years

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.

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.

Key Features:

  • 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: Entire loan amount has to be repaid at the end of 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: 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 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
  • Interest rate: Indian Bank gold loan interest rate for this scheme varies between 8.65% and 9.15% p.a. 
  • Documents required: Documents required for 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, poultries, and fisheries, purchase of inputs like fertilizers, seeds, pesticides, repayment of debt availed of from non-financial institutional lenders, etc.

Key Features:

  • 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 for 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 for 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 loan application form
    • Proof of agriculture land in 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.

Key Features:

  • 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 re-assessed 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. 

Indian Bank Gold Loan Interest Rate FAQs

Who can apply for a gold loan in an Indian Bank?

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  • 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

What documents are required to avail gold loan in Indian Bank?

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  • 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 Agricultural Jewel Loan Scheme, you will be required to submit the following additional documents:
    • Proof of agriculture land in applicant’s name 
    • Proof for crop cultivation.

How to apply for Indian Bank Gold Loan?

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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.

How to check gold loan status in Indian Bank?

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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.

What is the loan tenure of the Indian Bank Gold Loan?

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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).

How to Renew Indian Bank Gold Loan online?

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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.