Indian Bank Gold Loan offers quick financing for various personal needs. Borrowers can access funds at attractive interest rates and flexible repayment options by pledging gold jewelry. The Indian Bank gold loan, at an affordable interest rate, can help you get immediate funds for domestic purposes, family events, or medical emergencies without selling your assets. With minimal documentation and transparent processing, the Indian Bank Gold Loan is a reliable financial solution for Indian households.
Read on to know more about Indian Bank interest rates, loan schemes, loan amounts, eligibility & more!
You can get an Indian Bank Gold Loan of up to ₹35 lakhs by pledging gold jewelry with interest rates from 8.80% to 10.40%, flexible repayment options of up to 35 months, and quick processing for personal financial needs.
Highlights of Indian Bank Gold Loan
Indian Bank Gold Loan is designed to meet the diverse needs of customers, providing flexibility in repayment, competitive interest rates, and high loan amounts. Here’s an overview of the key highlights:
| Particular | Details |
|---|---|
| Eligibility | Individuals, including Senior Citizens |
| Minimum Entry Age | 21 years |
| Maximum Exit Age | 70 years |
| Purpose | Domestic needs, medical expenses, family functions, etc. |
| Security | Pledge of jewels |
| Loan Amount | Up to ₹35 lakhs |
| Repayment Period | Bullet Repayment: Up to 12 months; Monthly Repayment: Up to 35 months |
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Indian Bank Gold Loan Interest Rates & Charges
Indian Bank Gold Loan comes with attractive interest rates and transparent charges, allowing borrowers to make informed decisions. Below are the details for the interest rates and associated fees:
Indian Bank Gold Loan Interest Rates
| Loan Type | Interest Rate |
|---|---|
| Jewel Loan (Non-Priority) | 8.80% – 9.00% |
| Overdraft (OD) against Gold Jewels | 9.90% – 10.40% |
Indian Bank Gold Loan Processing Fee & Charges
| Fee Type | Amount |
|---|---|
| Processing Fee (for both loan types) | NIL |
| Appraiser Fee | To be paid by the applicant |
Types of Indian Bank Gold Loan
Indian Bank offers two types of Gold Loans, each designed to meet specific borrower needs, providing flexibility and convenience based on how the funds are accessed and repaid.
Jewel Loan (Non-Priority) Gold Loan Scheme
- Purpose: This is a straightforward loan where customers can pledge their gold jewelry to secure funds for various personal needs, such as family functions, medical expenses, or educational purposes. This loan type is ideal for borrowers who require a lump sum amount for non-priority domestic purposes.
- Interest Rate: 8.80% – 9.00%
- Repayment Options: Borrowers can choose between Bullet Repayment, where the full loan amount is repayable at the end of the loan period, or Monthly Repayment, which allows for regular instalment payments.
Overdraft (OD) Against Gold Jewels
- Purpose: This option provides an overdraft facility, allowing customers to pledge their gold and access funds as needed within a predetermined limit. The borrower pays interest only on the amount utilised, making it a cost-effective solution for those who need flexible access to cash flow.
- Interest Rate: 9.90% – 10.40%
- Repayment Flexibility: Borrowers have the freedom to draw funds up to the approved limit and repay as convenient, making it suitable for managing fluctuating financial needs.
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Features & Benefits of Indian Bank Gold Loan
Indian Bank Gold Loan offers multiple features and benefits that make it a preferred choice for those looking to leverage their gold assets.
- Flexible Repayment Options: Borrowers can choose between Bullet Repayment, where the entire amount is paid at the end of the loan period, or Monthly Repayment, which offers an instalment-based approach.
- High Loan-to-Value (LTV) Ratio: Indian Bank offers up to 75% LTV based on the pledged jewelry’s market valuation, providing substantial funds against gold assets.
- Quick Processing: Minimal documentation and streamlined processes ensure that borrowers receive funds quickly, often on the same day.
- No Processing Fee: Indian Bank does not charge a processing fee, making this loan even more affordable for applicants.
- High Loan Amount: Eligible borrowers can avail themselves of loans up to ₹35 lakhs, catering to substantial financial requirements.
- Secure and Transparent: Indian Bank maintains transparency in terms and conditions, offering a secure borrowing experience.
Indian Bank Gold Loan Interest Rates Vs Other Banks
The table below shows a comparison of gold loan interest rates offered by different banks & NBFCs.
| Bank/NBFC | Gold Loan Interest Rate % p.a. |
|---|---|
| Indian Bank Gold Loan | 8.80% to 9.00% |
| SBI Gold Loan | 9.05% |
| Union Bank Gold Loan | 7.90% to 9.80% |
| IIFL Finance Gold Loan | 11.88% – 27% p.a. |
| Bajaj Finserv Gold Loan | 9.50% – 28% p.a. |
| Kotak Mahindra Bank Gold Loan | 8.00% to 24.00% |
| HDFC Bank Gold Loan | 8.30% to 16.55% |
| Central Bank of India Gold Loan | 8.45% to 8.55% |
| UCO Bank Gold Loan | 8.50% |
| IndusInd Bank Gold Loan | 8.75% to 16.00% |
| Bandhan Bank Gold Loan | 8.75% to 19.25% |
| Punjab & Sind Bank Gold Loan | 8.85% |
| Bank of Baroda Gold Loan | 9.15% |
| Punjab National Bank Gold Loan | 9.25% |
| Bank of Maharashtra Gold Loan | 9.30% |
| Federal Bank Gold Loan | 9.49% |
| City Union Bank Gold Loan | 9.50% |
| Canara Bank Gold Loan | 9.60% |
| J & K Bank Gold Loan | 10.00% |
| ICICI Bank Gold Loan | 10.00% |
| Karur Vysya Bank Gold Loan | 10.25% |
| South Indian Bank Gold Loan | 10.01% |
| Karnataka Bank Gold Loan | 11.21% |
| Axis Bank Gold Loan | 17.00% |
| Muthoot Finance Gold Loan | 22% p.a. with a 2% rebate if 100% interest is paid monthly |
| AU Small Finance Bank Gold Loan | Up to 24.00% |
Note: The interest rates mentioned above are subject to change at the lender’s discretion.
Indian Bank Gold Loan Eligibility
Indian Bank Gold Loan is available for a broad segment of individuals with straightforward eligibility requirements.
- Age: Applicants must be between 21 and 70 years old.
- Eligible Individuals: All individuals, including senior citizens.
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Documents Required for Indian Bank Gold Loan
To apply for the Indian Bank Gold Loan, the following documents are necessary:
- Duly filled application form
- Identity Proof: Aadhaar card, PAN card, or any other government-issued ID
- Address Proof: Utility bills, Voter ID, Passport, etc.
Steps to Apply for an Indian Bank Gold Loan
Applying for an Indian Bank Gold Loan is a simple process that can be completed online from the comfort of your home. Follow these steps to submit your application quickly and conveniently:
- Visit the Jewel Loan Page: Open the Jewel Loan page on Indian Bank’s official website.
- Apply for Loan: Scroll to the bottom of the page and click on the “Apply for Loan” link.
- Submit a Request: From the options presented, select “Submit a request.”
- Choose Client Status: In the “Whether you are an existing client” section, select “Yes” if you are already a customer of Indian Bank, or “No” if you are a new applicant.
- Provide Account Details: If you are an existing client, enter the savings account number associated with your Indian Bank account. If you are a new customer, enter your mobile number for further communication.
- Generate OTP: Click on “Generate OTP” to receive a One-Time Password on your provided mobile number.
- Enter OTP: Input the OTP sent to your mobile number to verify your application.
- Wait for Contact: Once your application is submitted, a representative from Indian Bank will contact you to discuss the next steps.
Indian Bank Gold Loan Repayment
Indian Bank offers two primary types of gold loan repayment options: Bullet Repayment and Monthly Repayment. Each type has unique benefits tailored to meet different financial needs.
Gold Loan Bullet Repayment
- Repayment Structure: The entire loan amount is repayable in a single payment at the end of the loan period, along with interest.
- Ideal for: Borrowers who may not want monthly repayment obligations and prefer a lump-sum settlement at the end of the tenure.
- Loan Quantum: The loan amount is based on either the per-gram advance value of the gold or the market-based value of the pledged jewels (up to a maximum LTV of 75%).
- Tenure Options: Available for 3, 6, or 12 months.
- Maximum Loan Amount: Up to ₹35 lakhs per borrower.
LTV and Margin Requirements:
| Tenure | Revised Advance Value | Available Margin | Max LTV |
|---|---|---|---|
| 12 months | 68% | 32% | 75% |
| 6 months | 71% | 29% | 75% |
| 3 months | 73% | 27% | 75% |
Gold Loan Monthly Repayment
- Repayment Structure: This option allows borrowers to repay the loan in monthly instalments, which include both principal and interest.
- Ideal for: Individuals who prefer smaller, regular payments over the loan tenure, making it easier to manage cash flow.
- Loan Quantum: Up to 70% of the market value of the pledged gold, based on the current gold value or per gram advance value, whichever is lower.
- Tenure: Up to 35 months.
- Maximum Loan Amount: No cap on the loan amount, as it depends on the pledged gold’s value.
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Indian Bank Gold Loan Customer Care
Indian Bank provides dedicated customer care support to address any banking queries or issues faced by its customers. The bank’s customer care team is available 24/7, ensuring continuous assistance through a national helpline and various contact options.
Corporate Office – Postal Address:
Indian Bank, Corporate Office,
PB No: 5555, 254-260, Avvai Shanmugam Salai, Royapettah, Chennai – 600 014
Corporate Office Phone Number: 044 28134300
National Helpline Number: 1800 425 00 000
(Available 24 hours a day, 365 days a year to assist with customer queries)
Branch Contact Details: For specific branch contact numbers, visit the ‘Branch Network’ section on the Indian Bank website.
Quick Contacts for Indian Banking Services
Indian Bank offers a missed call service for balance inquiries, allowing customers to check their account balance with ease.
| Facility | Phone Number | Service |
|---|---|---|
| Missed Call Number (Balance Enquiry) | 96776 33000 | Gives balance details through SMS to the customer’s registered mobile number. |
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