South Indian Bank offers gold loans to help individuals meet their urgent financial needs by pledging gold jewelry as collateral. These loans have minimal documentation, competitive interest rates, and flexible repayment options. Whether for personal, agricultural, or business purposes, South Indian Bank gold loans ensure quick disbursal, making them an ideal choice for those seeking short-term financial assistance.
South Indian Bank offers Gold Loans starting from ₹5,000 up to ₹10 crore. You can pledge 22-carat gold ornaments and choose flexible repayment options for tenures of up to 36 months.
Highlights of South Indian Bank Gold Loan
South Indian Bank Gold Loans stand out for their ease of access, attractive rates, and flexible loan terms. Here’s an overview of the key features:
| Feature | Details |
|---|---|
| Loan Amount | ₹5,000 to ₹10 crore |
| Interest Rate | Linked to Repo Rate and MCLR |
| Tenure | 3 to 36 months |
| Loan Type | Demand Loan / Term Loan |
| Repayment Options | Bullet repayment, monthly interest, or EMI |
| Processing Fee | 0.25% of the loan amount |
| Security | Pledge of 22-carat gold jewelry or ornaments |
| Loan To Value | Up to 85% as fixed by the bank from time to time. |
Are you looking for a personal loan?
Get Personal Loan Online Up to ₹15 Lakhs
By entering your number, you're agreeing to Terms & Conditions & Privacy Policy.
South Indian Bank Gold Loan Interest Rate & Charges
South Indian Bank offers tailored interest rates for gold loans based on two key benchmarks: MCLR (Marginal Cost of Funds Based Lending Rate) and Repo Rate. Below are the detailed tables for both categories:
Gold Loans Linked to MCLR
| Scheme | Interest Rate |
|---|---|
| Gold Loan Scheme (Personal) | 1 Year MCLR + 0.45% or 3 Month MCLR + 0.85% |
| Micro Gold Loan | 1 Year MCLR + 2.65% to 1 Year MCLR + 3.15% |
| Gold Loan Agri | 1 Year MCLR + 0.30% to 1 Year MCLR + 1.65% or 6 Month MCLR + 0.50% |
Gold Loans Linked to Repo Rate
| Scheme | Interest Rate |
|---|---|
| Gold Power OD | Repo Rate + 8.55% |
| Gold Loan Personal (EMI/OD) | Repo Rate + 8.30% to Repo Rate + 8.55% |
| Gold Max / Agri Gold Max | Repo Rate + 3.00% |
Additional charges applicable:
| Charge Type | Details |
|---|---|
| Handling / safe custody charges | Nil |
| Processing Fee | 0.25% per annum of the sanctioned limit |
| Penal Interest | 2% per annum for the defaulted amount during the default period |
Note: The processing fee and the penal interest are applicable for the SIB Gold Loan- Business segment.
Not sure of your credit score? Check it out for free now!
Features & Benefits of South Indian Bank Gold Loan
South Indian Bank Gold Loans are designed to offer quick financial solutions while ensuring customer convenience and satisfaction. Below are the key features and benefits:
- Higher Rate Per Gram: Maximize the value of your gold with a higher loan-to-value ratio.
- Quick Disbursal: Immediate loan disbursement after gold valuation and approval.
- Zero Processing Charges: Enjoy the benefits of zero processing fees, making the loan more affordable.
- Minimal Documentation: Hassle-free process requiring only essential documents.
- Safe Custody of Gold: Your gold is securely stored in the bank’s vaults.
- Flexible Repayment Options: Multiple repayment methods to suit individual financial situations.
- Attractive Interest Rates: Competitive rates ensure affordability while catering to various segments.
Compare Gold Loan Interest Rates
Compare gold loan interest rates for different banks & NBFCs from below:
| Bank/NBFC | Gold Loan Interest Rate % p.a. |
|---|---|
| Bank of Maharashtra Gold Loan | 9.30% |
| SBI Gold Loan | 9.05% |
| IIFL Finance Gold Loan | 11.88% – 27% p.a |
| Bajaj Finserv Gold Loan | 9.50% – 28% p.a. |
| HDFC Bank Gold Loan | 8.30% to 16.55% |
| Central Bank of India Gold Loan | 8.45% to 8.55% |
| Union Bank Gold Loan | 7.90% to 9.80% |
| UCO Bank Gold Loan | 8.50% |
| Indian Bank Gold Loan | 8.65% to 9.00% |
| IndusInd Bank Gold Loan | 8.75% to 16.00% |
| Kotak Mahindra Bank Gold Loan | 10.00% |
| 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% |
| 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% |
| 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.
South Indian Bank Gold Loan Eligibility
Borrowers must meet specific eligibility criteria to qualify for a South Indian Bank Gold Loan. These criteria ensure that applicants are capable of meeting the bank’s requirements while securing their financial needs.
Below are the details:
- Citizenship: The borrower must be a citizen of India.
- Age Requirement: Applicants should be at least 18 years old or above.
- Ownership of Gold: Borrowers must own gold ornaments or jewelry (minimum 22-carat purity) that can be pledged as collateral.
Looking for a loan?
Get Personal Loan Online Up to ₹15 Lakhs
By entering your number, you're agreeing to Terms & Conditions & Privacy Policy.
Documents Required for South Indian Bank Gold Loan
South Indian Bank ensures a hassle-free gold loan application process by keeping the documentation minimal. Borrowers need to submit the following essential documents:
- Identification Proof: Aadhaar card, PAN card, Voter ID, or Passport.
- Address Proof: Utility bills, rental agreement, Ration card, or Passport.
- Photograph: Recent passport-sized photograph.
- Gold Collateral: Gold jewelry or ornaments (minimum 22-carat purity) to be pledged as security.
South Indian Bank Gold Loan – Agriculture Segment
South Indian Bank offers specialized gold loans to support agricultural activities, helping farmers meet their financial requirements for crop production and allied activities. These loans are tailored to provide maximum benefits with flexible repayment options and minimal documentation.
| Feature | Details |
|---|---|
| Purpose of the Loan | For agricultural crop production and allied activities |
| Loan Amount | Minimum: ₹5,000; Maximum: ₹10 crore |
| Security | Pledge of 22-carat gold jewelry or ornaments |
| Type of Loan | Demand Loan / Term Loan |
| Tenure | 6 months / 12 months |
| Rate per Gram (LTV) | Up to 85%, as determined by the bank |
| Minimum Interest | Applicable for 5 days or ₹50, whichever is higher |
Additional Benefit:
Farmers can also avail of the Kisan Credit Card (KCC) scheme with 22-carat gold as collateral, which includes attractive interest subventions as per Government and RBI guidelines.
Not sure of your credit score? Check it out for free now!
South Indian Bank Gold Loan – Business Segment
South Indian Bank offers Gold Loans under the Business Segment to support the financial needs of businesses, self-employed individuals, and entities. These loans are ideal for those seeking working capital or funds for expansion, operations, or on-lending purposes, with flexible repayment options and competitive interest rates.
Gold Loan – Business Segment Details
| Feature | Details |
|---|---|
| Purpose | For genuine business requirements, self-employed persons, or entities, and on-lending purposes |
| Target Customers | Individuals, Proprietorships, HUFs, Partnership Firms, Pvt. Ltd./Public Ltd. Companies, LLPs |
| Loan Type | Overdraft / Term Loans with bullet repayment options |
| Quantum of Finance | Minimum: ₹25,000 (Micro Gold) / ₹25.00 lakhs (NEO) / ₹2.5 lakhs (Gold Power) |
| Maximum Loan Amount | Up to ₹25.00 crore |
| Rate Per Gram (LTV) | Up to 75% (Overdraft) / 72% (NEO) based on the gold valuation |
| Security | Pledge of 22-carat gold ornaments or jewelry |
| Tenor of Loan | 6, 12 months for Micro Gold; up to 36 months for overdraft with renewal options under NEO |
| Processing Fee | 0.25% of the limit sanctioned |
| Penal Interest | 2% per annum on the defaulted amount during the defaulted period |
| Special Features |
|
Micro Gold Scheme
| Feature | Details |
|---|---|
| Purpose | For temporary business needs or income-generation activities |
| Loan Amount | ₹25,000 – ₹10.00 lakh |
| Rate per Gram (LTV) | Up to 71% |
| Loan Type | Demand Loan / Term Loan |
| Tenure | 6 months / 12 months |
| Minimum Interest | ₹50 or for 5 days, whichever is higher |
Steps to Apply for South Indian Bank Gold Loan
Here’s a step-by-step guide to applying for a South Indian Bank gold loan:
- Visit the Bank: Go to your nearest South Indian Bank branch with gold jewelry.
- Gold Valuation: The bank will assess the purity and weight of your gold to determine the loan amount.
- Submit Documents: Provide identity proof, address proof, and recent photographs.
- Loan Approval: After approval, complete the loan application process.
- Receive Funds: The loan amount will be disbursed through your preferred mode—either to your account or in cash.
Do you need an emergency loan?
Get Personal Loan Online Up to ₹15 Lakhs
By entering your number, you're agreeing to Terms & Conditions & Privacy Policy.
South Indian Bank Gold Loan Interest Repayment
The repayment process is flexible, offering multiple methods to suit diverse financial needs:
- Bullet Repayment: Pay both principal and interest at the end of the loan tenure.
- Monthly Interest Payment: Pay only the interest each month, with the principal at the end.
- Equated Monthly Installments (EMI): Pay fixed monthly installments of principal and interest.
South Indian Bank Customer Care Numbers
South Indian Bank provides 24/7 customer care services to ensure assistance for all banking-related queries and concerns.
| Service | Details |
| Toll-Free Customer Care (India) | 1800 425 1809 / 1800 102 9408 |
| Email Support | customercare@sib.co.in |
| NRI Service Centre | +91 484 6689600 / +91 484 2388555 |
| Fraud Risk Reporting | fmcell@sib.co.in / 0487-2421297 |