Indian Bank provides comprehensive details about its gold loan offerings, including eligibility criteria, documentation requirements, processing fees, and repayment terms. Customers can access this information online or by visiting their nearest branch for assistance.
Gold loan is a popular financial product offered by Indian banks, including Indian Bank. Individuals can pledge their gold jewelry or ornaments to avail a loan from the bank. Here’s everything you need to know the Indian Bank gold loan offers here.
Gold Loan Details in Indian Bank
| |
Indian Bank Gold Loan Details | IB Gold Loan Rate starting From 7.05% Per Annum |
Processing fee | Nill |
Tenure Time | Up to 3 Years |
Loan Amount | Up to 25 Lakhs |
LTV (Loan –To- Value) | 75% Of the appraised Value of the Gold |
Indian Bank Gold Loan Interest Rate Per Gram | Rate per Gram today is Rs 6347 (22 carat) |
Types of Gold Loan In Indian Bank
Type of Loan | Rates (Fixed) | Rates (Floating) |
Jwel Loan (Non Priority) | 8.65%-9.00% | 8.80%-9.80% |
OD Against Glod Loan | 9.90%-10.40% | 9.95%-10.45% |
Indian Bank Gold Loan Interest |Gold Loan Interest Rate in Indian Bank
When availing a gold loan from Indian Bank, borrowers must pay interest on the loan amount. The interest rates on gold loans offered by Indian Bank are reasonable and affordable, ensuring that customers can repay the loan without excessive financial burden.
Factors Affecting Indian Bank Gold Loan Interest
Loan Amount: The amount of gold you pledge as collateral directly affects the Gold Loan Interest Rate in Indian Bank. Lower interest rates can result from larger loan amounts because the lender takes less of the risk.
Loan Tenure: The duration for which you take the loan can impact the interest rate. Shorter tenures might result in slightly lower rates, while longer could lead to higher rates.
Market Conditions: Gold market fluctuations and interest rates prevailing in the economy directly affect Indian Bank Gold Loan interest rates, which may vary over time.
Loan-to-Value (LTV) Ratio: The loan-to-Value ratio, which represents the proportion of the loan amount to the value of the gold, can affect the interest rate. Lower LTV ratios could result in more favorable rates.
Borrower’s Credit Profile: While an Indian Bank Gold Loan doesn’t require a full credit check, the interest rate may still be slightly determined by your general creditworthiness.
Loan Type: The rates of interest on the various kinds of gold loans that Indian Bank offers (including normal, overdraft, and rapid repayment) could change depending on the loan’s particulars.
Loan Repayment History: It may be possible to receive better interest rates on following loans if you have a history of repaying Indian Bank Gold Loans on time.
Special Schemes: Indian Bank may offer special schemes or promotional interest rates for specific periods, which can affect the interest rate you receive.
Gold Loan Per Gram in Indian Bank | Indian Bank Gold Loan Rate Per Gram Today | Indian Bank Gold Loan Per Gram Amount | Indian Bank Gold Loan for 1 Gram
The gold loan amount sanctioned by Indian Bank is determined based on the purity and weight of the gold jewelry pledged. Indian Bank offers competitive rates per gram of gold, making it a favorable option for those in need of quick financial assistance.
1 Gram 22 Carat Gold | Value INR 6347 |
1 Gram 20 Carat Gold | Value INR 5770 |
1 Gram 18 Carat Gold | Value INR 5153 |
Features of Indian Bank Gold Loan
All the banks and NBFSCs that provide you with gold loan facilities have features and benefits due to which customers are attracted to them, likewise, Indian Bank offers you a host of features that makes gold loan even more cost-effective for you. These are as follows:
Quick and Hassle-Free Process: The process of applying for an Indian Bank Gold Loan is really easy. The simple procedure, which includes gold review, paperwork, and disbursement, guarantees that you will receive the money you require as soon as possible.
Competitive Interest Rates: Take advantage of attractive interest rates that enable affordable and easy repayment. Indian Bank strives to offer flexible terms based on your ability to repay the loan. You select the loan amount that best suits your needs, and you make easy equal monthly installments to repay the loan with interest.
High Loan Amounts: The loan amount is determined by the value of the gold you commitment, giving you access to a sizeable amount of money while securing your priceless items. Depending on the purity of the gold, you can obtain a loan for up to 75% of its worth, as per RBI rules.
Indian Bank Gold Loan Online Payment: Customers can conveniently make their gold loan repayments through Indian Bank’s online payment portal. This secure and efficient payment option allows borrowers to settle their loan dues from the comfort of their homes or offices, adding to the overall convenience of availing a gold loan from Indian Bank.
FAQs Related to Indian Bank Gold Loan Interest Rate
How Much Gold Loan Per Gram in Indian Bank?
The amount of gold loan per gram that individuals can avail at Indian Bank depends on factors like the purity of the gold, prevailing market rates, and loan-to-value ratio. By understanding these parameters, borrowers can assess the loan quantum they qualify for.
How to check Indian Bank Gold Loan Status?
- Call Indian Bank Customer Care:
This is the most direct approach. You can contact Indian Bank customer care at 1800 425 00 000 or 1800 425 4422 [1].
Be prepared to provide your loan application reference number or other relevant details when speaking with a customer service representative.
- Existing Customer – Net Banking (if applicable):
f you’re an existing Indian Bank customer and use their net banking service, there’s a possibility you can check the status there. However, as of now, the official Indian Bank website doesn’t explicitly mention checking loan status through net banking for gold loans. It’s best to contact customer care or visit your branch for confirmation.
Conclusion
Indian Bank’s gold loan offerings are designed to cater to a diverse range of customer needs, whether for personal expenses, agricultural requirements, or urgent financial assistance. With competitive interest rates, transparent terms, and convenient repayment options, Indian Bank stands out as a reliable choice for individuals seeking gold loans in India. Avail a gold loan from Indian Bank today and experience the convenience and affordability of financial assistance backed by a trusted banking partner.