Interest Rate & Loan Details
- Interest Rate:
- For loans up to ₹20 lakh: Repo Rate (6.50%) + Prime Spread (2.70%) – BSD (0.40%) = 8.80% per annum.
- For loans above ₹20 lakh and up to ₹35 lakh: Repo Rate (6.50%) + Prime Spread (2.70%) – BSD (0.20%) = 9.00% per annum.
- For loans above ₹35 lakh: Repo Rate (6.50%) + Prime Spread (2.70%) = 9.20% per annum.
- Loan Amount: Up to 85% of the gold's value.
- Processing Fee:
- Up to ₹1,00,000: NIL
- Above ₹1,00,000: Nominal charges apply.
- Loan Tenure: Flexible repayment terms as per bank's guidelines.
Eligibility Criteria for Indian Bank Gold Loan
To qualify for an Indian Bank Gold Loan, you must meet the following criteria:
- Age: Minimum 18 years.
- Gold Ownership: Ownership of gold ornaments or jewelry.
- Residency: Must be an Indian resident.
Documents Required
Key documents required to apply for an Indian Bank Gold Loan:
- Identity Proof: Aadhaar Card, Voter ID, Passport, or Driving License.
- Address Proof: Utility Bill, Bank Statement, or Passport.
- Proof of Ownership: Proof of ownership of the gold ornaments.
Loan Amount & Security
Loan Amount: Up to 85% of the gold's value.
Security: Pledge of gold ornaments or jewelry.
Repayment Options
Indian Bank offers the following repayment options:
- Bullet Repayment: Repay the principal and interest at the end of the loan tenure.
- EMI Based Repayment: Monthly installments comprising principal and interest.
- Overdraft Facility: Available as per bank's discretion.
Charges & Fees
- Processing Fee:
- Up to ₹1,00,000: NIL
- Above ₹1,00,000: Nominal charges apply.
- Appraisal Fee: Applicable as per bank's guidelines.
- Prepayment Charges: No pre-closure charges.
Key Considerations Before Applying
Before applying for an Indian Bank Gold Loan, keep the following points in mind:
- Gold Quality: Gold pledged must meet the bank's purity standards.
- Loan Agreement: Carefully read the loan terms and conditions before signing.
- Gold Security: Understand that pledged gold may be forfeited in case of non-repayment.
Contact Indian Bank
If you have any questions or wish to apply for a gold loan, contact Indian Bank:
- Customer Care: 1800 425 00 000 (toll-free)
- Official Website: Indian Bank
Disclaimer: The information provided above is based on publicly available data and is subject to change at the bank’s discretion. For the most current details, please visit the official Indian Bank website or contact the nearest Indian Bank branch.
