Indian Bank Gold Loan Interest Rate @ 7% Fixed

Indian bank gold loan interest rate

Indian Bank gold loan interest rate for agriculture gold loan that borrowers can utilize to fund agribusiness activities and meet their working cash needs. The Agri Gold Loan is available with an interest rate as low as 7.00 percent per year. The Agri Gold loan application process is simple and requires little documents.

However, before applying for any loan, make sure to check and compare the interest rates on gold loans offered by various banks and NBFCs.

Interest rate on a gold loan from an Indian bank. The following is full information about the Indian Bank Gold Loan, including its characteristics, interest rates, and eligibility requirements:

Interest Rates for Agri Gold Loans from Indian Banks in 2021.

With effect from July 22, agricultural crop loans would be sanctioned at a fixed rate of 7%, or Rs.583 per lakh per month. The bank lends up to 85% of the ornament’s worth, with a six-month repayment period.

indian bank gold loan interest rate
indian bank gold loan interest rate

Interest Rates on Gold Loans from Indian Banks

To assist you make an informed selection, we’ve compared gold loan interest rates from top banks/NBFCs like Canara Bank Gold Loan Interest Rate, Axis Bank, SBI, Muthoot Finance, ICICI Bank, Federal Bank, HDFC Bank etc, in India versus Indian bank gold loan interest rates. Below in the image you shall find the comparison chart.

Indian Bank Gold Loan Interest Rate Comparison
Indian Bank Gold Loan Interest Rate Comparison

Note: The aforesaid fees and charges are subject to change at the bank’s and RBI’s sole discretion. GST and service tax are not included in the charges and will be imposed separately by the bank.

Name of the Indian bank Gold Loan SchemeIndian Bank Agricultural Jewel Loan Scheme
Rate of Interest for Gold Loan at Indian Bank7% Onward (Based on the loan amount)
Minimum Loan Amount offeredBased on the valuation of the gold ornaments which is being pledged
Loan TenureAdjustment of loan amount within 6 and within 2 months from the date of harvest of crops ( Maximum 12 months)

EMI Calculator for Gold Loans

With the help of our EMI Calculator, you can figure out how much EMI you’ll have to pay if you take out an Indian Bank Gold Loan or a gold loan from another lender. Follow the steps outlined below to calculate your EMI amount.

Step 1: Go to the Gold Loan EMI Calculator page by clicking here.

Step 2: Enter the loan amount, interest rate, and repayment period.

The EMI amount will be displayed on the right side of the screen after inputting the details.

The online calculator can help you figure out how much EMI you’ll have to pay on your loan.

You can also experiment with different options to get the best Gold Loan for you.

The Indian Bank Agricultural Jewel Loan Scheme has a number of advantages.

indian bank gold loan interest rate
indian bank gold loan interest rate

• This loan is available to all farmers.

• A short-term loan to cover the costs of routine farming needs.

• The loan amount is determined by the value of the diamond being pledged.

• Simple repayment of the loan amount, allowing for adjustments following crop harvest.

Fees and charges for processing charges under the Indian Bank Agricultural Jewel Loan Scheme.

• Nil for amounts up to Rs.25,000.

• If the loan amount is more than Rs.25,000 but less than Rs.5 lakh, 0.30 percent of the loan amount is required, with a minimum of Rs.300.

• Less than Rs.1 crore but more than Rs.5 lakh: 0.28 percent of the loan amount, with a minimum of Rs.1,500.

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Before applying for a gold loan, there are a few things you should know.

  • Because gold is commonly maintained in the form of family jewelry in India, we have an emotional attachment to it.
  • We must hold this gold as security when we ask for a gold loan, which we do not readily agree to.
  • You must also be familiar with the types of gold that qualify for a gold loan.
  • The gold required as collateral for a gold loan should be of 18-22 carat purity or above.
  • The value of precious jewels set in gold jewelry is not taken into account.
  • It is also essential for borrowers to study the loan agreement’s terms and conditions carefully.
  • Furthermore, you risk losing your pledged gold/gold jewelry if you do not return the gold loan on time. This may put you in a lot of trouble. As a result, it’s important to think about whether you’ll be able to pay back the gold loan on time.

Eligibility for a Gold Loan from an Indian Bank.

Eligibility Criteria: Indian Bank Agri Gold Loan is open to any individual farmer who has gold jewelry to put as collateral.

1. The individual must be at least 18 years old.

2. Anyone who owns gold, gold ornaments, or gold coins and needs to borrow money from a bank.

3. The individual must have a steady source of income (optional).

4. People who have a bank account, either a savings or a current account (optional).

Documents Required for a Gold Loan from an Indian Bank.

Documents to be submitted- The following documents must be submitted.

• Completed application form.

• Proof of agricultural land in the applicant’s name, as well as proof of crop cultivation.

• Identification documents, such as a voter ID card, a PAN card, a passport, an Aadhaar card, or a driver’s license.

• Address proof, such as a voter ID card, passport, Aadhaar card, or driver’s license.

How can I apply for a gold loan from an Indian bank?

How to Apply for a Gold Loan from Indian Bank Online.

Step 1: Go to the online application page by clicking here.

Step 2- If you are an existing customer, click Yes; otherwise, select No.

Step 3: Fill in your name and phone number, as well as the captcha.

Step 4: Enter the OTP that was sent to you.

Step 5- Once the application has been approved, a bank representative will contact you to walk you through the procedure, and you will be required to submit the relevant KYC papers.

How to Make an Application for Offline Gold Loan from Indian Bank?

Step 1: Take your promised gold to any Indian Bank branch office.

Step 2: The gold will be evaluated by the professionals over there.

Step 3: Your loan amount will be approved based on the purity of gold in your jewelry.

Amount of a gold loan from an Indian bank.

The amount of the loan should be calculated based on the net weight of the jewel/ornament and a fixed rate per gram, or 70% of the market value of the jewels to be pledged, whichever is lower.

Security.

Banks are prepared to lend gold, gold jewelry, gold coins, and other comparable things at discounted rates since they can be readily liquidated in the case of a default.

Tenure of a gold loan from an Indian bank.

It’s a one-time loan. In the case of non-agriculture use, the tenor is limited to one year, according to RBI standards. Some banks may provide loans with a term of up to 36 months. After you’ve paid off the loan in full, you can get your gold back from the bank.

Repayment of a gold loan from an Indian bank.

The bank determines the repayment structure.Banks generally permit EMIs or a one-time payment at the end of the loan duration.

In the case of a bullet payment towards the end, borrowers must pay interest on time.  At the end, the principal will be paid in a bullet payment.

About Indian Bank.

With total assets of 3088 crore, Indian Bank is a public sector bank in India.The company’s headquarters are in Chennai. On August 15, 2007, Indian Bank was established. It has 2409 branches and 30882344 ATMs spread across India.

Savings accounts, fixed deposits, recurring deposits, home loans, personal loans, car loans, education loans, gold loans, PPF accounts, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Yojana, Pradhan Mantri Suraksha Yojana, Pradhan Mantri Suraksha Yojana

Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and a variety of other schemes are available.

FAQs for Indian Bank Jewel Loan

How can I get in touch with Indian Bank Customer Service?

Contact their toll-free customer service at 1800-425-0000 or 1800-425-4422 if you have any questions about the Agriculture gold loan offered by Indian bank.

Who is eligible to apply for the loan?

Individual farmers can apply for the loan.

What distinguishes the Agricultural Jewel Loan Scheme from others?

• There are no hidden fees.

• Low interest rates; a comfortable repayment schedule; and a simple and straightforward loan application process.

Is it possible to receive this loan at a cheaper interest rate?

Existing clients can, in fact, negotiate interest rates with the bank, perhaps lowering their rates.

What documents are necessary to apply for an Indian Bank Gold Loan?

The following is a list of documents that must be submitted in order to obtain the loan:

• An application form is required.

• Identification documents, such as a driver’s license, an Aadhaar card, a passport, or a voter identification card.

• Identification documents such as a driver’s license, an Aadhaar card, a passport, a PAN card, a voter ID, and so on.

• Proof of ownership of agricultural land in the applicant’s name.

• Demonstration that the crop will be cultivated.

What is the difference between a gold loan from an Indian bank and a gold loan from a foreign bank?

Indian Bank gold loans are secured loans with quick payout to meet your immediate financial needs. India Bank offers gold loans with reasonable interest rates.

How much does a gold loan from an Indian bank cost?

You may receive an Indian Bank Gold Loan Per Gram at a cost of 3,506 to 4,621 per gram, depending on the grade of your gold.

In an Indian bank, what is the interest rate on a gold loan?

The annual interest rate on a gold loan in an Indian bank starts at 7%. The interest rate on a gold loan from an Indian bank varies depending on the purity of the gold and the loan amount.

How can I find out if a gold loan I took out with an Indian bank is still active?

By visiting to the bank’s website and filling out the form with your Gold Loan application information, you may check the status of your Indian Bank Gold Loan online.

What is the highest quantity of gold that I may borrow for a gold loan from Indian Bank?

The Indian Bank will pay you up to 90% of the value of your gold jewelry.

What is the payback duration for an Indian Bank Gold Loan?

An Indian Bank gold loan has a period of 3 to 36 months.

How much of a processing fee is charged on an Indian bank gold loan?

Indian Bank charges a processing fee of up to 1% of the loan amount on their Gold Loan.

What are the Pre-Payment Fees for a Gold Loan from an Indian Bank?

For Indian Bank’s gold loan, prepayment costs range from 1% to 1% of the outstanding loan amount.

How can you renew a gold loan with an Indian bank through the internet?

You may renew your Indian Bank gold loan online by logging into your i-mobile app account and renewing your gold loan in the Gold Loan section by providing the loan account details.

What is the method for paying an Indian Bank gold loan’s interest online?

You may pay the interest on your Indian Bank Gold loan using the bank’s website’s payment options, or you can use net banking, debit cards, or the i-mobile app to settle your loan.

What if I can’t pay the interest on the Indian Bank Gold Loan for three months?

If you don’t pay back your Indian Bank gold loan, the bank will send you a warning to keep you from defaulting again. If the defaults persist, however, your gold jewelry kept as collateral may be auctioned.

How can I ask an Indian bank for an EMI moratorium on a gold loan?

You can apply for the moratorium on Indian gold loans either online or in person by logging in with your credentials.

On an Indian bank gold loan, how can you make a credit card payment?

A credit card cannot be used to settle an Indian Bank gold loan.

How much gold loan can I get per gram in an Indian bank?

The grade of your gold and the market price of gold decide the interest rate on an Indian Bank Gold Loan for 1 Gram.

Based on gold market values, the Indian Bank offers 75-90 percent funding.

How can I make an online payment on an Indian Bank Gold Loan?

The Indian Bank website, internet banking, debit cards, and the i-mobile app are all options for making an online payment for an Indian Bank Gold Loan.

What is the procedure for obtaining a gold loan from an Indian bank?

Visit an Indian Bank location to apply for a Gold Loan and chat with a banker about it.

How can I use the internet to renew my Indian Bank Gold Loan?

You must bring your loan documentation to the lending branch and apply for a renewal in order to renew your Gold Loan. Your loan will be renewed once your gold is revalued, and you may be charged a renewal fee.

How does one go about getting a gold loan from an Indian bank?

If you bring your gold, Aadhar Card, and PAN Card to an Indian Bank branch, you can receive a Gold Loan.

What is the procedure for obtaining a gold loan from an Indian bank?

By visiting an Indian Bank office or making an online request using Indian Bank Website, you may get a quick Gold Loan.

How can you verify the status of a gold loan from an Indian bank?

To check on the progress of your Gold Loan, call the Indian Bank’s customer care hotline. You can also go to the branch and ask your banker about any changes.

How can you get rid of an Indian bank’s gold loan?

You can end your Indian Bank Gold Loan once you’ve paid off all of your outstanding bills.

The bank will cancel your loan and refund the gold that was promised to you once the paperwork is completed.

What is the procedure for renewing a gold loan from an Indian bank?

Simply bring your paperwork to the bank and apply for a renewal if you wish to renew your Gold Loan with Indian Bank. Your gold will be revalued, and new loan conditions will be offered to you.

When you pay a modest renewal fee, your loan will be renewed for a new period.

What happens if a person defaults on a gold loan from an Indian bank?

If you fail on your Gold Loan, the bank will first notify you of your outstanding debts.

Then, to the address you supplied, a legal notification is delivered.

If you keep defaulting, the bank will be able to sell your pledged gold to collect the full amount owing if you continue to fail.

What is the total number of Indian Bank Gold Loan branches?

Indian Bank was established in 1907 as a state-owned financial services organization in Chennai, India. It has over 3000 branches to meet your financial requirements.

How does an Indian bank gold loan become closed?

• Simply go to the bank with the paperwork.

• Write a letter seeking the pre-closure of the Indian Gold loan account.

• Pay the costs stated in the Indian Gold Loan agreement for pre-closure.

What are the pre-closure costs for gold loans from Indian banks?

Indian Bank Gold Loans are subject to preclosure costs of up to 1% + GST.

What is the Indian Banks’ Gold Loan Overdraft Scheme?

It allows you to apply for an overdraft online, also known as Smartdraft – Overdraft Against Salary, to expedite the procedure and offer you with a hassle-free service when applying for an overdraft at an Indian bank.

You don’t need to visit a bank or go through a lengthy procedure.

To apply for an overdraft in your name, simply go to the Indian online banking system and fill out a brief form.

How long may an Indian bank gold loan be taken out for?

An Indian gold loan has a maximum duration of 36 months.

How long does an Indian bank gold loan have to be for?

The Indian Bank Gold Loan has a minimum duration of three months.

What is the customer care number for the Indian Bank Gold Loan?

9878981144 is the number to call if you have any queries regarding the Indian bank Gold Loan.

How can an Indian bank gold loan get foreclosed?

An Indian bank may seek up to 0.50 percent of the principle amount from the borrower in the case of a Gold Loan Foreclosure.

Contact information for Indian Bank, includes Indian Bank SMS balance check, Indian Bank SMS banking, Indian Bank mobile banking, Indian Bank toll free number, Indian Bank toll free number 24 hours a day, and Indian Bank miss call number.

Indian Bank’s contact details.

• MISSED CALL NUMBERS (9289592895)

• TELEPHONE NUMBERS FOR CUSTOMER SERVICE: 180042500000, 044-25262999, 044-25220138, 044-25221320

The contact numbers are 18004254422, 044-25260335, 044-25251185, 044-25222841, and 044-25210338.

• THE BANK’S OFFICIAL WEBSITE – https://www.indianbank.in/

The contact numbers are 18004254422, 044-25260335, 044-25251185, 044-25222841, and 044-25210338.

• INDIAN BANK EMAIL ADDRESSES: creditcard@indianbank.co.in, atmhotlist@indianbank.co.in, indmail@indianbank.co.in

• Customer support numbers are 180042500000, 044-25262999, 044-25220138, and 044-25221320.

WITH A TOTAL OF 2409 BRANCHES

• TOTAL OF 2344 ATMS

• THE HEADQUARTERS ARE IN CHENNAI.

THE BANK’S HQ ADDRESS IS: Central Office,763, Anna Salai, P.B. 3765, Chennai-60002.

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