Gold loan Details from Indian Bank

 Understanding Gold Loan Process Details at Indian Bank

Hello Guys.. we have described the details of Indian Bank Jewellery Loan. Many of us get money by mortgaging jewellery. So before pledging the jewellery, it is important to know the details of the jewellery loan given by the bank from which the jewellery is borrowed.

Nowadays, we have to take loans from many banks. There are many types of loans such as home loans and education loans. A jewellery loan is also one of them. A lot of banks offer loans. How much interest will you have to pay if you take a loan from Indian Bank? ? Who's eligible? Read this article to find out! 

What is jewellery? 

Gold loan is a secured loan scheme. You have to deposit your money in banks or private financial institutions. The time period for recovery of jewellery will be one year. In the meantime, you can pay with interest and get the jewellery you have pawned.

Eligibility for Gold Loan from Indian Bank:

• At least 18 years old or above.
• Everyone who has jewellery, ornaments, coins, etc. to be mortgaged in the bank.
• You must have a current account and a savings bank account.
• Bank of India gold loan interest rates:
• Indian Bank is offering interest rates ranging from 8.95% to 9.75% per gram.

Documents required to apply for a gold loan in Indian Bank:

• Two passport size photographs.
• Completed and signed gold loan application.
• Acceptable forms of ID include passport, driver's license, driver's license, state issued identification card, state issued identification card, and passport.
• Recent mobile bill, recent credit card, current house rent agreement, etc. are acceptable symbols.

Indian Bank offers gold loans with competitive interest rates that vary depending on the loan amount, tenure, and type of gold loan. Below are the general details for their Gold Loan Interest Rates:

Gold Loan Interest Rates (as of 2024):

• Interest Rate: Starts from  9.00% per annum.
• Loan Amount: Can range from ₹10,000 to ₹1 crore depending on the value of the gold pledged.
• Tenure: Loan repayment tenure can be from 6 months to 36 months.

Key Features:

1. Gold Purity: Gold of 18 to 24 carats is accepted.

2. LTV (Loan-to-Value): Up to 75% of the gold’s market value.

3. Processing Fee: A nominal processing fee may be charged.

4. Repayment: Flexible options, including monthly interest payments, bullet repayment (interest paid upfront), or EMI options.

Types of Gold Loan Schemes of Indian Bank:

1. Jewellery Loan Scheme:

Eligible for activities such as household needs, medical expenses, consumption, family obligations, etc.

2. Agriculture Gold Loan Scheme:

All individual farmers can take advantage of this loan for purchase and repayment of various inputs like crop cultivation, poultry, dairy, fertilizers, pesticides, etc.

3. Gold Loan Overdraft Scheme:

Indian Bank offers an overdraft scheme. With this, you are provided with an overdraft facility. It works like a credit card. You can spend money at any time there. There is a limit on the total loan amount.

Note: The exact rate and loan conditions may vary based on the applicant’s profile and prevailing market rates, so it's always best to check directly with Indian Bank for the latest details.