IndusInd Bank Gold Loan
IndusInd Bank is an Indian financial services bank which offers commercial, transactional, and electronic banking products and services. IndusInd Bank is the first among the new generation private banks in India.
| Name | IndusInd Bank[1] |
| Headquarters | Mumbai, Maharashtra |
| Type | Private |
| Industry | Financial Services |
| Established | April 1994 |
| Founder | S.P. Hinduja |
| Owner | Hinduja Group Life Insurance Corporation |
| Website | www.indusind.com |
IndusInd Bank Gold Loan
IndusInd Bank offers gold loan which is sanctioned by accepting the gold ornaments of the customers as pledge[1]. Unlike personal loan which is sanctioned on the basis of source of income and repayment capacity of an applicant, gold loan is entirely sanctioned on the basis of the value of the gold pledged. Avail gold loan from IndusInd bank with maximum loan amount of Rs 10 lakh. The documentation process to avail loan from the bank is easy and minimal in nature. IndusInd offers an additional discount on the interest rates if you are women or belongs to an agriculture profession.
Also Read: Union Bank Gold Loan
Advantage of availing gold loan from IndusInd Bank
- Less paperwork
- Minimal documentation
- The IndusInd Bank provides instant access to important documents
- You get loan amount of up to Rs 15000 to 10 lakh
- Safety of your jewellery
- No Debt Burden
- Loan duration is up to 2 years
- It also provides gold loan for the benefits of farmers
Interest Rate, Loan Amount and Other Charges
| Interest Rate | 10% – 16% p.a. |
| Loan Amount | Up to Rs 10 lakh |
| Loan Tenure | Up to 2 years |
| Processing Fees | 1% of the loan amount + GST |
| Valuation Fee | Rs 500 for loan up to Rs 2 lakh, and Rs 750 for loan over and above Rs 2 lakh |
| Penal Interest | 24% per annum over and above the applicable interest of rates |
| Prepayment Charges | NIL |
| Bounce Cheque Charge | NIL |
Eligibility Criteria
- Anyone who have a gold in any form including jewellery, gold coins etc.
- One whose age lies between 18 and 75 years can apply for the loan
- An applicant who has a good source of income having sufficient means to repay the loan amount can avail for the loan
- No proof of income required if you are availing loan up to Rs 10 lakh.
Documents Required
- Id proof
- Address proof
- 2 passport size photographs
- Income proof
- Dully filled application form
- Witness letter in case of illiterate borrowers
- Current house lease agreement, the most recent electricity bill, phone or mobile bill most recent credit card statement
How to Apply for Gold Loan
You can apply via both online and offline method. You can apply through bank’s official website. A bank representative will contact you after the complete verification.
You can also apply through offline mode. You have to visit the bank branch and have to fill up the gold loan application form, with the necessary documents such as address, signature, photo etc. After the complete verification, your gold will be assessed and distributed on the same day.
Gold Accepted by the IndusInd Bank for Gold Laon
- Any gold jewellery between 18 to 22 carats is permitted
- A gold loan can be obtained with gold coins that total less than 50 grams
- Bricks and bars are not permitted
- In addition, unprocessed gold is not acceptable by the bank
Gold Loan EMI Calculator
You can calculate your monthly EMI (Equated Monthly Income) you will have to pay on the availed gold loan through IndusInd EMI Calculator on IndusInd official website. To use this EMI calculator is very simple, all you need to enter the details of loan amount, tenure, gold weight etc., and you will get to know how much amount you will have to pay on the given tenure.
FAQs
1. How much gold can I borrow from IndusInd Bank per gram?
Ans: You can borrow up to 5,219 gold per gram with IndusInd Bank gold loan.
2. How can I apply for gold loan from IndusInd Bank?
Ans: You can apply via visiting the nearest bank branch with your gold which you want to keep as a security and by submitting all the necessary documents. You can also apply via online.
3. What is the loan repayment tenure?
Ans: The loan repayment tenure for which you can avail gold loan from IndusInd Bank ranges between 3 months to 24 months.
4. What are the necessary documents required to apply gold loan from IndusInd Bank?
Ans: Documents such as Id proof, address proof, photographs, income proof, etc., are required to avail gold loan from IndusInd Bank.
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