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INDUSIND Bank Gold Loan
Of Appraised Gold Value
75%
Best Rate
13.50%
Processing Fee
1%
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About IndusInd Bank
IndusInd Bank Limited was established in 1994 and is based out of Mumbai. Amongst various other facilities, the bank offers commercial, transactional and electronic banking products and services. The bank is one of the leading private banks in India.
IndusInd Bank Gold Loan
When you pledge gold as collateral for taking a loan, it is known as a gold loan. This kind of loan is popular in India as it is quick and hassle-free, and the interest rates are lower than other kind of loans. The gold you pledge generally must be of 18 carat purity or higher.
Since this loan is secured by a movable asset like gold, gold loans generally have lower rates of interest compared to other loans (for example, personal loans). With a gold loan from IndusInd Bank, you get to capitalize on your idle assets and cash in on it. Read on to know more about IndusInd Bank gold loan offer.
IndusInd Bank Gold Loan Features
- It is swift and quick. You can literally walk-in with your gold ornaments or coins and walk out with cash in bank account.
- It is simple. IndusInd Bank gold loan has an easy documentation process. The documents required are simple and standard.
- Attractive interest rates and additional discounts for women borrowers and those who belong to agricultural profession.
- Safe and secure. Your gold is valued and sealed in your presence and kept in lockers which ensures security.
- Due to lower interest rates, your monthly outflow is lower as compared to various other forms of credit.
- Higher loan amount: You can get a loan up to Rs. 10,00,000
- Immediate Loan: A Gold Loan from IndusInd is the quickest possible form of loan to meet any immediate requirement you may have, like say, a medical emergency.
- Benefits for existing customers: If you are an existing customer of IndusInd Bank, then you get easier repayment options and less documentation requirements, making the loan process quicker and easier.
IndusInd Bank Gold Loan Eligibility
A person looking to avail a gold loan from IndusInd Bank must own the gold he/she is about to pledge, should be between 21 years to 70 years old. The end use of the gold loan could be for personal use or business needs.
IndusInd Bank Gold Loan Interest Rate
The interest rates on a gold loan are relatively lower than other kinds of loans since it is a secured loan. The interest rate varies depending on how much the loan amount is. The interest rates are lower when the loan amount is not more than 50-60% of the total value of the gold pledged. However, if the amount borrowed is high as compared to the market value of the gold, the interest rate will be correspondingly higher. For the most up to date gold loan interest rates, it is advisable to contact the bank directly. Following is an overview:
Interest Rate Range of Gold Loans for Q3 2016-17:
| LTV\ Ticket Size | Up to 3 Lakhs | 3 Lakhs to 6 Lakhs | > 6 Lakhs | |
|---|---|---|---|---|
| Up to 65% | Min | 11.65 | 11.3 | 11.2 |
| Max | 15.5 | 14.05 | 13.4 | |
| > 65% | Min | 11 | 11.2 | 10.8 |
| Max | 15.5 | 15.2 | 15.35 | |
Mean Weighted ROI
| LTV\ Ticket Size | Upto 3 Lakhs | 3 Lakhs to 6 Lakhs | > 6 Lakhs |
|---|---|---|---|
| Upto 65% | 13.55 | 12.78 | 12.41 |
| > 65% | 13.25 | 11.80 | 11.64 |
IndusInd Bank Gold Loan Documents Required:
The documents required for IndusInd Bank Gold Loan are simple and straightforward. Following are the documents you need to furnish while applying for a gold loan from IndusInd:
- Identity Proof: Aadhar card / Driving License / Passport / Voter ID Card – any one.
- Residence Proof: Gas / electricity Bill / Rental Agreement / Passport / Driving License / Voter ID Card – any one
- Signature bearing national ID card – Driving License / Passport etc.
- Photographs
- Any other additional documents as mandated by the bank for the sanction of the loan.
IndusInd Bank Gold Loan FAQs
1.What can an IndusInd Gold Loan be used for?
Gold Loan can be used for any personal purpose like funding your vacation or child’s wedding / higher studies, or any medical emergency etc. or for business purposes. The loan cannot be used for speculative purposes. This includes purchase of land or property, gold, mutual fund / capital market investments or any illegal or anti-social purpose.
2.Are there any processing fees for availing this loan product from IndusInd?
Yes, a nominal processing fee up to 1% of the loan amount will be levied subject to a minimum of Rs. 750.
3. Can I prepay my loan amount?
Yes, you can prepay the loan amount, as directed by the rules and regulations of the bank which will be communicated to you at the time of application of the loan. A Prepayment charge up to 1% of outstanding amount will be levied.
IndusInd Bank Gold Loan Review
Getting a gold loan from IndusInd is easy compared to all other loans. Gold loan is availed by pledging gold ornaments, and bank-issued gold coins. If you are in an urgent need of money with minimal hassles, then a gold loan from IndusInd is the way to go, provided you pay all your dues in time, and plan your finances well. Disbursal is quick compared to other loans. Also, banks majorly do not look at your credit score while sanctioning a gold loan, since the gold is held as a security with them. Availing a secured loan and paying it off in a timely manner would help people with bad credit improve their score as well. Those who are new to credit can build a healthy credit history provided they pay all the dues on time, every time.
How to Get Gold Loan from IndusInd Bank
You can avail a gold loan from IndusInd in the following two ways:
- Online, through the bank’s website. You can fill the online form and a bank representative will get in touch with you for further processing.
- Alternately, you can visit the nearest branch with the required documents – ID proof, address proof, signature proof and passport size photograph. Your gold will be evaluated and the disbursal will be done on the same day if everything is found in order.
Need help? If you think you need help with your IndusInd Bank gold loan application, then CreditMantri can guide you and advice on eligibility and match you with the loan that suits your needs the best.
Indusind Bank Gold Loan - Customer Reviews
Medabathini
Very nice service to customers.
Medabathini
Very good service.
Raina Ganesh
"CreditMantri makes everything so easy! Great customer service, minimal documentation, easy comparison of all kinds of loan offers is what sets CreditMantri apart from the others. For one, I am very much impressed by their promptness in responding to queries. Their website is user-friendly and with just a few clicks, I was ready with my profile. Got a couple of loan offers for which I was eligible for, and got the documentation done speedily enough. I got one of the lowest interest rate on my gold loan. Thanks for making everything so much easier, CreditMantri!"