IDBI Bank Gold Loan Interest Rate
IDBI Bank Gold Loan Interest Rates
IDBI Bank offers gold loans to support various financial needs, catering to farmers, small businesses, traders, distributors, and self-employed professionals. These loans are designed to provide quick liquidity, helping you meet temporary expenses, urgent medical requirements, social obligations, and business financing needs.
IDBI Bank Gold Loan Details
IDBI Bank provides swift and efficient gold loans. They are a practical choice for those looking for secured credit solutions.
- Loan amount: Rs. 10,000 to Rs. 50 lakhs
- Interest rate: Starting from 5.88% per annum
- Tenure: 3 to 12 months
Features of IDBI Bank Gold Loan Schemes
- Loan amount: The IDBI Bank gold loan starts from Rs. 10,000 making it accessible for small financial needs. The maximum limit is capped at Rs. 50 lakhs, ideal for larger financial goals.
- Flexible tenure: You can choose repayment periods from 3 to 36 months which ensures convenience.
- Competitive interest rate: IDBI Bank offers attractive rates, making gold loans affordable for a wider range of borrowers.
- Targeted assistance: Farmers can access funds for cultivation, medical, and social obligations. Small businesses, traders, and professionals can finance their operational needs.
- Hassle-free process: Quick application, approval, and disbursal are ensured when all necessary documents are provided.
Types of IDBI Bank Gold Loan
IDBI bank provides three major gold loans:
- Agricultural gold loans: Tailored for farmers to address agricultural and related financial needs.
- Business gold loans: Available for small businesses, traders, and professionals to manage operations or expand ventures.
- Personal gold loans: Designed for individuals requiring funds for education, medical emergencies, social functions, or home margin payments.
IDBI Gold Loan Per Gram Rate
The per gram rate depends on the loan amount, quality and purity of the pledged gold prevailing gold prices and bank policies. It also depends on government regulations and external market factors.
IDBI Bank Gold Loan Interest Rate
- The starting interest rate is 5.88%.
- Rates vary based on:
- Loan amount
- Quality and purity of pledged gold
- Other external factors influencing lending policies
- Transparent disclosure of fees ensures you have a clear understanding of your financial obligations.
IDBI Bank Gold Loan Fee and Charges
In addition to the interest rate, the following charges apply:
- Processing fee: 1% of the loan amount.
- Prepayment/foreclosure charges: No charges after 3 months. 2% of the outstanding amount + GST if foreclosed within 3 months.
- Valuation fee: Rs. 250 for loans up to Rs. 1.5 lakh. Rs. 500 for loans above Rs. 1.5 lakh.
- Late payment penalty: 2% per annum on the applicable interest rate.
- Renewal processing fee: Rs. 350 + GST
Interest Rate of IDBI Gold Loan Compared to Other Lenders
IDBI Bank offers competitive interest rates, starting from 5.88% for gold loans when compared to other lenders.
| Bank | Interest Rates | | ----- | ----- | | SBI | 9.10% onwards | | Canara Bank | 9.25% onwards | | HDFC Bank | 9.30% onwards | | Axis Bank | 9.35% onwards |
IDBI Gold Loan EMI Calculator
You can estimate your EMIs using the IDBI Bank gold loan EMI calculator. This tool requires:
- Interest rate: Enter the applicable IDBI loan interest rate for gold.
- Loan amount: Specify the amount you wish to borrow.
- Repayment tenure: Choose your preferred repayment duration.
This simple tool provides instant results to help you plan your finances effectively.
IDBI Bank Gold Loan Eligibility
To avail of the gold loan from IDBI Bank, you must meet the following criteria:
- Age: Minimum 21 years old.
- Income requirements: A stable income source, particularly from agriculture, or an annual income meeting bank criteria.
- Land ownership: Farmers must possess at least one hectare of land.
Documents Required for IDBI Gold Loan
Applicants need to submit the following documents:
- Identity proof: Voter ID, PAN card, passport, or driving license.
- Address proof: Ration card, utility bill, or passport.
- Income proof (if required): 12-month bank statement and previous year’s income tax returns (ITR).
- Proof of business: Sales tax certificate, lease deed, or utility bills.
- Professional proof: Degree certificate for self-employed individuals.
- Other requirements: Recent passport-sized photographs, account statements, and any additional documents requested by the bank.
How to Apply for IDBI Gold Loans?
You can apply for gold loans with IDBI Bank both online and offline. You need to follow the simple steps in order to do so.
Online Application
- Visit IBDI Bank’s official gold loan page.
- Fill in details like name, address, date of birth, city, and other relevant information.
- Submit the application and await bank follow-up.
Offline Application
- Visit the nearest IDBI Bank branch or you can download the form from IDBI Bank’s website.
- Fill out the application form and submit the necessary documents.
- Pledge gold items, after which the loan is sanctioned and disbursed directly onto your account.
Conclusion
IDBI Bank’s gold loan scheme offers a seamless and reliable solution for diverse financial needs. With competitive interest rates, flexible tenure, and minimal documentation, it ensures accessibility for a wide range of borrowers. By leveraging the value of gold, individuals can meet urgent requirements while enjoying a transparent and hassle-free borrowing experience.
