IndusInd Bank Gold Loan Interest Rate
IndusInd Bank Gold Loan Interest Rates Apr 2017
|Interest Rate||13.50% - 15.50% Check Best Offers|
|Repayment Options||EMI Scheme, Bullet Repayment Scheme, Overdraft Scheme|
|Loan Tenure||3 months to 12 months|
|Loan Amount||Rs. 10,000 and Rs. 1,000,000|
|Processing Fee||Upto 1% of loan amount subject to a minimum of Rs. 750.|
|Prepayment Charges||Upto 1% of outstanding amount|
|Penal Charges||2.00% per month|
IndusInd Bank Gold Loan
IndusInd Bank Gold Loan Interest rate calculator works on various inputs like:
- Loan Amount - Generally banks offer lower interest rates for higher amount. However, IndusInd Bank offers loan between Rs. 10,000 and Rs. 1,000,000 amount.
- Relationship with the Bank – IndusInd Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low IndusInd Bank gold loan interest rate.
- Repayment Capacity - Before giving loan to the borrower, IndusInd Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Eligibility of gold loan in IndusInd Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
- Quantity and quality of gold pledged: Gold loan eligibility depends upon the weight and assessment of purity of the gold jewelry that is being pledged. Gold ornaments karatage should be in the range of 18 to 24 karats. Both hallmarked jewellery and non hallmarked jewellery can be used for availing jewellery loan.
- Gold loan rate per gram: IndusInd Bank will value the jewelry based on price of 22 carat gold adjusted for purity. IndusInd Bank use thirty days average rates of 22 carat gold prices. You can also check today gold rate at MyLoanCare.
- Form of gold pledged: You can get loan from IndusInd Bank against jewelry or ornaments with a purity of 18 carats or more and specially minted gold coins with a weight of up to 50 grams. You will not be eligible for loan against gold bars, ETFs (exchange traded funds), specially minted coins of more than 50 grams and ladies mangal sutra.
- Purpose for which loan is used: You can use the gold loan from IndusInd Bank for personal, business and agricultural purposes. However, you should not use gold loan for speculative purposes such as purchase of gold coins, jewels, land, and investment in stocks, futures and options.
Gold Loan EMI of IndusInd Bank is a fixed amount that you pay each month towards the repayment of your jewel loan. Lowest EMI offered by IndusInd Bank is Rs. 8,955 per lakh loan amount at lowest gold loan interest rate of 13.50%. Gold loan EMI of IndusInd Bank depends upon:
- Rate of interest: Higher the interest rate, higher will be the EMI. For a 12 months gold loan from IndusInd Bank at interest rate of 13.50% per annum, EMI will be Rs. 8,955 per Rs. one lakh loan amount. At interest rate of 15.50% for the same loan, the EMI will be Rs. 9,049
- Loan tenure Longer the loan tenure, lesser your monthly EMI. At 13.50% per annum, the EMI would range from Rs. 34,086 to Rs. 8,955 for loan tenure ranging from 3 months to 12 months
Documents Required for IndusInd Bank Gold Loan
The documentation process of IndusInd Bank is smooth. Here is a list of documents which are required to apply for home loan from IndusInd Bank:
- Identity proof: PAN Card, Driving License, Passport, Driving License, Voter’s ID Card, Aadhar Card
- Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Registry Copy
Compare Gold Loan Interest Rates of IndusInd Bank with other banks
Frequently Asked Questions on IndusInd Bank Gold Loan
IndusInd Bank gold loan interest rates today are 13.50% to 15.50%.What is the lowest EMI per lakh on IndusInd Bank gold loan?
If you apply for loan against gold from IndusInd Bank, your lowest EMI per lakh will be Rs. 8,955.What is the minimum and maximum tenure of IndusInd Bank jewel loan?
You can repay your jewel loan from IndusInd Bank in a flexible period of minimum 3 months to maximum 12 months.How much gold loan amount I can borrow from IndusInd Bank?
IndusInd Bank offers you loan against gold if you need a minimum amount of Rs. 10,000 to a maximum amount of Rs. 1,000,000.How much processing fee is charged by IndusInd Bank on jewel loan?
IndusInd Bank charges a processing fee on gold loan- Upto 1% of loan amount subject to a minimum of Rs. 750..Are there any prepayment charges on gold loan?
Yes, you can prepay your jewel loan. Applicable prepayment charges - Upto 1% of outstanding amount.If I fail to repay the loan amount on time, what are the late payment charges on IndusInd Bank gold loan?
If you fail to repay the loan amount on due date, then you need to pay penal charges at 2.00% per month over and above contract rate of interest. In case the loan is still not paid back, IndusInd Bank may dispose off the gold and recover its dues including principal, interest and penal charges.