IDBI Gold Loan

IDBI Bank is one of the most prominent gold loan suppliers in the country with a proven track record. The interest rates charged by the bank are among the lowest in the segment. The gold loan disbursement process is quick – just 60 minutes from application as claimed by the bank – and the borrower need not worry at all about the safety of their pledged gold.

Some other advantages are:

• The IDBI gold loan can be used to meet any of your financial needs. There are diverse gold loan schemes.
• As long as you have good quality gold to pledge, the loan application, approval and disbursement processes are hassle-free and without many requirements.
• No income proof is needed till the loan amount of Rs 20 Lakh. The bank only demands basic KYC documentation (identity and address proofs).
• For existing customers of the bank, the process is even more streamlined. Also, they can make use of the bank’s special offers.
• Door-step service in 30 minutes.
• You can avail of the loan amount in single visit.
• The IDBI Bank gold loan interest rate is low as it’s a secured loan.
• Flexible repayment tenures.
• Availability of overdraft facility.
• The bank claims to offer maximum amount against your gold.
• No hidden charges.
• Access to your loan account 24x7.
• All the pledged gold is stored in fire-and-water-proof locks under strict surveillance. No extra charges for this facility.
• If the borrower decides to opt for a gold loan foreclosure, the IDBI Bank charges a small fee – only up to .50% on the principal amount.
• Pre-and-part payment facility.

While the IDBI Bank is known to charge low interest rates against gold loans, the exact rate of interest that a borrower is charged depends on factors like:

• The loan amount applied for 
• Quality or purity of the gold being pledged with the bank

Here’s a quick look at some essential figures:

Other fee and charges, such as the valuation fee, loan foreclosure charges, late repayment charges, and renewal fee, etc., are all spelt out clearly to the borrower. There are no hidden charges.

IDBI bank offers gold loans to address under the following categories:

1. Agricultural gold loans
2. Business gold loans
3. Loan to meet personal needs

The bank also offers gold loans to address urgent financial requirements concerning education, social obligations, medical needs, margin amount to purchase a home, etc. 

Small traders and businesses can also apply for this loan.

As the IDBI gold loan is a fully secured loan, the eligibility requirements are not very high. Unlike a home loan or other personal loans, no income proof is needed till the loan amount of Rs 20 Lakh. 

The documentation process is mainly KYC related and the loan disbursement take just around an hour after the application is submitted. The valuation and approval process are super quick.

Eligibility at a glance: 

The IDBI Bank Gold Loan per gram requires minimal documentation. So, if you have spare gold jewellery and require some extra capital to meet your financial needs, all you need to do is apply for the IDBI gold loan.

You will have to fill up the gold loan application form and submit it to the bank along with the following documents:

Applicants can use the IDBI Gold Loan EMI Calculator to know the monthly instalments that they would be required to repay to the bank. 

However, to use the gold loan rate calculator, you should have the following information:

The rate of interest that the lender is charging

The principal amount

The repayment tenure offered by the lending financial institution

* Prevailing gold price at the time of application will also be a factor that decides your EMI

For a gold loan of Rs 5 Lakh, here’s a chart to give you an idea of how your EMIs will change with different interest rates and repayment tenures: 

IDBI Bank charges the lowest interest rate on gold loan. Here’s a comparison with other banks / non-banking financial companies that also offer gold loans at competitive interest rates.

IDBI Gold Loan is a safe and convenient way to meet any sudden financial requirements without adding any extra burden on yourself. All you need are some spare gold articles, coins, jewellery, etc., which may be lying untouched in a locker or at your home. 

In general, the interest rates charged by the bank against gold loans are low. However, the exact interest rate offered to you will primarily depend upon two factors:

The loan amount you’re applying for

The quality of the gold that you’re depositing with the bank

Here’s a breakdown of the fee and charges levied by IDBI Bank against gold loans:

The tollfree numbers for contacting the IDBI Bank customer care are:

• 1800-209-4324
• 1800-22-1070

Call centre numbers, chargeable for customers, are:

• 022-67719100
• 0091-22-67719100

For more information, visit: https://www.idbibank.in/customer-care-centre.aspx#ProductsRelatedSupport