Below are the key features of the South Indian Bank gold loan
Minimum loan amount | Rs. 5,000 |
Maximum loan amount | Rs. 10 Crores |
Security | 22 carat Gold jewellery/ ornaments |
Loan types | Demand Loan/ Term Loan/ Overdraft/ Term Loan with Bullet Repayment |
Scheme types | Gold Loans with repayment at the end of the loan tenure, Gold Loans with monthly repayment options, and Gold Loan Takeover Scheme |
Purpose | Any lawful personal & consumption needs |
Tenure | 3 to 36 months |
Handling/ safe custody charges | Nil |
Rate per gram/ LTV | Up to 85% as fixed by the bank from time to time |
Interest rate | Depends on the scheme chosen |
Processing fee | Nil |
Below are some of the key benefits of South Indian Bank gold loan:
Zero processing fee: No processing charges are involved in getting a gld loan from South Indian Bank.
Following are the details of the South Indian Bank gold loan interest rates:
Floating Rate Schematic Loans Linked to Repo Rate
Scheme Type | Spread | Effective Interest Rate |
Gold Power- OD | Repo Rate + 8.55% | 14.80% p.a. |
Gold Loan Personal (EMI/OD) | Repo Rate + 8.30% to Repo Rate + 8.55% | 14.55% p.a. to 14.80% p.a. |
Gold Max/ Gold Max Agri Schemes | Repo Rate + 3% | 9.25% p.a. |
Note: As of February 7, 2025, the repo rate in India is 6.25%.
Schematic Loans Linked to MCLR
Fixed Interest Rate | ||
Scheme Type | Spread | Effective Interest Rate |
Gold Loan Scheme (Personal) | 1 Year MCLR + 0.45% or 3 Month MCLR + 0.85% | 10.55% or 10.80% p.a. |
Micro Gold | 1 Year MCLR + 2.65% to 1 Year MCLR + 3.15% | 12.75% to 13.25% p.a. |
Gold Loan Agri | 1 Year MCLR + 0.30% to 1 Year MCLR + 1.65% or 6 Month MCLR + 0.50% | 10.40% to 11.75% or 10.45% p.a. |
Floating Interest Rate | ||
Scheme Type | Spread | Effective Interest Rate |
Gold Power | 1 Year MCLR + 3.90% | 14% p.a. |
Note: 3-Month, 6-Month and 1-Year and MCLRs effective from 20th January 2025 are 9.95%, 10% and 10.10% respectively.
Below is the comparison between South Indian Bank gold loan interest rates with other lenders:
South Indian Bank | Starts from 9.25% per annum |
SahiBandhu | Starts at 0.79% per month |
Rupeek | Starts at 0.74% per month or 8.88% per annum |
Muthoot Fincorp | 9.95% to 23% per annum |
DBS Bank | Up to 14% per annum |
Indiagold | Starts at 0.85% per month |
Oro Money | Starts at 0.83% per month or 9.90% per annum |
IIFL Finance | Starts at 0.99% per month or 11.88% to 27% per annum |
SBI | 9% to 10.25% per annum |
ICICI Bank | 9.25% to 18% per annum |
Canara Bank | Starts at 8.75% per annum |
South Indian Bank offers the following types of gold loan schemes:
The fees and charges involved in availing of a South Indian Bank gold loan are:
The basic eligibility criteria to apply for a gold loan at South Indian Bank are:
You will be required to submit the following documents to apply for South Indian Bank’s gold loan:
Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 8.88% p.a. You can avail of emergency loan ranging from Rs 50000 to Rs 20 Lakhs against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.
South Indian Bank gold loan is a gold loan scheme that can be obtain against the 22 carat gold jewellery or ornaments.
You can avail of a maximum gold loan amount of Rs. 10 Crores from South Indian Bank.
The interest rate on South Indian Bank gold loans starts from 9.25% p.a.
You must have 22 carat gold jewellery or ornaments to avail of South Indian Bank gold loan.
Yes, you can apply for a gold loan at South Indian Bank even if you are not holding an account with them.
It can take from a few hours to a couple of days to get a gold loan approval, depending on the bank's policies and procedures.
Yes, you can repay a gold loan taken from the South Indian Bank before the tenure ends. However, you may have to pay prepayment charges.
The South Indian Bank does not levy any processing fee on gold loans.
Yes, you should get the same gold back after you repay the gold loan in full.
South Indian Bank ensures the safety of the gold pledged by you by storing it in secure storage facilities with modern age security measures, including sealing the jewelry in tamper-proof packet and providing a receipt on deposit, guaranteeing you the protection of gold against theft or loss.
To close your South Indian Bank gold loan account, you can visit the nearest branch or contact their customer care.