IDBI Gold Loan Interest Rate

Following are the main features of the IDBI gold loan scheme:

• Minimum loan amount available is Rs. 10,000. 
• The maximum loan amount offered by the bank is Rs. 20 Lakhs.
• The loan can be repaid conveniently in a tenure ranging from 3 months to maximum of 12 months.
• IDBI Bank gold loan interest rate is highly competitive and affordable.
• The loan provides financial assistance to farmers against the pledge of gold to help them meet their temporary cultivation needs, medical emergencies, and social obligations. 
• Small businesses, traders, distributors and self-employed professionals can also avail of these loans to meet their business needs.
• If you provide all the documents required for gold loan at IDBI Bank, the application, approval and disbursal process will be hassle-free.

Below is the comparison of the IDBI gold loan interest rate with interest rates of other lenders’ gold loan schemes. Based on the following features, you can check the best gold loan bank before applying for the loan:

IDBI Bank offers gold loan under the following categories:

• Agricultural gold loans
• Business gold loans
• Loan to meet personal requirements

The bank also provides gold loans for urgent financial needs like education, social obligations, medical needs, gathering margin amount to purchase a home, etc. Small traders and businesses are also eligible for this loan.

The gold loan rate per gram is Rs. 2,900 to Rs. 3,450 at IDBI Bank. This rate may vary depending upon the loan amount to be availed of, IDBI gold loan interest rate, changes in the policies of the bank or government, gold rate today, and other internal and external factors. 

You can use the IDBI Bank Gold Loan Calculator available online to know your monthly Equated Monthly Instalments (EMIs) in advance. You will be required to enter the following information into the gold loan calculator to get instant results:

• The prevailing IDBI gold loan interest rate
• The principal loan amount required by you
• The repayment tenure for the loan

Apart from the IDBI gold loan interest rate, the applicant will have to bear the following charges on the IDBI gold loan:

• Processing fee: 1% of the loan amount.
• Prepayment & foreclosure charges: Nil if done after 3 months and 2% of the loan outstanding + GST if done within 3 months.
• Valuation fee: Rs. 250 for loan amount up to Rs. 1.5 Lakhs and Rs. 500 for loans above Rs. 1.5 Lakhs.
• Late payment charges: 2% p.a. with the interest rate applicable.
• Renewal processing fee: Rs. 350 + GST.