Indian Bank Gold Loan & Schemes

Indian Bank Gold Scheme

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Long acknowledged as among the best government banks in India, Indian Bank offers a range of schemes and offers for its customers. The bank has long aligned its operations to meet the needs of its customers and the Indian Bank Gold Loan is another such step in this direction. 

 

In India, gold is a preferred investment instrument for both new and existing investors. Aside from its inherent investment value, gold is also purchased in large amounts for festivities and celebrations within the family. Gold forms an important part of every Indian wedding and gathering. Indian Bank is now offering customers the chance to avail loans of high amounts against the gold that they own from the bank. 

 

Indian Bank Gold Scheme

The Indian Bank Gold Loan is offered under the Agricultural Jewel Loan Scheme, through which borrowers can take loans by using their gold as collateral. This loan can prove beneficial to meet a range of agricultural requirements. Your urgent agricultural needs can be met by simply offering the gold to Indian Bank and availing a loan against it. 

 

If you have been waiting to buy new machinery, availing the Indian Bank gold loan could be your best chance of availing the capital to upgrade your machinery. You could also use the funds to hire new staff or upgrade your farm infrastructure. 

 

Read on to learn more about the features and benefits of the scheme, including Indian Bank gold loan interest rates:

 

Features of Indian Bank Gold Loan

There are several features of the Indian Bank gold loan, which make it highly appealing for those wishing to enhance their agricultural productivity by investing toward it. Read on to learn more about the features of the Indian Bank gold loan, which help farmers upgrade their facilities and resultant incomes. 

 

  1. The application process for the loan as well as the disbursal are extremely easy and convenient procedures. You can apply online for the loan and the disbursal happens quickly and efficiently.

  2. The repayment tenors for the Indian Bank gold loan are flexible and offer heightened convenience to the borrowers. For Bumper Agri loan, the tenor is 6 months whereas for the Other Agri Loan products, the tenor is upto 12 months.

  3. The Indian Bank gold loan interest rate is among the lowest in the market, starting from as little as 8.50% onwards.

  4. The entire application and disbursal and repayment process is entirely transparent and seamless, meaning that you will never be expected to pay any hidden or unexplained charges.

  5. The processing charges for the Indian Bank gold loan are extremely low as well, with the maximum being capped at 0.30%.

Benefits of Indian Bank Gold Loan

The features of the Indian Bank gold loan go a huge way toward attracting the attention of farmers who wish to attend to their urgent agricultural needs. The benefits of the loan are extremely useful as well and make the loan especially appealing. Read on to learn about the benefits you can avail through the Indian Bank Gold Loan.

  1. The loan amount can be as high as required, provided you are able to pledge gold or jewellery as collateral.

  2. The processing fee is as low and nil for borrowers availing upto Rs. 25,000 through the Indian Bank Gold Loan.

  3. The loan quantum is decided as per the market value of the jewellery or gold provided by the potential borrower. For a Bumper Agri Jewel Loan, the quantum would be 85% of the market value of the jewellery pledged; whereas, for Other Agri Jewel Loan products, the loan quantum would amount to 70% of the market value of the collateral.

Documentation for Indian Bank Gold Loan

While applying for the Indian Bank Gold Loan, you are required to submit a few documents to bolster your application. Read on to learn about the Indian Bank gold loan documents you will need to submit, along with a filled out application form, in order to avail this loan.

  1. Proof of the applicant and their agricultural land along with proof of crop cultivation

  2. Proof of the applicant’s identity, such as through an Aadhaar card, voter ID card, passport, driving license, etc.

  3. Proof of the applicant’s residence, such as through an Aadhaar card, voter ID card, passport, driving license, etc.

Eligibility for Indian Bank Gold Loan

The Indian Bank Gold Loan eligibility extends to every individual farmer. The applicant must be able to demonstrate proof of them owning the agricultural land and proof of crop cultivation in order to avail the loan.

Indian Bank Sovereign Gold Bond

Launched under the Gold Monetisation Scheme, the Indian Bank Sovereign Gold Bond (SGBs) offer government securities. These securities are issued by the Reserve Bank of India (RBI) and made open in tranches for subscriptions. Read on to learn the Indian Bank Gold Bond scheme details.

  • The bonds are extremely secure as they are issued against the government’s physical gold holdings

  • The Indian Bank gold bond can be used as collateral for availing loans with the bank

  • The securities are highly liquid and can be exchanged for currency at any time

How to Apply for Indian Bank Gold Loan?

Applying for the Indian Bank Gold Loan scheme is extremely easy and hassle-free for absolutely anybody. You can apply for it either online or offline. Read on to learn how to do both and choose which option works best for you.

  • Online

  1. Visit the official website for the Indian Bank Gold Loan application

  2. Select yes or no depending on whether you are an existing customer

  3. Input your name and mobile number, and verify the captcha given

  4. Input the OTP you receive post this

  5. Once you have filled in these details, an executive from the bank will contact you in order to guide you along. Keep the documents required for KYC handy before you start the process in order to ensure a seamless experience

  6. A date will be set at which you will be required to visit the branch for the bank to assess your jewellery’s value. Post this, your loan will be disbursed to your account

  • Offline

  1. Visit the nearest Indian Bank branch with your gold and jewellery articles

  2. The bank staff will assess and value your jewellery

  3. Depending on the purity of the gold you have brought in, a loan amount will be sanctioned for you

Jewel Loan Scheme (Non-Priority)

For the non-priority sector, the Indian Bank offers the Jewel Loan Scheme which can help customers meet their short-term credit needs. For these loans as well, customers can provide their jewellery and other gold items as collateral. 

Features of Jewel Loan Scheme

There are several features of the Jewel Loan Scheme, which make it extremely convenient for borrowers. Read on to learn more about these features. 

 

  • This Indian Bank gold loan eligibility criteria extends to all individuals 

  • The loan quantum is decided as per the weight of the collateral. The rate per gram is fixed on a periodic basis or as per 70% of the market value of the jewellery, depending on whichever is lesser

  • A minimum processing fee of 0.56% is charged on the loan amount sanctioned.

IB Swarna Nidhi RD/IB Swarna Nidhi VRD

The Indian Bank Swarna Nidhi RD is a great tool for customers of the Indian Bank who wish to invest in gold. It offers them a chance to start a recurring deposit account which can be used to purchase gold from Indian Bank. At the time of the account’s maturity, account holders can opt to purchase gold which is equivalent to the maturity amount. Various discounts and incentives are offered to the account holders, including customers being offered accident insurance by the bank’s IB Chatra Policy if their account’s maturity value is above Rs. 12,000.

Features of IB Swarna Nidhi RD/ID Swarna Nidhi VRD Scheme

There are several features offered by the Indian Bank Swarna Nidhi RD that make it an exciting investment instrument for both new and existing investors. These features make the RD easily accessible to different kinds of investors who wish to trade in the precious metal. Read on to learn more about these features.

 

  1. Accounts can be opened for as little as Rs. 500.

  2. Deposits can be made in multiples of Rs. 100, but are capped at Rs. 10 lakhs per month.

  3. The deposit period is flexible and ranges between 6 to 24 months.

  4. Interest levied on the account is on a quarterly basis.

  5. Deposit holders can avail discounts for Rs. 25 off per gram while purchasing gold coins from the money deposited.

  6. Free accidental insurance of Rs. 1 lakh is offered to deposit holders whose maturity value is above Rs. 12,000.

Frequently Asked Questions on Indian Bank Gold Scheme

  • ✔️How to contact Indian Bank customer care?

    The Indian Bank customer care team can be reached through their toll-free number, 1800-425-0000 or 1800-425-4422.

  • ✔️What is the Indian Bank gold loan eligibility criteria?

    The Indian Bank gold loan is open for any farmer across India who is able to furnish documents of their land ownership and crop production.

  • ✔️How do I reclaim the pledged gold?

    The gold and jewellery offered as collateral for the loan can be reclaimed by ensuring timely repayments and not defaulting. Once your repayment has been completed, you can reclaim the gold from the branch where you had submitted it.

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