IDBI Bank Gold Loan Interest Rates

• Minimum Loan Amount: A borrower may only receive a minimum loan of Rs. 10,000 under this program.
• Maximum Loan Amount: A borrower may only receive up to Rs. 5 lakh in loans under this program.
• Loan Term: The IDBI Agri Gold Loan Scheme offers loans with terms ranging from one month to 24 months, with one month being the least loan term given.

The IDBI Bank is renowned for its cheap interest rates on gold loans, but the precise rate that a borrower would pay will vary depending on things like-

• Amount
• Quality

The borrower is given a comprehensive explanation of all other fees and charges, including the valuation fee, loan foreclosure fees, late repayment fees, renewal fees, etc. There are no unforeseen fees.

Customers must meet the IDBI's eligibility requirements in order to be eligible for its gold loans.

• A legal drinking age of 21.
• A yearly minimum income requirement.
• A dependable agricultural income source.
• Having at least one hectare of land.

• Voter ID, passport, PAN card, photo credit card, introduction from an existing client, driving license, or introduction from the applicant's Bank must all be presented as identity verification of the applicant.
• Self-Employed: A copy of a current professional degree certificate is the required document that self-employed people must present.
• Other supporting documentation that will be required by the Bank while processing a request for a gold loan, such as loan account statements, bank account statements, the applicant's picture, a proforma invoice, etc.
• Income Verification: Self-employed people are not required to provide income verification. The Bank's discretion will determine this. Twelve months' worth of bank statements and the applicant's income tax returns from the prior year with computation of income are required as proof of income.
• Electricity bills, phone bills, sales tax certificates, or lease deeds for businesses like shops and restaurants must all be submitted by the applicant as proof of their existence.
• Address Evidence: The application must present one of the following documents as proof of address: ration card, passport, utility bill, driver's license, credit card bill, introduction from an existing client, or introduction from the applicant's Bank.

An IDBI Gold Loan is a secure and practical solution to handle any unforeseen financial needs without placing an additional strain on yourself. All you need are some extra gold items—coins, jewellery, etc.—that are lying about your home or in a locker unused.

The Bank often charges low-interest rates for loans secured by gold. However, the precise interest rate that is provided to you will mostly be determined by two things:-

• The amount of the loan value that you are requesting.
• The grade of the gold you are putting with the IDBI Bank.

Here is the breakdown of the fee and charges levied by IDBI Bank against gold loans-

• Gold loans from IDBI Bank are authorized fast and with few conditions.
• It can be applied to practically all of your financial needs throughout your life.
• The Bank offers exclusive promotions to its current clients. For them, the procedure is much more basic.
• The Bank merely needs simple documents for address and identification verification. It does not require evidence of income.
• The jewelry is kept in fire- and water-resistant lockers by the Bank, which also maintains strict watchfulness over the gold.
• Since the loan is secured by gold, the Bank charges a low-interest rate.
• In the event of a Gold Loan Foreclosure, IDBI Bank assesses a fee to the borrower of up to.50% of the principal sum.