IDFC FIRST Bank Gold Loan Interest Rates

The gold loan from IDFC First Bank may be the simplest and safest option to finance your urgent demands at a competitive interest rate.

The gold loan from IDFC First Bank offers speedy finance with minimal paperwork and safe storage. Thus, a gold loan can provide funds for weddings, further education, business growth, and other related activities.

Details of the IDFC First Bank Gold Loan

Amounts

Rs. 1 crore

IDFC Gold Loan Interest Rate

7%

Processing Fee

1.50%

Prepayment Costs

2% + GST

Repayment Tenures

24 Months

Repayment Schemes

Bullet Payment Scheme, Overdraft Scheme

Characteristics of the IDFC First Bank Gold Loan Scheme

  • The goal here is to meet all of the agricultural needs.
  • Anyone who owns gold ornaments, jewelry, or coins, as well as any branch account holders, is readily qualified for an IDFC First Bank gold loan.
  • The significant quantity is between Rs 15 and 25 lakhs for agriculture, MSME, OPS, retail, and consumer purposes.
  • The property, such as ornaments, gold jewelry, or coins, should be pledged by the bank.
  • This is between 15 and 20% for agricultural use.
  • The cap for agriculture is 15 lakhs. The rate for gold coins and jewelry with a hallmark is 7.35%.

Who is Eligible for the IDFC First Bank Gold Loan Scheme?

  • The age requirement is at least 18.
  • Anyone who has gold jewelry, coins, or ornaments that the bank needs to mortgage.
  • A person needs a steady income (optional).
  • Individuals who already hold a current or savings account with the bank (optional).

What are the Documents Needed for the IDFC First Bank Gold Loan Scheme?

  • Properly completed and signed a gold loan application.
  • Two photos the size of a passport.
  • Identity documents include a passport, voter ID card, driver's license, PAN card, Aadhar card, and an ID card from a government agency.
  • The most recent utility bill, the most recent phone or mobile bill, the most recent credit card statement, and the current house lease agreement are all acceptable forms of identification.
  • The most recent pay stub that includes all deductions, Form 16, or the income tax returns for the past two fiscal years serves as proof of income (optional).

Types of Gold Loan Schemes from the IDFC First Bank

Following are the types of Gold Loan Schemes from the IDFC First Bank-

- Loan Against Gold

IDFC Bank offers loans secured by gold at enticing interest rates that can truly meet any person's immediate financial needs for either personal or professional purposes. In contrast to other loan products, a gold loan is a fully secured loan in which the bank assumes no risk in providing the applicants with the requested amount of money at a low rate of interest.

- Loan Against Gold for Agriculture

Especially for farmers' agricultural needs, IDFC Bank offers gold loans at a particular rate of interest in comparison to loans made out for other purposes. The bank, in particular, requires the land evidence from where the loan applicants are applying.

Methods to Repay the Gold Loan from IDFC First Bank

IDFC Bank Gold Advance may be repaid in a variety of ways, including the ones listed below-

  • Standing Instructions (SI): If you presently have an account with IDFC Bank, Standing Instructions are the most popular choice for payment. The EMI amount will be deducted from the applicant's IDFC Bank account at the end of the month period.

  • Post-Dated Checks (PDC): At your local IDFC Bank Loan Center, the applicant may provide a post-dated EMI check from a non-IDFC Bank statement. The updated PDCs version should now be provided. Post-dated checks that will be collected from non-ECS nations should be noted for best results.

  • Electronic Clearing Service (ECS): This program is for applicants who do not have an account with IDFC Bank and who must have their EMIs debited from that account at the end of each month's cycle.

Advantages of the IDFC First Bank Gold Loan Scheme

  • Quick Process: IDFC Bank Gold Loan is quickly approved and paid out. Within an hour, the loan was approved.
  • Few Documents: For an IDFC Bank Gold Loan, only a minimal number of documents are needed to complete the process.
  • Farmers can benefit from IDFC Bank's exclusive offers for agricultural use. Low-interest rates on gold loans are offered for agricultural purposes.
  • The system, with complete openness and no hidden fees, is supplied to the consumer.
  • Loan Amount: The consumer has been given a loan for a maximum of Rs. 15,000. The smallest sum in rural areas can potentially be less than Rs 10,000.
  • Jewellery safety: IDFC Bank is responsible for the safety of your gold. As a result, the gold is protected from fire.
  • No Debt Burden: The applicant won't have any debts if, for any reason, they are unable to repay the loan amount. All that will be seized are the ornaments.
  • No income restrictions: The applicant's pay is not constrained in any way. Therefore, gold loans are available to individuals of any income level.
  • Loan Term: A loan may be obtained for a period of three months to two years.

Other Charges and Fees for the IDFC First Bank Gold Loan Scheme

 

IDFC Bank Gold Loan Interest Rate

7.00%

Processing Charges

1.50%

Prepayment Charges

2% + GST

Valuation Costs

Rs 250 for a loan that is up to the value of Rs 1.5 lakhs

Late Charges

2% p.a. + IDFC First Bank gold loan interest rate

Renewal Charges

Rs 350 + GST

Kinds of Gold Accepted at the Bank

The IDFC Bank accepts all types of gold jewellery, including gold anklets, gold necklaces, gold bracelets, and gold bangles, when applying for a gold loan.

Quality: Gold should range in carat weight from 18 to 22. Any jewellery made of 24-carat gold cannot be used to secure a gold loan.

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