South Indian Bank Gold Loan Interest Rates

Customers can obtain loans against gold items from South Indian Bank under a variety of programs to help them with their financial needs. Let's examine the features and advantages of the various loans that the bank offers.

Details of the South Indian Bank Gold Loan Scheme

Amount

Rs. 10 crore

Term

12 Months (and renewable)

South Indian Bank gold loan interest rate

11%

South Indian Bank gold loan rate per gram today

Rs. 5,291

Characteristics of the South Indian Bank Gold Loan Scheme

  • Up to 85% (and more) of the gold's current market value can be borrowed against.
  • Loan secured by jewelry made of 22-carat gold.
  • The loan is for a sum of between 5,000 and 10 crores of rupees.
  • The borrowing might be used for agriculture, business, or personal purposes.
  • You have access to overdrafts, demand loans, and term loans.
  • For the safekeeping of gold ornaments, there are no fees.
  • Tenure ranges from one month to three years.
  • There are also flexible tenures available: 3 months, six months, and 12 months.
  • Bullet repayments, EMIs, or monthly interest are all forms of repayment.

South Indian Bank Gold Loan Interest Rate 2022

South Indian Bank jewel loan interest rate

7.25% per annum

Who is Known to be in Eligible Criteria for the South Indian Bank Gold Loan Scheme?

  • The applicant will have to be a citizen of India.
  • The age criteria for the scheme is from 18 years of age to 70.
  • The individual needs to be a salaried or a self-employed person.
  • The gold needs to be a minimum of 18 karats.

Documents that are Needed to Opt for the South Indian Bank Gold Loan Scheme

The paperwork required to apply for a bank gem loan is listed below.

  • One of the following is acceptable as identification: a passport, an Aadhar card, a PAN card, a driver's license, or a voter ID card.
  • Aadhar cards, rent agreements, bank statements, voter identification cards, utility bills, and other documents are examples of address proofs.

In addition to the previously specified documents, you must also present your PAN card. Additionally, two current passport-sized photos are required.

What are the Benefits of the South Indian Bank Gold Loan Schemes?

  • Simple Process: You can quickly and without any issues obtain a gold loan from South Indian Bank. Within an hour, the loan is approved.
  • Fewer Documents: The documentation process is shorter here; South Indian Bank's gold loan requires fewer documents.
  • Transparent System: The South Indian Bank provides total openness to its customers, which means there are no oblique fees.
  • Loan Term: The South Indian Bank offers gold loans with terms ranging from three months to two years. You can then choose your eases in accordance with this.
  • Agricultural Benefit: Farmers can benefit from the specific incentives that South Indian Bank provides for agricultural use. For agricultural use, South Indian Bank provides a gold loan at a low-interest rate.
  • No Debt Issue: There may be instances where an applicant is unable to pay back the loan amount, in which case the applicant won't have any debts because the bank will only accept the applicant's possessions as collateral.
  • Jewelry Protection: It's crucial to know that the bank takes the protection of your jewelry seriously. They kept the gold in fire-resistant storage moving forward.
  • No salary restrictions: As of now, anyone with any salary range can apply for a gold loan in South Indian Bank; there are no restrictions on the applicant's income or pay.

How Can I Apply for the SIB Gold Loan Scheme?

There are two major ways to apply for the scheme, and they are:

  1. a) Offline Mode: You must go to the nearby bank branch with the necessary jewelry and any gold jewelry. The bank will determine the weight and purity of the gold jewelry and will inform you of the maximum amount you may withdraw. Complete the loan application and affix the hard copies of the required paperwork. The loan application will be examined in detail before being approved and disbursed.
  2. b) Online Mode: On the bank's official website, you must access the application for a gold loan. After submitting the needed papers, correctly complete the application's required fields. A customer service representative would contact you shortly after assessing your application to let you know whether you need to visit the bank for a gold value or not.

Following the speedy approval of your loan application, you will receive the funds. Usually, it only takes a few hours, but occasionally it could take a day to get the money credited to your bank account.

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