South Indian Bank Gold Loan Interest Rates

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South Indian Bank gold loan interest rate starts at 11.00% onwards. This bank is one of the best gold loan providers helping customers meet financial requirements during emergencies. You can use this for business and personal needs, such as working capital, renting workspace, business expense, wedding, education, medical emergency, home repair, etc. Some utilize it for agricultural purposes as well. On this page, we will discuss the top gold loans offered by South Indian Bank, along with the offered interest rates.

For business, the fund can help to purchase equipment, expand workspace, rent or purchase new workstation, project finance, working capital etc. On the other hand, you can even use the funds for expenses related to medical emergencies, weddings, travel plans, education, home repairs, etc.

At Loanbaba, you will get all the details about South Indian Bank Gold Loan Rate and loan scheme.

South Indian Bank Gold Loan Details Updated 2019 29th October 2020
Loan Amount Rs. 5,000 to Rs. 10 crore
Loan Tenure Up to 12 months, but renewable
Interest Rate 11.00% onwards

South Indian Bank Gold Loan Interest Rates 2019 Information

The interest rate on a loan against gold by the bank is lowest at 11.00%, after which the rates may apply as per your repayment capacity, gold jewellery’s weight and purity, and other factors. To get the best loan rate offers, you should check with the bank for more details.

  • What is Gold Power scheme?

Below-given are details about Gold Power scheme by the bank.

Gold Power for Individuals MCLR (1yr) plus 1.65%
Gold Power for Business/ Self Employed people MCLR (1yr) plus 1.65%
Gold Power-Re-pledge MCLR (1yr) plus 1.65%
Particulars Loan details
Who can avail? • Individuals
• HUF, Hindu Undivided Family
• Partnership Firms
• Proprietorships
• Private and public limited Companies
Facility type Overdraft facility against Gold Jewellery 22 ct (916)
Loan amount Rs. 0.25 lakhs to Rs. 1000 lakhs
Loan rates Per Gram of gold Varies time to time; fixed by the bank
Security requirements 22 ct (916) Gold Ornaments/ Jewellery
(RBI has prohibited Gold/ Silver bullion; thus, no loan shall be provided on the same.)
Loan tenure 3 years (The limit can be renewed depending on the annual review.)
Processing Charges 0.10% of the loan amount
Penal Interest 2% per annum on the default amount for the default period.

Other Features

1. The pledged ornaments are safe under the custody of the Bank.
2. One can avail liquidity against gold at any moment. The bank shall sanction an overdraft or short-term credit against the gold ornaments.
3. The ornaments can be used at any time. You can use these ornaments and re-deposit at any time.
4. In order to re-pledge, the original pawner shall state the actual ownership and should submit his no-objection for re-pledging.
5. The borrower enjoys this account as an overdraft facility.
  • What is Gold Max scheme?

Below-given are details about Gold Max scheme by the bank.

Loan purpose To meet personal financial emergencies.
Loan value Rs. 5000 to Rs. 10 crores
Security 22ct Gold ornaments can be pledged
Loan period 6 Months
Cut-off Date for auction Depending on the bank norms
Interest charges at minimum Rs. 50 or 5 days charges, whatever is more.
Handling fee NA
  • What is Swarnanidhi scheme?

Below-given are details about Swarnanidhi scheme by the bank.

Loan purpose To meet personal, business or any other financial needs.
Loan value Subject to not more than 50 grams per customer
Security 24 Carat Gold coins SIB issues. Should have original packing and Assay Certification.
Interest rates MCLR (1yr) plus 2.7%
Loan period 1 year
Cut-off date for auction Depends on the bank rules
Processing Charges NA
  • What is Gold Rush scheme?

Below-given are details about Gold Rush scheme by the bank

Loan purpose To meet personal financial emergencies
Loan value Rs. 10,000 to Rs. 10 crore
Security 22ct Gold ornaments can be pledged
Interest rates MCLR (1yr) plus 2.7%
Loan period 1 year
Cut-off date for auction Depends on the bank rules
Interest chargeable Rs. 50 or 5 days charges, whatever is more.
Handling fee NA

South Indian Bank Gold Loan Interest Rate Calculator

South Indian Bank jewel loan interest rate starts from 11%. The actual loan amount, interest rate, tenure of the loan, will depend on the gold asset submitted as collateral. The bank offers competitive rates to people, and here is how the rates are calculated.

Here is the basis on which South Indian Bank Gold Loan Interest Rate Calculator functions.

  • Loan Amount

You will receive a loan amount as per gold weight and purity. Loan to value ratio will also be considered. Higher loans amounts may apply lower rates, and vice-versa. The loan amount that you can avail at this bank is between Rs. 5000 and Rs. 10 crores.

  • Relationship with the Bank

If you have a good relationship with the bank because of repaying loans taken from the bank, in time, or being a loyal customer all these years, then the financial institution may charge a lower rate of interest.

  • Loan Tenure

Higher rates apply for lower tenure. But on choosing a lower tenure, you also save on the interest payout. The tenure of the loan with this bank is up to a year, but you can renew the plan once again after that.

  • Loan to Value Ratio

According to the norms of RBI, financial institutions and banks can provide up to 75% of the gold’s current market value. However, the banks can even provide a lower loan to value ratio. Higher the LTV, better rates and loan amounts you can expect.

Documents Required for South Indian Bank Gold Loan

Following are the documents needed to apply for jewel loan by the bank.

  • One of the mentioned identity proofs: Passport, Aadhar Card, PAN Card, Driving License, or Voter’s ID Card.
  • One of the mentioned address proofs: Aadhar Card, Rent Agreement, Bank Statement, and Voter’s ID card, Utility Bills, etc.

Other than the mentioned documents, you have to mandatorily submit your PAN card. You will require 2 passport-sized recent photographs as well.

How to Apply for South Indian Bank Jewellery Loan?

Here is how you can apply for gold loan at the bank.

  • Online Application: You need to access gold loan application form at the official website of the bank. Fill in the required details correctly and apply after uploading the documents. After reviewing your application, a customer executive shall get in touch with you soon and let you know if you have to come over to the bank for gold valuation.
  • Offline Application: You need to visit the nearest bank branch with the gold jewellery and required jewellery. At the bank, they will assess the weight and purity of gold jewellery and let you know how much amount you can take. Fill the loan application form and attach the hard-copy of documents. After reviewing all the details, loan will be approved and disbursed.
  • Disbursal Process:You will receive the funds quickly after approval of the loan application. Typically, it takes just a few hours to get the amount credited in your bank account, but sometimes it may take a day.

Frequently Asked Questions on South Indian Bank Gold Loan Interest Rate and Loan Scheme

Below-given are FAQs about South Indian Bank Jewel Loan Interest Rate and loan plan.

  • addFAQs
    1. What is Gold Max Plus scheme?
    2. Below-given are details about Gold Max Plus scheme by the bank

      Loan purpose To meet personal financial emergencies.
      Loan value Rs. 5,000 to Rs. 10 crores
      Security 22ct Gold ornaments can be pledged
      Interest rates
      Personal use – 6 months MCLR for 6 months plus 1.45%
      Agricultural use MCLR for 6 months plus 0.95%
      Get Gold Max Plus for 3 months MCLR for 3 months plus 1.55%
      Loan period 3 Months
      Cut-off date for auctiony Depending on the bank norms
      Minimum Interest 3 Minimum for 5 days or Rs.50/- whichever is higher.
      Handling charges NA
    3. What is Gold Agriculture scheme?
    4. Below-given are details about Gold Agriculture scheme by the bank

      Loan purpose For agricultural and related use
      Loan value Rs. 5,000 to Rs. 10 crores
      Security 22ct Gold ornaments can be pledged
      Interest rates
      Gold Loan Agri MCLR for 1yr plus 0.65%
      Gold Loan Agri including 3 lakhs of Interest Subvention MCLR for 1yr plus 2%
      Loan period 12 Months
      Minimum Interest Minimum for 5 days or Rs.50/- whichever is higher.
      Handling charges NA
    5. What the rates are of interest for South Indian Bank other jewel loans?
    6. Below-mentioned are other jewel loan rates by the bank.

      SIB Interest Rates for other loans
      Gold Loan General MCLR for 1yr plus 1.15%
      Gold Loan - Other Priority Sector MCLR for 1yr plus 1.15%
      Gold Loan Monthly Interest Payment MCLR for 1yr plus 1.15%

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of South Indian Bank for gold loan.

South Indian Bank gold loan interest rate starts at 11.00% onwards. This bank is one of the best gold loan providers helping customers meet financial requirements during emergencies. You can use this for business and personal needs, such as working capital, renting workspace, business expense, wedding, education, medical emergency, home repair, etc. Some utilize it for agricultural purposes as well. On this page, we will discuss the top gold loans offered by South Indian Bank, along with the offered interest rates.

For business, the fund can help to purchase equipment, expand workspace, rent or purchase new workstation, project finance, working capital etc. On the other hand, you can even use the funds for expenses related to medical emergencies, weddings, travel plans, education, home repairs, etc.

At Loanbaba, you will get all the details about South Indian Bank Gold Loan Rate and loan scheme.

South Indian Bank Gold Loan Details Updated 2019 29th October 2020
Loan Amount Rs. 5,000 to Rs. 10 crore
Loan Tenure Up to 12 months, but renewable
Interest Rate 11.00% onwards

South Indian Bank Gold Loan Interest Rates 2019 Information

The interest rate on a loan against gold by the bank is lowest at 11.00%, after which the rates may apply as per your repayment capacity, gold jewellery’s weight and purity, and other factors. To get the best loan rate offers, you should check with the bank for more details.

  • What is Gold Power scheme?

Below-given are details about Gold Power scheme by the bank.

Gold Power for Individuals MCLR (1yr) plus 1.65%
Gold Power for Business/ Self Employed people MCLR (1yr) plus 1.65%
Gold Power-Re-pledge MCLR (1yr) plus 1.65%
Particulars Loan details
Who can avail? • Individuals
• HUF, Hindu Undivided Family
• Partnership Firms
• Proprietorships
• Private and public limited Companies
Facility type Overdraft facility against Gold Jewellery 22 ct (916)
Loan amount Rs. 0.25 lakhs to Rs. 1000 lakhs
Loan rates Per Gram of gold Varies time to time; fixed by the bank
Security requirements 22 ct (916) Gold Ornaments/ Jewellery
(RBI has prohibited Gold/ Silver bullion; thus, no loan shall be provided on the same.)
Loan tenure 3 years (The limit can be renewed depending on the annual review.)
Processing Charges 0.10% of the loan amount
Penal Interest 2% per annum on the default amount for the default period.

Other Features

1. The pledged ornaments are safe under the custody of the Bank.
2. One can avail liquidity against gold at any moment. The bank shall sanction an overdraft or short-term credit against the gold ornaments.
3. The ornaments can be used at any time. You can use these ornaments and re-deposit at any time.
4. In order to re-pledge, the original pawner shall state the actual ownership and should submit his no-objection for re-pledging.
5. The borrower enjoys this account as an overdraft facility.
  • What is Gold Max scheme?

Below-given are details about Gold Max scheme by the bank.

Loan purpose To meet personal financial emergencies.
Loan value Rs. 5000 to Rs. 10 crores
Security 22ct Gold ornaments can be pledged
Loan period 6 Months
Cut-off Date for auction Depending on the bank norms
Interest charges at minimum Rs. 50 or 5 days charges, whatever is more.
Handling fee NA
  • What is Swarnanidhi scheme?

Below-given are details about Swarnanidhi scheme by the bank.

Loan purpose To meet personal, business or any other financial needs.
Loan value Subject to not more than 50 grams per customer
Security 24 Carat Gold coins SIB issues. Should have original packing and Assay Certification.
Interest rates MCLR (1yr) plus 2.7%
Loan period 1 year
Cut-off date for auction Depends on the bank rules
Processing Charges NA
  • What is Gold Rush scheme?

Below-given are details about Gold Rush scheme by the bank

Loan purpose To meet personal financial emergencies
Loan value Rs. 10,000 to Rs. 10 crore
Security 22ct Gold ornaments can be pledged
Interest rates MCLR (1yr) plus 2.7%
Loan period 1 year
Cut-off date for auction Depends on the bank rules
Interest chargeable Rs. 50 or 5 days charges, whatever is more.
Handling fee NA

South Indian Bank Gold Loan Interest Rate Calculator

South Indian Bank jewel loan interest rate starts from 11%. The actual loan amount, interest rate, tenure of the loan, will depend on the gold asset submitted as collateral. The bank offers competitive rates to people, and here is how the rates are calculated.

Here is the basis on which South Indian Bank Gold Loan Interest Rate Calculator functions.

  • Loan Amount

You will receive a loan amount as per gold weight and purity. Loan to value ratio will also be considered. Higher loans amounts may apply lower rates, and vice-versa. The loan amount that you can avail at this bank is between Rs. 5000 and Rs. 10 crores.

  • Relationship with the Bank

If you have a good relationship with the bank because of repaying loans taken from the bank, in time, or being a loyal customer all these years, then the financial institution may charge a lower rate of interest.

  • Loan Tenure

Higher rates apply for lower tenure. But on choosing a lower tenure, you also save on the interest payout. The tenure of the loan with this bank is up to a year, but you can renew the plan once again after that.

  • Loan to Value Ratio

According to the norms of RBI, financial institutions and banks can provide up to 75% of the gold’s current market value. However, the banks can even provide a lower loan to value ratio. Higher the LTV, better rates and loan amounts you can expect.

Documents Required for South Indian Bank Gold Loan

Following are the documents needed to apply for jewel loan by the bank.

  • One of the mentioned identity proofs: Passport, Aadhar Card, PAN Card, Driving License, or Voter’s ID Card.
  • One of the mentioned address proofs: Aadhar Card, Rent Agreement, Bank Statement, and Voter’s ID card, Utility Bills, etc.

Other than the mentioned documents, you have to mandatorily submit your PAN card. You will require 2 passport-sized recent photographs as well.

How to Apply for South Indian Bank Jewellery Loan?

Here is how you can apply for gold loan at the bank.

  • Online Application: You need to access gold loan application form at the official website of the bank. Fill in the required details correctly and apply after uploading the documents. After reviewing your application, a customer executive shall get in touch with you soon and let you know if you have to come over to the bank for gold valuation.
  • Offline Application: You need to visit the nearest bank branch with the gold jewellery and required jewellery. At the bank, they will assess the weight and purity of gold jewellery and let you know how much amount you can take. Fill the loan application form and attach the hard-copy of documents. After reviewing all the details, loan will be approved and disbursed.
  • Disbursal Process:You will receive the funds quickly after approval of the loan application. Typically, it takes just a few hours to get the amount credited in your bank account, but sometimes it may take a day.

Frequently Asked Questions on South Indian Bank Gold Loan Interest Rate and Loan Scheme

Below-given are FAQs about South Indian Bank Jewel Loan Interest Rate and loan plan.

  • addFAQs
    1. What is Gold Max Plus scheme?
    2. Below-given are details about Gold Max Plus scheme by the bank

      Loan purpose To meet personal financial emergencies.
      Loan value Rs. 5,000 to Rs. 10 crores
      Security 22ct Gold ornaments can be pledged
      Interest rates
      Personal use – 6 months MCLR for 6 months plus 1.45%
      Agricultural use MCLR for 6 months plus 0.95%
      Get Gold Max Plus for 3 months MCLR for 3 months plus 1.55%
      Loan period 3 Months
      Cut-off date for auctiony Depending on the bank norms
      Minimum Interest 3 Minimum for 5 days or Rs.50/- whichever is higher.
      Handling charges NA
    3. What is Gold Agriculture scheme?
    4. Below-given are details about Gold Agriculture scheme by the bank

      Loan purpose For agricultural and related use
      Loan value Rs. 5,000 to Rs. 10 crores
      Security 22ct Gold ornaments can be pledged
      Interest rates
      Gold Loan Agri MCLR for 1yr plus 0.65%
      Gold Loan Agri including 3 lakhs of Interest Subvention MCLR for 1yr plus 2%
      Loan period 12 Months
      Minimum Interest Minimum for 5 days or Rs.50/- whichever is higher.
      Handling charges NA
    5. What the rates are of interest for South Indian Bank other jewel loans?
    6. Below-mentioned are other jewel loan rates by the bank.

      SIB Interest Rates for other loans
      Gold Loan General MCLR for 1yr plus 1.15%
      Gold Loan - Other Priority Sector MCLR for 1yr plus 1.15%
      Gold Loan Monthly Interest Payment MCLR for 1yr plus 1.15%

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of South Indian Bank for gold loan.

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