Allahabad Bank Gold loan is now Indian Bank Gold Loan after the merger of both the banks, with effect from 1 April 2020. The jewel loan schemes are for personal and emergency purposes as well as agriculture requirements. The interest rate is from 7% onward with EMI as low as Rs. 583 per month for Rs. 1 lakh loan. Any eligible individual over 18 years of age can apply for the loan against gold. The loan amount is up to 80%-85% of the gold asset’s current market value for agricultural purposes. LTV for other jewel loans is up to 70% of the gold’s market value.
In this post, we will discuss Allahabad Bank gold loans and Indian Bank gold loan features with product details, interest rates, and frequently asked questions.
Here are the combined aspects of the previous gold loan scheme by Allahabad Bank, and the current gold loan by Indian Bank:
Old Gold Loan Scheme Features of Allahabad Bank:
The Allahabad Bank Gold Loan interest rate charged is related to various factors. As per the erstwhile schemes, the interest rates ranged between 10.20% and 12.45% per annum. The bank can change the rate from time to time. After the amalgamation of banks, the current Indian Bank gold loan interest rate is 7% (floating) onward for Bumper Agri Jewel Loan. The EMI comes to Rs. 583 per lakh per month
1.For loan up to Rs.50000/-, Base Rate (10.20%)
2.For loan of Rs.50000/- to Rs.2 lakhs – Base Rate +1.00% = 11.20%
3.For loan of Rs.2 lakhs to Rs.5 lakhs – Base Rate + 2.00% = 12.20%
For domestic/consumption/medical purposes
1.For loan of Rs.3 lakhs - BR + 2.25% = 12.45%
2.For loan of Rs.3 lakhs to Rs.5 lakhs - BR + 4.00% = 14.20%
For business purposes
2.For loan of Rs.3 lakhs to Rs.25 lakhs - BR + 4.00% = 14.20%
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Here are the FAQs for Allahabad Bank gold loan:
Here are the details of the loan amount as per pre-amalgamation time:
Minimum Rs.5,000/-Maximum Rs.5 lakhs
Minimum Rs.20,000/-Maximum Rs.5 lakhs
Minimum Rs.50,000/-Maximum Rs.25 lakhs
Here are the required documents for the Indian Bank gold loan application:
The Allahabad bank has an attractive offer on a gold loan. It charges a nominal rate of interest. The loan amount can be used for a desirable purpose. Loan tenure is flexible and one can get the maximum amount as per the gold weight. The procedure for loan sanctioning is transparent and the bank has helped several customers fulfil their financial needs with a loan against gold.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Allahabad Bank/Indian Bank Gold Loan.
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