|Catholic Syrian Bank Gold Loan
||Rs. 25,000 to Rs. 50 lakhs
||9.10% to 13.50%
||Quarterly, half-yearly, annually
Catholic Syrian Bank Gold Loan is a useful financial product to tackle any financial crisis. The bank offers funds up to Rs. 50 lakhs against the pledged gold jewellery. Tenure of a gold loan is between 6 months and 1 year. The interest rate starts from 9.10% to 13.50%. CSB or Catholic Syrian Bank enables you to secure quick funds within a few hours. With the funds, you can deal with any of your monetary requirements such as the purchase of a gadget, wedding, travel, education of children, medical emergency, house repair, etc. At loanbaba.com you will get to know everything about Catholic Syrian Bank Gold Loan and help with the application process.
In this post, we will discuss CSB Gold Loan features, eligibility criteria, interest rates, types of schemes, loan calculation, documents required, application procedures, and FAQs.
Features of Catholic Syrian Bank Gold Loan
Below-mentioned is the features of CSB loan against gold:
The bank has several gold loan schemes suited for your financial needs.
Free security is granted to all the pledged gold assets with the bank.
The interest rates are competitive and best for existing customers.
Gold assets such as jewellery and bank-purchased coins are accepted as collateral.
You may not need any guarantor.
You should have a decent income and a good repayment capacity, and over 18 years of age.
The documents required are minimal, so you do not have to engage in much paperwork.
The EMI and other repayment schemes are suited to your financial position.
Hassle-free application procedure makes the loan easy to get.
Catholic Syrian Bank Gold Loan Eligibility Criteria
Below-mentioned is eligibility criteria for CSB gold loan:
The gold to be pledged must be self-owned.
You must be above 18 years of age to apply for this loan.
The gold purity must be between 18 carats and 22 carats.
The acceptable form of gold is jewellery and bank-purchased coins.
The weight of gold coins must be 50 grams maximum.
You should have a bank account in your name to receive the funds.
You must submit all the required documents to apply for the funds.
Catholic Syrian Bank Gold Loan Interest Rates
Catholic Syrian Bank gold loan interest rate differs from one jewel loan scheme to another. The lowest CSB gold loan rate is 9.10%. However, the rate for a loan against gold will depend on the gold’s purity and weight, as well as the applicant’s profile. To get the best rate possible, maintain a good repayment record and capacity. High quality gold will fetch better rates, thus, purer the gold, lower the charges could be, and higher the per gram loan amount.
Types of Catholic Syrian Bank Gold Loans
Below-given are the CSB gold loan schemes that you can avail of:
1. General Gold Loan
In this scheme, you can expect a maximum loan amount of up to 75% of the pledged gold’s current market value.
The interest rate begins at 13.50% and tenure is 6 months to 1 year.
Repayment terms are flexible. There is a facility for a cashless loan with speedy processing of the loan application.
Additional benefits could be available for those borrowing more than Rs. 10 lakhs.
2. Retail Trade Gold Loan
This loan is for those in the retail trade business. You can avail of a cashless loan and a flexible repayment term.
The interest rate starts at 13.50%. You can expect the maximum rate per gram of gold.
Tenure is between 6 months and 1 year.
Facility for demand loans is available for retail traders who are eligible to be counted under priority sectors.
Benefits of this loan against gold include easy and fast approval of the loan application, minimal documentation, and an option for a balance transfer.
Like the above-mentioned scheme, people borrowing more than Rs. 10 lakhs are eligible for added benefits.
3. Loan against Gold for Agriculture
A facility for a loan against gold is available for agricultural purposes.
The loan is offered with or without interest subvention depending on the loan applicant’s profile and end purpose of the funds.
Without interest subvention, the interest rate is 9.10% to 13.50% per annum.
Like its other counterparts, this loan has flexible terms for repayment.
Tenure depends on the agricultural activity undertaken or the cultivated crop.
4. Akshaya Gold Credit Line
This is a digitally enabled product for customers to meet their emergency, personal, or business needs. You will receive a pre-approved credit line on the gold jewellery.
It is aimed to take care of the cash flow and liquidity requirements of people, including salaried individuals, small traders, and businessmen.
CSB Bank has the facility to link overdraft to the savings account. It comes with an auto sweep, so that amount you place in the savings account will reduce the overdraft limit. It will help to reduce the burden of interest.
The credit limit is fixed according to the gold value.
Receive personalized services on request.
You can withdraw money from the CSB Bank’s ATM, or digitally through fund transfers or e-Commerce transactions.
The scheme has renewal terms of 3 years.
You need to pay interest only for the days and the amount used. The repayment is possible directly or online.
Be sure that the gold asset is secured with the bank and receive free insurance.
Partial release of jewellery is possible. There are flexible redemption options.
5. Overdraft Gold Loan
Catholic Syrian Bank offers different types of overdraft gold loans, as per the customer categories:
This overdraft scheme applies to all the customers. The tenure of the loan is up to 12 months. To continue the facility, the account should be renewed every year.
CSB Cashless Gold Loan
Customers with Net Banking, Debit Card, and Mobile Banking facility can opt for this overdraft product. It comes with 24 x 7 hassle-free banking. The tenure of the loan is up to 12 months. The application process involved simplified documentation for loan amounts up to Rs. 5 lakhs.
6. CSB Double Power Gold Loan
If you are looking for a loan for a short time at the best rate, then the CSB Double Power loan against gold is the perfect option.
The loan amount is between Rs. 25,000 and Rs. 50 lakhs.
The benefit of this scheme is that you can make a one-time payment at the end of the loan term.
Tenure is up to 5 months and interest rates start at 13.00% per annum.
Catholic Syrian Bank Gold Loan Calculator
On our website, you can take the help of a free-to-use EMI calculator and Eligibility calculator to understand the monthly instalment till the end of the tenure that you have to pay and the amount of loan you are eligible for, respectively. Now, as understood, the lowest interest rate CSB for jewel loans is 9.10%. But CSB gold loan calculator or the concept used to determine the rates applicable by the bank depends on several factors as mentioned below.
- Loan Amount: The quantum of finance depends on the purity and weight of the pledged gold. Banks have a set rate per gram of gold and decide a loan amount on this figure. The loan amount also influences the rates of interest. For instance, several financial institutions offer a lower rate for higher loan amounts, and vice-versa.
- Relationship with the Bank: If you are an existing customer of a bank with a good track record of repayment, then there are higher chances of attaining lower rates on jewel loans, compared to that offered to the new customers.
- Tenure: A shorter tenure attracts lower rates of interest, and vice-versa. CSB offers a maximum tenure of 12 months for jewellery loans. The shorter the tenure, the lower will be the interest pay-out and vice-versa.
- Loan to Value Ratio: Banks can offer a loan to value ratio to gold loan up to 75% of the gold’s current market value. If the LTV is higher, you can expect a lower interest rate, and vice-versa. Banks can however provide a lower LTV than 75% depending on the gold’s purity, weight, and the chosen jewel loan scheme.
Documents Required to Apply for CSB Gold Loan
Below-given is a list of documents needed to apply for a CSB loan against gold.
- Identity proof (any one of the following): PAN Card, Passport, Driving License, Aadhaar Card, Voter’s ID card, etc.
- Address proof (any one of the following): Aadhaar Card, Bank Statement, Rent Agreement, Voter’s ID card, Utility Bills, etc.
You also have to submit PAN Card compulsorily and 2 recent passport-sized photographs with the duly filled and signed loan application form.
How to Apply for Gold Loan Catholic Syrian Bank?
If you want to apply for a gold loan from Catholic Syrian Bank, follow any one of the below-mentioned methods.
- Online Process: Drop an online loan application on the Loanbaba website for a CSB gold loan. Upload all the required soft-copy of documents. After our customer support team provides a confirmation status on the loan, we will guide you on how to get the gold asset valuation done at the bank, so that an instant lending decision is taken, and you get the loan amount the same day of the loan approval.
- Offline Process: Visit the nearest bank branch for gold valuation and completing the loan application process. You will have to carry a hard-copy of the documents. After loan approval, you will get the funds. This process can take a longer time than online procedure, especially if the bank branch is far from your place.
- Disbursal Process: The disbursal for jewel loan funds is instant. It may happen within a few hours of the loan sanction. Otherwise, it may take up to a day to disburse the amount. The funds will get credited to your bank account on approval of the loan.
Frequently Asked Questions about CSB Gold Loans
Below-given are FAQs on Catholic Syrian Bank gold loans in India.
When comparing gold loan schemes, you must look for the maximum loan amount that banks/NBFCs are prepared to offer. Interest rate and tenure are the next two things to look for, besides other fees and charges, such as the processing fees, late payment charges, foreclosure or prepayment fees, etc.
Usually, a hard credit check is not done to approve a gold loan, but in case the loan amount is high, then a credit check will be done to know your repayment capacity. Make sure to maintain a CIBIL score of 650+ when applying for a gold loan, in case the lender is interested in your credit profile, this score will help.
There are no income criteria until the loan amount needed is quite high. As the lender applies a margin before determining a loan amount, lending without keeping in mind the income drawn by the borrower is not a concern. The bank can utilize the pledged gold to recover the dues if the need arises.
The loan amount is decided based on the purity of the gold content in the asset and loan to value ratio for the selected scheme. The weight of the gold is also one of the factors here. Purer the gold, higher the loan amount, lower the rates, and vice-versa.
LTV is the loan to value ratio. On a gold loan, the maximum LTV as per norms of the RBI is 75% of the current market value of the gold asset. However, banks can offer a gold loan at lower LTVs as well, depending on the purity and weight of the gold, type of gold asset, and the chosen scheme. Lower risk schemes will attract a higher LTV, and vice-versa.
Mostly, you will be offered either a bullet repayment scheme or an EMI scheme. In the former, you can repay the entire principal owed at the end of tenure. But every month till tenure’s end, you have to keep paying the interest component. On the other hand, in the EMI scheme, you have to pay monthly instalments till the end of your tenure. The instalments will contain components of interest and the principal amount.
On making timely payments on your gold loan, your credit score will significantly improve, and vice-versa. A good credit score will help boost your creditworthiness. It will also better your chances of securing a new loan in the future. So, it is best to never default on repayments and you should maintain a strong credit score.
Prepayment and foreclosure options are available for gold loans. A few financial institutions may have charges on prepayment and foreclosure of a gold loan. However, most of the time, there are no charges for the same.
After repaying all the dues and EMIs entirely, you will get the pledged gold within a few days. Make sure to close the loan and get done with all the formalities beforehand to receive the pledged ornaments as soon as possible.
If you default on the repayments, then the lender can recover the dues by auctioning the pledged gold. But that shall happen only if you fail to repay the loan even after constant reminders and passing of the given timeframe of making the payments.
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