Catholic Syrian Bank Gold Loan is a useful financial product to tackle any financial crisis. The bank offers funds up to Rs. 10 lakhs (or more) against the pledged gold jewellery. Tenure of gold loan is between 6 months and 1 year. Interest rate starts from 10.50%. CSB or Catholic Syrian Bank enable you to secure quick funds within a few hours, with which you can deal with any of your monetary requirements such as purchase of a gadget, wedding expenses, travel costs, educational costs, medical emergency, house repair, etc.
At, Loanbaba.com you can apply for Catholic Syrian Bank Gold Loan online and get instant approval and fund disbursal.
Catholic Syrian Bank Gold Loan
Rs. 25,000 to Rs. 10 lakhs and above
10.50% to 11.5% onward
6 months to 12 months
Features of Catholic Syrian Bank Gold Loan
Below-mentioned are the features of CSB loan against gold:
The bank has several gold loan schemes suited for your financial needs.
Free security will be 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 must be above 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.
Types of Catholic Syrian Bank Gold Loans
Below-given are the CSB gold loan schemes that you can avail:
General Gold Loan
In this scheme, you can expect maximum quantum of finance, up to 75% of the pledged gold’s current market value. Interest rate begins at 12.50% and tenure is 6 months to 1 year. Repayment terms are flexible. There is a facility of cashless loan with speedy processing of the loan application. Additional benefits could be available for those borrowing more than Rs. 10 lakhs.
Retail Trade Gold Loan
This loan is for those in retail trade business. You can avail cashless loan and a flexible repayment term. Interest rate starts at 11.5% and you can expect 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 option for balance transfer. Like the above-mentioned scheme, people borrowing more than Rs. 10 lakhs are eligible for added benefits.
Loan against Gold for Agriculture
Facility for a loan against gold is available for agricultural purpose. 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 10.50% per annum. Like its other counterparts, this loan has flexible terms for repayment. Tenure depends on the agricultural activity undertaken or the cultivated crop.
Overdraft Gold Loan
Catholic Syrian Bank offers different types of overdraft gold loans, as per the customer categories:
CSB Double Power Gold Loan
This overdraft scheme is applicable for all the customers. 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. Tenure of the loan is up to 12 months. The application process involved simplified documentation for loan amount up to Rs. 5 lakhs.
If you are looking for a loan for a short period of time at best rate, then CSB Double Power loan against gold is the perfect option. Loan amount is between Rs. 25,000 and Rs. 10 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 starts at 10.50% per annum, making the interest payout as low as 88 paise per month for each Rs. 100.
Catholic Syrian Bank Gold Loan Interest Rates 2019 Information
Catholic Syrian Bank gold loan interest rate differs from one jewel loan scheme to another. The lowest gold loan rate is 10.50%. However, the loan against gold rate of interest will depend on the gold’s purity and weight, as well as the applicant’s individual profile. To get the best rate possible, maintain a good repayment record and capacity. High quality will gold will fetch better rates, thus, purer the gold, lower the charges could be, and higher the per gram loan amount.
Catholic Syrian Bank Gold Loan Calculator
On our website, you can take help of free-to-use EMI calculator and Eligibility calculator to understand the monthly instalment till 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 loan is 10.50%. But Catholic Syrian 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 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. Shorter the tenure, lower will be the interest payout 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.
Catholic Syrian Bank Gold Loan Eligibility Criteria
Below-mentioned are eligibility criteria for CSB loan against gold:
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 carat and 22 carat.
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.
Documents Required to Apply for Loan against Gold by CSB
Below-given is a list of documents needed to apply for CSB loan against gold.
Identity proof (any one of the following): PAN Card, Passport, Driving License, Aadhar Card, Voter’s ID card, etc.
Address proof (any one of the following): Aadhar 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 gold loan Catholic Syrian Bank, follow any one of the below-mentioned methods.
- Online Process: Drop an online loan application on Loanbaba website for 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 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 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 loan 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 fee, 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 CIBIL score 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 lender apply a margin before determining a loan amount, lending without keeping in mind the income drawn by the borrower, is not the concern. The bank can utilize the pledged gold to recover the dues if 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 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 EMI scheme, you have to pay monthly instalments till the end of tenure. The instalments will contain components of interest and the principal.
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 times, there are no charges for the same.
After repaying all the dues and EMIs in complete, 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
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Catholic Syrian Bank for gold loan.
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