|Catholic Syrian Bank Gold Loan Updated on||Details|
|Loan Amount||Rs. 25,000 to Rs. 50 lakhs|
|Interest Rate||9.10% to 13.50%|
|Repayments||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.
Below-mentioned is the features of CSB loan against gold:
Below-mentioned is eligibility criteria for CSB gold loan:
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.
Below-given are the CSB gold loan schemes that you can avail of:
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.
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.
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.
Below-given is a list of documents needed to apply for a CSB loan against gold.
If you want to apply for a gold loan from Catholic Syrian Bank, follow any one of the below-mentioned methods.
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.