South Indian Bank Gold Loan

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South Indian Bank Gold Loan is one of the best ways to resolve any financial emergency. This bank offers various gold loan products to its customers at cheaper rate of interest in order to meet their urgent financial needs with lesser formalities. There are various loans against gold schemes by this financial company.

You can find details about South Indian Bank gold loan on Loanbaba.com, so keep a check on this page for further updated information.

Why Choose South Indian Bank Gold loan?

The bank has attractive offer on gold loan. It charges nominal rate of interest. The loan amount can be used for desirable purpose. Loan tenure is flexible and one can get maximum amount as per the gold weight. The procedure for loan sanctioning is transparent and the bank has helped several customers fulfill their financial needs with loan against gold.

Features of South Indian Bank Gold Loan

• The loan repayment period provided by the bank will be flexible, in which the loan can be repaid with a lump sum or in installments.
• The bank will not charge any heavy penalties.
• It only provides loan against gold ornaments, jewelry, and coins.
• They offer competitive interest rates along with flexible tenures.

Why Apply for Gold loan on Loanbaba.com?

At Loanbaba, you can compare and apply for gold loans online. You can check out several gold loan schemes by the South Indian Bank and go through all their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page. You can also quickly apply for a loan against gold online on our website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.

South Indian Bank Gold Loan Interest Rates

The South Indian Bank Gold Loan interest rate charged is related to various factors. The interest rate per year starts at 11%. The bank has the right to change its interest rates and borrowers have to clarify with the bank about the existing bank rate.

South Indian Bank Gold Loan Eligibility Calculator

Gold loan eligibility may differ from one candidate to another. You can also use free-of-cost gold loan eligibility calculator at Loanbaba.com

Types of South Indian Bank Gold loans

The bank has gold loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.

1. Gold Power
• It is an overdraft facility offered to the customers having gold ornaments of 22 carat purity.
• The ornaments can easily be re-deposited and released with no restrictions making the loan liquid and flexible in nature.
• One can avail a loan of Rs. 25,000 easily with maximum limit of Rs. 500 lakhs.
• Bank levies a processing fee of 0.10% at the time of enhancement and renewal of loan.
• Loan is renewed after a time span of 12 months for a further period of same interval.
• Bank ensures a safe custody of your gold ornaments which are kept in a strong room in order to prevent any kind of loss or tampering.
• A security of 22 carat gold needs to be furnished against which the loan will be sanctioned.
• Repayment period for this loan is 36 months. In case of any default in repayment of this loan, a penal interest of 2% will be levied for the default period.
• Individuals, self-employed, professionals and businessmen are eligible to avail this loan.
• Rate of interest under this scheme is equal to one year MCLR to normal as well as priority sector individuals or entities.
2. Gold Loan Monthly Interest
• This scheme features a term loan against gold as security for customers of the bank to meet their urgent financial requirements which may be personal in nature relating to self, business, family or finance.
• One can avail a loan amounting between Rs. 5000 and Rs. 10 crores under this scheme.
• One can furnish 22 carat golden jewelry/ ornaments against which the loan is to be sanctioned after proper valuation.
• The loan is sanctioned for a period of 12 months which can be renewed further for the same period.
• Higher of Rs. 50 or minimum interest will be charged.
• Rate of interest under this scheme is 11% per annum.
• No handling charges are levied under this scheme.
3. Gold Max
• The objective of this loan also is to meet the personal financial requirements of the applicants.
• One can avail a minimum of Rs. 5000 under this scheme.
• Applicants need to furnish 22 carat golden jewelry or ornaments as security to avail a loan against them.
• This loan is offered for a period of 6 months which can be renewed further.
4. Gold Max Plus
• The amount which can be availed under scheme can be between Rs. 5000 and Rs. 10 crores.
• The purpose of this loan also is to meet the personal financial requirements of the applicants.
• One needs to get his/ her golden ornaments or jewelry pledged with the bank in order to avail the loan.
5. Gold Rush
• The purpose of this loan also is to meet the personal financial requirements of the applicants.
• The amount which can be availed under scheme can be between Rs. 10 thousand and Rs. 10 crores.
• Higher of Rs. 50 or minimum interest will be charged.
• One needs to get his/ her golden ornaments or jewelry pledged with the bank in order to avail the loan.
6. Swarnanidhi

• Under this scheme a customer is not allowed to pledge more than 50 grams of gold with the bank.
• This loan is sanctioned with a purpose of meeting personal financial needs of the applicant which can be of any nature.
• This loan is advanced for a period of 12 months after which it can be renewed further for the same period.
• There is no processing fee associated with the loan and hence customers are not insisted upon to pay any such charges by the bank.

Gold loan South Indian Bank FAQs

Below provided is important South Indian Bank Gold Loan FAQs.

• addFAQs
  1. What are the important details of Gold Max scheme?

  No handling charges are levied under this scheme. The rate of interest charged under this scheme is 11% per annum. Higher of Rs. 50 or minimum interest will be charged. The maximum period for this loan is 3 months.

  2. What is the security requirement for Swarnanidhi gold loan?

  The security requirements for this loan are 24 carat gold coins issued by the South Indian Bank packed originally along with Assay Certification. Applicants need to get them pledged with the bank against which the loan is sanctioned depending upon the value of gold coins.

  3. Is it possible to re-pledge gold under gold power loan scheme?

  It is possible to re-pledge the gold ornaments in order to avail this loan. For this, the pawnee must furnish a declaration stating the actual ownership and a no objections certificate from the pawner pledging those ornaments further with the bank.