Yes Bank gold loan is provided against gold coins or jewellery. The bank promises a smooth and hassle-free loan process for both its new and existing customers. The funds can be used for business and personal purposes. Many use the loan amount for emergency expenses such as travel, medical contingency, home repair, and other reasons such as travel, education, wedding, important events, business expansion, etc.
At Loanbaba, you will get to understand all the details about gold loan by Yes Bank.
Details of Yes Bank gold loans in India:
Yes Bank Jewel Loan
Rs. 25 thousand to Rs. 50 lakhs
6 months to 36 months
0.75% to 1% of the loan amount
0.50% in case the loan is prepaid before the first 6 months
Loan against Gold Scheme
Overdraft scheme and EMI scheme
Yes Bank gold loan rate starts at 11.00%. The interest rate however will depend on gold weight and purity, loan amount, loan applicant’s profile, repayment capacity, and other factors. It is always best to compare and check rates of several jewel loan schemes offered by the bank, before selecting the suitable option. Also, choosing a shorter loan tenure will help reduce interest payout.
Gold loan interest rate Yes Bank starts from 11% but differs as per many factors, such as your relationship with the bank, credit history, gold weight and purity, tenure of the loan, and many more. The Yes Bank interest rate calculator considers these factors to determine the exact rate of interest applicable on your loans.
You may use EMI calculator and Eligibility calculator to know the instalment amount to pay every month till end of tenure, and your eligibility for the loan.
Yes Bank offers gold loan to its customers against gold coins or jewelry as security at attractive rate of interest. The process of loan is quite hassle-free and convenient to the customers as the process is quite smooth. The features of loan are discussed as under:
Below given are eligibility criteria for Yes Bank jewel loan.
KYC certificates i.e. address proof and identity proof; PAN card need to be submitted with 2 passport- sized recent photographs, and duly filled and signed loan application form.
You can either apply for loan offline or on the internet. Gold valuation needs to be done at the bank, irrespective the loan application dropped online or offline. Take help of Yes Bank gold loan calculator on the internet to understand the EMI amount and your loan eligibility. Jewelry appraiser certificate will be provided, based on which a loan amount, interest rate, and other conditions and terms will be decided.
Once the application and loan is approved, the funds will be credited to your registered bank account. You can withdraw this amount or transfer, use the fund for any purpose you may have.
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Below-mentioned are frequently asked questions about Yes Bank jewelry loan.
Below-given are the charges and fee on jewelry loan.
1. Processing fees: 0.75% to 1% of the loan amount
2. There is no need of any valuation fee.
3. Late payment of EMI: 2% above rate of interest.
4. Stamp duty and other statutory charges need to be paid on actuarial basis.
5. Foreclosure charges:
6. There are no prepayment charges.
As per norms of RBI, you can get up to 75% of the gold’s current market value. However, the bank can offer a lower loan to value ratio. Yes bank’s reference price for gold loan per gram is Rs. 2,570. The bank can offer maximum 70% of the pledged gold’s value, as loan. The upper limit for lending against gold of 22 carat is Rs. 1799 per gram.
Below-mentioned are some of the benefits of jewel loan by the bank.
In most of the cases, you do not have to submit jewellery bill copy. But if the loan amount is too high, the bank may ask for such details.
In case of delayed or missed payments, the bank will send you reminders. However, if your loan account becomes a non performing asset, then the bank has the right to sell off the pledged gold to recover outstanding dues. However, before such an activity happens, the bank will send a notification. It is best not to default on jewel loan, otherwise, your credit score will take a hit and you will lose the ownership of the pledged gold as well.
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