CreditMantri matches your credit and demographic profile to INDUSIND Bank Gold Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.
In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for INDUSIND Bank Gold Loan. Hence the chances of your INDUSIND Bank Gold Loan application getting approved is higher.
IndusInd Bank Limited was established in 1994 and is based out of Mumbai. Amongst various other facilities, the bank offers commercial, transactional and electronic banking products and services. The bank is one of the leading private banks in India.
When you pledge gold as collateral for taking a loan, it is known as a gold loan. This kind of loan is popular in India as it is quick and hassle-free, and the interest rates are lower than other kind of loans. The gold you pledge generally must be of 18 carat purity or higher.
Since this loan is secured by a movable asset like gold, gold loans generally have lower rates of interest compared to other loans (for example, personal loans). With a gold loan from IndusInd Bank, you get to capitalize on your idle assets and cash in on it. Read on to know more about IndusInd Bank gold loan offer.
A person looking to avail a gold loan from IndusInd Bank must own the gold he/she is about to pledge, should be between 21 years to 70 years old. The end use of the gold loan could be for personal use or business needs.
The interest rates on a gold loan are relatively lower than other kinds of loans since it is a secured loan. The interest rate varies depending on how much the loan amount is. The interest rates are lower when the loan amount is not more than 50-60% of the total value of the gold pledged. However, if the amount borrowed is high as compared to the market value of the gold, the interest rate will be correspondingly higher. For the most up to date gold loan interest rates, it is advisable to contact the bank directly. Following is an overview:
|LTV\ Ticket Size||Up to 3 Lakhs||3 Lakhs to 6 Lakhs||> 6 Lakhs|
|Up to 65%||Min||11.65||11.3||11.2|
|LTV\ Ticket Size||Upto 3 Lakhs||3 Lakhs to 6 Lakhs||> 6 Lakhs|
The documents required for IndusInd Bank Gold Loan are simple and straightforward. Following are the documents you need to furnish while applying for a gold loan from IndusInd:
What can an IndusInd Gold Loan be used for?
Gold Loan can be used for any personal purpose like funding your vacation or child’s wedding / higher studies, or any medical emergency etc. or for business purposes. The loan cannot be used for speculative purposes. This includes purchase of land or property, gold, mutual fund / capital market investments or any illegal or anti-social purpose.
Are there any processing fees for availing this loan product from IndusInd?
Yes, a nominal processing fee up to 1% of the loan amount will be levied subject to a minimum of Rs. 750.
Can I prepay my loan amount?
Yes, you can prepay the loan amount, as directed by the rules and regulations of the bank which will be communicated to you at the time of application of the loan. A Prepayment charge up to 1% of outstanding amount will be levied.
Getting a gold loan from IndusInd is easy compared to all other loans. Gold loan is availed by pledging gold ornaments, and bank-issued gold coins. If you are in an urgent need of money with minimal hassles, then a gold loan from IndusInd is the way to go, provided you pay all your dues in time, and plan your finances well. Disbursal is quick compared to other loans. Also, banks majorly do not look at your credit score while sanctioning a gold loan, since the gold is held as a security with them. Availing a secured loan and paying it off in a timely manner would help people with bad credit improve their score as well. Those who are new to credit can build a healthy credit history provided they pay all the dues on time, every time.
You can avail a gold loan from IndusInd in the following two ways:
Need help? If you think you need help with your IndusInd Bank gold loan application, then CreditMantri can guide you and advice on eligibility and match you with the loan that suits your needs the best.
14 February 2017
"CreditMantri makes everything so easy! Great customer service, minimal documentation, easy comparison of all kinds of loan offers is what sets CreditMantri apart from the others. For one, I am very much impressed by their promptness in responding to queries. Their website is user-friendly and with just a few clicks, I was ready with my profile. Got a couple of loan offers for which I was eligible for, and got the documentation done speedily enough. I got one of the lowest interest rate on my gold loan. Thanks for making everything so much easier, CreditMantri!"