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Product Details
Name of Bank

Indusland Bank

Maximum Loan Amount

20 Lakhs

Interest Rate

Minimum- 8.75%
Maximum- 16%

Loan to Value Ratio

75%

Maximum Loan Tenure

12 months

Indusland Gold loan
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Indusland Gold loan

Fees and Charges

Processing fee :- 1% of loan amount.
Prepayment Penalty: 1% of Outstanding Loan amount
Late Payment Penalty: 2% Per month on overdue amount
Penal Interest- Not provided
Legal And Other Charges: As per state/ applicable law

Minimum CIBIL Score

No information provided

Eligibility

Individual borrowers (Age: 18-70  years) Non-individual borrowers  (Age: 3 years) Disbursal mode Cash, pay order,  NEFT and RTGS No income proof needed for loans  up to Rs 15 lakh

Fees and Eligibility
Concession and Features
Special Concession

Additional discount for Women  Borrowers and Agricultural  Profession

Special Features

No income proof needed for loans up to Rs 15 lakh

Pros

Easy Documentation and Attractive Interest Rates. Additional discounts for Women Borrowers and Agricultural Profession. Instant disbursal Gold valued and sealed in your presence to ensure more security and safety. No income proof needed for loans up to Rs 15 lakh

Cons

Limited loan tenure. Risk of losing collateral.

Pros & Cons
How to Open?

You can apply by visiting the branches, in the select cities where they offer Gold Loans.

Documents Required

Documentation  Identity Proof Residence Proof Photograph Signature Proof

Account Opening and Procedure
Indian Bank

Indian Bank Jewel loan provides two loan schemes
1. Bullet Repayment
2. Monthly Repayment
The interest rate varies from 8.65% to 9.00% which is moderate as compared to different banks offering gold loans. However, the LTV Ratio is low i.e., only 65-70%, the other banks in the market offer higher LTV Ratio on the gold loans. Therefore, before applying for such loan check the terms and conditions properly and compare different banks offering gold loans.

Abhijeet Saxena

Abhijeet Saxena

Abhijeet Saxena

Nalsar University of Law

Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi

Ex - Khaitan & Co. Bengaluru,

Ex - National Stock Exchange, Mumbai,

Ex - Argus Partners, Mumbai

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