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Product Details
Name of Bank

RBL Bank

Maximum Loan Amount

INR 25 Lakhs

Interest Rate

7.11%

Loan to Value Ratio

75%

Maximum Loan Tenure

12 Months

Loan Against Gold 
Ornaments
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Loan Against Gold
Ornaments

Fees and Charges

Loan Processing Charges Up to 1% of the loan amount, inclusive of applicable taxes.
Prepayment Interest - 2% of the outstanding amount, plus applicable taxes.
Late Payment Penalty: 2% of the outstanding amount, plus applicable taxes.
Penal Interest- 1% per month on the outstanding amount of the loan
Legal And Other Charges: Actual charges

Minimum CIBIL Score

Not Required

Eligibility

Loan Against Gold Ornaments can  be availed by any Indian resident  who owns gold jewellery. Minimum age of applicant to be 21  years and Maximum age of 60  years (or retirement age  whichever is lower) for Salaried,  65 years for pensioners and  70 years for Self Employed.

Fees and Eligibility
Concession and Features
Special Concession

N/A 

Special Features

None 

Pros

Convenient loan tenure of 3 months to 12 months Higher loan to value for your gold in the market On the spot assessment and valuation of your gold in order to arrive at the loan amount eligibility followed by loan disbursal Rest assured regarding safe storage of your gold in our vaults Convenient repayment option in the form of monthly interest servicing and principal repayment at the end of the tenure Minimum documentation required

Cons

Risk of foreclosure.  Storage fees is also levied upon the customers.

Pros & Cons
How to Open?

Visit the nearest  RBL Bank branch.  You can also apply  for a gold loan  online, but you will  need to visit a  branch to get your  gold ornaments appraised and to sign the loan agreement.

Documents Required

Individual PAN Card Identity Proof - Any one (e.g. Voter ID/Driving License/Passport/Aadhar Card) Address Proof - Any one (e.g. Voter ID/Driving License/Passport/Telephone Bill/Electricity Bill/Registered Lease Deed or Sale Agreement/Bank Statement) Age Proof Signature Proof - Any one (Driving License/Photo Pan Card/Passport/Self-declaration) Passport Size Photographs of all applicants

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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