Yes Bank Gold Loan
Product Details
Name of Bank
Yes Bank
Maximum Loan Amount
Rs. 1 Crore
Interest Rate
interest rate ranges from
9.65% to 15.65% per annum.
Loan to Value Ratio
Loan-to-Value
(LTV) ratio of up
to 85%.
Maximum Loan Tenure
tenure starting from 3
months to 36 months.
Fees and Charges
Processing fee :- Upto 1% of loan amount
Prepayment Penalty: 1% of loan amount
Late Payment Penalty: At contractual Rate for overd
Penal Interest: At contractual Rate for overd
Legal And Other Charges: Rs. 2000/- (Legal Charges - Auction)
Minimum CIBIL Score
No information provided
Eligibility
You can avail Gold Loan if you are an individual within the age group of 18 to 75 years
Fees and Eligibility
Concession and Features
Special Concession
n/a
Special Features
None
Pros
No guarantor or co-borrower required Hassle Free Procedure Flexible repayment options on a gold loan Guaranteed utmost safety of your gold Quick loan processing and access to instant cash
Cons
-Risk of losing gold: Lose your gold if you default on the loan, as the company can auction it . - Fluctuations in gold price: Face changes in the value of your collateral and the loan amount due to market conditions . -Additional charges: Pay processing fee, valuation fee, documentation fee, prepayment penalty, late payment penalty, penal interest, legal and other charges .
Pros & Cons
How to Open?
Online Visit the Yes Bank website and click on the "Personal Banking" tab. Under the "Loans" section, click on "Gold Loan". Click on the "Apply Now" button. Fill in the online application form and submit it. A bank representative will contact you to complete the process.
Documents Required
You should have your bank account KYC complied, i.e., proof of residence, passport size photographs, proof of signature and proof of identity.
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
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai