Jewel Loan
Jewel Loan
| Particulars | Norms | ||||||||||||||||||||||||||||||||||||||||||||
| 1. Target Group | General Public, Women Applicants, Senior Citizens including our Bank staff. | ||||||||||||||||||||||||||||||||||||||||||||
| 2. Purpose | Domestic needs, consumption, family function, medical & other unforeseen expenses/ commitment (other than speculative). | ||||||||||||||||||||||||||||||||||||||||||||
| 3. Age | Entry Age – Minimum 21 years
Exit Age – Maximum 70 years |
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| 4. Nature of facility | Term loan & Overdraft | ||||||||||||||||||||||||||||||||||||||||||||
| 5. Eligibility | Existing and New Customers. | ||||||||||||||||||||||||||||||||||||||||||||
| 6. Maximum no. & amount of Jewel Loans per customer |
Maximum of 5 (five) jewel loans can only be availed by a customer at any point of time including Agri, Retail and MSME. The ceiling for maximum amount under jewel loan which can be sanctioned to any customer including Agri, Retail and MSME at any point of time is as under: (₹ in Cr.)
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| 7. Assessment | For Retail Jewel Loan credit assessment including repayment capacity to be done by obtaining the income proof of the applicant as detailed below: √ Retail Jewel Loans up to ₹2.50 lakh (Bullet repayment option upto Rs.2.20 lakhs): Can be sanctioned based on the borrower’s declaration of annual income or income proof viz., ITR/payslip, etc.√ Retail Jewel Loans above ₹2.50 lakh (Bullet repayment option above Rs.2.20 lakhs): Obtention of valid income proof (ITR, Form 16, Other documents if any) is mandatory. Detailed credit assessment, including assessment of borrower’s repayment capacity shall be undertaken. |
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| 8. Advance value/ LTV/ Trigger LTV |
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| 9. Disbursement | The loan proceeds to be credited to the Bank account of the borrower maintained with our Bank | ||||||||||||||||||||||||||||||||||||||||||||
| 10. Interest Rate | Click Here | ||||||||||||||||||||||||||||||||||||||||||||
| 11. Processing Fee | Click Here | ||||||||||||||||||||||||||||||||||||||||||||
| 12. Repayment Period |
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Frequently Asked Questions (FAQs)
Find answers to commonly asked questions about Indian Bank Jewel Loans.
1. What is an Indian Bank Jewel Loan?
An Indian Bank Jewel Loan is a secured loan offered against the pledge of eligible gold jewellery or ornaments. It provides quick access to funds for personal, agricultural, or business requirements.
2. Who is eligible to apply for an Indian Bank Jewel Loan?
Indian residents who own eligible gold jewellery or ornaments and meet the bank's eligibility criteria can apply for a Jewel Loan.
3. What is the interest rate for an Indian Bank Jewel Loan?
The Jewel Loan interest rate depends on the applicable loan scheme and prevailing bank guidelines. Please refer to the latest interest rates published by Indian Bank.
4. How much Jewel Loan can I get against my gold?
The loan amount depends on the purity, weight, and value of the pledged gold jewellery, subject to the loan-to-value (LTV) norms prescribed by the bank and regulatory guidelines.
5. What documents are required for a Jewel Loan?
Applicants generally need valid identity proof, address proof, passport-size photographs, and the eligible gold jewellery or ornaments to be pledged with the bank.
6. Can I apply for an Indian Bank Jewel Loan online?
Customers can enquire about Jewel Loans through the Indian Bank website and complete the application process at the nearest branch, as applicable.
7. What is the repayment tenure for an Indian Bank Jewel Loan?
The repayment tenure varies depending on the applicable Jewel Loan scheme and the bank's prevailing guidelines.
8. Can I prepay or foreclose my Jewel Loan?
Yes. Indian Bank allows Jewel Loan prepayment or foreclosure as per the applicable terms and conditions.
9. Is my pledged gold safe with Indian Bank?
Yes. The pledged gold jewellery is securely stored by the bank until the loan is fully repaid and all applicable dues are cleared.
10. Can I use a Jewel Loan for any purpose?
A Jewel Loan can generally be used for eligible personal, business, agricultural, or emergency financial requirements, subject to the applicable loan scheme and regulatory guidelines.
11. How can I calculate my Jewel Loan eligibility?
Your Jewel Loan eligibility depends on the weight and purity of the pledged gold jewellery. Indian Bank may also provide a Jewel Loan or Gold Loan calculator to help estimate the eligible loan amount.
12. How long does it take to process a Jewel Loan application?
Jewel Loan applications are generally processed quickly after successful verification of the applicant's documents and the pledged gold jewellery.
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